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Other Financial Resources

529 Plans

Investing in a 529 Plan allows you to prepay tuition today that your child can later use at Albion or any college. You should consult your financial planner for information regarding 529 plans.

Michigan Education Trust (MET)

MET allows parents, grandparents, businesses, and others to pre-purchase undergraduate tuition for a child residing in Michigan at any Michigan university or college, including Albion.

Federal Tax Benefits

There are a few tax benefits available for educational expenses. The IRS Educational Benefits Center is the best resource for determining if you might be eligible.

Financial Aid Glossary

Assets: Your and your family's financial net worth. Includes real estate (other than your primary residence) trust funds, money market funds, mutual funds, certificates of deposit, stocks, bonds, other securities, Education IRAs, 529 plans, installment and land sale contracts, commodities etc.

Business Value: Includes the market value of land, buildings, machinery, equipment, and inventory.

Cost of Attendance: The total costs to attend college for the school year.

Dependent Student: A student under the age of 24 who does not qualify as an independent student by federal guidelines and whose parental income is used in calculating a student's expected family contribution. Dependent students must include parental information on the FAFSA to be considered for financial aid.

Direct Loans: Student loans offered under the Federal Direct Loan program. The federal government is the lender for these loans.

Eligible Non-Citizen: You are an eligible non-citizen, generally, if you are:
1. a U.S. permanent resident with an Alien Registration Receipt Card (I-551),
2. a conditional permanent resident (I-551C), or
3. any other eligible non-citizen with an Arrival-Departure Record (I-94) from the Department of Homeland Security showing any of the following: "Refugee," "Asylum Granted," "Parole," or "Cuban-Haitian Entrant."

Expected Family Contribution (EFC): The portion of your and your family's financial resources that should be available to pay for your educational costs.

FAFSA: Free Application for Federal Student Aid.

FAFSA on the Web: An electronic FAFSA on the Internet that allows you to file for financial aid online.

Federal Methodology: A formula, defined by statute, that is used to determine the expected family contribution (EFC) for federal financial aid.

Federal Processor: The federal government's computer processing system that analyzes the information on your FAFSA, calculates how much you and your family can pay toward college, and sends out your Student Aid Report (SAR).

Financial Aid Notification: An offer of financial aid, usually consisting of a combination of grant, loan, and/or work-study depending on the family's financial eligibility. At Albion we refer to this as your "Financial Aid Offer."

Financial Eligibility: The difference between the cost of attendance and the expected family contribution. It is the amount of financial aid you may be eligible to receive.

Gift Aid: Gift aid does not have to be repaid nor do you have to use earnings from your work. This includes scholarships and grants.

Grant: Financial aid that does not have to be repaid. Grants are usually awarded based on need but can also be awarded for academic achievement, special skill, talent, or heritage.

Loan: Loans are money that must be repaid over a period of time, usually after a student leaves school.

Need-based: Financial aid that depends on your or your family's financial situation. You must show financial need to receive this type of aid. Most government sources of financial aid are need-based.

Net Cost: Net cost is the difference between your Albion costs and your gift aid. This is the amount you need to contribute from earnings, savings, borrowing, or your parent(s).

Parent(s)' Share: Parent share is the amount your parent(s)' need to contribute to meet your Albion costs. This amount is determined by subtracting what you, the student, contribute (gift aid, work study, loans, and your share). Parent share may be met by borrowing a PLUS loan.

Promissory Note: A legally binding contract between a borrower and lender listing all the terms and conditions of the loan.

Revisions: Changes to your financial aid award. Revisions may be made due to changes in your financial aid eligibility, your expected family contribution, or types of aid available.

Satisfactory Academic Progress (SAP): The progress you must maintain toward a degree to receive financial aid. Each school has its own written satisfactory academic progress guidelines for its students.

Scholarship: Gift award based on grades or other achievement. Not always based on financial need.

Selective Service Registration: If required by law, a student must register with the Selective Service to receive federal student aid. This applies to males born on or after January 1, 1960, who are at least 18 years old, citizens and eligible non-citizens, and not currently on active duty in the U.S. Armed Forces.

Student Aid Report (SAR): The report summarizing the information you reported on your FAFSA. If you provided an e-mail address when you filed your FAFSA, you will be sent an e-mail telling you how to view it online. If you did not provide an e-mail address, you will receive a paper copy.

Student's Share: Student share is the amount you need to contribute to meet your Albion costs. This may include your contributions from work-study, loans, your savings, or summer earnings.

Verification: Our office may ask for additional information or documentation to support or verify the information you provided on the FAFSA.

Financial Aid FAQs

The William K. Stoffer Clock Tower, adjacent to the Norris Center and Science Complex.

 

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 October 1 and we encourage you to complete your FAFSA before March 1. To actually receive funds, however, you must be admitted and enrolled at Albion.

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, sources of aid like unsubsidized Direct and PLUS loans are available regardless of need. To be sure, everyone should fill out the Free Application for Federal Student Aid (FAFSA).

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 receive more or less aid. After your first year, you may complete a pre-filled application which contains pre-printed information from the previous year's FAFSA. Note that your eligibility for financial aid may change significantly, especially if your number of family members in college has changed. Renewal of your financial aid package also requires that you 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.

 

Q: Are my parents responsible for my educational loans?
A: No. Your parents are, however, responsible for Federal PLUS loans. 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, or meet specific definitions of students who are homeless. 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 check frequently, since students often drop or change jobs during the year, creating new opportunities. Contact the Financial Aid Office for student employment questions or call 517/629-0196.

Q: Do I have to work if it is part of my financial aid offer?
A: A campus 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 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 on education-related expenses, at your discretion.

Q: I still have questions. Where else can I find answers?
A: Contact the Student Financial Services Office () or call 517/629-0440.

Payment Plans

TouchNet and Higher One Payment Plans

The College has two different payment plans available.  These plans allow your family to spread tuition payments into equal installments throughout the year. Many families use a payment plan to meet any amount not covered by financial aid or other resources. For further information and to sign up visit the Accounting website which has details on both plans. 

Our pdfPayment Plan information sheet provides additional details. 

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