Alternative Financial Aid Resources

Federal Parent Loans for Undergraduate Students (PLUS)

Amount: $100 up to the total cost of education

Guidelines:

• Available to parents of college students
• Replaces all or part of the expected family contribution
• Is limited only by the cost of attendance
• New borrowers pay a variable interest rate capped at 9%
• Credit check is required
• Repayment begins within 60 days after the loan has been fully disbursed. Interest-only payments may be made while the student is in school.
• Loan has a maximum repayment period of 10 years

Other private loan programs exist, and information on these is available from the Financial Aid Office at Albion College.

Community/External Scholarships

Reference guides found in local newspapers, your local public library, and the Albion College Financial Aid Office provide useful information about external or community-based scholarships. Services such as MI-SEARCH, a scholarship search service provided by the State of Michigan, are also available for a minimal fee.

Through MI-SEARCH, students may have information about themselves entered into a national database, which will then produce a listing of some of the many thousands of scholarships available nationwide which fit the student’s criteria. For more information about MI-SEARCH, please call toll-free at 877/323-2287, or visit their Web site: www.Michigan.gov/mistudentaid.

Award Adjustments / Multiple Awards

Albion College awards academic scholarships and/or need-based grants to qualified students based on high school performance (grades and standardized test scores). Your admissions counselor will work with you to explain these sources after you are admitted. You may receive external scholarships from community organizations, your high school, nonprofit agencies, and state or federal grant and scholarship programs. It is your responsibility to inform Albion College of these awards in a timely manner. Additionally, you may qualify for one or more Albion College departmental scholarships. It is college policy that no student may be awarded Albion College funds that, when coupled with external awards, exceed the total cost of tuition. Occasionally, Albion must reduce institutional grants and possibly other sources of aid in order to accommodate external funds. However, your net cost of attendance will not change. Please contact the Financial Aid Office for a detailed explanation of our awarding policy.

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