Financial Aid Offered at Olympic College


First Come, First Served Policy

Financial Aid at Olympic College is awarded on a "first come, first served" basis.  Thus, the earlier you apply for financial aid the better chance you have of receiving financial aid.   Financial aid funds are available from several different sources.  Most of those sources are limited in funding, so when funding for a particular type of aid has been fully awarded the funds will be frozen and late applying students will not be eligible for those funds.


Types of Financial Aid Offered
Financial Aid comes in the form of Grants, Loans, and/or Scholarships, and when you apply for financial aid you are actually applying for several types of aid.  The type(s) of aid you receive is dependent upon several factors that range from your actual financial need to when you submitted your application, and what aid programs are still available on the date when all required documents are received by our financial aid office.  The following information will help you better understand some of the types of financial aid offered at Olympic College.

Federal Student Aid (FSA) Programs
Federal Student Aid (FSA) programs are the largest source of student aid in America and provide more than $60 billion a year in grants, loans, and work-study assistance. Visit the Federal Student Aid website to find out more about federal financial aid, and the Olympic College Applying for Financial Aid link for more information on how to apply for aid. 

Federal Pell Grant
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded to undergraduate students who have NOT earned a bachelor's or professional degree (professional degrees are usually obtained after a bachelor's degree in a field such as medicine, law, or dentistry).  To apply for a Pell Grant you must complete and submit a Free Application for Federal Student Aid (FAFSA).  The U.S. Department of Education uses a standard formula that has been established by Congress to evaluate the information that you report on your FAFSA, and generate an Expected Family Contribution (EFC) number that is used to calculate how much money you and/or your family are expected to contribute toward the cost of your education.  The Department of Education will provide you, and the schools that you have indicated you have an interest in attending, with a Student Aid Report (SAR) that lists your EFC in the upper right portion of the first page.

Federal Student Education Opportunity Grant (FSEOG)
This grant is for  uundergraduate students that based on the income and asset figures provided on their Free Application for Federal Student Aid (FAFSA) have exhibited exceptional financial need.  Olympic College receives limited funding for FSEOG and only students that are receiving a Federal Pell Grant are eligible.  The grant is automatically awarded on a "first come, first served" basis to all eligible students.  Once the grant amount is expended, the grant is frozen until the next academic year. 

Federal or State Work Study Programs (FWS or SWS)
Federal and State Work-Study Programs provide jobs for undergraduate and graduate students with financial need.  The programs encourage community service work and work related to each student's course of study.  Eligible students will earn at least the current federal minimum wage.  The total amount that you can earn is dependent upon when you apply, your level of financial need, and the funding level provided to Olympic College.  Work-study jobs are available both on and off campus and are initially automatically awarded by our Financial Aid Office on a "first come, first served" basis to eligible students that have expressed an interest in student employment on their Free Application for Federal Student Aid (FAFSA).  Once the grant amount is expended, the grant is frozen until more money is made available by students declining their work-study opportunity, or discontinuing their education.   A "wait list" for students not initially awarded FWS or SWS is maintained in our Financial Aid Office, and work-study job placement is administered by our Student Employment Career Center. 

Federal Family Education Loans (FFEL) Stafford Loan Program
FFEL Stafford Loans are either subsidized or unsubsidized loans.  A subsidized loan is awarded on the basis of your remaining financial need after all other forms of financial aid have been assessed and it is evident that you have a remaining financial need to help pay for your education.  The federal government subsidizes the interest on the loan and you will NOT be charged any interested before you begin repayment or during authorized periods of deferment.  Unsubsidized loans are not awarded on the basis of financial need and you will be charged interest from the time the loan is disbursed until it is paid in full.  You can receive both a subsidized and unsubsidized loan for the same enrollment period.  Go to the Student Loans link for additional information on applying for a student loan.

Washington State Financial Aid Programs
To help Washington State students and their families pay for college, the state of Washington earmarks over $159 million annually for student financial aid.  Visit the Washington State Higher Education Coordinating Board Financial Aid Programs link and find out if you may be eligible for one or more of the state financial aid programs.

Academic Competitiveness Grant Program (ACG)
The ACG program is a new federal financial aid program available for the 2006/2007 award year.  Eligible students may receive up to $750 for the first year of study and up to $1,300 for the second year of study.  Eligible criteria for the ACG includes:

  • Must be a United States Citizen;
  • Must apply for financial aid using the FAFSA and be eligible to receive a PELL grant;
  • Must enroll each quarter as a full time student in a financial aid approved degree program;
  • Must be enrolled in the first or second academic year of your program of study'
  • First year students must have graduated from high school after 01/01/2006, OR if a second year student must have graduated from high school after 01/01/2005;
  • CANNOT have been previously enrolled as an undergraduate student prior to graduating from high school;
  • Second year students must have a minimum cumulative grade point average of 3.0;
  • Must have completed a rigorous high school program of study (defined as meeting one of the three criterion listed below):
    1. You are a Washington Scholar designee or have met the Washington State Scholars initiative requirements, or
    2. You have completed all the following high school coursework with passing grades:
      • Four credits of English;
      • Three credits of Mathematics (including Algebra II);
      • Three credits of Social Studies;
      • Two Credits of Science, including a laboratory science, and
      • One year of Fine Arts (for which one additional year of study in any of the other subjects required - English, Math, Social Studies, Foreign Language or Science may be substituted).
    3. You have completed at least two Advanced Placement (AP) courses with AP exam score of 3 or higher, or you have completed at least two International Baccalaureate (IB) courses with an IB exam score of 4 or higher.

If you meet one of the criteria above and wish to be considered for this grant you must have your high school mail an official academic transcript to:  Olympic College Financial Aid Office, 1600 Chester Avenue, Bremerton, WA  98337-1699, and you must download and complete the ACG Certification Form and deliver it to the Olympic College Financial Aid Office.  Click here to access the ACG Certification form.