What is Financial Aid?

Financial aid is the assistance students can receive from federal, state, institutional and private sources to help pay for a college education. Financial aid usually falls into three categories: grants and scholarships (do not have to be repaid), student loans (must be repaid) and student employment. Mount Aloysius College uses information from the Free Application for Federal Student Aid (FAFSA) to determine financial need.

How Is Financial Need Determined?
To determine the need for financial aid at Mount Aloysius , students must file the Free Application for Federal Student Aid (FAFSA) with the federal processor. A student's cost of attendance is calculated by the college and includes:

• tuition and fees
• room and board
• books and supplies
• plus an allowance for miscellaneous expenses (daycare, transportation, etc.)

Using the information reported on the FAFSA, the processor calculates the expected family contribution.

Determining a student's eligibility for aid involves three basic components:

COST OF ATTENDANCE - FAMILY CONTRIBUTION = NEED

Am I Eligible for Federal Aid?

Eligibility for federal student aid is based on financial need and on several other factors. To receive federal aid, you must:

• Demonstrate financial need (except for certain loans).
• Have a high school diploma or a General Education Development (GED) certificate or complete a high school education in a home school setting that is treated as such under state law. 
• Be working toward a degree in an eligible program.
• Be a U.S. citizen or eligible non citizen.  
• Have a valid Social Security Number (unless you're from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau). 
• Register with the Selective Service if required.  
• Maintain satisfactory academic progress once in school.  
• Certify that you are not in default on a federal student loan and do not owe money on a federal student grant.
• Certify that you will use federal student aid only for educational purposes.
• Have not met the aggregate limits for Pell grants and student loans.

The Higher Education Act of 1965 as amended (HEA) suspends aid eligibility for students who have been convicted under federal or state law of the sale or possession of drugs, if the offense occurred during a period of enrollment for which the student was receiving federal student aid (grants, loans, and/or work-study). If you have a conviction(s) for these offenses, call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243). 

Even if you are ineligible for federal aid, you should complete the FAFSA because you may be eligible for nonfederal aid from states and private institutions. If you regain eligibility during the award year, notify the Financial Aid Office immediately. If you are convicted of a drug-related offense after you submit the FAFSA, you might lose eligibility for federal student aid, and you might be liable for returning any financial aid you received during a period of ineligibility.

How and when will I receive my Financial Aid?

 The school will credit your grants to your school account at least once per semester.

• Perkins and Nursing Loans will be disbursed onto your school account each semester shortly after an entrance interview is completed.
• Direct Stafford Loans will be disbursed onto your school account each semester after eligibility is reviewed. If you are a first-year undergraduate student and a first time borrower, your first disbursement can't be made until 30 days after the first day of your enrollment period.
• Direct Parent and Direct Grad Plus loans will be disbursed onto your school account each semester after eligibility is reviewed.
• Workstudy money earned is paid directly to the student bi-weekly by check.

Note: No financial aid is released to a student's account until all requested financial aid paperwork is complete, including but not limited to a signed award letter, verification, and entrance interview paperwork.