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Department of Financial Aid News and Updates

SECU Foundation Scholarship

The SECU Foundation Scholarship has been awarded for 2014-2015.

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The Financial Aid Office is Accepting Work-Study Applications for 2014-2015 Academic Year

The Financial Aid office is no Longer accepting Applications for Work Study Positions.

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Loan Refunds Deadlines

Deadline dates for future Loan application submission:

Fall Semester:  November 1st

Spring Semester:  April 1st

Summer Semester:  June 1st

 

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Lifetime Eligibility for Federal Pell Grant

Lifetime Eligibility for Federal Pell Grant

New regulations (Consolidated Appropriations Act of 2012) effective July 1, 2012 limits the receipt of a Pell Grant to a lifetime limit of up to 6 full-time years (600%) which is  equal to 12 full‐time semesters. This law has significantly impacted the Pell Grant Program. This change affects all  students regardless of when or where they received their first Pell Grant. The U.S. Department of Education will track the limits for student’s eligibility.

The 600% total eligibility applies at all schools and colleges. However, once a student has earned a Bachelors Degree, he/she is no longer eligible for
a Pell Grant even if he/she has not received the entire 600% eligibility. In addition, a student must also meet and maintain satisfactory academic
progress standards to remain eligible each year.

If a student has exceeded the 12‐semester/600% maximum, he/she will be ineligible for any  additional Pell Grant and other federal and state funds.
There is NO grandfather clause nor an appeal process for LEU based on Federal Regulations. This regulation is in effect even if student has had an appeal approved for failure to meet satisfactory academic progress in past semesters, it supersedes any prior offer of aid/award, and there is NO appeal or exception.

Who does this affect?– Everyone!

  •  How can I see my Lifetime Eligibility Used (LEU) percentage? You can log on to the National Student Loan Data System (NSLDS) at  http://www.nslds.ed.gov/nslds_SA/ and use your Federal Student Aid PIN and view your LEU.
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New this Fall: Federal Direct Stafford Loans

Beginning in the fall of 2011, RCCC will be offering Federal Direct Stafford Loans to students.
Beginning in the fall of 2011, RCCC will be offering Federal Direct Stafford Loans to students. These are fixed-rate student loans for undergraduate and graduate students who are attending college at least part-time. Because there are no principal payments to be made while one is enrolled in school, these are common and low-cost way to pay for your education and supplement personal and family resources, scholarships, grants, and work-study programs. Almost all students should be eligibile to recieve Stafford loans regardless fo their credit rating. Stafford loans may be subsidized by the federal government or unsubsidized based on the student’s need.

Remember, loans are not the same thing as grants and must be paid back. Federal Direct Stafford Student Loans payments typically begin six months after the point that you are no longer enrolled or drop below six credit hours. Federal Direct Stafford Student Loans are subject to the same rules and regulations as Federal Pell Grants and other federal aid. Loans are to be used for expenses associated with your education. Using loan money to purchase a car, pay legal expenses, make investments, consolidate consumer debts, or pay other non-educational related debts violates federal law and could result in the loss of your borrowing privileges at the college.

For more information on Federal Direct Stafford loans, we encourage you to read the Federal Direct Stafford loan One Stop articles.

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