Sources of Aid
Financial aid includes resources awarded in the forms of gifts (grants and scholarships) and self-help (student employment and loans). The college, federal and state government, private organizations and businesses provide the funding for these resources. The majority of assistance is awarded primarily on the basis of demonstrated financial need. However, the college also offers select scholarships to students based on merit without consideration of financial need.
Warner Pacific College Funds
The college awards merit-based four-year scholarships and grants. For some awards, the student’s financial need is considered. Institutional funds are only available to students pursuing their first baccalaureate degree (regardless of whether the first degree was from an accredited institution) and require full time enrollment except as noted in the Financial Aid Opportunities Brochure. All institutional aid excludes summer term and is divided in half by semester. Please contact the Office of Admissions for specific requirements, restrictions, and application procedures.
Federal Funds
Federal Pell Grant
Federally funded grants awarded to financially needy students meeting the program’s specific requirements as determined annually by the federal government.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federally funded grants awarded to students demonstrating exceptional financial need with priority given to Federal Pell Grant recipients. The amount of the grant varies depending on need and available funding.
Federal Perkins Loan
Long-term low interest loan awarded to students demonstrating need according to federal regulations. Students may borrow an annual maximum of $4,000 through this program with an aggregate of $20,000 during the undergraduate years. Actual awards vary contingent on available funding. The interest rate is 5%, repayment beginning nine months after the student ceases to be enrolled at least half-time.
Federal Work Study
Federally funded work program provides the opportunity for students to work part-time during the academic year. Work study positions are typically on campus and wage rates begin at minimum wage. Paychecks are issued monthly. Eligibility for work study is based on financial need as determined by analysis of the information provided on the FAFSA. Eligibility is not a guarantee of employment.
Federal Direct Stafford Loan (Subsidized and Unsubsidized *)
A subsidized loan is awarded on the basis of financial need. The federal government pays all interest on the loan until the student enters repayment. An unsubsidized loan is not awarded on the basis of need. The student is charged interest from the time the loan is disbursed until it is paid in full. Repayment for the subsidized and unsubsidized Stafford Loans begins six months after the student is no longer enrolled at least half-time. Amounts are based on academic credit level completed and aggregate loan limits.
State Funds
The Oregon Student Access Commission (OSAC) administers state-funded and private awards for Oregon residents attending an Oregon college or university. Unless a student specifically requests, information for an Oregon resident contained in the FAFSA is automatically sent to the Oregon Student Access Commission for use in determining a student’s eligibility for the following programs:
Oregon State Opportunity Grants
Awards are calculated by the state and include factors such as family size, income, number of family members attending college, and an expectation of student contribution.
Private Awards
The Oregon Student Access Commission administers a number of awards funded by private donors. Though many of these awards have some restrictive eligibility requirements, most recognize outstanding academic achievement. In addition to the FAFSA, students are required to submit a separate application to the Oregon Student Access Commission by March 1. Applications are available from high school counseling offices, by calling the commission at 1-800-452-8807, or visiting their web site at www.GetCollegeFunds.org.
Private Funds
Oregon Independent College Foundation (OICF); local churches; service clubs such as Kiwanis, Elks, Rotary, Eastern Star, Masons and other civic clubs and employers provide student scholarships. Many reference books and internet web sites are available for use in researching private assistance programs. These can be found at libraries and high school or college counseling offices.
* What is meant by "subsidized" and "unsubsidized" in the Stafford program?
"Subsidized" and "unsubsidized" refer to whether or not the interest that accrues on the loan is paid by the federal government during authorized periods. These periods include when the borrower is enrolled at least half time, in the six-month grace period and in a period of deferment. Borrowers qualify for interest subsidy on subsidized Stafford loans based on a need assessment as determined by the borrower's school. Unsubsidized Stafford loans are not need-based and do not qualify for interest subsidy during any period.
