Questions Frequently Asked By Current Students About Financial Aid
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
PIN Mailer reminding you to complete your Free Application for Federal
Student Aid (FAFSA) application on-line. If you did not submit your
FAFSA electronically, you will receive a Renewal Application which
contains pre-printed information from the previous year’s FAFSA. The
Department of Education is moving away from paper Renewal FAFSA's, so
you may only receive a PIN number with instructions to complete your
FAFSA on line. 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: If I take a leave of absence, do I have to start repaying my
loans?
A: Not immediately. The
subsidized Stafford Loan has a grace period of six months and the
Perkins Loan a grace period of nine months before you must begin
repaying the loan. When you take a leave of absence, you will not have
to repay your loan until the grace period is over. If you use up your
grace period, however, you will have to begin repaying your loan
immediately following graduation. It is possible to request an extension
to the grace period, but this must be done before the grace period is
used up.
Q: Are work-study earnings taxable?
A: The money you earn from
Federal Work-Study is generally subject to federal and state income tax,
but exempt from FICA taxes (provided you are enrolled full-time and work
less than half-time). Federal Work-Study earnings during the calendar
year should be included on the FAFSA in the totals for AGI, income
earned from work, and the totals from Worksheet A. Work-Study earnings should
only be included when they represent financial aid to the student, since
the answer to this question is used as an exclusion from taxed income.
Be careful to report amounts based on the calendar year, not the school
year.
Q: Why did my financial need change?
A: Since need represents the
difference between total costs of attending Albion and the ability of
you and your family to contribute, any change in your family’s situation
or in charges from the college may mean a change in need.
Q: How do I become an independent student for federal aid
purposes?
A: You are an independent student
if you turned 24 before January 1 of this year, 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 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: If I live off-campus, is my financial aid affected?
A: Financial aid is not
necessarily cut if you go off campus to live. Even though you will not
be paying Albion College for your room, we recognize that you will be
paying rent to a landlord. We will adjust aid, however, if you choose to
live at home. The standard room and board amounts will be used when
building a budget of annual costs for all students, regardless of
whether they will live on campus or not. Financial aid is awarded by
taking the total annual budget (tuition, fees, standard room and board,
personal expenses, book costs, and travel expenses) and deducting the
family contribution from it. The remainder is called "need." Need is
filled with scholarships, federal grants, outside scholarships, employee
tuition grants, loans, and work-study. If you live off-campus and only
have tuition and fee charges on your Albion College bill, it is possible
that you will have a credit balance on your student account when your
financial aid has been credited. (NOTE: Work-Study does not appear as a
credit on your Albion College bill.) You may use this credit to pay for
your off-campus rent or food expenses. You must apply to the Business
Office directly to receive a refund.
Q: I still have questions--where else can I find answers?
A: You are welcome to contact the Financial Aid Office or call 517/629-0460.
Back to top |
