Federally-Funded
Financial Aid Programs
The Allegany College of Maryland Financial Aid Office participates in
most federally-funded programs. More then eighty-three percent of all
enrolled students at ACM receive some form of financial aid. Last year,
Allegany College of Maryland disbursed more than $13,000,000 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. A federal formula is used to determine the family contribution.
Applications
for financial aid should be made as early as possible. The Free Application
for Federal Student Aid (FAFSA) is available by January 1st.
The
form may be obtained from high school guidance counselors, the Allegany
College of Maryland Financial Aid Office, or can be completed electronically
at the FAFSA website.
Additional
information may be obtained by contacting the Allegany College of Maryland
Financial Aid Office at 301-784-5213.
Pell Grant
Provides
funds for eligible students of up to $4310 for each undergraduate year.
Students may receive funds for full-time or part-time enrollment. Pell
Grant funds do not have to be repaid. Determination of actual Pell Grant
award will be made on the basis of the student eligibility report provided
by the federal government.
REQUIREMENTS:
Show financial need as determined by the U.S. Department of Education;
be enrolled full-time (12+ Credits) or part-time (1-11 Credits); be a citizen or a permanent resident
of the U.S.
APPLICATION:
Submit the Free Application for Federal Student Aid (FAFSA). Forms are
available from high school counselors, the Allegany College of Maryland
Financial Aid Office, or can be completed electronically at the FAFSA
website.
Students
should also submit parents' and/or student's signed federal tax returns,
as required, to the ACM Financial Aid Office.
DEADLINE:
Apply in January of the year that school entry is planned.
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Work-Study (FWS)
Provides
jobs for students with financial need. The rate of pay is currently
$7.00 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:
Show financial need and
sufficient academic excellence to hold a work-study job.
APPLICATION:
Submit the Free Application for Federal Student Aid (FAFSA). Forms are
available from high school counselors, the Allegany College of Maryland
Financial Aid Office, or can be completed electronically at the FAFSA
website.
Students
should also submit parents' and/or student's signed federal tax returns,
as required, to the ACM Financial Aid Office.
DEADLINE:
Apply in early January of year that school entry is planned.
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Supplemental Educational Opportunity Grant (FSEOG)
Provides
grant assistance from $100 to $4,000 per academic year of undergraduate
study. FSEOG funds do not have to be repaid.
REQUIREMENTS:
Accepted for or enrolled at Allegany College of Maryland. Show exceptional
financial need with priority given to Federal Pell Grant recipients.
Must be a U.S. citizen or permanent resident of the U.S.
APPLICATION:
Submit the Free Application for Federal Student Aid (FAFSA). Forms are
available from high school counselors, the Allegany College of Maryland
Financial Aid Office, or can be completed electronically at the FAFSA
website.
Students
should also submit parents' and/or student's signed federal tax returns,
as required, to the ACM Financial Aid Office.
DEADLINE:
Apply in early January of year that school entry is planned.
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Academic Competitiveness Grant (ACG)
Provides grant assistance up to $750 for eligible students in their first academic year and up to $1,300 in their second academic year. ACG funds do not have to be repaid.
REQUIREMENTS: Students must be eligible for a Federal Pell Grant, a U.S. Citizen and be enrolled as a full-time student (12 credit hours or more) in a degree program. Students must also complete a rigorous high school program as defined by the Department of Education.
APPLICATION: Students will need to self-certify their eligibility when they submit the Free Application for Federal Student Aid (FAFSA). The FAFSA is available from high school counselors, the Allegany College of Maryland Financial Aid Office, or can be completed electronically at the FAFSA website.
Stafford Loan Program
Provides
low interest loans that enable students to borrow up to $3,500 at the
freshman level, $4,500 at the sophomore level, $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%.
There are two types of Stafford Loans:
-
Subsidized Stafford Loans are awarded on the basis of need. For
qualified applicants, the federal government pays the interest on
the loans until the student finishes college, ceases enrollment,
and during authorized periods of deferment.
-
Unsubsidized Stafford Loans are not awarded on the basis of need.
Qualified applicants will be charged interest from the time the
loan is disbursed until it is paid in full.
Click here to proceed to the Student Loan
Application Process.
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Federal Plus Loans (Loans for Parents)
Enables
parents of dependent students to borrow funds to assist with their student's
education. Parents may borrow up to the 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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Veterans
and Dependents of Veterans Benefits
Contact
Veterans' Affairs Coordinator at Allegany College of Maryland, (301)784-5198,
or call (toll free) 888-442-4551.
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 of Maryland Veterans' Coordinator.
APPLICATION:
Apply through ACM Veterans' Affairs Office (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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Financial
Aid Office - 301.784.5213 financialaid@allegany.edu
