Support

Federal Grants

Students-ArchWindowPell Grants

Amount: $606-$5,920  Renewable.

  • Students must complete a FAFSA.
  • Available to students demonstrating a family contribution of $5,919 or less.
  • The amount of a Pell Grant will be prorated based on the number of units you are enrolled in for the semester. This will be based on the official enrollment status based on the last day of the drop/add period.
  • One-half of your Pell Grant will be credited to your account each semester.

Federal Supplemental Opportunity Grants

Amount: Up to $1,000. Renewable.

  • Students must complete a FAFSA and demonstrate financial need.
  • Priority given to Pell Grant recipients.
  • One-half of your award will be credited to your student account each semester.

Federal TEACH Grant

Amount: Up to $4,000. Renewable.

  • Students must agree to serve as a highly qualifed teacher at a school serving low-income students in a high-need field.
  • Students must teach full-time for four years.
  • Students must complete an Agreement to Serve.
  • If required service is not completed within eight years the grant will revert to an unsubsidized loan.

Federal Iraq and Afghanistan Service Grant

Amount: Up to $5,920. Renewable.

  • For students who are not Pell eligible and a parent has died as a result of military service in Iraq or Afghanistan after 9/11/01.
  • Student was less than 24 years old or enrolled in higher education at the time of death.

Michigan Tuition Grants

Michigan Tuition Grant/Competitive Scholarship Programs

Amount: Variable depending upon the State allocation. Renewable.

  • Available to Michigan residents who graduated from a Michigan high school.
  • Dependent upon financial need and state funding.
  • Students must ensure that the required paperwork is submitted to the State of Michigan.
  • One-half of your award will be credited to your account each semester.

 

 

 

    Loans

    An Albion College student looks up from a book.The facts about loans.

    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.

    Loan Entrance Counseling

    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.

    Repaying Your Loans

    Concerned about how much your loan payments might be?  Wondering if you'll earn enough with your choosen major?  Explore your repayment options with the Repayment Estimator or learn how your projected income compares to your projected loan payment with the Undergraduate Student Loan Calculator.

     

    Work-Study

    Two Albion College students outside the Eat Shop in the Kellogg Center.

    Federal Work-Study

    Amount: Up to $1,500.

    • Students must complete a FAFSA and demonstrate financial need.
    • On- and off-campus jobs, with innovative community service options available.
    • See Work-Study Job Openings.

    Work-study earnings are not applied to your account; rather, you will receive a paycheck for the hours worked.

     

    Albion Work

    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.  

    Student Loans

    Need help with loans?

    Subsidized Stafford Loans

    Amount: First-Year Student, $3,500; Sophomore, $4,500; Junior/Senior, $5,500.

    Loan amounts are subject to a processing fee.

    • Loans made by the U.S. Department of Education to students who complete the FAFSA and demonstrate financial need.
    • Interest rate is variable and capped at 8.25%.  The rate is set each July.  For loans disbursed after July 1, 2015 the rate was 4.29%.
    • Government pays interest on borrower’s behalf until repayment period begins.
    • First-time borrowers must complete a Master Promissory Note and entrance counseling prior to having loan funds credited to their account.

    Unsubsidized Stafford Loans

    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.

    • Loans made by the U.S. Department of Education to students regardless of financial need. Students must complete a FAFSA.
    • Interest rate is variable and capped at 8.25%.  The rate is set each July.  For loans disbursed after July 1, 2015 the rate was 4.29%.
    • Student is responsible for interest that accrues while in school and may opt to make interest payments or defer all payments until payment period begins.
    • First-time borrowers must complete a Master Promissory Note and entrance counseling prior to having loan funds credited to their account.

    Private and Alternative Loans

    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 Student Financial Services Office certify that you are a student and confirm your costs for the year.

    It’s important to be an informed borrower.

    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 Student Financial Services Office at Albion College.

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