Receiving Your Aid
Determining your eligibility for financial aid is an important first step. Here, you’ll find additional information on securing your financial aid offer—and keeping it.
Requirements
Students must meet requirements to receive federal and state financial aid. These include:
- Being a U.S. citizen or eligible non-citizen
- Being enrolled in a degree or certificate program
- Being enrolled at least half-time
- Having a high school diploma, or equivalent
- Meeting the financial need requirements
Students must also meet satisfactory academic progress standards.
Obtaining Your Aid
After completing your FAFSA, you’ll receive notification from the Financial Aid Office regarding the funds you are eligible for, along with specific instructions on how to obtain those funds. This information is always available in your MyAlbion account.
Getting Your Bill
In early July the College begins sending notification of your bill. This notification is sent as an email to you. If you’d like to have your parents get a copy, you’ll need to set them up as authorized users. You can do that at New Student Orientation Program (Albion-O) or by logging into MyAlbion and visiting the TouchNet section.
Understanding Your Bill
The charges reflected are only for the fall semester. Your financial aid offer and your financing plan are for the whole year, so the numbers will be different. Your bill will include your tuition, fees, housing, and meal charges.
Financial Aid on Your Bill
Some of your financial aid will be reflected on your bill.
Some won’t—here’s why:
- Federal funds cannot be credited to your student account until ten days before the start of the semester. That includes Pell and Supplemental Grants as well as Direct Loans.
- If you have accepted your federal student loans but haven’t completed your Master Promissory Note or loan entrance counseling, we can’t put funds on your account.
- Michigan Achievement Scholarship and the Michigan Tuition Grant funds will be applied when the State confirms your eligibility.
- Work-Study/Albion Work funds must be earned. You will be paid by a paycheck for the hours you work. You may use those funds for incidental expenses or make a payment on your student account.
What Does ‘Authorized Financial Aid’ Mean?
These funds are all set and ready to pay. We are waiting until ten days before the beginning of the semester to put the funds on your student account (it’s a federal rule, we can’t put it on until then). These funds are already subtracted from the amount due on your bill.
What Are ‘Memo Items’?
These are funds that are in process, meaning you are eligible for them, but you haven’t completed all the requirements. This may include outstanding loan requirements of the Master Promissory Note or loan entrance counseling.