Federal Financial Aid

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. 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.

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. Click here for the current interest rates on student loans https://studentaid.ed.gov/sa/types/loans/interest-rates

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.

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). 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.

The Federal Work-Study program provides employment opportunities onsite 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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As an institution participating in the CARES Act, the Department of Education has required Allen Community College to post this information on our website:

• Allen Community College has signed and returned to the Department of Education the Certification and Agreement form assuring that Allen Community College has used no less than 50 percent of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.
• The total amount Allen Community College has receive is $208,250.00 from the Department of Education pursuant to the institution’s Certification and Agreement for Emergency Financial Aid Grants to Students.
• The total amount of Emergency Financial Aid Grants distributed by Allen Community College to students under Section 18004(a)(1) of the CARES Act as of May 13, 2020 is $208,250.00.
• The estimated total number of students at Allen Community College eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965 and was enrolled in at least one onsite credit hour on March 13, 2020 is 352.
• The total number of Allen Community College students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) is 352.
• The method used by Allen Community College to determine which students receive Emergency Financial Aid Grant and how much they would receive under Section 18004(a)(1) of the CARES Act is as follows:
  • The grant amount is based on a student’s status (full-time, ¾ time, ½ time, less than ½ time) for his/her onsite courses only (does not include online courses) as of March 13, 2020.
  • The grant amount are:

Full-time:  $780.10

¾ Time:  $580.00

½ Time:  $380.00

Less Than ½ Time:  $168.00

• Any instructions, directions, or guidance provided by Allen Community College to students concerning the Emergency Financial Aid Grants included a notice on the College website, an email to each student who was eligible, and a letter accompanying the check sent to each eligible student. Allen Community College students were not required to apply for the CARES Act grant and all eligible students received funds, therefore no specific instructions or directions were needed by students to be eligible for or receive the grant.