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students must log on to http://www.studentloans.gov and click the link to Complete Awareness Counseling. Students will need to use their FSA User ID and Password to complete the on-line requirements. EXIT COUNSELING Current students accepting federal direct loan funds will be asked to complete Financial Awareness Counseling. Financial Awareness provides tools and information to help students understand their financial aid and assist in managing finances associated with the cost of attending their program. It helps to manage expenses, begin planning for repayment, information to avoid default, and making finances a priority. To complete Awareness Counseling for Federal Direct Loans, students must log on to http://www.studentloans.gov and click the link to Complete Awareness Counseling. Students will need to use their FSA User ID and Password to complete the on-line requirements. FEDERAL1 STATE ASSISTANCE PROGRAMS FEDERAL PELL GRANT The Federal Pell Grant is funded by the federal government to qualified students for their education which, unlike loans, students do not have to repay. Federal Pell Grants are awarded to students who demonstrate financial need and who have not earned a bachelor's degree or professional degree. The Federal Pell Grant Program was designed as a "foundation" of the student financial aid package. To qualify for a Federal Pell Grant, students must demonstrate financial need based on a need analysis developed by the federal government. CALIFORNIA STUDENT AID GRANT (CAL GRANT) Advanced College has been approved by the California Student Aid Commission for Cal Grant B and C CAL GRANT ELIGIBILITY CRITERIA: ❖ The recipient should be a US citizen or an eligible non -citizen. ❖ The recipient has met U.S. Selective Service requirements. ❖ The recipient has a valid Social Security number. ❖ The recipient is not in default on any Title IV educational loan or does not owe a refund on any Title IV grant or any State grant program administered by the Commission, 6• The recipient is not incarcerated. The recipient is a legal California state resident for at least one year as of the residence determination date. ❖ The recipient is enrolled in an eligible program or course of study. ❖ The recipient does not have a bachelor's or professional degree before receiving a Cal Grant (except for post baccalaureate students enrolled in teaching credential programs). ❖ The designated recipient's participation in an eligible post -graduate teaching credential or mandatory 5th year program is approved by the Commission. •3 The enrollment status for each recipient on the grant roster is at least part-time. S The recipient demonstrates financial need at the institution according to federal financial need methodology. The recipient with a new award has family income and assets at/below the published Cal Grant ceilings. ❖ The recipient is complying with the Institution's satisfactory academic progress policies. Disbursement of Cal Grant Funds should not be more than that which the recipient is eligible to receive per academic term. In case of a refund (if recipient withdraws, drops out or is expelled for a term for which as payment has been made), calculation is based upon the refund policy and determine the portion to be returned to the Commission based on behalf of the State. FEDERAL WORK STUDY (FWS) Federal Work -Study (FWS) provides part-time jobs for undergraduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient's course of study. FEDERAL SUPPLEMENTAL EDUCAITONAL OPPORTUNITY GRANT Federal Supplemental Educational Opportunity Grants (FSEOG) is for undergraduates with exceptional financial need. Pell Grant recipients with the lowest EFCs will be the first to get FSEOGs. Just like Pell Grants, FSEOGs do not have to be paid back. FEDERAL DIRECT STAFFORD LOAN PROGRAMS A student may borrow Federal Direct Stafford Loan (Subsidized and Unsubsidized). Repayment is optional, not required, while the student remains in school on at least a half-time basis. If the student chooses not to begin repayment during his/her enrollment period, repayment will then begin six months after the student's last day of attendance either by graduating, withdrawing, or being withdrawn. The six-month period is known as the student's grace period. Interest for 37