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Financial Aid
How Do I Apply for Financial Aid?
Complete the Free Application for Federal Student Aid (FAFSA). Information about your family’s income and assets is provided on the form, which is then sent to the US Department of Education. This information and results of the analysis performed is sent to each college that you designate to receive the information.
It is necessary only to complete the FAFSA form to apply for financial aid at Albright College. These forms may be obtained from the Financial Aid Office. You may also complete an electronic version of the FAFSA on the web at www.fafsa.ed.gov
When you complete the FAFSA, be sure to indicate that the form be sent to Albright College, code number 003229.
The FAFSA is filed once each academic year. The form will be available in November and should be submitted as soon as possible after January 1. This form is for the next academic year starting July 1 and ending June 30.
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How is My Eligibility Determined?
A formula set by the federal government is applied to the figures provided on your FAFSA. This determines your family’s financial strength and estimates the amount your family can contribute annually toward your educational expenses. An important factor in determining eligibility is the student’s dependency status. A student is automatically considered independent if:
- the student is 24 years of age by December 31 of the award year,
- the student is a veteran of the US armed forces,
- the student is enrolled in a graduate program,
- the student is married,
- the student is an orphan or ward of the court, or
- the student has legal dependents other than a spouse.
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What Kind of Aid is Available?
Grant Programs
The Federal Pell Grant is awarded on the basis of financial need, as determined by an analysis of the information provided in financial aid applications.
Pennsylvania residents are considered for Pennsylvania State Grant eligibility upon submission of the FAFSA, which must be filed by May 1 to be considered for state grant funds for the upcoming academic year. The state grant is also awarded on the basis of financial need.
Loan Programs
Federal Stafford Loans have a 6.8% fixed variable interest rate. Stafford Loans are available to students regardless of financial need, with interest subsidies for most students. Annual (each academic year) borrowing maximums :
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Dependent student
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Independent student
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1st year student
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$3,500
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$7,500
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2nd year student
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$4,500
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$8,500
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3rd year student
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$5,500
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$10,500
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4th year student
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$5,500
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$10,500
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Federal PLUS Loans are made to parents of dependent undergraduate students to assist in meeting educational expenses. This loan has an 8.5% fixed variable interest rate. Each year, parents may borrow up to the cost of attendance minus other financial aid.
Loan programs require that the borrower complete a promissory note to obtain loan funds. These forms are available in the Financial Aid Office and at banks and other financial institutions. Stafford Loan borrowers are required to complete entrance and exit counseling procedures.
Private Sources
Many organizations, such as corporations, foundations, labor unions, trade associations, religious organizations, and community offer financial assistance for which the student must usually apply directly.
For a list of available sources, please visit this page.
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When Do I Find Out How Much Aid I'll Receive?
Financial aid award determinations are made after the offer of admission. When you are awarded aid, you will receive a letter informing you of the total amount of your award and the award amounts offered from each program.
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Do I Qualify for Veteran's Education Benefits?
Albright College educational programs are eligible for Veterans Education Benefits. If you have questions about your eligibility, call Veterans Affairs at 1-888-GI-BILL-1 (1-888-442-4551) or visit their web site at www.gibill.va.gov/education/
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Who Can Answer my Other Questions?
Talk to the nice folks in the Albright College Financial Aid Office:
Call 610-921-7515 between 8:00 am and 5:00 pm Mondays through Fridays
Email: finaid@alb.edu
FAX: 610- 921-7729
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