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FINANCIAL AID
The expense of an education in an independent
college often is 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, the federal government
and the state.
Albright College believes the student and the
parent will accept responsibility for as great 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.
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Financial
Aid Formula |
A student's eligibility for financial aid
is determined by the following formula: Cost of education
minus expected family contribution equals the financial
need of the student.
Cost of Education
Includes tuition, fees and room and board charges. These costs are
determined each academic year by the College's Board of Trustees.
In addition to these billable costs, students should plan to spend
an additional $1,500 to $2,000 for books, transportation, personal,
and miscellaneous expenses.
Expected Family Contribution: The
amount the family can contribute annually toward educational expenses,
based on a federal formula mandated by Congressional law. Financial
data provided on the Free Application for Federal Student Aid (FAFSA)
is analyzed to produce the Expected Family Contribution (EFC), which
determines eligibility for federal, state, and institutional funds.
The six major factors considered in calculating the EFC are student
income, student assets, parental income, parental assets, number
in family, and number of family members attending college.
Financial Need: The maximum amount
of need-based financial assistance a student may receive. Eligibility
is conveyed to the student by a financial aid award notice which
lists the types and the sources of aid they are offered.
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Eligible
Aid Applicants |
All students who have been accepted as degree
seeking individuals are eligible to apply for financial aid. Federal
and state funds are awarded to US citizens and permanent resident
aliens, while institutional funds are awarded to these students
and international students. Full-time day enrollment, considered
to be three courses taken per semester, is required for institutional
funds and at least part-time enrollment (day or evening - two courses
per semester) is required for state grant and federal loan funds.
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When
to Apply For Financial Aid |
Application Requirements and Suggested
Filing Dates
Free Application for Federal Student Aid
(FAFSA): Albright's Federal School Code is 003229
This one application serves several purposes:
determines eligibility for Federal Pell Grant; serves as the application
for Pennsylvania State Grant, other state grants and federal loan
programs; and determines expected family contribution for need-based
assistance. The FAFSA should 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 upon
changes in the family financial situation, program eligibility requirements,
and student eligibility requirements.
Prospective Students: Submit the FAFSA
by March 1.
FAFSA forms will be mailed upon application
for admission. Financial aid award notices will be mailed upon acceptance
by the Admission Office and receipt of the FAFSA processing results.
Returning Students: Submit the FAFSA
by April 20.
FAFSA forms will be available in the Financial
Aid Office in December and/or mailed to each student's home address.
Financial aid award notices will be mailed home after the end of
the preceding spring semester, provided financial information has
been received by the Financial Aid office.
Processing of financial aid forms usually
takes four to six weeks from the time the family mails the applications
until Albright College receives an electronic statement detailing
the information presented by the family.
Students who wish to be considered for Pennsylvania
State Grant funds are required to submit the FAFSA prior to May
1. This deadline is strictly enforced by the Pennsylvania Higher
Education Assistance Agency Grant Division.
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Programs
for Which You May Qualify |
Financial Aid is separated into two types
of aid:
- Gift aid, which does not have to be repaid
and usually is a grant or scholarship
- Self-help aid, which requires some type
of obligation for the student and usually is a loan or employment.
Title IV Aid Programs funded by
the federal government include:
- Federal Pell Grant
- Federal Supplemental Educational Opportunity
Grant
- Federal Perkins Loan
- Federal Stafford Loan (subsidized and
unsubsidized)
- Federal Parent Loan for Undergraduate
Students
- Federal Work Study
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.
Institutional Programs funded by
Albright College include:
- Merit Scholarships
- Endowed Scholarships
- Trustee Grants
- Campus Employment
Institutional funding applies only for study
in residence at Albright College
Other Programs coordinated through
Albright College include:
- Veterans Educational Benefits
- Private Scholarships
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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:
Prospective Students: After
enrollment deposit, you will receive a letter indicating you have
been selected for verification requesting that an institutional
verification form be completed and returned with copies of student
and parental signed federal income tax returns (including all schedules
and W-2 forms).
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 copies of student and parental signed federal income
tax returns (including all schedules and W-2 forms).
Upon receipt of the requested information,
the data will be analyzed and corrected if necessary and a revised
award letter will be issued if any changes of awarded funds is necessary.
Funds will not be credited to a student’s account until verification
has been completed, and 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.
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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 can be presented in writing to the Financial Aid Office
for review of continued eligibility. Students will be notified at
the end of the spring semester of their lack of academic progress.
It is the student's responsibility to notify the Financial Aid office
when required course completion has occurred.
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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 assessed 100
percent of charges, the student is allowed to retain 100 percent
of financial aid funds credited for that semester. When charges
are prorated, financial aid is also prorated and refunded according
to federal regulations, state regulations and College policies.
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