Questions Frequently Asked By Pr
Questions
Frequently Asked By Prospective Students About Financial Aid
Q: I probably don’t qualify for aid. Should I apply for aid
anyway?
A: Yes. Many families mistakenly
think they don’t qualify for aid and miss out on financial help by
failing to apply for it. In addition, there are a few sources of aid
such as unsubsidized Stafford and PLUS loans that are available
regardless of need. Fill out the Free Application for Federal Student
Aid (FAFSA). There is no good excuse not to!
Q: Do I need to be admitted before I can apply for financial aid?
A: No. You can apply for
financial aid any time after January 1. To actually receive funds,
however, you must be admitted and enrolled at Albion.
Q: Do I need to reapply for financial aid every year?
A: Yes. Albion requires that you
apply for financial aid every year. If your financial circumstances
change, you may get more or less aid. After your first year, you will
receive a Renewal Application which contains pre-printed information
from the previous year’s FAFSA. Note that your eligibility for financial
aid may change significantly, especially if you have a different number
of family members in college. Renewal of your financial aid package also
depends on you. It is necessary to make satisfactory academic progress
toward your degree (passing a minimum number of units or achieving a
minimum G.P.A.).
Q: How do I apply for a Pell Grant and other types of need-based
aid?
A: Submit a FAFSA. For student
employment, student loans, and parent loans, you should check the
appropriate boxes.
Q: Where can I get information about federal student financial
aid?
A: Call 800/4-FED-AID (or
800/730-8913 for hearing impaired) and ask for a free copy of "The
Student Guide: Financial Aid from the U.S. Department of Education."
Q: Are my parents responsible for my educational loans?
A: No. Your parents are, however,
responsible for Federal PLUS loans. Parents will only be responsible for
your educational loans if you are under 18 and they endorse your loan.
In general, you and you alone are responsible for paying your
educational loans.
Q: How do I become an independent student for federal aid
purposes?
A: You are an independent student if you will be 24 years of
age prior to January 1 of the academic year for which you are applying
for financial aid, are a veteran of the U.S. armed forces, are
married, are a ward of the court or were a ward of the court until age
18, have no living parents and have no legal guardian, or have a legal
dependent who gets more than half of his or her support from you. The FAFSA has more details about these categories.
Q: How do I get a campus job?
A: The Student Employment Office has complete
listings of campus employment opportunities. We encourage you to
inquire there frequently, since students often drop or change
jobs during the year, and opportunities arise. Contact the
Financial Aid Office for student employment questions.
Phone: 517/629-0460.
Q: Do I have to work if it is part of my
financial aid package?
A: The job is an opportunity to earn money to
pay for ongoing personal and book expenses during the year. You
can decide not to work and pay for these expenses some other
way, such as through summer job earnings, work during vacation
periods, or through family resources.
Q: When and how do I get paid for my student
job?
A: You will receive a check once per month in
your mailbox. It is your money to spend as you see fit on your
education-related expenses.
Q: I still have questions--where else can I find answers?
A: Another good resource is the
FAQ Current
Students. You can also contact the
Financial Aid Office or call 517/629-0460.
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