Federal Financial Aid

• Admissions Status
• Procedures to Follow When Applying for Financial Aid
• Federally Funded Financial Aid Programs:
• Federal Pell Grants
• Federal Work-Study (FWS)
• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Federal Stafford Loan Program
• Federal Plus Loans (Loans for Parents)
• Unsubsidized Federal Stafford Loans
• Veterans and Dependents of Veterans Benefits

Admissions Status

Only students classified as "degree-seeking" or "certificate-seeking" are eligible for financial aid. "Non-degree" students such as those classified as Early Placement or Transient are not eligible for student financial assistance. However, Early Placement students do receive a 50 percent tuition discount. See Admission and Registration for more information.

Audited Courses

Audited courses are not counted for financial aid purposes and cannot be paid for with financial aid funds.

Satisfactory Progress for Financial Aid

Financial Aid Policies are subject to change in accordance with federal and state regulations.

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Procedures to Follow When Applying for Financial Aid

Students should apply for financial aid by March 15. Students currently living with their parents or guardians and who are claimed as dependents for the previous calendar year should also submit the Free Application for Federal Student Aid. This application may be obtained from the high school guidance counselor or the Office of Financial Aid at Allegany College. Completely self-supporting students should also complete the Free Application for Federal Student Aid by March 15 if they plan to attend in the fall semester. Students planning to attend Allegany College for the spring semester should apply for financial aid by November 15. A letter explaining the award decision and giving information about the aid offered is sent to each applicant.

A student must reapply for financial aid each academic year. However, aid usually continues at the same level each year, unless a student's resources or his/her parents' expected contribution changes. All students receiving aid automatically get information on how to apply for renewal awards. Other students should request applications as early as possible.

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Federally-Funded Financial Aid Programs

The Allegany College of Maryland Financial Aid Office participates in most federally-funded programs. More then sixty percent of all enrolled students at Allegany receive some form of financial aid. Last year, Allegany College disbursed more than $5,000,000 in funds from local, state, and federal programs.

Students applying for financial aid are considered for all programs for which they are eligible. The amount of the award is based on the financial need of the student. Need is determined by subtracting the resources of the student and the student's family from the cost of attending the institution. families income and assets as well as consideration of taxes, medical expenses, and other liabilities. A federal formula is used to determine the family contribution. All financial aid awards to students are determined by the Director of Financial Aid.

Applications for financial aid should be made as early as possible. Free Applications for Federal Student Aid (FAFSA) are available by January 1st.

The form may be obtained from high school guidance counselors or the Allegany College of Maryland Financial Aid Office.

Additional information may be obtained by contacting the Allegany College of Maryland Financial Aid Office at 301-784-5213.

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Federal Pell Grants

Provides for grants to students of up to $3,000 for each undergraduate year. Contact high school counselor or Financial Aid Office at Allegany College. Applicants should complete Free Applications for Federal Student Aid (FAFSA). Determination of actual amount student will receive will be made by Financial Aid Office of chosen postsecondary institution on the basis of the student eligibility report from the federal government. No repayment.

REQUIREMENTS: Show financial need as determined by the U.S. Department of Education; be enrolled full-time or part-time; be a citizen or a permanent resident of the U.S.

APPLICATION: Submit an Allegany College of Maryland Financial Aid Application and the Free Application for Federal Student Aid (FAFSA). Students should also submit parents as required. Forms are available from high school counselor or the Allegany Financial Aid Office.

DEADLINE: Apply in January of the year that school entry is planned.

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Federal Work-Study (FWS)

Provides jobs for students with financial need. Currently $5.15 per hour. Work an hour for an hour's pay. All jobs are part-time (not more than 15 hours per week). Contact the Financial Aid office at Allegany College of Maryland.

REQUIREMENTS: Enrolled at least half-time (6 credit hours). Show financial need and sufficient academic excellence to hold a work-study job.

APPLICATION: Submit an Allegany College of Maryland Financial Aid Application and the Free Application for Federal Student Aid (FAFSA). Students should also submit parents' and/or the student' federal tax returns as required.

DEADLINE: Apply in early January of year that school entry is planned.

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Federal Supplemental Educational Opportunity Grant (FSEOG)

Provides grant assistance from $100 to $4,000 per academic year of undergraduate study. No repayment. Contact the Financial Aid Office at Allegany College of Maryland.

REQUIREMENTS: Accepted for or enrolled at least half-time (6 credit hours). Show exceptional financial need with priority given Federal Pell Grant recipients. Must be a citizen or permanent resident of U.S.

APPLICATION: Submit an Allegany College of Maryland Financial Aid Application and the Free Application for Federal Student Aid (FAFSA). Students should also submit parents' and/or student's federal tax returns, as required. Forms are available from high school counselor or the Allegany Financial Aid Office.

DEADLINE: Apply in early January of year that school entry is planned.

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Federal Stafford Loan Program

Provides low interest loans that enable students to borrow up to $2,625 at the freshman level, $3,500 at the sophomore level, and $5,500 at the junior and senior undergraduate level, and $8,500 for graduate study. Cumulative limits - $23,000 for undergraduates; $65,500 for undergraduate and graduate work. Interest rate is variable for first time borrowers after October 1, 1992. Interest is capped at 8.25%. Students must show need in order to be eligible to borrow. Federal government pays full interest on the loan. Repayment of principal and interest begins 6 months after the student graduates, withdraws, or drops to less than half-time status. Deferments are available. Information on these loans is available from state agencies, lending institutions, and financial aid offices.

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Federal Plus Loans (Loans for Parents)

Enables parents of dependent students to borrow funds to assist with their student's estimated cost of attendance minus any financial aid. Interest rate is variable but capped at 9%. There is a 3% origination fee. Repayment usually begins within 60 days after the loan is fully disbursed. Checks are made co-payable to parent and school and disbursed to the institution. Deferments are available.

Information on these loans is available from state agencies, lending institutions, and financial aid offices.

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Unsubsidized Federal Stafford Loans

Enables students who show little need or no eligibility to borrow under the Federal Stafford Loan to borrow at the same levels and variable rates as described under the Federal Stafford Loan Program. However, unsubsidized loan recipients are responsible for payment of interest during in-school grace and deferment periods. They are also required to pay a combined origination fee and insurance premium of 4% on the principal amount of the loan. Unsubsidized loan borrowers must follow the same application procedures as Federal Stafford Loan Program borrowers.

Information on these loans is available from state agencies, lending institutions, and financial aid offices.

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Veterans and Dependents of Veterans Benefits

Contact the local VA office, or call (toll free) 800-827-1000.

REQUIREMENTS: Veterans, children or spouses of veterans killed or disabled in the line of duty. Vietnam-era veterans. Benefits not automatic; please contact Allegany College Veterans (Registration Office)

APPLICATION: Apply through Allegany Veterans (Registration Office.)

DEADLINE: Apply as soon as possible during the year that school entry is planned (preferably well before the school year begins).

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