Financial Aid

Financial Aid Chart

CLASS STANDING

  • Freshmen - 0–27 units completed
  • Sophmore - 28–60 units completed
  • Junior - 61–93 units completed
  • Senior - 94–122 units completed

ANNUAL LOAN LIMITS

Direct Stafford Subsidized Loans

  • Freshmen - $3,500
  • Sophmore - $4,500
  • Junior/Senior - $5,500

DIRECT UNSUBSIDIZED STAFFORD LOAN

(Less Any Direct Stafford Subsidized Loans Awarded)

  • Freshmen - $5,500
  • Sophmore - $6,500
  • Junior/Senior - $7,500

ADDITIONAL UNSUBSIDIZED FUNDING

(For Independent Students and Students whose parents are denied a PLUS loan)

  • Freshmen/Sophmore - $4,000
  • Junior/Senior - $5,000

Undergraduate Loans

DIRECT LOAN PROGRAM (DL)

The Direct Stafford Loan Program consists of low-interest subsidized and unsubsidized loans funded by the federal government. Loans are available to undergraduate, graduate, and professional students who are U.S. citizens or permanent residents. Loan repayment begins six months after graduation or dropping below half-time enrollment.

DIRECT SUBSIDIZED STAFFORD LOANS FOR UNDERGRADUATE STUDENTS

This is a long-term, low-interest federal loan. Subsidized means the interest is paid by the Federal Government while the student is in school at least half time or during the grace period. This is a need-based loan as determined by the FAFSA information. This loan must be repaid. The maximum aggregate loan amount allowed is $23,000 for undergraduate studies. The yearly maximum amount of this loan is based upon your class standing. Please see the Financial Aid Chart for a breakdown of class standing and yearly loan amounts.

DIRECT UNSUBSIDIZED STAFFORD LOANS FOR UNDERGRADUATE STUDENTS

This is a long-term, low-interest federal loan. Unsubsidized means the student is responsible for the interest on the loan instead of the Federal Government. Interest payments can be capitalized, which means they will be deferred with the principal while the student is in school. This interest amount will be added to the principal balance. This is a non-need-based loan as determined by the FAFSA information.

 

This loan must be repaid. The maximum aggregate loan amount allowed is $31,000 for dependent students and $57,500 for independent students for undergraduate studies (less any Stafford/Direct subsidized borrowing). The yearly maximum amount of this loan is based upon your class standing and your dependency status. Please see the Financial Aid Chart for a breakdown of class standing and yearly loan amounts.

DIRECT PARENT LOAN FOR UNDERGRADUATE STUDENTS (PLUS)

The PLUS loan program is available to parents of dependent students and has a fixed rate of 7.9%. These serve as a supplemental source of money to parents on behalf of their dependent son or daughter. Plus loans, unlike the Federal Stafford Loan program, are subject to credit approval by a lender and repayment begins within 60 days of full disbursement, although deferments are available if the student is currently enrolled at least half-time. If the parent's credit is denied the student may be eligible for additional Direct Unsubsidized Stafford loans. There are no aggregate loan limits. This loan is in the parent's name.

Grants

LCAD GRANTS AND SCHOLARSHIPS

LCAD grants and scholarships are provided through the generosity of alumni gifts, LCAD resources, and community support: Disneyland Resort; the Ebell Club of Laguna Beach; Edison International; Festival of Arts Foundation; Harry and Grace Steele Foundation; Laguna Canyon Artists; Michael L. Miller Memorial Scholarship Fund; Pacific Art Foundation; Pacific Life Foundation; Peter and Marsha Plotkin Memorial Foundation; Roger Armstrong Scholarship Fund; and the Robert and Jean Schrimmer Endowment Fund.

FEDERAL GRANTS

LCAD participates in three federally funded grant programs: the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), and Academic Competitiveness Grant (ACG) programs. A grant is gift aid that does not have to be repaid as long as the student continues to meet all of the eligibility requirements.

CALIFORNIA STATE GRANTS

LCAD is eligible to participate in the Cal Grant A and Cal Grant B programs that are funded by the state of California and administrated by the California Student Aid Commission. All financial aid applicants who are California residents and U.S. citizens or eligible non-citizens are encouraged to apply for one of the Cal Grant programs. The annual deadline to apply for these grants is March 2. In order to apply for a Cal Grant you must complete the FAFSA by March 2 and send in a GPA verification to the California Student Aid Commission (CSAC) by March 2. LCAD will send GPA verifications for current LCAD students who request the verifications. Verifications will be sent to CSAC electronically. If a student has not completed 24 units at LCAD, they must request that their GPA verification be sent by their previous institution.

FEDERAL WORK-STUDY

Federal Work-Study (FWS) is funded by the federal government, with some matching LCAD funds. Employment is limited to on-campus jobs, except for certain community-service jobs. FWS enables you to earn part of your financial aid award through part-time employment on campus. To participate, you must be eligible for and be awarded a FWS award as part of the financial aid package. In order to be awarded FWS, you must attend the FWS student meeting at the beginning of each semester.

Alternative Loans

 

Alternative loans, or private loans, help bridge the gap between federal and state aid awarded to the student and the actual cost of education. Private loans are offered by private lenders and there are no federal forms to complete. Eligibility for private student loans often depends on your credit score. These loans are in the student's name, although most students re- quire co-signers in order to meet the credit criteria for most lenders. LCAD will work with any lender that the student chooses.

LCAD INSTITUTIONAL GRANTS

The LCAD Institutional Grant is offered to all students applying for ad- mission to LCAD. Students must present a portfolio that represents their best work to be judged by an admissions scholarship committee as part of the application process. Recipients receive from $500 to $22,600 annually towards tuition costs for the duration of their four-year BFA program, provided they stay in good academic standing (maintain Satisfactory Academic Progress and a minimum term GPA of 2.0), have no incompletes on academic record, and enroll in at least 9 units each semester.

OTHER SCHOLARSHIPS AND GRANTS

The Office of Financial Aid and Student Services creates an Outside Sources of Financial Aid document. This document contains information regard- ing private scholarships, search engines, and other information to help you in your search for funding your education. The document is available on the LCAD website, as well as from the Office of Financial Aid and Student Services. Ultimately, the best resource for finding additional private scholar- ships and grants is the Internet. You are encouraged, whenever possible, to utilize this resource and to seek out private scholarships and grants is the Internet. You are encouraged, whenever possible, to utilize this resource and to seek out private scholarships and grants. If you have any further questions regarding financial aid or the financial aid process, please con- tact our Financial Aid office at 949.376.6000, or via email at financialaid@lagunacollege.edu.

 

Alternative Grants and Scholarships

OTHER SCHOLARSHIPS AND GRANTS

The Office of Financial Aid and Student Services creates an Outside Sources of Financial Aid document. This document contains information regard- ing private scholarships, search engines, and other information to help you in your search for funding your education. The document is available on the LCAD website, as well as from the Office of Financial Aid and Student Services. Ultimately, the best resource for finding additional private scholar- ships and grants is the Internet. You are encouraged, whenever possible, to utilize this resource and to seek out private scholarships and grants is the Internet. You are encouraged, whenever possible, to utilize this resource and to seek out private scholarships and grants. If you have any further questions regarding financial aid or the financial aid process, please con- tact our Financial Aid office at 949.376.6000, or via email at financialaid@lcad.edu.

Graduate + Post-Bacc Loans

DIRECT SUBSIDIZED STAFFORD LOANS FOR GRADUATE STUDENTS

This is a long-term, low-interest federal loan. Subsidized means the interest is paid by the Federal Government while the student is in school at least half time or during the grace period. This is a need-based loan as determined by the FAFSA information. This loan must be repaid. The maximum aggregate loan amount is $65,500 for undergraduate and graduate studies combined. The maximum amount that can be borrowed per academic year is $8,500.

DIRECT UNSUBSIDIZED STAFFORD LOANS FOR GRADUATE STUDENTS

This is a long-term, low-interest federal loan. Unsubsidized means you are responsible for the interest on the loan instead of the Federal Government. Interest payments can be capitalized, which means they will be deferred with the principal while you are in school. This interest amount will be added to the principal balance. This is a non-need-based loan as determined by the FAFSA information. This loan must be repaid. The maximum aggregate loan amount is $138,500 for undergraduate and graduate studies combined (less any Stafford/Direct subsidized borrowing). The maximum amount that can be borrowed per academic year is $20,500 (less any Stafford/Direct subsidized borrowing) determined by the FAFSA information. This loan must be repaid. The maximum aggregate loan amount is $138,500 for undergraduate and graduate studies combined (less any Stafford/Direct subsidized borrowing). The maximum amount that can be borrowed per academic year is $20,500 (less any Stafford/Direct subsidized borrowing).

DIRECT GRADUATE PLUS LOAN

A federal PLUS loan that has a fixed interest rate of 7.9% is available for graduate students. The borrower may request an amount up to the cost of education minus other financial aid. Repayment begins within 60 days of full disbursement, although in-school deferments are available. The student must have no adverse credit history. There are no aggregate limits.

DIRECT SUBSIDIZED STAFFORD LOANS FOR POST-BACCALAUREATE STUDENTS

This is a long-term, low-interest federal loan. Subsidized means the interest is paid by the Federal Government while the student is in school at least half time or during the grace period. This is a need-based loan as determined by the FAFSA information. This loan must be repaid. The maximum aggregate loan amount allowed is $23,000 and takes into account loans taken out for undergraduate studies. The maximum amount that can be borrowed per academic year is $5,500.

DIRECT UNSUBSIDIZED STAFFORD LOANS FOR POST-BACCALAUREATE STUDENTS

This is a long-term, low-interest federal loan. Unsubsidized means the student is responsible for the interest on the loan instead of the Federal Government. Interest payments can be capitalized, which means they will be deferred with the principal while the student is in school. This interest amount will be added to the principal balance. This is a non-need-based loan as determined by the FAFSA information. This loan must be repaid. The maximum aggregate loan amount allowed is $31,000 for dependent students and $57,500 for independent students for undergraduate studies (less any Direct Subsidized borrowing) and takes into account loans taken out for undergraduate studies. The maximum amount that can be borrowed per academic year is $7,500 for dependent students and $12,500 for independent students (less any Stafford/Direct subsidized borrowing).

Veteran Loans

DEPARTMENT OF VETERAN AFFAIRS (DVA) EDUCATIONAL ASSISTANCE

All degree programs offered at LCAD are approved by the California State Approving Agency for Veterans Education. These benefits are available to veterans, to children of certain deceased or disabled veterans, and sometimes to the spouse of a veteran. Application for benefits may be made through any DVA regional office or through the Financial Aid office. If a student's cumulative GPA drops below 2.0 for two consecutive semesters, the student will be disqualified from the program at LCAD, the Department of Veteran Affairs will be notified, and all benefits will cease. Students are limited to two independent-study courses, which can count toward their pro- gram objective. During the student's first two semesters, LCAD will conduct an evaluation of previous education and training, grant appropriate credit, shorten the veteran's or eligible person's duration of the course proportionately, and notify the DVA and student accordingly.

Financial Aid Forms