Michigan Merit Award articleMichigan Merit Award
CAN’T FIND THIS ON THE CURRENT SITE. ACCORDING TO MICHIGAN.GOV, IT APPEARS TO HAVE BEEN REPLACED BY THE MICHIGAN PROMISE SCHOLARSHIP (NOTED ABOVE IN SCHOLARSHIP SECTION).
Amount: Up to $2,500.
Work-study earnings are not applied to your account; rather, you will receive a paycheck for the hours worked.
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.
Unlike scholarships or grants, loans must be paid back. However, you won't have to repay most student loans until you've graduated from college.
Typically, student loans come with a maximum interest rate that is set by federal law. Keep in mind that you may be able to find an even lower rate by checking out multiple lenders.
Due to the ever-changing credit markets, we recommend that if you take a student or parent loan, you take the loan for the entire academic year. Should you decide you don't need the additional funds you may cancel and/or return the loan proceeds.
Learn more about the different types of loans available.
Each student who receives a loan for the first time at Albion must complete loan entrance counseling. Loan funds cannot be released until this requirement has been met.
Entrance counseling can be completed by visiting StudentLoans.gov.
Amount: First-Year Student, $3,500; Sophomore, $4,500; Junior/Senior, $5,500.
Loan amounts are subject to a processing fee.
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.
Amount: Up to $3,500 per year.
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 Financial Aid Office certify that you are a student and confirm your costs for the year.
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 Financial Aid Office at Albion College.