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Types of Financial Aid Offered at Olympic College

The table below summarizes the most common types of financial aid programs, the minimum and maximum awards, the minimum enrollment requirements, and eligibility criteria such as residency.

Fund Population Minimum Award Maximum Award Minimum Enrollment Non-Residents
Federal Pell Grant (Lifetime Eligibility Usage limits effective 07/01/2012) Pell Eligible

No BA/BS
Degree

$ 602 per year

$201 per quarter
(3 qtrs.)

$5,550 per year

$1910 per quarter
(3 qtrs.)

1 Credit Eligible
Washington Need Based Grant No BA/BS
Degree
$924 per year

$308 per quarter
(3 qtrs.)

$3696 per year

$1232 per quarter
(3 qtrs.)

6 Credits Ineligible
Federal Supplemental Opportunity Grant 0 EFC

No BA/BS
Degree

$100/qtr $450/qtr 6 Credits Eligible
Tuition Waivers No BA/BS
Degree
$50 per quarter

$700/qtr for ¾ time or greater

$350/qtr for ½ time or less

1 Credit Ineligible
Olympic College Grant No BA/BS
Degree
$50 per quarter $1,000 per quarter 6 Credits Ineligible*
Federal(FWS)
and
State (SWS) Work Study
Students requesting and who are determined to be eligible*

*subject to availability of funds

$650 per quarter (SWS)


and

$500 per quarter(FWS)
$2,200 per quarter
(SWS)

and

$2,000 per
quarter (FWS)
6 Credits Non-resident are ineligible for SWS, but are eligible for FWS
Direct Student Loans (subsidized eligibility limits effective 07/01/2013) Those requesting Varies based on credits earned Varies based on credits earned 6 Credits Eligible
Other aid and funds Those Requesting Varies based  on program Varies based on program Varies based on program Eligible

 

*OC Grant may be awarded to the dependents of active duty members of the military stationed locally.

 

The Federal Pell Grant is awarded to undergraduate students who have not earned a bachelor's degree and who are determined to have need for financial aid purposes. The Pell Grant is money that students do not have to pay back, but does have to be earned.

  •     Students may qualify if they are enrolled for less than half time to full-time enrollment status.
  •     Award amount is based on EFC and the enrollment level.
  •     Students must meet the Satisfactory Academic Progress Standards at Olympic College.
  •     Effective 07/01/2012 the Department of Education has imposed lifetime eligibility usage limits (LEU) on this program. Qualifying undergraduates are no longer eligible for Pell grant once they have exceeded 600% LEU (equivalent of 18 quarters or 12 semesters; varies per institution).

Like the Federal Pell Grant, the FSEOG does not have to be paid back, but does have to be earned.

  •     To be eligible, students must have exceptional financial need AND be Pell eligible.
  •     Students must be enrolled at least half-time and must meet SAP to qualify.
  •     Students who have reached Pell LEU are no longer eligible for FSEOG.
  •     Subject to the availability of funds.

Federal Direct Student, Federal Direct PLUS Loans, and Private Loans

Olympic College participates in the Federal Direct Student Loans.  The most common loan program under this program is the Federal Direct Student Loans, both of which can be subsidized or unsubsidized.

  •     Interest rate varies from year to year. See Direct Stafford Loan website for current year rates
  •     For the Federal Direct Subsidized Loan, the government pays the interest while the student is in school and during grace period.
  •     Direct Unsubsidized portion accrues interest while student is in school.
  •     Student must complete an online entrance counseling interview.
  •     Complete a Master Promissory Note (MPN).
  •     Enroll at least half-time (six credit hours).
  •     There is six-month grace period for repayment on loans when academic activity falls below six credits, or when you withdraw from school entirely.
  •     Effective 07/01/2013 the Department of Education is imposing limits to subsidized loans for those who have exceeded 150% of the academic program limit. Those who have exceeded academic program limits are only eligible for unsubsidized loans up to the maximum aggregate allowed. 

To be eligible to borrow federal student loans (Direct or PLUS) you must have already completed your FAFSA

Other Loans:

  •     Private Loan (credit based)
  •     Bridge Loan (available for first-time borrowers)

For complete information on these loans, go to Student Loans page.

The Olympic College Grant comprise of funds derived from tuition charges. To be eligible a student must be:

  •     A resident of the state of Washington, or
  •     Dependent of active duty members of the military stationed locally.
  •     Must not have received a bachelors degree.
  •     Must be enrolled at least six credit hours.
  •     Subject to the availability of funds.

Several scholarships are available at Olympic College. Check out the community scholarship page and the foundation scholarship page for further details.

The State Need Grant is a need-based aid for Washington state residents only. To be eligible students must meet the following terms and conditions:

  •     Must not have completed a Bachelor's degree.
  •     Must not have completed an Associates degree in the past five years.
  •     Not have exceeded 125% of their academic program.
  •     Family income cannot exceed 70% of the median income of Washington state.
  •     Be enrolled in at least six or more credit hours in an eligible program.                                           

CONDITIONS OF AWARD

If you receive the Washington State Need Grant Program, there are five conditions, with which you must comply to remain eligible. If you have questions or find that you cannot comply with these conditions, please see a Financial Aid Administrator in the Financial Aid Office so we can assist you.

  •     You do not owe a refund or repayment on a WSNG, Pell Grant, or a Supplemental Educational Opportunity Grant, nor are you in default on a loan made, insured, or guaranteed under the Perkins, National Direct, or Federal Family Education Loan programs. In addition, you are not in default on a loan made through a state conditional loan or conditional scholarship program.
  •     This grant is awarded to assist in meeting your educational expenses. If you withdraw from classes before the end of the term, repayment of all or part of the grant may be required.
  •     You may chose to voluntarily make financial contributions to the Washington Student Achievement Council (WSAC) in recognition of this WSNG. All voluntary contributions will be used to provide financial assistant to other students.
  •     The offer of WSNG is subject to, and conditioned upon, the availability of funds. The Washington Student Achievement Council (WSAC) through which the grant is awarded reserve the right to withdraw, reduce, or modify the grant due to funding limitations or due to changes in circumstances which affect your eligibility for WSNG.
  •     You are not pursuing a degree in theology.
  •     Subject to the availability of funds.

To be eligible for Tuition Waivers, you must be Washington state resident attending Olympic College.  Below are details about the tuition waivers:

  •     Tuition Waivers are not cash awards, but allow student's tuition to be waived.
  •     Other fees are not waived, students will have to meet fee obligations.
  •     Students who already have bachelor degrees are eligible.
  •     Subject to the availability of funds.

See Tuition Waivers for more information. 

Federal and State Work Study programs provide jobs for students who qualify based on financial need.

  •     Students will have to locate a job on campus or community organization that participates in the program.
  •     Students only earn their Work Study awards in exchange for the services provided for their employer.
  •     Work Study placement is administered by the Student Employment Career Center.
  •     Funds are subject to availability.

There are several other programs that offer financial aid to special populations of students. Some of the major programs that provide substantial aid to students are:

Even though the Financial Aid Office awards these funds, eligibility is determined by their respective offices. Students should contact these offices for determination of eligibility.

The Washington State Achievement Council (WSAC) determines eligibility for College Bound Scholarship (CBS) in a student's 7th grade or 8th grade year.  When a student graduates high school, and initiates the college application process, WSAC and FAFSA will do a second income-based determination of a student's CBS eligibility, using the FAFSA's EFC and other requirements. For details, visit College Bound