Financial Aid

The purpose of financial aid is to assist students whose personal and family resources are insufficient to meet the total cost of education at Laguna College of Art & Design. Financial aid is available from one or more of the following sources: scholarships, grants, part-time employment, and loans. LCAD is also eligible to participate in Department of Veterans Affairs Educational Assistance programs. Eligibility for most forms of financial aid is based on demonstrated financial need. Financial need is the difference between the Cost of Education (a standard budget) and the Estimated Family Contribution (the amount the student, and if applicable, the student’s spouse and/or parents can be expected to contribute). Cost of Education components include tuition and fees, an allowance for books and supplies, housing, food, transportation, and personal expenses. Family contributions are based on the Federal Methodology analysis of the information provided on the Free Application for Federal Student Aid (FAFSA) and supplemental documents. Students who believe they will need financial assistance to attend LCAD and who meet the eligibility requirements are encouraged to apply for aid. Financial aid awards are made for one academic year and must be reapplied for each subsequent year.

To receive need-based financial aid from LCAD, the applicant must meet the following eligibility criteria:

1. Be accepted for enrollment as a matriculating student
2. Be a U.S. citizen or eligible non-citizen
3. Maintain measurable satisfactory academic progress according to the standards and practices established by LCAD while enrolled
4. Not owe a refund on or be in default of any Title IV loan previously received for attendance at any postsecondary institution
5. Be in compliance with Selective Service regulations

Title IV Loan Code of Conduct

Application Procedures
To be considered for any type of need-based aid at LCAD, complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. If you cannot complete the application online please contact the financial aid office. Processing time may vary depending on the type of application and the date of submission. Generally, the processor needs three to six weeks to process the application.

LCAD Grants and Scholarships
LCAD grants and scholarships are provided through the generosity of alumni gifts, LCAD resources, and community support: Disneyland Resort; The Ebell Club of Laguna Beach; Edison International; Festival of Arts Foundation; Harry and Grace Steele Foundation; Laguna Canyon Artists; Micheal L. Miller Memorial Scholarship Fund; Pacific Art Foundation; Pacific Life Foundation; Peter and Marsha Plotkin Memorial Foundation; Roger Armstrong Scholarship Fund; Robert and Jean Schrimmer Endowment Fund.

Federal Grants
LCAD participates in three federally funded grant programs: the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant (FSEOG), and Academic Competitiveness Grant (ACG) programs.
A grant is gift aid that does not have to be repaid as long as the student continues to meet all of the eligibility requirements.

California State Grants
LCAD is eligible to participate in the Cal Grant A and Cal Grant B programs that are funded by the state of California and administrated by the California Student Aid Commission. All financial aid applicants who are California residents and U.S. citizens or eligible non-citizens are encouraged to apply for one of the Cal Grant programs. The annual deadline to apply for these grants is March 2.

Federal Work-Study
Federal Work-Study (FWS) is funded by the federal government, with some matching LCAD funds. Employment is limited to on-campus jobs. FWS enables you to earn part of your financial aid award through part-time employment on campus. To participate, you must be eligible for and be awarded a FWS award as part of the financial aid package.

Federal Stafford Subsidized Loans for Undergraduate Students
This is a long-term, low-interest federal loan. Subsidized means the interest is paid by the Federal Government while the student is in school at least half time or during the grace period. This is a need-based loan as determined by the FAFSA information. This loan must be repaid. The maximum aggregate loan amount allowed is $23,000 for undergraduate studies. The yearly maximum amount of this loan is based upon your class standing. At LCAD class standing is based upon units completed, and it breaks down like this:
0-30 units completed – Freshmen $3500 max
31-60 units completed – Sophomore $4500 max
61-90 units completed – Junior $5500 max
91-122 units completed – Senior $5500 max

Federal Stafford Unsubsidized Loans for Undergraduate Students
This is a long-term, low-interest federal loan. Unsubsidized means the student is responsible for the interest on the loan instead of the Federal Government. Interest payments can be capitalized, which means they will be deferred with the principal while the student is in school. This interest amount will be added to the principal balance. This is a non need-based loan as determined by the FAFSA information. This loan must be repaid. The maximum aggregate loan amount allowed is $31,000 for dependent students and $57,500 for independent students for undergraduate studies (less any Stafford subsidized borrowing). All students qualify for $2,000 of unsubsidized funds each academic year. Additional amounts of funds for this loan are based upon your dependency status and class standing. Independent students automatically qualify for these additional funds (listed below), while dependent students require the PLUS loan to be denied for their parents. At LCAD class standing is based upon units completed, and it breaks down like this:
0-30 units completed – Freshmen $4000 max
31-60 units completed – Sophomore $4000 max
61-90 units completed – Junior $5000 max
91-122 units completed – Senior $5000 max

Federal Parent Loan for Undergraduate Students (PLUS)
The PLUS loan program is available to parents of dependent students and has a fixed rate of 8.5%. These serve as a supplemental source of money to parents on behalf of their dependent son or daughter. Plus loans, unlike the Federal Stafford Loan program, are subject to credit approval by a lender and repayment begins within 60 days of full disbursement. There are no aggregate loan limits.

Federal Stafford Subsidized Loans for Graduate Students
This is a long-term, low-interest federal loan. Subsidized means the interest is paid by the Federal Government while the student is in school at least half time or during the grace period. This is a need-based loan as determined by the FAFSA information. This loan must be repaid. The maximum aggregate loan amount is $65,500 for undergraduate and graduate studies combined. The maximum amount that can be borrowed per academic year is $8500.

Federal Stafford Unsubsidized Loans for Graduate Students
This is a long-term, low-interest federal loan. Unsubsidized means you are responsible for the interest on the loan instead of the Federal Government. Interest payments can be capitalized, which means they will be deferred with the principal while you are in school. This interest amount will be added to the principal balance. This is a non need-based loan as determined by the FAFSA information. This loan must be repaid. The maximum aggregate loan amount is $138,500 for undergraduate and graduate studies combined (less any Stafford subsidized borrowing). The maximum amount that can be borrowed per academic year is $12,000.

Federal Graduate PLUS Loan
A federal Plus loan that has a fixed interest rate of 8.5% is now available for graduate students. The borrower may request an amount up to the cost of education minus other financial aid. Repayment begins within 60 days of full disbursement, although in-school deferments are available. The student must have no adverse credit history. There are no aggregate limits.

Department of Veteran Affairs (DVA) Educational Assistance
All degree programs offered at LCAD are approved by the Bureau for Postsecondary and Vocational Education. These benefits are available to veterans and to children of certain deceased or disabled veterans. Application for benefits may be made through any DVA regional office or through the Financial Aid office.
If a student’s cumulative GPA drops below a 2.0 for two consecutive semesters, the student will be disqualified from the program at LCAD, the Department of Veteran Affairs will be notified, and all benefits will cease. Students are limited to two independent study courses, which can count toward their program objective.
During the student’s first two semesters, LCAD will conduct an evaluation of previous education and training, grant appropriate credit, shorten the veteran or eligible person’s duration of the course proportionately, and notify the DVA and the student accordingly.

Scholarships
Over 88% of LCAD students receive some form of financial aid
and scholarships.

LCAD Scholarship
The LCAD Scholarship is offered to all students applying for admission to LCAD. Students must present a portfolio that represents their best work to be judged by an admissions scholarship committee as part of the application process. Recipients receive from $500 to $9800 annually towards tuition costs for the duration of their four-year BFA program, provided they stay in good academic standing (maintain a minimum term GPA of 2.5 and enroll in at least 9 units each semester).

Other Scholarships and Grants
Ultimately, the best resource for finding private scholarships and grants is via the Internet. You are encouraged, whenever possible, to utilize this resource and to seek out private scholarships and grants.
If you have any further questions regarding financial aid or the financial aid process, please contact our Financial Aid office at 949.376.6000, or via email at financialaid@lagunacollege.edu.