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Financial Aid

Federal Financial Aid

Financial Aid Eligibility

In general, to be eligible for federal financial aid you must:

  •        Demonstrate financial need (for most programs)
  •        Be a U.S. citizen or an eligible non-citizen
  •        Have a valid Social Security Number, if required
  •        Be registered for the Selective Service if you are a male between the ages of 18 and 25
  •        Be enrolled or accepted for enrollment as a regular student in a eligible degree or certificate program
  •        Have a high school diploma or its equivalent
  •        Maintain satisfactory academic progress
  •        Not be in default on a federal student loan or owe money on a federal student grant

Types of Federal Aid

Allen Community College participates in the following federal aid programs: Pell Grant program, FSEOG program, Federal Work-Study Program, and the Direct Loan program.  A student must complete the Free Application for Federal Student Aid to apply for this aid.

Pell Grant

The Pell Grant program requires a student meet the general eligibility requirements. This is a grant program so any money received does not need to be repaid.  The maximum Pell Grant award for 2014-15 is $5730.  Grant award depends on the student’s

  • Financial need
  • Cost of attendance
  • Enrollment status
  • Length of attendance

Students are ineligible for this program once they have received a bachelor’s degree. The Pell Grant may only be received for 12 semesters or the equivalent.  Excess funds not needed to pay the student's account are disbursed after the fifth week of class.

Federal Direct Student Loans

The Federal Direct Student Loan program provides opportunities for students to obtain a loan to assist in educational costs.  These are loans so any money received must be repaid.  Direct Student Loans are either subsidized or unsubsidized:

  • Subsidized Direct Student Loans are awarded based on financial need. A student receiving a subsidized loan will not be charged interest while in attendance with a minimum half time status.
  • Unsubsidized Direct Student Loans are not awarded based on need. A student will be charged interest from the time the loan is disbursed until it is paid in full. The current interest rate is 6.4%.

A student must meet all general eligibility requirements. The amount the student may borrow depends on his or her grade level, college cost, EFC, current loan indebtedness, and other financial aid received. A dependent student's creditworthy parents may apply for a Direct PLUS loan for the amount of the student's college cost minus other aid received. A student may be denied a loan based upon his or her current student loan indebtedness.

Federal Supplemental Education Opportunity Grant

The FSEOG program provides grant funds to exceptionally needy students and any money received does not need to be repaid. Students must be Pell eligible to receive this grant.

Priority is given to students with the lowest EFCs (Expected Family Contribution).  At Allen Community College awards generally are $200 per year.  A student who has earned a bachelor's degree is not eligible.  FSEOG funds not needed to pay the student's account are disbursed after the fifth week of class.

Federal Work-Study

The Federal Work-Study program provides employment opportunities on campus to full-time students. Students are paid minimum wage and work an average of 10-20 hours per week. Students must meet the general financial aid eligibility requirements.  The amount of the award is based on the student’s need.

 

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