Financial Aid Programs Available
2013-2014 Award Year Financial Aid Programs at a Glance
|Federal Pell Grant
||Maximum Award $5,645
|Federal Supplemental Educational Opportunity Grant (FSEOG)
|Charter Oak State College Grant
|Connecticut Governor's Scholarship Grant
Connecticut Residents & Need Based
*Newly established state grant program available to new COSC students.
|Charter Oak State College Student Grant Aid Program
Connecticut Resident & Need Based
*Program to be phased out through the 2015-2016 academic year. Funding available to
returning COSC students only - if previously awarded in 2012-2013 and who continue
to meet program eligibility requirements.
|Charter Oak State College Fee Award
||Degree seeking & Need Based
||Maximum Subsidized Loan Amounts for Dependent and Independent Students:
$3,500 (freshmen); $4,500 (sophomore); $5,500 (junior/senior)
* Additional loan funds are available to dependent students if the student's parent
is denied a PLUS Loan.
|Maximum Loan Amounts:
Freshman: $5,500 (max. $3,500 subsidized)
Sophomore: $6,500 (max. $4,500 subsidized)
Junior/Senior: $7,500 (max. $5,500 subsidized)
Freshman: $9,500 (max. $3,500 subsidized)
Sophomore: $10,500 (max. $4,500 subsidized)
Junior/Senior: $12,500 (max. $5,500 subsidized)
|Federal Direct PLUS Loans
||Available to parents of dependent undergraduate students enrolled at least half-time.
||Student's Cost of Attendance
- Other Aid Student Received
= Maximum PLUS Loan Amount
Disclaimer: Descriptions of financial aid programs are subject to change without advance notice
due to changes in federal, state, college policies, and/or changes in funding levels.
The Financial Aid Office will make every reasonable effort to keep applicants and
students aware of changes as they occur.
Federal Pell Grant
Federal Pell Grants are awarded to needy undergraduate students who have not earned
a first bachelor's degree. For the 2013-2014 academic year, full year awards range
from $582 to $5,645. The maximum Pell Grant eligible expected family contribution
(EFC) for 2013-2014 is $5,081. The amount of your Federal Pell Grant eligibility
will depend on your cost of attendance, EFC, enrollment status, and whether you will
attend for a full academic year or less. You may not receive Pell Grant funds from
more then one school at a time. To apply, a student must file a Free Application for
Federal Student Aid (FAFSA) or Renewal FAFSA.
The amount of Federal Pell Grant funds a student may receive over his or her lifetime is limited by federal law to be the equivalent of six years of Pell Grant funding.
Since the maximum amount of Pell Grant funding a student can receive each year is
equal to 100%, the six-year equivalent is 600%.
Federal Supplemental Educational Opportunity Grant (FSEOG)
The Federal Supplemental Educational Opportunity Grant (FSEOG) program is for undergraduates
with exceptional financial need. Pell Grant recipients with the lowest expected family
contributions (EFC's) will be considered first for a FSEOG. To apply, a student must
file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA.
Charter Oak State College Grant
Funds are given to degree seeking students with financial need who are either residents
or non-residents of Connecticut. Grant awards vary per year depending on a student's
need and the availability of funds. To apply, a student must file a Free Application
for Federal Student Aid (FAFSA) or Renewal FAFSA.
Connecticut Governor's Scholarship Grant
Funded by the State of Connecticut, this new program makes full and part-time need
based financial aid awards, available for eligible educational costs, to Connecticut
residents. Full-time is considered 12 or more semester credit hours. Part-time is
considered 6 to 11 semester credit hours. Eligible educational costs are tuition
and fees, plus a fixed amount for books and educational supplies as determined by
the Connecticut Office of Higher Education.
To apply, a student must file a Free Application for Federal Aid (FAFSA) or Renewal FAFSA, and as a result, have an EFC of $7,999 or less (for students in
a two year program) and an EFC of $10,999 or less (for students in a four year program).
Student's must also be matriculated into an undergraduate program of study, leading
to a first associate or bachelor degree. Awards for full-time Pell Grant recipients
may not exceed a student's calculated educational costs minus any Pell Grant eligibility.
Non-Pell Grant students are also eligible for funding under this program based on
the EFC amounts as described above.
Charter Oak State College Student Grant Aid Program
This program will be phased out through the 2015-2016 academic year and funding is
only available to returning COSC students who previously received awards in 2012-2013
and who continue to meet program eligibility requirements. After 2015-2016, this
program will be transitioned into the Governor's Scholarship Grant as described in
the section above.
Awards can be given to returning full or part-time students with financial need, who
are enrolled at the college and who are residents of Connecticut. The COSC Student Grant Aid Program is funded by the State of Connecticut through the Connecticut Office of Higher Education.
The award amounts cannot exceed a student's financial need. Awards vary per year as
determined by the college. To apply, a student must file a Free Application for Federal
Aid (FAFSA) or Renewal FAFSA. Funding is limited and is awarded on a first come first served
Charter Oak State College Fee-Award
Connecticut state law authorizes the Board of State Academic Awards, Charter Oak's
governing board, to allocate funds to be given as fee awards to degree seeking students
with financial need who are either residents or non-residents of Connecticut. Fee-Awards vary per year depending on a student's need, actual fee(s) and the availability of
funds. To apply, a student must file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA. These awards can only be applied towards:
- College Fee
- Graduation Fee
- Program Change Fee
Federal Direct Stafford Loans
Charter Oak State Colleges participates in the William D. Ford Direct Loan Program.
These are federal loans and we also refer to them as Direct Loans. When you borrow
a Direct Loan your lender is the U.S. Department of Education rather than a bank or
other financial institution. These loans have fixed rates with low interest rates
and fees. You must be at least half-time (six credits) in order to receive a loan.
There are two types of Federal Direct Loans. Subsidized loans are need-based, and interest does not accrue on these loans while you are in
school at least half-time and during authorized deferment periods. Note: Due to recent
changes in federal law, the government no longer subsidizes interest during the six-month
post-school grace period for new subsidized Stafford loans first disbursed between
July 1, 2012, and June 30, 2014. Unsubsidized loans are not need-based, and you are responsible for all of the interest that accrues
on the loan, including while you are in school, but you do not have to pay the interest
during this time. Unpaid interest that is deferred until after graduation can be "capitalized"
(added to the loan principal). This means that you will pay interest on a higher loan
amount when you go into repayment.
Annual Loan Limit:
||$5,500 ($3,500 between subsidized and unsubsidized, plus an additional $2,000 in unsubsidized)
||$6,500 ($4,500 between subsidized and unsubsidized, plus an additional $2,000 in unsubsidized)
||$7,500 ($5,500 between subsidized and unsubsidized, plus an additional $2,000 in unsubsidized)
Annual Loan Limit:
||$9,500 (3,500 between subsidized and unsubsidized, plus an additional $6,000 in unsubsidized)
||$10,500 ($4,500 between subsidized and unsubsidized, plus an additional $6,000 in
||$12,500 ($5,500 between subsidized and unsubsidized, plus an additional $2,000 in
Lifetime Loan Limits:
|Undergraduate Dependent Lifetime Limit:
||$31,000 (up to $23,000 may be subsidized)
|Undergraduate Independent Lifetime Limit:
||$57,500 (up to $23,000 may be subsidized)
Federal Direct Student Loans 2013-2014 Interest Rates:
The interest rate for Federal Direct Subsidized Loans, first disbursed on or after
July 1, 2013 is 3.86%.
The interest rate for Federal Direct Unsubsidized Loans, first disbursed on or after
July 1, 2013 is 3.86%.
The interest rate for Federal Direct PLUS Loans is a fixed rate of 6.41%.
Information on interest rates and repayment plan calculators
Effective March 1,2013, as a result of sequestration, an origination fee of 1.051%
will be deducted from the amount you borrow in Federal Direct Stafford loans (subsidized
Federal Direct Plus Loan origination fees, effective March 1, 2013, are set at 4.204%.
The origination fee is used to offset some of the administrative costs of the federal
student loan programs.
Effective for loans first disbursed on or after July 1, 2012, the Department of Education
is no longer offering repayment incentives to to Direct Loan borrowers, except interest
rate reductions to borrowers in repayment who elect to have payments automatically
electronically deducted from their bank accounts.
*Effective as of July 1, 2013, the Direct Loan interest subsidy will be limited for new borrowers.
- The new limitation impacts only new borrowers -defined as a student with no outstanding Direct
Loan balance as of 7-1-2013.
- The law restricts the period of time for which a new borrower may receive subsidized loans,
in the aggregate, to 150 percent of the published length of the student's current educational
- Once a student reaches that limit, he or she can only borrow an unsubsidized loan, and
interest begins to accrue on the student's outstanding subsidized loans.
- While new borrowers will not see the effect of the subsidy limit until a minimum of 150
percent of his or her published program length has elapsed, it is important to understand
that academic progress will be tied to the cost of borrowing student loans.
Private Education Loans
Private education loans may be available to students seeking loan assistance above
and beyond the federal financial aid programs. They are used to cover "gaps" that
may exist between education costs and the amount of financial aid received (if any).
Charter Oak State College requires all students to apply for Title IV financial aid
first -by filing a FAFSA, exhausting all student financial assistance options, prior
to borrowing a private education loan.
Charter Oak State College does not have a preferred lender list for private education
loans. Students and their families need to do their own due diligence to determine
what loan best suits their borrowing needs. There are many types of private education
loans, each are calculated with different interest rates, fees, deferment options,
repayment terms, co-borrower, and credit criteria. As a convenience to our students,
there is an independent research firm called Student Lending Analytics
who have developed an unbiased list of loan options for students who need a resource
to assist them with finding a private education student loan. Inclusion on this list
is not an endorsement or recommendation by Charter Oak State College. Nor is the list
inclusive of all education loan programs (private and state loans) that may be available. All
private education loan borrowers, pursuant to revisions in the Truth in Lending Act,
are required to complete a self-certification form
before their loan can be approved. Your lender will provide you with this form. The
form can also be downloaded using the above link. However, the Office of Financial Aid recommends that you complete the self-certification
form that your lender provides. You should complete the form and return it promptly
to your lender and not to the Office of Financial Aid.
Some lenders may ask you to provide Charter Oak's OPE ID # which is 03234300. In
order to complete the self-certification form, you will need to know your cost of
attendance and estimated financial aid assistance (if any) for the period of enrollment
covered by the loan. You may contact our office to obtain this information at firstname.lastname@example.org
. Remember, you are responsible for returning your signed self-certification form
to your lender before a disbursement can be made to your private education loan.