For more than 150 years, Albright has worked hard to remain an affordable choice for exceptional adult learners seeking a rigorous, interdisciplinary, private, liberal arts education. Whether you are an adult student returning to school or beginning your college journey for the first time, we want our students to know that we are here to help make the aid process the least of their worries. The aid process can be very intimidating which prevents students from asking our staff questions. The College is invested in the success of our students and our goal is to make the aid process as easy as possible for every student. Whether you find your answers on our site, or visit the office to work with a counselor we hope you find comfort in our office and our staff.
There are many useful tools on our website which we encourage you to explore. We certainly hope that you find this site helpful and informative throughout the aid process. For any questions or concerns please feel free to call on the aid staff at Albright at any time for comfort, support and guidance. We are now, and will remain, at your service.
Christopher K. Hanlon, Director
Applying for Financial Aid
If you are interested in applying for financial aid for the academic year there are two steps. Please see the helpful tips section prior to completing each step.
- Are you Dependent or Independent?
- A dependent student is required to provide both their personal financial information as well as their parents’ financial information on the FAFSA. Both sets of information determine the student’s eligibility. The parent of a dependent student will also need to create an FSA ID.
- An independent student is required to report their personal information and their spouse’s information on the FAFSA.
- If you are beginning your program in the Fall you will need to complete the FAFSA for the current year. However if you begin your program in the Spring you will need to complete both the FAFSA for the current year and upcoming year.
|Start Term||Which FAFSA Do I File?|
|Spring 2016||2015-2016 and 2016-2017|
- Students, Get your FSA ID!
Your FSA ID makes the signature requirements on your FAFSA a breeze! You will also need an FSA ID to secure your federal student loans. Keep your FSA ID handy as you will use it every year.
- Complete Your FAFSA
Each year the FAFSA becomes available after January 1st and we recommend that the application is completed by May 1st. Currently the 2015-2016 FAFSA is online and available for completion while the 2016-2017 FAFSA will be available after January 1, 2016. The Albright College Federal School Code for your FAFSA is 003229.
Types of Aid
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 a gift to you that does not have to be repaid
- Loan(s) borrowed funds that must be repaid, with interest
Federal Government Grants
Federal Pell Grants are given by the federal government on the basis of financial need. This program can change from year to year based off of the student’s financial need.
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. Additional 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.
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:
- 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.
- 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
|DEPENDENT STUDENTS||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|
|3rd, 4th or 5th year||$5,500||$2,000||$5,000|
|INDEPENDENT STUDENTS||Undergraduate Grade Level||Base Loan Amount Subsidized||Base Loan Amount Unsubsidized|
|3rd, 4th or 5th year||$5,500||$7,000|
Please be mindful that the federal programs have lifetime limits for all eligible students. A student’s ability to borrow in the Federal Direct Loan program is limited to a cap of $31,000 for dependent students and $57,500 for independent students. Out of these program totals, only $23,000 can be Federal Direct Subsidized Loan.
In regards to the Federal Pell Grant program, students have a maximum of 600% in lifetime eligibility (approximately six full-time equivalent years).
You can view your federal loan borrowing history and Pell Grant usage by logging into www.nslds.ed.gov using your FSA ID.
It is critically important that you review your remaining eligibility in the federal aid programs to plan for the successful completion of your degree program.