Welcome to Financial Aid 101 – your guide to getting an affordable college education. Figuring out how to fund your college education might seem tricky, but don't worry, we're here to help. Whether you're a current student or still considering coming to LCC, or even if you are a parent trying to understand it all, this page is made for you. We provide info about grants and scholarships, plus easy-to-understand details about loans and work-study. We want to make the money stuff simple, so you can focus on your studies. Get started learning about financial aid below!
Glossary of Terms
A financial aid offer is a document sent by a postsecondary institution to a student that outlines the amounts and details of the financial aid being offered to the student, which may include scholarships, grants, loans, employment, or other forms of financial assistance to pay for college expenses. Sometimes schools refer to these as financial aid “awards”, although this term is outdated. Schools should refer to these as financial aid offers.
The Cost of Attendance consists of the sum of educational costs payable to the school (also referred to as direct or billable costs) and costs paid to others (or indirect, non-billable or discretionary) costs. The Cost of Attendance represents the highest dollar amount of financial aid a student can receive during an award year.
See the Tuition & Fees page for Cost of Attendance estimates.
Costs paid to others (also referred to as indirect, non-billable, or additional costs), are other expenses not paid directly to the school, but associated with receiving an education. These expenses are estimated by the school and may differ from student to student based on their individual circumstances. These expenses may include books, course materials, supplies, equipment, transportation and parking, personal expenses, childcare costs, computer costs, disability expenses, licensure expenses and off-campus rent and food.
Costs Payable to the school (also referred to as direct or billable costs) generally include tuition, fees, housing, and meals/food (for students residing on campus), health insurance (if minimum insurance coverage is not documented), or any other expenses paid to the school for enrollment.
Money borrowed from the federal government, a college or university, or a private source like a bank or financial institution to pay for educational expenses and must be paid back with interest.
The FAFSA is a critical application form that determines your eligibility for federal and state financial aid programs. It is essential to complete the FAFSA each academic year to access grants, loans, and work-study opportunities. The FAFSA is free and qualification criteria are updated yearly, so you should complete it every year, even if you don't think you'll qualify for aid, or if you haven't qualified in the past.
Note: The FAFSA isonly available to U.S. Citizens, and eligible non-citizens, such as permanent residents. Those who are unable or ineligble to complete the FAFSA may be able to complete the WASFA instead.
Also known as the Direct Loan Program, which allows eligible students and parents to borrow directly from the U.S. Department of Education at participating colleges or universities. Federal student loans include Direct Subsidized, Direct Unsubsidized and the Direct PLUS programs for parents of dependent students and graduate or professional students.
Learn more about loans below.
A Direct Subsidized Loan is an undergraduate federal student loan based on financial need and offers students a reduced, fixed interest rate and flexible repayment terms. Interest is subsidized, meaning it does not accrue to the borrower, while in an in-school, grace, or deferment period. Annual and aggregate limits apply.
Learn more about loans below.
An unsubsidized loan offers students a fixed interest rate and flexible repayment terms. It is not based on financial need. Interest begins to accrue when the loan is disbursed and can be paid while the student is enrolled or when loan repayment begins. Annual and aggregate limits apply.
Learn more about loans below.
Direct Graduate PLUS Loans are federal loans that graduate or professional students use to help pay for education expenses. A credit check for adverse credit history is required for eligibility. Interest begins to accrue when the loan is disbursed and can be paid while the student is enrolled or when loan repayment begins.
Learn more about loans below.
Direct Parent PLUS Loans are federal loans that parents of dependent undergraduate students can use to help pay for education expenses. Parents must pass a credit check for adverse credit history to qualify for PLUS loans.
Learn more about loans below.
A student or parent loan from a bank, credit union, private company, a nonprofit or state-affiliated lender, or from the college or university directly to pay for educational costs. Interest begins to accrue when the loan is disbursed, and repayment begins while the student is still enrolled in school.
Learn more about loans below.
The number of credits, clock hours, or classes the student is enrolled in, or whether they have withdrawn, graduated, etc. Enrollment status affects eligibility for and the amount of financial aid a student may receive. It also affects when student loans enter repayment status.
The Pell Grant is a federal grant program designed to assist undergraduate students in low- and moderate-income households to pay for college. The award amount is based on the cost of the institution, SAI, and enrollment status, and is subject to an aggregate limit.
Learn more about grants below.
A federal grant provided by the institution to qualified undergraduate students who demonstrate exceptional financial need and does not need to be repaid. The amount of funding from this program varies by institution.
Learn more about grants below.
Federal Work-Study provides funding for part-time jobs for undergraduate and graduate students with financial need. Unlike grants and loans, FWS is paid to students as they earn the funds by working.
Learn more about work study below.
Any money provided to students that does not have to be repaid. They can be called grants, scholarships, tuition remissions, gift aid, or tuition waivers. Grants and scholarships are provided based on many different factors.
Learn more about types of financial aid below.
The student's Cost of Attendance minus their Student Aid Index.
See the Tuition & Fees page for Cost of Attendance estimates.
Financial assistance provided to students based on their financial situation, determined by completing the FAFSA. Need-based financial aid can take different forms, including grants, scholarships, work-study programs, and low-interest loans, like the federal direct subsidized loan.
Learn more about types of financial aid below.
The difference between the cost of attendance and all grants and scholarships. Net price reflects what the student is expected to pay for their education on their own and can be covered through a variety of sources, including savings, student employment, institutional payment plans, or education loans.
Funding options outside of grants and scholarships that a student and their family may use to pay any remaining costs or expenses. This may include loans, student employment, institutional payment plans, or personal savings.
The SAI is the eligibility index used to determine your eligibility for federal, and in some instances, state and institutional need-based student financial aid. Generally, students with a higher SAI are eligible for less need-based financial aid. It is based upon the information provided by the student and their family on the FAFSA.
A federally mandated process to confirm the accuracy of data provided by selected applicants on the FAFSA. To complete the verification process, the student, their parent(s), or spouse, if applicable, are required to provide certain documents to the school for review. If the documentation the student provides the institution doesn't match what was reported on the FAFSA, verification can result in changes to the student's financial aid eligibility, and/or financial aid offers.
The WASFA is an alternative to the FAFSA for undocumented students who are not eligible to complete the FAFSA due to immigration status. It allows eligible students to apply for state financial aid programs in Washington. The WASFA is free and qualification criteria are updated yearly, so you should complete it every year, even if you don't think you'll qualify for aid, or if you haven't qualified in the past.
Types of Financial Aid
Grants
Grants are a form of financial aid that does not need to be repaid. They are typically awarded based on financial need and may be provided by the federal government, state government, or by your college. At LCC, we offer various grant programs to eligible students to ease the financial burden of education. Unlike student loans, grants do not typically require repayment. Student grants also differ from scholarships, which are usually given to and by specific groups of people for a specific line of study.
All students that complete a FAFSA are first considered for the Federal Pell Grant, which is available to students with significant financial need, and who meet all other eligibility requirements. Pell Grant eligibility is established by the FAFSA. Actual payments of Pell Grants are based on eligibility (SAI) and enrollment.
Students enrolled in 12 credits or more (full-time) receive 100% of the full Pell Grant for that quarter, with these exceptions:
- Lifetime Pell Grants are limited to a maximum of 18 full-time quarters, or the equivalent. This maximum applies to all colleges the student attends. For example, a student who uses 6 full-time quarters and 2 half-time quarters of Pell at any college will have received the equivalent of 7 full-time quarters of Pell, and will be eligible for only 11 total additional full-time quarters of eligibility at another college or colleges.
- Students can receive up to 4 quarters of Pell grant in a given aid year as long as they attend eligible classes in their program of study.
To qualify, students must apply for Financial Aid (Completion of the FAFSA is required).
In addition to the Pell Grant, a student with significant financial need may be awarded the Federal Supplemental Educational Opportunity Grant (FSEOG). Availability is dependent on limited federal funding to the college. Federal Pell Grant recipients receive priority for FSEOG funds, reflecting students with the greatest financial need. Funds are awarded to students who are enrolled at least halftime (6 or more credits per quarter), and meet all other campus eligibility requirements, until funds are exhausted. Due to limited funding, this award is first come, first-served, so it is important to complete your FAFSA as early as possible!
To qualify, students must apply for Financial Aid (Completion of the FAFSA is required).
The Washington College Grant (WCG), (previously known as Washington State Need Grant) is a grant that is available to Washington State residents with high financial need.
- Students with financial need who are residents of Washington State (for over 1 year) and meet all other eligibility requirements may be considered for the Washington College Grant (WCG).
- Students may receive 4 quarters of WCG in a year. WCG eligibility is established by the FAFSA or WASFA (for undocumented/DREAMer students).
- Actual payments of WCG are based on eligibility and enrollment.
- Students must be enrolled in at least 3 credits per quarter to be eligible.
- Lifetime Washington College Grants are limited to a maximum of 15 full-time quarters, or the equivalent. This maximum applies to all state colleges the student attends. For example, a student who uses 6 full-time quarters and 2 half-time quarters of WCG at any college will have received the equivalent of 7 full-time quarters of WCG, and will be eligible for only 8 additional full-time quarters of eligibility at another college or colleges.
- A student may not continue to receive WCG funding if the student has earned a bachelor degree.
Eligibility is determined by the LCC Financial Aid Office after you've completed the financial aid application process.
To qualify, students must apply for Financial Aid (Completion of the FAFSA is required).
The College Bound Scholarship (CBS) program provides financial assistance to low-income students who want to achieve the dream of a college education. This early promise of financial aid is intended to alleviate the financial barriers that prevent low-income students from considering higher education as a possibility.
- The scholarship is available to 7th and 8th grade students who are eligible for the free and reduced price lunch (FRPL) program, are in foster care, or whose family's income meets the guidelines.
- The deadline to sign up is June 30 of students' 8th grade year. Students who enroll in the program, complete high school with a 2.0 GPA, and meet all other financial aid requirements and income parameters will be eligible for the maximum CBS and WCG combined award amount per quarter for full-time enrollment in an associate degree or certificate.
- Awards are prorated based on enrollment level. All eligible students are awarded CBS and WCG. CBS students also receiving WCG (and certain other State-funded scholarships) may only receive a combined total of $5,073 for those funding sources per quarter for full-time students.
Loans
Direct Loans are federal loans for students in an eligible program of study. There are three types: Subsidized, Unsubsidized, and PLUS.
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Subsidized loans are based on a student's financial need. The government pays the interest while you are in school and enrolled at least half-time.
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Unsubsidized loans are not need-based, meaning there is no requirement to demonstrate financial need in order to receive them. Interest accrues on the loan from the time it is disbursed, but you do not have to pay it until you cease at least half-time enrollment.
- PLUS loans (Parent Loans for Undergraduate Students) are loans available to parents of dependent, undergraduate students. They can pay the cost of education not covered by other financial aid resources. PLUS Loans require a credit check and are unsubsidized loans, meaning interest begins accruing as soon as the loan is disbursed. Parents can request deferment of repayment while the student is in school and for a 6-month period beginning on the date the student ceases to be enrolled on at least a half-time basis. If your parent is denied a PLUS loan because of their credit rating, you may be eligible to borrow additional funds under the Direct loan program.
Interest rates are set annually as determined by federal law. The Direct loan program also enforces annual and lifetime borrowing limits.
Before you will be able to accept (or partially accept) Subsidized or Unsubsidized loans, you must complete the following steps:
- Complete your Student Loan Entrance Counseling (completed online, only required once)
- Save the Rights & Responsibilities page for your records.
- Login with the same FSA ID you used to complete the FAFSA.
- Complete a Master Promissory note (once for each school and typically expires after ten years)
- Login with the same FSA ID you used to complete the FAFSA.
- Complete any iGrad education course (each time a loan is requested or revised)
- For more information about iGrad, view LCC's iGrad Money Management page.
- Complete any iGrad course you have not previously completed. Save the certificate of completion for the following step.
- Complete and submit the Direct Loan Worksheet (see Financial Aid Forms)
- Attach the iGrad course completion certificate to the iGrad attachment field.
- Register for a minimum of 6 credits for the current quarter (ctcLink under the "Manage Classes" tile).
- Accept or partially accept your loan(s) in ctcLink and wait for them to be approved.
- The preliminary amount shown in the award will go through approval by the Department of Education (DOE) and is not a guaranteed amount until the DOE approval is finalized. Approval and disbursement can take 2-3 weeks. Potential delays are possible.
- You can set up a Payment Plan to prevent being dropped for non-payment in case you loan is distributed later than the tuition due date or is not approved.
- All first-time loan borrowers are subject to a 30-day hold on loan disbursements.
- All one quarter loans are required to be disbursed in two installments with the second installment at the midpoint of the quarter.
- Set up BankMobile to receive your refund.
Before you and your parent will be able accept (or partially accept) a PLUS loan, you must complete the following steps:
- Complete the Free Application for Federal Student Aid (FAFSA).
- After the your FAFSA is submitted, your parent can apply for a PLUS loan.
- Your parent must not have an adverse credit history. Please note: If your parent has an adverse credit history, they may still be able to receive a PLUS loan if they meet additional requirements.
- The maximum PLUS loan amount a student can receive is the cost of attendance (as determined by the school) minus any other financial aid received.
- Once the PLUS loan credit check has been approved, your parent will need to complete a PLUS Master Promissory Note.
- Your parent will then submit a Parent PLUS Loan Worksheet (see Financial Aid Forms) to notify the Financial Aid Office a PLUS loan has been approved and should be awarded to the student.
- You must be registered for a minimum of 6 credits to be eligible for the student loans. In ctcLink, choose classes under the "Manage Classes" tile to verify the credits for the quarter.
- Accept or partially accept your loan(s) in ctcLink and wait for them to be approved.
- The preliminary amount shown in the award will go through approval by the Department of Education (DOE) and is not a guaranteed amount until the DOE approval is finalized. Approval and disbursement can take 2-3 weeks. Potential delays are possible.
- You can set up a Payment Plan to prevent being dropped for non-payment in case you loan is distributed later than the tuition due date or is not approved.
- All first-time loan borrowers are subject to a 30-day hold on loan disbursements.
- All one quarter loans are required to be disbursed in two installments with the second installment at the midpoint of the quarter.
- Set up BankMobile to receive your refund.
- All PLUS loan refunds will be sent directly to the student.
Scholarships
Scholarships are merit-based awards that do not require repayment. They can be awarded for academic achievement, athletic talent, or other accomplishments. LCC provides a range of scholarship opportunities to recognize and support students.
The Lower Columbia College Foundation awards more than $350,000 in scholarship each year.
All students planning to attend LCC are encouraged to apply. Applications are accepted in winter quarter through an easy online application process that allows students to apply for multiple scholarships at the same time. There is no cost to apply. Specific deadlines apply.
To qualify students must apply by the published deadline. To qualify for need-based scholarships, students must apply for Financial Aid (Completion of the FAFSA or WAFSA is required).
Students are encouraged to pursue as many scholarship opportunities as possible. Some scholarships available outside of Lower Columbia College are posted online, and more scholarships are posted in the Financial Aid Office. Various deadlines apply.
Requirements and eligibility for these scholarships are set by the provider.
Work Study
Work-study programs provide students with part-time employment opportunities to earn money while pursuing their education. These positions are often on campus and related to your course of study, offering valuable work experience. Students may work a maximum of 19 hours per week while attending LCC. Open positions are adjusted to meet students' academic schedules whenever possible.
To qualify, students must apply for Financial Aid (Completion of the FAFSA is required).
Navigating the Process
Application Process
To apply for financial aid at LCC, start by completing the FAFSA or the WASFA if applicable. Our financial aid office is here to assist you with any questions you may have throughout the application process.
Understanding Offer Letters
Once your FAFSA or WASFA is processed, you'll receive an offer letter outlining the types and amounts of financial aid you're eligible to receive. Carefully review this letter and reach out to our financial aid office if you need clarification.
Loan Repayment Strategies
If you're considering loans, it's crucial to understand the repayment process. Our financial aid advisors can provide guidance on managing loan debt and exploring repayment options. Lower Columbia College has partnered with iGrad to provide a free online money management program.
Easy to Apply!
All students are encouraged to apply, even if you don't think you will qualify for aid, or if you haven't qualified in the past. The eligibility requirements are updated yearly, and may qualify you unexpectedly. You never know until you apply!
Contact Financial Aid
Financial Aid staff are available online in Zoom, via phone or email.
Financial Aid Office
(360) 442-2390
Fax: (360) 442-2379
financialaidoffice@lowercolumbia.edu