Be sure to remember to check for any Outstanding Requirements throughout the term to ensure that your aid disbursement is not delayed.
If the Office of Student Financial Aid and Scholarships needs a specific answer to a question, we will post a detailed message that addresses the issue that needs resolved This message can be found by going to your CAMS Account:
Student financial aid awards can be affected by your cost of attendance, fund availability, and annual and cumulative fund limits. Nearly every eligible applicant will receive an offer of some form of student assistance, although this may be limited to student loans.
Although many factors go into calculating your student financial aid award, a few concepts are key to understanding your award:
Please be aware that your financial aid package may be affected by any unreported outside resources. Submit an Outside Funding form to update the Office of Student Financial Aid & Scholarships with any outside resources as soon as you become aware of them so your financial aid package may be adjusted accordingly.
Financial aid is based on the estimated cost of attendance and your enrollment level. Below is the estimated cost of attending full time for two terms during the standard academic year (Fall / Spring). Your actual room and board, transportation and personal expenses may vary from these estimates; however, it is these estimated expenses which are used when determining your eligibility for aid.
The type of aid available to you depends upon your student status and your enrollment level. The chart below describes the types of aid available. All federal and state programs offered by the office of financial aid, except the federal Pell grant, require at least half time enrollment.
|Types of Aid||Undergraduate Enrolled Full-time||Undergraduate Enrolled 3/4 or 1/2-time||Graduate Enrolled 1/2 or Full-time||Post-bac Enrolled 1/2 or Full-time|
|Pell Grant||Yes||Yes + < 1/2-time||No||No|
|Supplemental Educational Opportunity Grant (FSEOG) ****||Yes||Yes||No||No|
|Subsidized Stafford Loan||Yes||Yes||No||Yes***|
|Unsubsidized Stafford Loan||Yes||Yes||Yes||Yes***|
|Parent PLUS Loan||Yes*||Yes*||No||Yes*|
*Parent PLUS Loans are available to the parents of a dependent undergraduate or post-baccalaureate students contingent on a credit check. For more information, or to apply online, please visit our Loan’s Page.
****Federal SEOG is only available to students who are also receiving a federal Pell Grant for the same aid year.
Second Bachelors Degree or Undergraduate Certificate, annual limits:
|Second Degree or UG Certificate||Subsidized Stafford||Unsubsidized Stafford||Total|
Your enrollment level for financial aid purposes is the same as your enrollment level with the Registrar’s Office which is based on your student type. If you are not sure about your enrollment, please consult the chart below: (Note: The chart below applies to all terms, including Summer)
|Full time||3/4 time||Half time||Less than 1/2 time|
|Undergraduate||12 or more||9-11||6-8||1-5|
|Second Bachelors||12 or more||9-11||6-8||1-5|
Funds with Cumulative Availability
Some aid funds are limited to a maximum number of terms or overall dollar amount:
Annual and Cumulative Stafford Loan limits
The Federal Stafford Loan program has both annual and cumulative (lifetime) maximums. Annual limits are determined by your grade level and cumulative maximums depend on whether you are an undergraduate or graduate student. Read more about Annual and Cumulative Stafford Loan Limits.
Other types of limits may apply to your overall award or to combinations of funds. For instance Institutional Aid (reduction in your tuition) may come from a variety of departments on campus, but when taken as a whole, can never exceed your total tuition.
Since your cost of attendance represents an overall cap on your student financial aid award, funding that comes in after your initial awarding (such as outside scholarships) may in some cases reduce your eligibility for aid that is already on your award. When this occurs, we will reduce your overall award down to your cost of attendance by reducing or removing the least favorable types of aid first (in most cases student loans).
There are many types of aid that may be included in your award. This page provides some abbreviated information about Federal and State Grants, Loans, Scholarships and Institutional Aid, and Federal Work Study.
Unless otherwise stated, these funds require you to have submitted a FAFSA and completed any follow-up requirements before you are eligible. If you have specific questions about anything on your award or don’t understand something on this page, please contact our office for additional assistance.
Pell Grant eligibility is limited to 18 full-time quarters or 12 full-time semesters. Read more about Calculating Your Pell Grant Lifetime Eligibility.
Graduating seniors: If you have fewer than 36 credits remaining in your program and are enrolled less than full time, your Stafford loans will be prorated.
The Pell grant is a federally funded need based grant program available to eligible undergraduates. Pell eligibility is based on the Expected Family Contribution (EFC) calculated from your FAFSA. It is available for full-time, three-quarter time, half-time and less-than-halftime enrollment, depending on EFC. Pell Grant is limited to 18 full time quarters (12 semesters).
Federal Supplemental Educational Opportunity Grant (SEOG)
The SEOG is a limited federal grant available to Pell eligible undergraduates enrolled in a minimum of six credits. The amount of award is prorated depending on enrollment levels. SEOG is not available for the summer term.
A moderately low-interest, need based loan only available to eligible undergraduate students. Interest does not accrue during in school deferment. Repayment begins six months after recipients are no longer enrolled at least half time.
Unsubsidized Stafford Loan
A moderately low-interest loan available to eligible undergraduate, post-baccalaureate, and graduate students enrolled at least half time. Unlike the Subsidized Stafford loan, interest does accrue on this loan while the student attends school.
Parent PLUS Loan
The Parent Loan for Undergraduate Students (PLUS) is a federal loan for parents to borrow on behalf of their dependent students. The parent PLUS loan has a moderately low fixed interest rate. For parents to be eligible to borrow this loan, students are required to be enrolled at least halftime (6+ credit hours). Parents must be a U.S. citizen or an eligible non-citizen and pass a credit check.
Many lenders offer alternative/private education student loan programs. These are separate from the Federal Stafford and PLUS loan programs that ABC administers and are not federally regulated lending programs. It is recommended that all students first apply for Federal Financial Aid before applying for alternative or non-federal funding because terms/interest rates vary on alternative loans. These outside resources will be taken into consideration when determining eligibility for financial aid. To apply for an alternative loan, apply directly with the lender of your choice.
Scholarships are free aid to help fund your education. In addition to filing a FAFSA, scholarships have separate applications because they can take into account a variety of student characteristics (eg: academic achievement, financial need, diverse and unique backgrounds, leadership skills, specific majors and career choices, first generation status, service to school and community, or disabilities).
Institutional Aid are a reduction of the costs of your tuition and generally do not cover mandatory fees such as: building, incidental, recreational, and health fees nor do they cover course-specific fees. Most Institutional Aid require you to enroll full-time. Some institutional aid do not require filing a FAFSA, and some are available during summer term. The total of your Institutional Aid awards can never exceed your tuition charges. If you have been awarded Institutional Aid as part of your award, there will be additional information as part of your award acceptance.
This federally funded financial aid program enables students to earn money toward college expenses by working on campus, in the government, or in selected nonprofit agencies serving the community. Students may work up to twenty hours a week while classes are in session and receive a monthly paycheck (based on an hourly wage) that they can use for educational expenses.
Applicants must complete a FAFSA and have an Estimated Family Contribution (EFC) no greater than $12,000 to qualify. Federal Work Study funding is very limited, and is typically exhausted very quickly. At this time there is no waiting list for students who were eligible but not awarded Work Study funds.
Undergraduates must enroll in 6 credit hours or more for Work Study employment. Students awarded Work Study must present a Certificate of Eligibility (available in the Office of Student Financial Aid) to their employer. Work Study jobs are listed in The Office of Student Financial Aid & Scholarships.
Students may also be eligible to earn Work Study funds during Summer term if they are awarded Work Study for the upcoming award year, the funds of which can be applied to summer.
Accept your Award
Each piece of your award can be accepted or declined individually. So if you wanted only to accept a federal work-study award, but no student loans, you could change the decision next to work-study to “Accept” and the decision next to student loans to “Decline.” Finalize your award acceptance by clicking “Submit Decision.”
An MPN is an agreement between you and your lender acknowledging the terms of the loan. Federal Direct Stafford Loans, Parent and Graduate PLUS loans and Perkins loans all have promissory note requirements. Generally you can begin signing your Promissory Note in the summer after July 1.
First-time Direct Stafford Loan borrowers are also required to complete an online Entrance Counseling session. The Entrance Counseling session provides information about Direct Stafford Loans, your rights and responsibilities as a Stafford Loan borrower, and how to develop a budget to most effectively manage your educational expenses and student loans, both during and after college.
Satisfactory Academic Progress (SAP)