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Quick Links
Complete the Free Application for Federal Student Aid (FAFSA): www.fafsa.ed.gov
Student loan information: www.ELMSelect.com
View PA State Grant, Loan or Program Status: click here

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 Stafford Loan

A Master Promissory Note (MPN) must be completed to receive loan funds. You may complete the Stafford Loan Master Promissory Note online.

There are two types of Federal Stafford Loans:

A 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. Subsidized loans disbursed between July 1, 2010, and June 30, 2011, will have a fixed 4.5 percent interest rate.

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. Unsubsidized loans have a fixed 6.8 percent interest rate.

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. Interest rates, fee deductions and repayment policies are the same as for all Federal Stafford Loans.

Federal Stafford Loan Annual Limits


Undergraduate Grade Level

Base Loan Amount
Subsidized and
Unsubsidized Loan

Additional
Unsubsidized
Eligibility

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


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

Federal PLUS Loan
Through this program, parents of dependent undergraduate students may borrow up to the total cost of education, less any financial aid received. Graduate and professional students are also eligible to borrow under this program. Direct PLUS Loans have a fixed 7.9 percent interest rate. Repayment begins within 60 days after the loan is fully disbursed.

Beginning in April 2010, you may apply online at StudentLoans.gov.

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.