Financial Aid Procedures For 2014-2015 Academic Year
To further offset your college expenses, we encourage you to apply for financial aid through ACM's financial aid program.
Students should follow these procedures to apply for ACM Financial Aid:
1. Submit the 2014-2015 Free Application for Federal Student Aid (FAFSA). Students are encouraged to complete the FAFSA on the web at www.fafsa.gov utilizing the IRS Data Retrieval Process (further information about this process is online at www.allegany.edu/finaid/IRS. The ACM Student Financial Aid Office has FAFSA on the Web Worksheets (FOTW) to assist students in completing this on-line application. The worksheets are also available in high school guidance counselor offices'. Students wishing to use a paper FAFSA must call 1-800-4FEDAID to request one. A PDF version of the paper FAFSA can be viewed/printed at www.FederalStudentAid.ed.gov. The completed form can then be mailed to the address provided on the form. The FAFSA School code for ACM is 002057.
Students will need a PIN (personal identification number) to complete and sign the FAFSA on the Web. The PIN serves as the student signature for all educationally related electronic documents. To apply for a PIN, students should visit the following website: www.pin.ed.gov. Parents who are providing information about themselves on the FAFSA will also need to apply for a PIN in order to electronically sign the FAFSA.
2. Students who are selected for the Verification process* by the Federal Government will be notified by the ACM Student Financial Aid Office through their student e-mail account and may need to provide additional documentation. See further explanation of the verification process below.
3. Students who are interested in receiving student loans must be enrolled for a minimum of 6 credit hours and must have a completed financial aid file (steps 1 and 2 above). Students must also complete the Loan Acceptance Form and Entrance Counseling (if needed) and Master Promissory Note (if needed).
An official Award Notification Letter explaining the award decision and the aid offered is sent to each applicant. Students can also view their awards using the College's website service called WebAdvisor.
Your Student Financial Aid file should be complete before August 1 to ensure proper processing of awards in time to charge books in the ACM Bookstore against financial aid awards. Students who do not have complete files before August 1 may be obligated to pay for books with funds other than financial aid. Files completed after August 1 will be awarded in the order in which they became complete.
A student must apply for financial aid each academic year. However, aid usually continues at a similar level each year, unless a student's resources and/or his/her parents' resources/income changes. All students receiving aid automatically get information on how to renew their awards for the next year. Other students should request applications as early as possible.
* VERIFICATION PROCESS
Verification is a process whereby your FAFSA application is selected for review, either by the Department of Education or by the Student Financial Aid Office (SFAO) at Allegany College of Maryland. If your application is chosen for verification, you and/or your parents (if you are dependent by Federal guidelines) will need to supply additional documentation to determine your aid eligibility. Students are notified through their student email account what documentation is needed to complete the verification process. Any requested forms can be downloaded and printed from the College's secure portal, WebAdvisor, (http://webadvisor.allegany.edu) . All documents must be completed in their entirety, signed, and submitted to the SFAO. If there are discrepancies between the FAFSA information and the submitted documentation, corrections to the FAFSA will be made and submitted by a Financial Aid Counselor.
A student's financial aid file can be selected for verification at any time. Any transaction processed by the Federal Processing Center can result in a change to a student's information. The SFAO evaluates files throughout the year and awards can be adjusted at any time due to these changes. If you are selected for verification, your financial aid funds may be held from payment or returned until the verification process is complete. If you are selected for verification after your financial aid funds have paid and the verification process results in lowering of your financial aid awards, you may have to pay back the difference to the school or to the Federal government. If you fail to complete the verification process, your financial aid may be cancelled.
We can no longer accept personal copies of federal tax returns. If the student is chosen for verification and both student and/or parent do not utilize the IRS Data Retrieval option, they must submit an official IRS Tax Return Transcript. The tax return transcript may be obtained at www.irs.gov/transcript. There is no fee charged to obtain a transcript and once requested, please allow 5-10 days for delivery. Further information about IRS Data Retrieval is on our website, www.allegany.edu/finaid/IRS. If you file an amended return, we will need a copy of both the signed 1040X Amended Return and the original tax return transcript.
If you have any questions about the verification process or the documents we request, please contact our office immediately.