Federal Aid Programs

FEDERAL PELL GRANT - Award amounts are determined by using the results from filing the Free Application for Federal Student Aid (FAFSA) and range from $400 to $4,731 per year (for the 08/09 award year). The amount the student is eligible for is directly related to the Expected Family Contribution (EFC) calculated by the federal government. These monies do not have to be repaid.

Academic Competitive Grants (ACG) and National Science & Mathematics Access To Retain Talent (Smart) Grants - ACG and SMART Grants are new federal grant programs authorized by Congress starting in 2006-2007 academic year. Students must meet all requirements set forth by the Federal government. ACG will be available to first and second year undergraduate students who qualify. This grant will provide up to $750 for the first year of study and $1,300 for the second year of study. SMART Grants will be available to third and fourth year undergraduate students who qualify. This grant will provide up to $4,000 for their third and fourth year of study.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG) - Award amounts are based on financial need and government funding levels and range between $200 and $2,000 per year. In order to receive an FSEOG, students must also be eligible for a Federal Pell Grant. This amount may vary from year to year based upon funding levels and student eligibility. These monies do not have to be repaid.

FEDERAL PERKINS LOAN - Award amounts are based on financial need and government funding levels and range between $200 and $1,000 per year. Students awarded a Perkins Loan are required to complete an entrance interview before the monies are credited to their account. Upon graduation, withdraw, or dropping below 6 credits, students must complete an exit interview. Loan repayment begins nine months from the date the student ceases to be enrolled on at least a half time basis. While in repayment, the student will be charged five percent interest on the principal amount of the loan. These monies must be repaid.

FEDERAL WORK-STUDY (FWS) - Award amounts are based on financial need and government funding levels and range between $200 and $2,000 per year. Students select an office on-campus or off-campus where they would like to work, complete the necessary paperwork and obtain the supervisor's signature. Students are paid minimum wage which is currently $7.15/hour. Students are paid bi-weekly for all hours worked. Federal work-study awards are not deducted from your tuition bill.

FEDERAL COMMUNITY SERVICE WORK-STUDY - In addition to jobs on campus, Mount Aloysius College also sponsors several off-campus jobs. The jobs are located in community-service based non-profit organizations. Examples of such positions include: local YMCA/YWCA, America Reads, public libraries and United Way. Award amounts are based on financial need and government funding levels and range between $200 and $2,000 per year. Students select an off-campus site where they would like to work, complete the necessary paperwork and obtain the supervisor's signature. Students are paid the minimum wage which is currently $7.15/hour. Students are paid bi-weekly for all hours worked. Federal work-study awards are not deducted from your tuition bill.

FEDERAL FAMILY EDUCATION LOAN PROGRAMS

FEDERAL STAFFORD LOAN - In order to meet their educational expenses, students may wish to borrow monies through the Federal Stafford Loan Program.  It is the student's responsibility to select a lender for their loan and students may select any lender who participates in the Federal Stafford Loan Program.  A Master Promissory Note (MPN) must be completed in order to obtain the loan and students are encouraged to use the same lender each year they borrow under the program. Normally, a MPN need only be completed once and is valid for up to 10 years period.  However, in light of recent changes within the lending industry it maybe necessary to complete a new Master Promissory Note (MPN) depending upon the lender.  The Financial Aid Office or your lender will notify you if a new MPN is required for any reason. In addition to the application, students must file the Free Application for Federal Student Aid (FAFSA) before a student loan can be processed. Information obtained from the FAFSA determines the amount and type of loan the student is eligible for.

The Federal Stafford Loan falls under two distinct types:
SUBSIDIZED STAFFORD LOAN: means the government pays the interest for the student while they are enrolled in school.
UNSUBSIDIZED STAFFORD LOAN: means the student is responsible for paying the interest. The interest can either be paid quarterly or the student can request that the interest be capitalized.

The maximum amounts that an undergraduate student may borrow under the Federal Stafford Loan program beginning with the 08/09 award year are:

PARENT LOANS FOR UNDERGRADUATE STUDENTS (PLUS) - Parents of dependent students may borrow up to the costs of education less any other financial aid through the PLUS Loan program. It is the parent's responsibility to select a lender for their loan and parents may choose any lender who participates in Federal PLUS Loan Program.   Parents are encouraged to use the same lender each year and must be pre-approved before completing the PLUS Loan application.  Parents can apply online for the Federal PLUS Loan. If a parent is denied a PLUS loan by the lender, they are encouraged to contact the Financial Aid Office regarding other options.

Students are encouraged to research and select a lender that meets their needs.   Mount Aloysius College offers suggestions for lenders at www.ElmSelect.com.   This site will afford you the opportunity to research and compare the suggested lenders or research any lender who participates in FFELP lending.   It is your right to borrow your Stafford or your parent's to borrow their PLUS loan through any lender you chose.