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Federal, State and Additional Financial Aid Options

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
  • Employment – on-campus jobs that provide money for educational costs. (Federal work study, college employee)

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

Federal Pell Grants and Federal Supplemental Education Opportunity Grants are given by the federal government on the basis of financial need. Both of these programs can change from year to year based off of the family’s financial need. The Federal Supplemental Opportunity Grant is need-based and is given until the Federal fund has been exhausted.

State Grants

Students who are Pennsylvania residents could be eligible for a Pennsylvania State Grant through the Pennsylvania Higher Education Assistance Agency (PHEAA). Typically, the application for the PA State grant is initiated when a student from Pennsylvania submits a valid FAFSA. PHEAA has a strict filing deadline of May 1st prior to the start of each academic year. Please allow for processing time of 2-3 business days after you submit your FAFSA for PHEAA to receive it.

It is very important to note that applicants may be contacted by PHEAA or our Financial Aid Office concerning incomplete applications, grants assigned to other schools, or missing documentation. This correspondence will most likely be sent by email. Applicants should address these requests as soon as possible to ensure there are no delays with the funding of their PA State Grants. Additonal information and updated grant statuses can be found by visiting www.aessuccess.org or by calling PHEAA at 1-800-692-7392.

Students who are not Pennsylvania residents could be eligible for similar state grant aid programs in their home state. Not all surrounding states allow the student to receive state aid when attending a Pennsylvania institution. For more information about these aid programs, including eligibility requirements and filing deadlines, please contact your high school guidance office or the corresponding state agency that manages the aid programs in your home state.


Loans


Federal Stafford Loan

A Master Promissory Note (MPN) and entrance counseling must be completed to receive Federal Direct Stafford loan funds. You may complete these steps online at www.studentloans.gov .

There are two types of Federal Stafford Loans:

subsidized Stafford Loan is awarded on the basis of financial need. You will not be charged any interest before you enter into repayment. The federal government will pay the interest while you are in school at least half time or during periods of deferment.

An unsubsidized Stafford Loan is not awarded on the basis of need. You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate, it will be added to the principal amount of your loan and additional interest will be based upon the higher amount.

If you are a dependent student whose parents do not qualify for a Federal PLUS Loan, or you are an independent student, you may qualify for an additional Unsubsidized Stafford Loan.

Federal Stafford Loan Annual Limits

Undergraduate Grade Level Base Loan Amount
Subsidized
Base Loan  Amount
Unsubsidized
Additional Unsubsidized Eligibility For Independent Students and Dependent Students whose parent is not eligible to borrow a PLUS Loan
1st year $3,500 $2,000 $4,000
2nd year $4,500 $2,000 $4,000
3rd, 4th or 5th year $5,500 $2,000 $5,000

 


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. The funding does not disburse directly to the student’s college account to offset cost. It will be paid directly to the student for the hours worked. Use caution when figuring work study into out of pocket costs.

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