Financial Aid. Scholarships Expenses. Financial Aid

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1 Financial Aid # Financial Aid Formula # Eligible Applicants # Application Requirements and Suggested Filing Dates # Programs for Which You May Qualify # Verification of Financial Aid Data # Academic Progress Standards # Financial Aid Refunds Scholarships Expenses Financial Aid The expense of an education at an independent college is often more than the student and family can meet during the undergraduate years. The College is sensitive to this situation and has established a substantial program of financial aid designed to provide assistance to students whose resources are insufficient to meet the total cost of education. Funds are available to eligible students through grants, loans and on-campus employment programs. These programs are funded through the College, and federal and state governments. Albright College assumes the student and parents will accept responsibility for as much a share of total educational costs as possible. When family resources are less than the total costs, the College will determine the student's eligibility for financial assistance. Financial Aid Formula A student's eligibility for financial aid is determined using the following formula: Cost of education minus expected family contribution equals the financial need of the student. Cost of Education: Includes tuition, fees, room and board charges. These costs are determined each academic year by the College's Board of Trustees. In addition to these costs, an allowance of $2,500 for books, transportation and personal expenses is granted. Expected Family Contribution: The amount the family is expected to contribute annually toward the student's education is determined by Federal Methodology, a need analysis formula approved by Congress. Financial data provided on the Free Application for Federal Student Aid (FAFSA) is analyzed to produce the Expected Family Contribution (EFC). The major factors considered in calculating the EFC are: the student's dependency status, student income, student assets, parental income, parental assets, family size and number of family members attending college. 1

2 Financial Need: The maximum amount of need-based financial assistance a student may receive. Eligibility is conveyed to the student in a financial aid award notice that lists the types and sources of aid offered. Eligible Aid Applicants All students who have been accepted as degree seeking individuals are eligible to apply for financial aid. Federal and state funds may be awarded to U.S. citizens and permanent resident aliens, and institutional funds may be awarded to these students as well as international students. Full-time day enrollment, considered to be three courses taken per semester, is required for institutional funds. At least part-time enrollment (day or evening - two courses per semester) is required for state grant and federal loan funds. Application Requirements and Suggested Filing Dates Free Application for Federal Student Aid (FAFSA): Albright's Federal School Code is This single application serves several purposes: Determines eligibility for a Federal Pell Grant Serves as the application for a Pennsylvania State Grant, other state grants and federal loan programs Determines expected family contribution for need-based assistance. The FAFSA should be completed online at or a paper application may be mailed to Federal Student Aid Programs for processing. Financial aid eligibility is determined annually, so applications must be completed each academic year. Eligibility for aid programs may change each year, depending on changes in the family financial situation, program eligibility requirements and student eligibility requirements. Prospective Students: Submit the FAFSA by March 1 FAFSA information is mailed upon application for admission. Financial aid award notices are mailed upon acceptance by the Admission Office and receipt of the FAFSA processing results. Returning Students: Submit the FAFSA by April 20 FAFSA information is available in the Financial Aid Office in December. Renewal application information is sent by the federal processor at this time as well. Financial Aid Awards are mailed home at the end of the spring semester, provided the Financial Aid Office has received current FAFSA information. 2

3 Processing of paper financial aid forms usually takes four weeks from the time the family mails the applications. Online processing results are usually received by the College within one week of form completion. Students who wish to be considered for Pennsylvania State Grant funds are required to submit the FAFSA prior to May 1. The Pennsylvania Higher Education Assistance Agency Grant Division strictly enforces this deadline. Programs for Which You May Qualify Financial aid is separated into two types of aid: gift aid, which does not have to be repaid (usually a grant or scholarship); and self-help aid, which requires some type of obligation for the student, usually a loan or employment. Programs funded by the federal government include: Federal Pell Grant Federal Academic Competitiveness Grant National Smart Grant Federal Supplemental Educational Opportunity Grant Federal Perkins Loan Federal Stafford Loan (subsidized and unsubsidized) Federal PLUS Loan Federal Work Study State Programs funded by individual state governments include: State Grant and Matching Grant Programs Office of Vocational Rehabilitation Grant Program Several states allow their grant funds to be utilized at Pennsylvania colleges. Out-of-state students should contact their state agencies to determine if their state has a reciprocity agreement with Pennsylvania. These states include Connecticut, Delaware, Maine, Massachasetts, Ohio, Rhode Island, Vermont, West Virginia and the District of Columbia. Institutional Programs funded by Albright College include: Merit Scholarships and Awards* Endowed Scholarships* Trustee Grants Campus Employment Institutional funding applies only for study in residence at Albright College. *Further information on these programs is provided on the following pages. 3

4 Other programs coordinated through Albright College include: Veterans Administration Educational Benefits Private Scholarships Verification of Financial Aid Data The federal government requires all colleges to assure the accuracy of information submitted by a minimum of 30 percent of all students receiving financial aid. Albright College verifies all students selected by the federal government even if the percentage of Albright aid recipients is greater than the required 30 percent. If selected, the following will occur: After enrollment deposit, prospective students will receive a letter indicating you have been selected for verification and requesting that an institutional verification form be completed and returned with signed copies of student and parental signed federal income tax returns. Returning upperclass students will receive notification of selection for verification as part of the financial aid award package. Included with the financial aid award notice will be an institutional verification form to complete and return with signed copies of student and parental signed federal income tax returns. Upon receipt of the requested information, the data will be analyzed, corrected if required, and a revised award letter will be issued if any change of awarded funds is necessary. Funds will not be credited to a student's account until verification has been completed. There is a possibility that some funds will no longer be available if students and family delay the verification process. Some states also validate the financial data of their state grant recipients. It is important to provide information to those sources as requested. Academic Progress Standards Academic progress is reviewed at the end of each academic year for all financial aid applicants. A full-time student must have successfully completed a minimum of six courses of academic work in the two preceding semesters in order to be eligible to continue receiving federal, state or college financial aid. Summer and Interim coursework may be counted toward the six-course minimum. Mitigating circumstances affecting academic progress may be presented in writing to the Financial Aid Office for review of continued eligibility. Students will be notified after the end of the spring semester of their lack 4

5 of academic progress, and it is the students' responsibility to notify the Financial Aid Office when required course completion has occurred. Financial Aid Refunds Students who withdraw from courses or from the College should review the refund policy for College charges in the expense section of this catalog. If the student is refunded 100 percent of charges, 100 percent of financial aid funds are returned for that semester. Financial aid is prorated and refunded according to federal and state regulations and College policies, as required. 5