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Federal Financial Aid Programs


Allegany College of Maryland participates in the following federally-funded financial aid programs:Staff standing in front of the Campus Store

 

PELL GRANT

Provides funds for eligible students of up to $5,730 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.

IMPORTANT CHANGE: Beginning with the 2012-2013 school year, students will now have limited eligibility to receive a Federal Pell Grant equal to the equivalent of six (6) years or 12 full time semesters.  This change in the federal law that governs the Federal Pell Grant program is called Pell Grant Lifetime Eligibility Used (LEU). The assessed value is a percentage, 100% for each year at full time.  When a student reaches 600%, he or she is no longer eligible to receive Federal Pell Grants.  This law affects all students regardless of when or where students received their first Pell Grant.  For more information on this law, please visit the following webpage:  www.studentaid.ed.gov/pell-limit.  To check your LEU, go to: www.nslds.ed.gov and select "Financial Aid Review."   

The new "MyStudentData Download" button is now available on the NSLDS Student Access website.  It will allow students to download their loan, grant, enrollment, and overpayment information from the National Student Loan Data System (NSLDS) into a machine-readable, plain text file. The downloaded file can then be viewed, printed, and saved to a hard drive.

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). FAFSA School Code is 002057.

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


 

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). FAFSA School Code is 002057.

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


 

IRAQ/AFGHANISTAN SERVICE GRANT

Provides grant funds for students who are not eligible to receive the Federal Pell Grant.  The award is equal to the maximum Federal Pell Grant.  Students may receive the grant each year during undergraduate study for full-time or part-time enrollment. The student's parent or guardian had to have been a member of the U.S. Armed Forces and died as a result of service performed in Iraq or Afghanistan after 9/11/2001.  This is a grant and does not have to be repaid. 

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; be under 24 years old and enrolled in college, at least part-time, at the time of the student's parent's or guardian's death.

APPLICATION: Submit the Free Application for Federal Student Aid (FAFSA).  FAFSA School Code is 002057.  Students must also submit the Edward T. Conroy Memorial Scholarship Application before July 15 which is available in the Student Financial Aid Office.

DEADLINE: Complete the FAFSA in January of the year that school entry is planned.  Complete the  Edward T. Conroy Memorial Scholarship Application before July 15. 


 

Students sitting outside around the campus mallFEDERAL WORK-STUDY (FWS)

Provides part-time employment for students with financial need. The rate of pay is currently $8.50 per hour. Students employed in our America Reads program receive $11.50 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). FAFSA School Code is 002057.

DEADLINE: Apply in early January of year that school entry is planned.
Click here to view our Federal Work-Study Handbook for Students and Supervisors.


 

FEDERAL DIRECT STUDENT LOAN PROGRAM GET MORE INFO

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 - $31,000 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 4.66%.

  • 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 4.66%.

    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). 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.


 

FEDERAL DIRECT PLUS LOANS (Loans for Parents) GET MORE INFO

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 7.21%

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). 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.