Financial Aid
Learn more about financial aid opportunities
The government is responding to the pandemic to help students continue to afford their college journey. The CARES Act, passed into law to help the financial situation of all Americans, has implemented changes in the administration of Federal Student Aid to support students. Federal Student Aid is available to help ALL prospective and admitted college students pay for educational expenses.
Below are two important sources of financial aid information for incoming and continuing college students:
- Videos to guide you through the FAFSA application process to make sure you receive money for college from the government
- A list of the most relevant Student Questions and Borrower Questions compiled by the U.S. Department of Education. These questions describe how changes in the administration of financial aid impact student borrowing and loans.
IMPORTANT NOTE FOR UNDOCUMENTED STUDENTS:
If you are seeking financial aid to attend a California College, apply and submit California Dream Act application to receive up to $4,000.00 in tuition funding. The loan has interest waived until September 30th, 2020.
How to Apply for/Appeal Financial Aid:
If you need to appeal your financial aid letter, click here to review templates you can use depending on your particular circumstance in your outreach to the financial aid department.
For students applying to college, here are two excellent videos to teach you how to apply for FAFSA in either English or Spanish.
Financial information for students planning for their first year in college:
Below we’ve gathered relevant questions regarding financials for students planning their first-year in college.
Interest is being temporarily set at 0% on federal student loans. Which loans does the 0% rate apply to?
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From March 13, 2020, through Sept. 30, 2020, the interest rate is 0% on the following types of federal student loans owned by ED:
- Defaulted and nondefaulted Direct Loans
- Defaulted and nondefaulted FFEL Program loans
- Federal Perkins Loans
Please note that some FFEL Program loans are owned by commercial lenders, and some Perkins Loans are owned by the institution you attended. These loans are not eligible for this benefit at this time.
Are private student loans eligible for the 0% interest benefit?
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No. ED does not have legal authority over private student loans, and they are not covered by the CARES Act.
My parents can't go to their jobs because of the coronavirus, and they don’t get paid if they don’t work. Their unemployment means my financial need has increased. Can I get more financial aid?
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Talk to the financial aid office at your school. They have flexibility to work with students to ensure the students are able to stay in school.
Someone in my family has the coronavirus, so our whole family has self-quarantined, and I can't attend classes. How can I keep up in school, so I don't fail classes and lose my financial aid?
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We encourage you to contact your school’s financial aid office, as well as your academic advisor/coach or program coordinator, for additional guidance about your financial aid situation. Your school can tell you your options for continuing in your program of study. Additionally, if you need to take a leave of absence as a result of the coronavirus outbreak, you should speak with your school’s financial aid office.
Many schools have provided detailed coronavirus-related decisions and guidance for students. We encourage you to check your school’s website and verified social media accounts for resources and the latest information about this rapidly evolving situation.
How do I contact my school’s financial aid office if the school is closed?
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Check your school’s website for resources and contact information. Your school’s verified social media accounts also may be a good source for the latest information about how to contact your school during this time. While many schools have transitioned face-to-face courses to online instruction, most remain open and available to assist their students with questions.
For students beginning school in the summer, or dual enrollment students transitioning to full-time collegiate studies who received Federal Student Aid:
The questions below concern your ability to pay down the principal before the administrative forbearance period ends.
Your payments will automatically stop from March 13, 2020, through Sept. 30, 2020.
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To provide relief to student loan borrowers during the COVID-19 national emergency, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. This suspension of payments will last until Sept. 30, 2020, but you can still make payments if you choose.
Who can tell me if my loans will have their interest rate temporarily reduced to 0%?
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Contact your loan servicer online or by phone to determine if your loans are eligible. Your servicer is the entity to which you make your monthly payment. If you do not know who your servicer is or how to contact them, visit StudentAid.gov/login or call us at 1-800-4-FED-AID (1-800-433-3243; TTY for the deaf or hearing-impaired 1-800-730-8913) for assistance.
If my loans are owned by ED, do I need to do anything for the interest on my loans to be set at 0%?
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No, ED will automatically adjust your account so that interest doesn’t accrue (i.e., accumulate). The account adjustment will be effective March 13, 2020.
If I make loan payments during the 0% interest period, how will they be applied?
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During the period of 0% interest (March 13, 2020, through Sept. 30, 2020), the full amount of your payments will be applied to principal once all the interest that accrued prior to March 13 is paid.
How will I know when I will have to start making payments again?
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The 0% interest period and administrative forbearance is currently set to expire on Sept. 30, 2020. Your servicer will contact you, no later than in August, to remind you that you will need to start making payments again. Make sure your contact information is up to date in your loan servicer account profile.
What if I want to continue making payments?
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If you wish to continue paying your loans during the administrative forbearance period, or to pay more or less than your regular payment amount, you are free to do so. Contact your loan servicer or visit your servicer’s website to make a payment or to find out how you can continue or start auto-debit payments. Continuing to make payments during the administrative forbearance could help you pay down your loan balance more quickly because the full amount of a payment will be applied to principal once all interest accrued prior to March 13, 2020, is paid.
If you continue making regular payments but then experience a change in income, please contact your loan servicer as soon as possible to discuss options, such as enrolling in an income-driven repayment plan to lower your payments or opting in to the administrative forbearance that ends Sept. 30, 2020.
What if I want to continue making a partial payment while my loan is in forbearance?
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As long as you are in forbearance, you will not be penalized for making a payment that is less than your usual monthly payment. Meanwhile, you still have the option to make a payment on your loan to make progress toward reducing your balance. Contact your loan servicer or visit your servicer’s website to make a payment or to find out how you can continue or start auto-debit payments.
If you continue making regular payments but then experience a change in income, please contact your loan servicer as soon as possible to discuss options, such as enrolling in an income-driven repayment plan to lower your payments or opting in to the administrative forbearance that ends Sept. 30, 2020.