Grants & Loans

Financial Aid

Graduation lineGrants and student loans can be important resources that help students achieve their educational goals. OJC offers Federal Stafford Loans through the Federal Family Educational Loan (FFEL) program. OJC also offers financial counseling to students taking out student loans to ensure their understanding of the obligations and responsibilities associated with the repayment of student loans.

Follow the steps below to start your loan application process today.

 

Eligibility Requirements:

1. The Free Application for Federal Student Aid (FAFSA) must be completed. NOTE: The school code for OJC is # 001362, you will need this for your FAFSA application.

2. All requested or required documents must be submitted to OJC Student Services.

3. Your financial aid file must be reviewed and you have an offer of a Student Loan by Award Notification or by reviewing your Self Service Banner Account.

4. You must be enrolled in a financial aid eligible degree and/or certificate program.

5. You must be attending 6 or more credit hours.

6. You must be making Satisfactory Academic Progress in accordance with OJC's financial aid policy.

  • Grant Options

    Federal Pell Grant

    These grants are designed to provide financial assistance to those who need it to attend post-high school educational institutions. Pell awards range from $313 to $5,815 for the 2016-2017 academic year. Amount of the award is set each year by the U.S. Department of Education. Grants may be awarded to full-time and part-time students who are U.S. citizens, meet other federal mandated guidelines and are making satisfactory academic progress.

    For Information on how to apply for this grant please contact the Director of Financial Aid at Otero Junior College.

    Colorado State Grant (CSG)

    The Colorado student program is designed to assist needy students with educational expenses. To qualify, the student must be a resident of the State of Colorado and must demonstrate and document financial need. Colorado Student Grants for out-of-state students are not available.

    For Information on how to apply for this grant please contact the Director of Financial Aid at Otero Junior College.

    Federal Supplementary Education Opportunity Grants (FSEOG)

    One year grants-in-aid, valued at $200 to $2,000 depending on the extent of documented need, are designed to assist students of exceptional financial need, who, for the lack of financial means of their own or of their families, would be unable to obtain such a grant. Funds for these grants are provided from Federal appropriations and they may not exceed the lesser of $2,000 or one-half the total amount of student financial aid provided by the institution. The Federal Supplemental Education Opportunity Grant may be renewed annually upon application, providing the recipient continues to meet eligibility requirements.

    For Information on how to apply for this grant please contact the Director of Financial Aid at Otero Junior College.

    Colorado Leveraging Incentive Grants (CLEAP)

    These incentive grants are available to eligible students with substantial financial need to enable them to attend institutions of higher education. An eligible student must be a Colorado resident and enrolled on at least a half-time basis. The student must be an undergraduate and not have earned his first baccalaureate or professional degree.

    For Information on how to apply for this grant please contact the Director of Financial Aid at Otero Junior College.

    Financial Aid Code of Conduct This image indicates the link will open a pdf file

  • Loan Options

    Federal Subsidized Stafford Loan

    A dependent student may obtain a loan up to $3,500.00 for the first academic year and $4,500.00 for the second academic year (students who have completed 30 credit hours or more), based on documented need. Cumulative loan limits for a four-year degree program are $23,000.00.

    An independent student may obtain a loan up to $3,500.00 for the first academic year and $4,500.00 for the second academic year (students who have completed 30 credit hours or more), based on documented need. Cumulative loan limits for a four-year degree program are $23,000.00.

    Dependent students whose parents have not been denied a Plus Loan and independent students whose parents have been denied a Plus Loan may be eligible for further unsubsidized loans.

    Total subsidized/unsubsidized amounts for dependent students is $5,500.00 for the freshman year, $6,500.00 for the sophomore year, or a cumulative loan limit of $31,000.00 for an entire four-year degree program.

    Total subsidized/unsubsidized amounts for independent students is $9,500.00 for the freshman year, $10,500.00 for the sophomore year, or a cumulative loan limit of $57,500.00 for an entire four-year degree program.

    The loan is secured from a private lending institution, i.e., a bank, a savings and loan, or credit union. There is no loan payment or interest charged while the student remains in school at least half-time. Students must begin repaying the loan at an annual variable rate based on a 91 day T-Bill +3.10%, capped at 8.25%, six months after they graduate, leave school, or are enrolled less than half-time. These loans are guaranteed by various agencies and reinsured by the federal government. Students are required to apply through a federally approved need analysis system to determine their eligibility and have a complete financial aid file prior to having a Stafford Loan processed by the Financial Aid Office.

    For Information on how to apply for this grant please contact the Director of Financial Aid at Otero Junior College.

    Federal Unsubsidized Stafford Loan

    This loan is not based on financial need. Students may receive both a subsidized and unsubsidized Stafford Loan, but the total may not exceed Stafford loan limits. Unsubsidized loans are available to dependent and independent students.

    A dependent student may obtain an additional unsubsidized loan of up to $2,000.00 for the first academic year and $2,000.00 for the second academic year (students who have completed 30 credit hours or more), based on documented need. Cumulative loan limits for a four-year degree program are $8,000.00 for unsubsidized loans.

    An independent student may obtain a loan up to $6,000.00 for the first academic year and $6,000.00 for the second academic year (students who have completed 30 credit hours or more), based on documented need. Cumulative loan limits for a four-year degree program are $34,500.00 for unsubsidized loans.

    Total subsidized/unsubsidized amounts for dependent students is $5,500.00 for the freshman year, $6,500.00 for the sophomore year, or a cumulative loan limit of $31,000.00 for an entire four-year degree program.

    Total subsidized/unsubsidized amounts for independent students is $9,500.00 for the freshman year, $10,500.00 for the sophomore year, or a cumulative loan limit of $57,500.00 for an entire four-year degree program.

    For Information on how to apply for this grant please contact the Director of Financial Aid at Otero Junior College.

    Federal Parent Loan For Students (PLUS)

    This loan is for the parents of dependent students and secured from a private lending institution. Parents may borrow up to the cost of attendance per child (minus other aid). Repayment may be made monthly or quarterly; or interest may be capitalized no more frequently than quarterly. Annual variable rates are based on a 52 week T-Bill +3.10%, capped at 9%.

    For Information on how to apply for this grant please contact the Director of Financial Aid at Otero Junior College.

  • Frequently Asked Questions

    What is the difference between a Subsidized and Unsubsidized Stafford Loan?

    Subsidized Loans

    If you have a subsidized loan, you will not be charged interest while you are enrolled in school at least half time, during a grace period, or during authorized periods of deferment. Interest will begin to accrue(accumulate) when you enter repayment. Repayment usually begins within 6 months after you graduate, leave school or do not enroll at least half time (6 credit hours/semester).

    Subsidized loans are based on financial need.

    Unsubsidized Loans

    If you have an unsubsidized loan, you are responsible for the interest from the time the loan is disbursed until it's paid in full. You can pay the interest as you go along. Or, you can allow the interest to accrue (accumulate) - for example, while you're in school you can have the interest added to the principal amount of your loan later. This means the interest will be "capitalized."

    Unsubsidized loans are not based on financial need.

    Who qualifies for a Direct Loan?

    If you are a student who is enrolled in an eligible program at least half time (6 credits/semester) and meet the other criteria for Federal student aid programs, you may be eligible to receive a Direct loan.

    How much can I borrow per year?

    Federal Stafford Loans for Undergraduate Dependent Students (whose parents have not been denied a PLUS Loan)

    Grade Level Base Amount* Additional Unsubsidized Total Amount
    Freshman $3,500 $2,000 $5,500
    Sophomore $4,500 $2,000 $6,500
    Aggregate** $23,000 $8,000 $31,000

    * Base Amount = Maximum amount that may be Subsidized

    ** Aggregate = Maximum amount you can borrow for your entire undergraduate degree

    Federal Stafford Loans for Undergraduate Independent Students (and Dependent Students whose parents have been denied a PLUS Loan)

    Grade Level Base Amount* Additional Unsubsidized Total Amount
    Freshman $3.500 $6,000 $9,500
    Sophomore $4,500 $6,000 $10.500
    Aggregate** $23,000 $34,500 $57,500

    * Base Amount = Maximum amount that may be Subsidized

    ** Aggregate = Maximum amount you can borrow for your entire undergraduate degree

    The amount a student can borrow is also limited by the student's school costs, other financial aid the student may receive, and in the case of subsidized loans, the student's Expected Family Contribution (EFC).

    What are Satisfactory Academic Progress Standards?

    To meet satisfactory academic progress standards, you must:

    Maintain a minimum cumulative grade point average (GPA) of 2.0 or above for all credits attempted; and Complete at least 67% of cumulative attempted credit hours: (Credits Completed / Credits Attempted X 100 = Completion Rate) and Complete eligible degree/certificate program within 150% of scheduled program length.

    Once you have attempted 110% of the number of credit hours required for your degree or eligible certificate program, you will be required to submit a Degree Completion Evaluation Form with a signature of an Academic Advisor or Counselor in order to be considered for continued financial aid eligibility.

    Up to a maximum of 30 credit hours of 'for credit' remedial coursework are allowed when determining enrollment status. Therefore up to 30 credit hours of remedial credits will not be included in the calculation when determining if you have exceeded the maximum time length (150% of the hours required) for your declared program of study, provided the courses are not applicable to that program.

    ESL classes are not included in the maximum time length (150% of the hours required) for the calculation of SAP. Transfer credit hours are included in the calculation of allowable maximum timeframe.

    Attempted credit hours under all courses of study are included in the calculation of attempted and earned credit hours. If it is at any point determined you cannot complete your program of study within 150% of the program length, financial aid eligibility will be suspended.

    Review of Satisfactory Academic Progress will be done shortly after the stated due date for grades at the end of each academic term.

    Should you fail to meet one of more of the above indicated standards you will be placed on financial aid probation or suspension according to OJC's guidelines.

  

Otero Junior College has now joined the Federal Direct Loan Program. Follow the steps below to begin the loan application process:

1. Entrance Counseling: If you are a first time borrower or switching to Direct Lending you must complete Entrance Counseling before you can receive any loan funds. Go to www.studentloans.gov and look for the link to Entrance and Exit Counseling on the top right hand side of the page. After you have completed your Entrance Counseling, OJC Financial Aid Office will be notified.

2. Completing Master Promissory Note: All students using Direct Lending must complete a new Master Promissory Note; please visit www.studentloans.gov, where you will click on “Complete New MPN for Student Loans”. OJC Financial Aid Office will receive notification once you have completed this process.

3. Apply & Accept Loan Offer: All loan borrowers must fill out a Loan Application & Acceptance Form to request up to the base amount of loan you wish to borrow. Download the form Loan Application & Acceptance Form here or copies are available in the Financial Aid Office. Please submit completed form to the OJC Financial Aid Office for further processing.

PARENT LOANS

**Note for Parent Borrowers: "Eligibility Requirements" must be met by your student before we are able to process a Parent Loan for Undergraduate Students (PLUS).

The Direct PLUS Loan is available to parents of dependent students who wish to borrow funds to assist with their child’s education. Parent loan borrowers must fill out the Federal Direct PLUS Loan Application: PLUS Loan Application. Parents must complete the Entrance Counseling, Master Promissory Note, and Request a Direct Plus Loan on the following website www.studentloans.gov before submitting the Federal Direct PLUS Loan Application to the Financial Aid Office.

EXIT COUNSELING

*** Note Loans must be repaid after you graduate, leave school or fail to enroll in at least 6 semester credit hours. All students who borrow student loans must complete exit counseling when they graduate or stop attending the school, for which the loans were borrowed, on at least a half-time basis.

If you received your loan from a lender, go online and complete an exit interview at http://mappingyourfuture.org/oslc/. If you received your loan from the Direct Loan Program you are required to go online to www.studentloans.gov and complete an exit interview. If you received a loan from both programs, you are required to complete both exit interviews. Upon completion, our office will receive an electronic confirmation the following day.

  

Contact OJC

Student Services Office
1802 Colorado Avenue
La Junta, CO 81050
P: (719) 384-6831Hours:
M - TH: 7:30 am - 6 pm
F: 7:30 am - 5:00 pm
E: information@ojc.edu