• Financial Aid Home
• SFA Code of Conduct
• Philosophy and Purpose of Aid
• Financial Aid Procedures
• Federal Fin Aid Programs
  • Federal Pell Grants
  • Federal Supplemental Education Opportunity Grant
  • Academic Competitiveness Grant
  • Federal Work-Study
  • Federal Direct Loan Program
  • Federal Direct PLUS Loans (Loans for Parents)
  • Veterans and Dependants of Veterans Benefits
• State Financial Aid Programs
  • Maryland
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• ACM Financial Aid Application
• FAFSA
• Fed Direct Loan Program
  • Student Loan Application Guide
  • What is a Federal Direct Loan?
  • What are the Loan Limits?
  • What is E-Signature?
  • What is a Master Promissory Note?
  • How will the funds be disbursed?
  • Steps in Applying for a Federal Direct Loan?
  • Loan Change Request Form
• Direct PLUS Loan Program
  • Parent Eligibility Requirements for a Direct PLUS Loan
  • Additional Requirements to receive a Direct PLUS Loan
  • Applying for a PLUS Loan and the Master Promissory Note (MPN)
  • Credit Check & Endorser Alternative
  • Loan Limits, Interest Rates, and Loan Charges
  • How a Loan is Disbursed (paid out)
  • Repayment Information
• Entrance & Exit Counseling
  • Entrance Counseling
  • Exit Counseling
• Avoiding Student Loan Pitfalls
• Scholarships
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• Smart Guide to Private Loans
• Other Helpful Fin Aid Websites
• Printable Fin Aid Forms

Federally-Funded Financial Aid Programs

• Pell Grant

• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Academic Competitiveness Grant (ACG)

• Federal Work-Study (FWS)

• Federal Direct Loan Program

• Federal Direct PLUS Loans (Loans for Parents)

• Veterans and Dependants of Veterans Benefits

Pell Grant

Provides funds for eligible students of up to $5350 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 by the Federal Government's Department of Education as a result of completing the FAFSA.

REQUIREMENTS: Show financial need as determined by the U.S. Department of Education; be enrolled as a regular degree-seeking student; be a citizen or a permanent resident of the U.S.; be an undergraduate student.

APPLICATION: Submit the Free Application for Federal Student Aid (FAFSA) and the ACM Financial Aid Application. FAFSA School Code is 002057.

DEADLINE: Apply in January of the 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: 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.; must be an undergraduate student.

APPLICATION: Submit the Free Application for Federal Student Aid (FAFSA) and the ACM Financial Aid Application. FAFSA School Code is 002057.

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 $1300 in their second academic year. To continue to the second academic year award, students must have completed 28 credits and earned a GPA of 3.0 or higher. ACG funds do not have to be repaid.

REQUIREMENTS:  Students must be eligible for a Federal Pell Grant; be a U.S. Citizen or an eligible non-citizen (New beginning July 1, 2009); be enrolled at least 6 credit hours per semester (New beginning July 1, 2009); and be enrolled in an associate degree or certificate program (New beginning July 1, 2009). Students must also complete a rigorous high school program as defined by the Department of Education. Students completing only the GED program are not eligible. The ACG award will be prorated for students enrolling from 6 to 11 credits.

APPLICATION: Submit the Free Application for Federal Student Aid (FAFSA) and the ACM Financial Aid Application. FAFSA School Code is 002057. Students must also have an official high school transcript on file in the Admissions Office.

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

Federal Work-Study (FWS)

Provides part-time employment for students with financial need. The rate of pay is currently $7.25 per hour. Students employed in our America Reads program receive $8.25 per hour. Work an hour for an hour's pay.

REQUIREMENTS: Show financial need and sufficient academic excellence to hold a work-study job.

APPLICATION: Submit the Free Application for Federal Student Aid (FAFSA) and the ACM Financial Aid Application. FAFSA School Code is 002057.

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

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Federal Direct Loan Program

Provides low interest loans that enable students to borrow up to $5,500 at the freshman level, $6,500 at the sophomore level, and $7,500 at the junior and senior undergraduate level; Cumulative limits - $31,500 for dependent undergraduates and $57,500 for independent undergraduates with no more than $23,000 in subsidized loans.

Click here to view detailed loan limit information.

There are two types of Federal Direct Loans:

• Subsidized 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/or during authorized periods of deferment. The current interest rate is 4.5%.
  

• Unsubsidized 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. Students can pay the interest while in school or during a period of deferment or forbearance or can allow the interest to accrue (or accumulate) and have the interest added to the principal amount of the loan. This will increase the total amount of the loan to be repaid because students are charged interest on a higher principal amount. The current interest rate is 6.8%.
  

  REQUIREMENTS: Show financial need as determined by the U.S. Department of Education; be enrolled as a regular degree-seeking student; be a citizen or a permanent resident of the U.S.; be an undergraduate student.

  APPLICATION: Submit the Free Application for Federal Student Aid (FAFSA) and the ACM Financial Aid Application. FAFSA School Code is 002057.

  DEADLINE: No deadline date; however, students must have a signed Promissory Note before their last day of class.

Click here to proceed to the Student Loan Application Process.

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Federal Direct 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. Federal Direct PLUS loans have a fixed interest rate of 7.9%

REQUIREMENTS: Show financial need as determined by the U.S. Department of Education; be enrolled as a regular degree-seeking student; be a citizen or a permanent resident of the U.S.; be an undergraduate student.

APPLICATION: Submit the Free Application for Federal Student Aid (FAFSA) and the ACM Financial Aid Application. FAFSA School Code is 002057.

Click here to proceed to the Federal Direct Plus Loan Application Process.

**PLEASE NOTE THAT PARENTS APPLYING FOR A FEDERAL DIRECT PLUS LOAN MUST APPLY FOR A FOUR DIGIT FEDERAL PIN NUMBER PRIOR TO THE APPLICATION PROCESS.  PARENTS MUST SIGN INTO THE WWW.STUDENTLOANS.GOV WITH THEIR PIN NUMBER.

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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