10 Tips About Financial Aid
Apply for admission.
When reviewing your admission application we'll also look for any scholarships for which you're eligible.
Complete your FAFSA.
Need help? Check out the 7 Easy Steps to the FAFSA video or contact our office at
Review your Financial Aid Award.
Once we've received your FAFSA we'll send you a financial aid letter that outlines any grants, loans or work-study that you may receive. We'll also include a link to the Albion College Information System (ACIS). This is your on-line portal that will give you all the details about each award and any outstanding requirements.
Complete your Financing Plan.
Included with your award notification will be your personalized financing plan that allows you to consider other resources that you'll have available to assist with your college costs.
Accept your aid.
Log into your ACIS account and accept any loans or work that you'd like. You'll also need to accept the Terms and Conditions for your scholarships.
Complete your loan counseling and promissory notes.
If you've accepted any loans you'll need to complete a promissory note – that's your agreement to repay the loan. And, you'll also be required to complete loan counseling. You can do both of those on-line. Your ACIS information will have the links for you to complete those requirements.
Make a plan to pay your bill.
We'll send your fall semester in early July. You can make sure all of your financial aid is ready to be applied to your bill by checking your financial aid requirements in ACIS. If you need additional resources to pay your bill now is the time to explore those.
Consider other resources.
There are additional loan programs – the PLUS loan for parents and alternative loans - to help cover your costs. You can learn more about those on our loan page. The college also has a payment plan through HigherOne.
Authorize your parents to have access.
If you'd like to have your parents get a copy of your bill you'll need to add them as an authorized user on your account. You can sign them up on our Authorized Users page. You also may provide them access to view your ACIS account under the Proxy Menu option.
Read your emails and check your ACIS account to make sure your file is complete. Follow us on Facebook and Twitter for updates on available scholarships and learning opportunities through the Financial Skills Center.
Financing Plan for Entering Students
We understand that putting all the pieces together to finance a college education can be confusing, so we've developed a personalized Plan to help navigate all the options to help pay your student account bill. You will receive your Plan with your financial aid award.
These are the items that will appear on your student account with the College. You'll need to pay these costs or have a payment plan in place before the start of the academic year.
Scholarships and Grants
Grants and scholarships do not have to be repaid. Your Albion Merit Scholarship is renewed for four years (two for transfer students), as long as you are making academic progress. You will need to agree to the Terms and Conditions in ACIS before your scholarship is credited to your account. Other grants and scholarships are usually based on financial need and a FAFSA needs to be completed each year to determine if you remain eligible for them. You may be required to submit a thank you note for your scholarship, check ACIS to get more information.
These funds are offered to you to help meet your costs; you do not have to accept them if you have other resources available. In order to receive loan funds you must complete a promissory note and entrance counseling. Instructions on how to do so are in ACIS. You are responsible for repaying those loans when you leave school. Loan funds can be applied to your student account when all the requirements are met.
Work-study funds are earned by working on-campus or with a community organization. You get a regular pay check that you can use to pay incidentals or apply to your student account.
You can use this section to calculate your contributions from savings, outside scholarships you've earned or funds you plan on borrowing through an outside bank or lender. You can add those up and place the total under the 'My Plan' section.
This section allows you to include contributions from savings or current income. It can also reflect resources from the PLUS Loan (a loan parents can borrow up to the cost of attendance) or available payment plans. Total those amounts and place that in the 'My Plan' section.
We've included your Albion costs that will be billed to you, as well as your financial aid resources. Using the amounts you've included from the student and parent resources sections, you can subtract all of your resources to determine your remaining direct cost. This is the amount you'll need to pay to the College.
These expenses are variable depending upon your spending patterns. The amounts we've listed are typical for most students, you can change them depending upon your spending habits.
Taking your remaining direct cost from above and adding your indirect costs you can see what's left. The goal is to have this amount equal zero, so you know all of your expenses are covered. If it's not then you'll want to either reduce your indirect costs, look at how to add some additional resources or a combination.