Professional Training Centers offers a variety of financial aid programs. Eligible students may apply for federal grants and loans including: Federal Pell Grant, Federal Subsidized and Unsubsidized Stafford Loans, and Federal Parent Loans for Undergraduate Students (PLUS) which may be available to parents of dependent students. Federal and state regulations determine if a student is eligible and the amount of financial aid for which the student may qualify.

Federal Supplemental Educational Opportunity Grant (FSEOG)

In a continuing effort to make vocational training accessible to all students who attend Professional Training Centers, information on Federally Funded Programs such as the Federal Supplemental Educational Opportunity Grant (FSEOG) is available from the Financial Aid Department.

Federal Pell Grant

This is a “Need Based Grant” awarded to students who have not earned a Bachelor’s or Professional Degree. For the 2006-2007 award year, the maximum award for an academic year is $4,050.00. This amount will vary based on the student’s EFC (expected family contribution) and/or the number of hours in the academic year. The EFC is calculated using financial information from the student and his/her spouse or parents. Students are only allowed to receive one award per academic year.

Federal Student Loans

These loans are available through the Federal Family Education Loan Program (FFELP). To receive Federal Subsidized, Federal Unsubsidized, and Federal Plus Loans, a student must be enrolled at least half time as a regular student in an eligible program and must meet the School’s satisfactory academic progress standards. The School cannot certify a loan until the student has applied for Title IV after completion of a Free Application for Federal Student Aid (FAFSA) for the same enrollment period that will be covered by the loan(s).

The interest rate for Federal Subsidized and Unsubsidized Stafford Loans, as well as for the Federal Plus Loan is variable and changes July 1, of each year. However, the interest rate for Federal Subsidized and Unsubsidized Stafford Loans cannot exceed 8.25%. For the Federal Plus Loan, the interest may not exceed 9.25%. A 3% or 4% origination fee (fees depend on the lender) may be deducted from the loan principal amount.

Federal Subsidized Stafford Loan

This loan qualifies for a Federal interest subsidy during in-school status, grace periods, and authorized deferment periods. Qualification for this loan is determined by the student’s financial need.

Any student receiving a Federal Stafford Loan for the first time must attend a Loan Entrance Interview before the loan application can be processed by the office of Financial Aid at Professional Training Centers. Entrance interviews are usually scheduled at the time of matriculation and are usually offered one to two weeks prior to the commencement of class at orientation.

Students receiving Federal Stafford Loans must also attend a Loan Exit Interview prior to graduating or at the time of withdrawal from Professional Training Centers. The exit interview dates are scheduled by the Financial Aid Office prior to the student’s graduation. Students who withdraw from Professional Training Centers are sent exit interview via US mail. Exit Interviews must be completed prior to the release of any certificate or diploma.

Federal Unsubsidized Stafford Loan

This loan cannot exceed the student’s cost of attendance less the total of EFC, which includes the borrower’s Subsidized Stafford Loan eligibility. This loan does not qualify for a Federal Interest Subsidy. Although the higher education amendments of 1998 exclude Montgomery Veteran Benefits and National Service Education Award (AMERICORPS) from the definition of EFC for purposes of determining eligibility for Subsidized Loans; beginning October 1, 1998, these benefits are included in the EFC when determining eligibility for Unsubsidized Loans.

Federal PLUS Loan

A student does not have to demonstrate financial need to benefit from a Plus Loan his or her parents borrow. The interest begins when the loan is disbursed and through the final payment including periods of deferment. In certain circumstances, such as an adverse credit history, a dependent undergraduate student’s parents inability to obtain a plus loan, the school may allow the student to obtain an Unsubsidized Stafford Loan under the independent student borrowing limits. Students borrowing Federal Subsidized and Unsubsidized Loans will have a six-month (6) grace period after their last date of attendance before they begin to pay back the loan. However, parents borrowing a federal plus loan do not have a grace period and must start making payments 45 days after the first disbursement and while the student is in school. Educational Loans are intended to assist the students finance their education. To ensure that the students understand the responsibilities when borrowing student loans, and to comply with Federal Regulations, all students are required to attend an entrance counseling session before the first disbursement and an exit counseling session before they graduate or leave school. The Financial Aid Office will schedule students for these sessions.