Albion College Financial Aid Office

Need-Based Financial Aid

A family’s financial need is determined by completing the Free Application for Federal Student Aid (FAFSA). These forms are available on the Internet at www.fafsa.ed.gov or may be obtained from your high school counselor and should be filed as soon after January 1 as possible.

PRIORITY DEADLINE IS MARCH 1. Albion's FAFSA code number is: 002235.

Application for Need-Based Financial Aid

The U.S. Department of Education is encouraging all families to file the FAFSA via the Web. Before completing the FAFSA on the Web you must file for a PIN by following the instructions for receiving a PIN. Please note that in order to sign the FAFSA online both the student and a parent must sign up for their own PIN. A pre-application worksheet is available on the FAFSA Web site to assist families in collecting the necessary data prior to completing the FAFSA.

Students who include an e-mail address on their FAFSA, whether filing online or on paper, will receive an electronic Student Aid Report (SAR) at the e-mail address provided. The SAR should be received within 48 hours of filing on the Web or 4-6 weeks if filing a paper FAFSA with no e-mail address.

The SAR is your official record that the federal processor received your FAFSA. The federal processor will also send a copy of your SAR to each of the schools you listed on the FAFSA.

If you need additional copies of the SAR, call the federal processor at 800/4-FED-AID. Once you have received your SAR:

Carefully review it to make sure all the information is correct. If there are any errors, correct them and submit them to the federal processor.

Check to see if your SAR has been selected for verification. Look under the date for the letters EFC (expected family contribution) followed by a series of numbers. If there is an asterisk (*) after your EFC, your FAFSA has been selected for verification. About 30% of FAFSAs are selected. If your FAFSA is selected for verification, you will be asked by the Financial Aid Office at Albion College to provide more information. Be sure to respond as soon as possible. Your aid offer may be delayed until the materials are received—which may leave you without aid if funds have already been allotted.

Using the information you supply on the FAFSA, the federal processor determines your expected family contribution (EFC). Albion College then applies a simple equation to decide how much financial aid you will need. Starting with the school’s cost of attendance, subtract your EFC to arrive at your financial need. Financial need is calculated by reviewing a family’s household size, annual gross income, tax burdens, and assets.

The following table will give you a rough estimate of your expected family contribution. The table assumes the following: parents are married, the age of the older parent is 45, both parents work and took standard tax deductions, there are four people in the family with one in college, and the student had work earnings of $2,000.

Gross Income	Estimated Family Asset Equity	Estimated Family Contribution
$30,000	$5,000	$ 81
$40,000	$5,000	$1,607
$50,000	$10,000	$3,381
$60,000	$10,000	$5,561
$70,000	$15,000	$8,302
$80,000	$15,000	$10,974

Albion College tries to meet your need through a financial aid package made up of funds from federal, state, school, and private sources as well as loans and student employment. Remember that financial aid is meant to supplement a family’s ability to pay. While we make every effort to meet a student’s demonstrated need, we believe the primary responsibility for meeting educational expenses rests with the family.

You should submit a FAFSA every year you need aid—even if you think you might not qualify. Your eligibility can change from year to year, especially if there are changes in your family’s circumstances.

Albion College’s financial aid packaging policies award eligible students a combination of gift and self-help assistance.

If you complete the FAFSA, your financial aid package might include some or all of the following programs.

Gift Assistance: Grant funds from Albion, the state of Michigan, the federal government, and other outside agencies that do not need to be repaid. The State of Michigan Competitive Scholarship and Tuition Grant programs are special awards designed to make private colleges in Michigan an affordable option for Michigan families.

Self-Help Assistance: Combination of low-interest student loans and campus employment.

Albion College ◦ Albion, Michigan ◦ 517/629-1000