Federal Financial Aid

Pell Grants

Amount: $400-$4,050. Renewable.

Guidelines:

• Available to students demonstrating a family contribution of $3,850 or less

Supplemental Educational Opportunity Grants (SEOG)

Amount: $1,000. Renewable.

Guidelines:

• Available to students demonstrating financial need
• Priority given to Pell Grant recipients

Federal Work Study

Amount: Up to $1,500.

Guidelines:

• Available to students demonstrating financial need
• On and off campus jobs, with innovative community service options available
• See Work Study Job Openings for more information

Perkins Loans

Amount: Up to $3,500 per year.

Guidelines:

• Loans made by Albion College to exceptionally needy students to supplement Stafford Loan eligibility
• Repayment and a 5% fixed interest rate currently begin nine months after graduation or student status ceases
• Priority given to Pell Grant recipients
• Perkins Loan Details

Subsidized Stafford Loans

Amount: First-Year Student, $2,625; Sophomore, $3,500; Junior/Senior, $5,500 (loan amounts are subject to a processing fee by the lending institution)

Guidelines:

• Loans made by banks to students who demonstrate financial need
• Interest rate is variable and capped at 8.25%
• Government pays interest on borrower’s behalf until repayment period begins
• Subsidized Stafford Loan Details

Unsubsidized Stafford Loans

Amount: First-Year Student, $2,625; Sophomore, $3,500; Junior/Senior, $5,500 (loan amounts are less any Subsidized Stafford Loan and are subject to a processing fee by the lending institution).

Guidelines:

• Loans made by banks to students regardless of financial need
• Interest rate is variable and capped at 8.25%
• 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
• Unsubsidized Stafford Loan Details