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Scholarships and Financial Aid

Two Albion College students outside the Eat Shop in the Kellogg Center.

Federal Work-Study

Amount: Up to $1,500.

  • Students must complete a FAFSA and demonstrate financial need.
  • On- and off-campus jobs, with innovative community service options available.
  • See Work-Study Job Openings.

Work-study earnings are not applied to your account; rather, you will receive a paycheck for the hours worked.

 

Albion Work

Amount:  Varies by position.

Students may work on campus and earn funds to help pay their college expenses.  Positions may be found on the student employment website.  

If you withdraw from Albion College, you may be eligible for a refund of a portion of the tuition, fees, housing and meals paid to Albion College for that semester. If you received financial aid, then a portion of the refund will be returned to the grant, scholarship, or loan source from which that aid was received.

Withdrawing or taking a leave of absence may affect the timeline on repayment of your college loans. However, most loans have a grace period that can be applied to a leave of absence.

Refunds

Students who are considering withdrawing from the College should consult the policy in the online Academic Catalog and with the Vice President for Student Affairs.

Students who do withdraw from the College are subject to the Albion refund policy and the federal Return to Title IV Aid. Specific information regarding both policies is available below.

Refund Policies

The Albion College refund policy is available here.

The federal withdrawal policy is applied to all federal financial aid (Pell, TEACH and SEOG grants, work-study, Direct and PLUS loans). Federal law requires federal aid recipients to "earn" most of the aid they receive by staying enrolled in college at least half-time.

Students who withdraw prior to completing 60 percent of the semester for which they received federal student aid may be required to return some of the aid they were awarded.

The Return of Title IV financial aid is based upon the amount of federal financial aid received, the College charges incurred, AND the date of withdrawal. College charges include tuition, fees, and on-campus housing charges.

Students who withdraw prior to completing 60 percent of the semester will "earn" financial aid paid to them (or used to pay their fees) each day of the quarter they are enrolled.

Students who withdraw after completing 60 percent of the semester will have earned all financial aid received.

The amount of financial aid “earned” will be calculated as follows: the percentage of aid to be returned is equal to the number of calendar days remaining in the semester divided by the number of calendar days in the semester. The College will return to the federal government any funds that were credited from the Albion refund first. If the amount returned by the College is not enough to repay the entire "unearned" amount, the student will be required to return portions of amounts that they received to pay for non-institutional charges – books, supplies, off-campus living expenses.

Amounts that are returned to the federal government, either from the Albion refund or by the student, will first be applied to the student's federal loans. If the student owes any federal loan funds after the College has paid back its share, he or she will be permitted to repay the loans based on the original terms of the loans – usually a ten-year repayment term after a grace period and deferment period if the student returns to school. In addition, the student may be required to return portions of grants such as Federal Pell, TEACH, and Supplemental Educational Opportunity Grants (FSEOG) that they have received. In the case of "unearned" portions of federally funded grants, the student will be expected to pay 50 percent of the "unearned" portion immediately or to make satisfactory arrangements to repay that amount.

Need help with loans?

Subsidized Stafford Loans

Amount: First-Year Student, $3,500; Sophomore, $4,500; Junior/Senior, $5,500.

Loan amounts are subject to a processing fee.

  • Loans made by the U.S. Department of Education to students who complete the FAFSA and demonstrate financial need.
  • Interest rate is variable and capped at 8.25%.  The rate is set each July.  For loans disbursed after July 1, 2015 the rate was 4.29%.
  • Government pays interest on borrower’s behalf until repayment period begins.
  • First-time borrowers must complete a Master Promissory Note and entrance counseling prior to having loan funds credited to their account.

Unsubsidized Stafford Loans

Amount: First-Year Student, up to $5,500; Sophomore, up to $6,500; Junior/Senior, up to $7,500.

Loan amounts are less any Subsidized Stafford Loan and are subject to a processing fee.

  • Loans made by the U.S. Department of Education to students regardless of financial need. Students must complete a FAFSA.
  • Interest rate is variable and capped at 8.25%.  The rate is set each July.  For loans disbursed after July 1, 2015 the rate was 4.29%.
  • Student is responsible for interest that accrues while in school and may opt to make interest payments or defer all payments until payment period begins.
  • First-time borrowers must complete a Master Promissory Note and entrance counseling prior to having loan funds credited to their account.

Private and Alternative Loans

Alternative loans are available from a variety of banks and lenders. You can apply for an alternative loan by contacting the lender directly. Often, lenders require that Albion’s Student Financial Services Office certify that you are a student and confirm your costs for the year.

It’s important to be an informed borrower.

Loan provisions and requirements vary greatly and change frequently. Contact your lender for specific information regarding the most current interest rates, fees, and eligibility requirements before taking a loan.

Be sure to research loan companies carefully. The Federal Trade Commission has a helpful Web site that provides tips on selecting a lender.

Other private loan programs exist, and information is available from the Student Financial Services Office at Albion College.

Students in the fourth floor of the Kellogg Center.Financing Your Albion Education

It's a partnership we think is worth the investment.

With your financial aid offer you'll receive a guide to help you understand your financial aid offer from Albion, provide you the starting point to developing your own personal Albion Financing Plan as well as navigate you through the first steps in paying your bill.

Financial Aid Offer

1. Cost of Attendance

Included in your cost of attendance are those expenses that are paid directly to the College (tuition, fees,housing and meals) as well as what we anticipate your other costs will be while attending. Those include your books and supplies, transportation and personal expenses which will vary depending on your spending habits, but we want to make sure you include those in your plans.

When comparing other aid offers, make sure you've included all of the same costs.

The amount on your College bill will include only tuition, fees, housing and meals.

2. Financial Aid Offered

We've listed all of the federal, state and institutional resources available to you. You can learn more about each of the funds and what you have to do to receive them by visiting your personal online financial aid offer.  You'll have access to all that information once you pay your deposit - we'll send you all the log information to your student portal.

3. The Bottom Line

If you accept all of the financial aid offered to you, this is the amount your family will need to contribute. There are many ways to cover this portion. We'll help you understand all the options by completing your personal Albion Financing Plan.

4. What Now?

Develop Your Albion Financing Plan. We understand that navigating the financial realities of paying for college is complex. We're here to help, starting with walking you through the pieces of your Plan. But, that's just the start. We'll work with you to help fill in the blanks and explore all the options available to you.

Read Your E-mail. We don't want you to miss out on any funds available and we want to make sure your bill is paid on time. Sometimes we need to remind you about deadlines or documents that we need. We'll let you know by email; so read and succeed.

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Know your options.

From grants and scholarships to loans and work-study, you'll need to be familiar with all the types of aid you may be eligible to receive. All aid falls in two basic categories – gift assistance and self-help assistance.

Gift assistance includes scholarships and grant funds from Albion, the state of Michigan, the federal government, and other outside agencies. These funds 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 affordable for Michigan families.

Self-help assistance includes funds such as low-interest student loans, which must be repaid. Campus employment is another form of self-help.

 

 

 

 

     

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