Financial Aid:

The Financial Aid Office is dedicated to providing students with the most up-to-date information concerning funding, and helping each student (and his/her family) on an individual basis to develop the most appropriate financial aid package available. Included below is a brief description of the various financial aid programs available at Central Career School:

PELL GRANT PROGRAM

This program is a Federal grant program providing funds to qualifying students enrolled in post-secondary studies. The Pell Grant is intended to be the foundation of the student's financial aid package, and no repayment is required. Since grant amounts change annually and vary according to program length, students are advised to contact the Financial Aid Office. For additional information or assistance, students may contact the Federal Student Aid Information Center at: 1-800-4 FED AID.

SUBSIDIZED STAFFORD LOAN (formerly Guaranteed Student Loan)

This program enables a student enrolled on at least a part-time basis to borrow directly from a bank, credit union, savings and loan association, or any other participating lender who is willing to make educational loans. If you are a dependent undergraduate, the maximum amount which may be borrowed per year is $2,625, if you are a first level undergraduate, $3,500 per year, if you are a second level undergraduate, or $5,500, if you are a third and fourth level undergraduate student.**

If you are an independent undergraduate, you can borrow up to $6,625, if you are a first level student enrolled in a program of study that is a full academic year (at least $4,000 of this amount must be in unsubsidized Stafford Loans+). Second level students can borrow up to $7,500 (at least $4,000 of this amount must be in unsubsidized Stafford Loans+); third and fourth level students can borrow up to $10,000 (at least $5,000 of this amount must be in unsubsidized Stafford Loans+).

For all Stafford loans (sub & unsub), the bank will deduct fees of up to 4% of the loan. The subsidized loan is interest-free and remains deferred while the student is in school. Six months after the student terminates studies or graduates, repayment must begin with a minimum monthly payment of not less than $50.

For all NEW Stafford Loans (sub & unsub) with first disbursements made on or after July 1, 1994, and the period of enrollment for that loan includes July 1, 1994, or begins on or after that date, the interest rate could change each year of repayment depending on changes to the federal treasury bill interest rate, but it will never exceed 8.25%.

For prior Stafford Loans that were first disbursed before July 1, 1994, the interest rate on these loans may be different. Students should check with the lender or agency that holds the loan. Stafford Loans are need-based+, therefore, students must file an Application for Federal Student Aid.

Non-need-based Stafford Loans (unsubsidized) are also available; however, the student is responsible for the interest during in-school and deferment periods. (The lending institution may allow the interest to accumulate until the student is out of school or until the deferment ends. However, this will increase the amount of the student's principal.)