Financial Aid Programs

You will receive a letter with the total amount of your award, and the award amounts from each program. A typical financial aid award includes:

• Grant/Scholarship/Award ? a gift to you that does not have to be repaid ;
• Loan(s) ? borrowed funds that must be repaid, with interest; and
• Employment ? on-campus jobs that provide money for educational costs.

Grants

Albright College Trustee Grants

Albright College gives Trustee Grants on the basis of financial need. These funds originate from several sources, including funds donated to the College.

Federal Government Grants

Pell Grants and Federal Supplemental Education Opportunity Grants are given by the federal government on the basis of financial need.

State Grants

Pennsylvania residents may be eligible for a PA State grant. Candidates who live in states that offer reciprocal grants for study in Pennsylvania should ask their guidance counselor or state awarding agency for the appropriate forms. These states include Alaska, Connecticut, Delaware, the District of Columbia, Maine, Maryland, Massachusetts, Ohio, Rhode Island, Vermont and West Virginia. Most states have strict deadlines for submitting applications.

Loans

Federal Loan Programs

Federal Stafford Loans have a 6.80% fixed interest rate. Stafford Loans are available to students regardless of financial need, with interest subsidies for most students. Currently, first year students may borrow up to $2,625; sophomores may borrow up to $3,500; and juniors and seniors may borrow up to $5,500 from the Stafford Loan program. Beginning July 1, 2007, first year students may borrow up to $3,500; sophomores may borrow up to $4,500; and juniors and seniors may borrow up to $5,500 from the Stafford Loan program. You may complete the Stafford Loan Master Promissory Note online.

Federal Perkins Loans at 5% interest are available on a limited basis to students and may range from $100 to $4,000.

Federal PLUS Loans are made to parents of undergraduate students to assist in meeting educational expenses. This loan has an 8.50% interest rate. You may complete the PLUS Loan Master Promissory Note online. Each year, parents may borrow up to the cost of attendance minus other financial aid.

Employment:

The Federal Work-Study Program is designed to help students earn spending money during the academic year for books, supplies, and other expenses. Campus jobs are available in such areas as the library, bookstore, academic and administrative departments, and food services.

Find out more about Student Employment at Albright College by visiting the Student Employment page in our Human Resources Section.