Financial Aid
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 considered 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 already earned a bachelor’s degree. SBBCollege 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 which indicates whether a student is eligible for a Pell Grant.
Federal Supplemental Educational Opportunity Grants (FSEOG)
The FSEOG is for undergraduates with exceptional financial need – i.e., students with the lowest EFC (Expected Family Contribution). 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 SBBCollege from a previous school.
Scholarships
We’re putting $2 Million into new scholarships to help all kinds of local people achieve their academic and career goals.
Loans
Federal Perkins Loan
The Perkins Loan is a low interest rate loan (5%) 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 entire 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 SBBCollege 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.
Resources for Active Military, Veterans and Families
We are grateful to you and your family members for your service to our country. Let us help you make that next step toward a rewarding civilian career.
SBBCollege is prepared to help you use your military education benefits for college. Qualified students may use their Post-9/11 GI Bill® for their college tuition and expenses at SBBCollege. The Post-9/11 GI Bill can cover more than $19,000 in tuition (per year), plus it covers up to $1,000 for books and supplies and a monthly housing allowance. This coverage is more than enough to pay for most of the degree and career training programs offered at SBBCollege. Also, this entitlement may be transferred to military spouses or dependents.
Additionally, SBBCollege proudly participates in the Yellow Ribbon program. Through this program, the College contributes up to $6,000 to your tuition and expenses after you have reached the maximum Post-9/11 GI Bill educational benefits. The Department of Veteran Affairs will then match SBBCollege’s contribution. This can give you an extra $12,000 (maximum) in additional funding on top of the maximum Post-9/11 GI Bill benefits.
When you request information, SBBCollege can give you financial aid information about your unique situation and help guide you through the process.
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.
GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at www.benefits.va.gov/gibill.
– Rachel S, BSBA, SBBCollege Graduate 2013
