Paying for College... What are my options?
Financial Aid at SBBCollege - Paying for College
Stop! Read this first...
Financial aid can be confusing and seem impossible to do. Don't worry. The SBBCollege Financial Aid team can help. At anytime, please feel free to contact someone in financial aid who can answer your questions and help guide you through the process. The SBBCollege Financial Aid team can create a financial plan for your unique situation and help you discover resources you qualify for. SBBCollege wants to make college or job training affordable for you.
Financial Aid at SBBCollege
As an accredited college, Santa Barbara Business College participates in federal financial aid, and offers financial assistance to those who qualify. The types of assistance offered include grants, scholarships and loans.
Generally, students are eligible to qualify for financial assistance if they:
- Have a high school diploma or GED*
- Enroll as a regular student in an eligible program
- Are a U.S. citizen or eligible non-citizen
- Are registered with Selective Service (if required)
- Have a valid Social Security Number (SSN)
- Make satisfactorily academic progress
- Are not in default of a student loan or owe a refund on a Federal Pell Grant* Or a passing score on an independently administrated examination approved by the Department of Education.
Grants
Grants can be thought of as free money from the government that students do not have to pay back.
Federal Pell Grants
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are only awarded to undergraduate students who have not earned a bachelor's degree. SBBC requires students to apply for the Pell Grant by completing the FAFSA (Free Application for Federal Student Aid). An ISIR (Institutional Student Information Record) or SAR (Student Aid Report) is generated, and the EFC (Expected Family Contribution) is calculated on the report and will indicate whether a student is eligible for a Pell Grant.
Federal Supplemental Educational Opportunity Grants (FSEOG)
The FSEOG is for undergraduates with exceptional financial need - students with the lowest EFC. FSEOG is available only to students who qualify for the Pell Grant.
Cal Grant C
The Cal Grant program is administered by the State of California. The Cal Grant C assists students in occupational/career training programs. To qualify, a student must be enrolled in a vocational school in a program from four to 24 months long. The application deadline for the Cal Grant is generally March 2. It is possible to transfer a Cal Grant to SBBC from a previous school.
Scholarships
Institutional Scholarship
Each Santa Barbara Business College campus awards up to 20 $1,000 scholarships each year. Scholarships are awarded to high school seniors and recent graduates. The application deadline is December 31 of the high school graduation year, and final awards are made by January 31. Please see our catalog for more details.
This is just one example of scholarships students may qualify for. Ask the financial aid department for assistance finding other scholarship resources.
Loans
Federal Perkins Loan
The Perkins Loan is a low interest rate loan (5 percent) for those who demonstrate a financial need. Students must repay this loan. If awarded, repayment begins nine months after the borrower completes or terminates his or her education. The minimum monthly payment is $40. Students must complete the FAFSA to be considered for the Perkins Loan.
Federal Subsidized Stafford Loan
A subsidized loan is awarded on the basis of financial need. If a student qualifies for this loan, the Federal government pays the interest for the full time the student is in school and for an additional six months after the last date of attendance.
Federal Unsubsidized Stafford Loan
An unsubsidized loan is not awarded on the basis of need. If a student qualifies for this loan, this loan accrues interest from the date the loan is disbursed until it is paid in full.
Federal Parent Loan for Undergraduate Students (FPLUS)
The FPLUS loan allows parents of students who are dependent by federal definition to borrow for educational costs. To be eligible to receive the FPLUS loan, a parent will be required to pass a credit check. If the parent does not pass the credit check, the student can receive the Unsubsidized Stafford Loan. Repayment usually begins within 60 days after the final loan is issued with the interest beginning to accrue at the time of the first disbursement.
Other Aid Programs
Students attending Santa Barbara Business College may, if eligible, receive funds to meet educational costs from the Veterans Education Benefits, Bureau of Indian Affairs, Division of Vocational Rehabilitation, Employee Tuition Reimbursement, JTPA, and other organizations and agencies providing scholarships and grants.
Federal Work-study and State Work-study
Work-study allows undergraduate students who demonstrate financial need to earn money for some of their educational expenses by working for a nonprofit agency. Students will be paid at least the current minimum wage, but possibly higher, depending on the type of work and skills required. Students must complete the FAFSA to be considered for Work-study funds. The Placement Department will help eligible students locate jobs.
Monthly Payment Plans
Independent students or parents of dependent students who do not wish to apply for educational loans or who do not qualify for financial aid may make monthly tuition payments to finance the student's educational cost. These arrangements are to be made with a financial aid associate.
So where do I start?
Talk to a financial aid associate to discover resources you qualify for. They'll guide you through the process and create a financial plan for your unique situation. It's our goal to make it affordable for you.
