Financial Aid FAQs
At Albright, applying for financial aid is completed in two basic steps.
- Step 1: Students and Parents: Get your Federal Student Aid (FSA) ID! Your FSA ID makes the signature requirements on your Free Application for Federal Student Aid (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.
- Step 2: Complete Your 2019-2020 FAFSA. After October 1, the FAFSA will be available. The Albright College Federal School Code for your FAFSA is 003229. The FAFSA is required for all sources of financial aid.
Yes. Because eligibility for federal student aid does not carry over from one award year to the next, you will need to complete the FAFSA for each award year during which you are or plan to be a student.
You will receive a letter with the total amount of your award, and the award amounts from each type of aid. A typical financial aid award includes:
- Grant/Scholarship/Award: an investment in 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)
Financial need is the difference between the amount you and your family can reasonably afford to pay for college expenses, as calculated by the FAFSA along with other supporting documents, and the total cost of attendance.
Cost of Attendance – Expected Family Contribution = Your Financial Need
Eligibility for federal and state aid is determined using the Federal Methodology, a formula established by the United States Congress. Only the FAFSA is required to be considered for federal and state aid.
There are several ways to pay for school. Some include:
- 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.
- Private Student Loans: Borrowers and co-signers should review and compare information about interest rates, fees, loan terms and repayment terms. Interest rates are often determined by the credit history of borrower and/or co-signer. A list of lenders can be found at www.elmselect.com.
- Interest Free Monthly Payment Plans: Nelnet offers interest free monthly payment plans. Additional information about payment plans can be found at albright.afford.com.