Sources of Need-based Aid
Federal financial aid programs are available in the form of grants, loans and employment. Unless otherwise indicated below, they require the student to maintain at least half-time status (minimum of six credit hours per semester).
- Pell Grant: Through this federally-funded grant program, a student may be entitled to receive up to $5,730 per year (for 2014-2015). Application is made through the FAFSA. The application timetable begins January 1 of the year in which the student anticipates fall term enrollment and ends May 1 of the following calendar year. For full-time eligibility, the student must enroll in a course load of 12 semester hours in any given semester. This grant may be awarded to students enrolled less-than-half-time.
- Federal Supplemental Educational Opportunity Grant (FSEOG): This grant is offered to students who demonstrate exceptional financial need. Recipients must be eligible for the Federal Pell Grant program.
Application for state grant assistance must be made each year by completing the FAFSA. For Pennsylvania residents, the FAFSA must be completed by May 1st. Pennsylvania State grants are based on state funding levels and are contingent upon the student maintaining full-time status (12 semester hours per semester) and academic progress (the successful completion of at least 24 semester hours per academic year).
Other states – including Delaware, Maine, Massachusetts, Ohio, Rhode Island, Vermont and West Virginia – permit grants from their states to be used at Pennsylvania institutions for full-time study. For additional information about state student aid programs, visit the higher education assistance agency website of the student’s state of residency.
Click here for a list of state education agencies.
Private Sources of Aid
- Community Scholarships and Other Grants/Benefit Assistance
Private funds in the forms of scholarships or grants are frequently awarded by various clubs and organizations within the student’s home community. Federal regulations mandate that all outside scholarships become a part of the student’s financial aid award and therefore must be reported to the Financial Aid Office.
Federal Work-Study (FWS)
This federally-subsidized program provides funding for employment to students who demonstrate financial need. Eligible students may find employment on campus or in positions available at local non-profit agencies that have contractual arrangements with the College. Participating students usually work an average of 10 to 12 hours per week when school is in session. Employees under this program receive monthly paychecks for work performed. Employees are paid at least the minimum federal hourly wage; higher rates of pay are possible. Federal Work-study may be awarded to students enrolled less-than-half-time. More Information.
- Allegheny Grant: Allegheny College provides grants to students on the basis of financial need as demonstrated through the filing of FAFSA. In 2011-2012, Allegheny provided more than $35 million in institutional grant and scholarship assistance.
- Allegheny Bicentennial Scholarship: This academic and need-based scholarship program, completely funded and administered by Allegheny College, provides awards for excellence in the classroom and exhibited leadership through extracurriculars. The amount of the award ($2,015) is guaranteed for up to eight semesters (four academic years) if the recipient enrolls full-time at Allegheny or in an Allegheny-sponsored off-campus study program.
Campus Employment: This is a program provided to students who do not qualify for Federal Work-study and who are not selected as Resident Advisors or Community Advisors through Office of Residence Life. Students with Campus Employment may be hired to work in many of the regular student worker positions on campus. However, they are not permitted to work in the off-campus work-study positions. Participating students usually work an average of 10 hours per week when school is in session. Employees under this program receive monthly paychecks for work performed. Employees are paid at least the minimum federal hourly wage; higher rates of pay are possible. More information.
A variety of financing options are available to help students finance the cost of education. Allegheny College Office of Financial Aid suggests that you compare the following loans among your many choices, if additional financing is needed.
All federal student loan programs require Entrance Loan Counseling before the first federal loan proceeds can be applied to students’ accounts.
TheNational Student Loan Data System (NSLDS) is the U.S. Department of Education’s (ED’s) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.
More detailed student loan information published by the Department of Education is available at: https://studentloans.gov/ .
- William D. Ford Direct Loan Program is both need-based and non-need-based federal loan program.
- As of July 2014, 4.66% fixed interest rate (subsidized), 4.66% unsubsidized
- Subsidized (need-based) accrues no interest while student is enrolled at least half-time
- Federal Stafford Loans must be repaid
- Must complete FAFSA to be eligible
- $3,500 limit for first year students
- $4,500 limit for sophomores
- $5,500 limit for junior and senior years, up to $31,000 for undergraduate studies (no more than $23,000 of which can be subsidized)
- $2,000 additional unsubsidized Stafford loan to all eligible students
- Repayment begins six months after the student is no longer enrolled at least half-time or has graduated.
- Federal Perkins Loan is a federally-funded loan and is based on demonstrated need.
- Must complete FAFSA to be eligible
- Fixed 5% interest rate
- Federal Perkins Loans must be repaid
- The maximum award is $4,000 per year
- Repayment begins 12 months after enrollment is less than half-time
- Supplement to the lower Stafford loans offered during the first two years of enrollment
- The amount of the Perkins Loan is determined by Allegheny College based on available funding levels.
- William D. Ford Direct PLUS Loan Program for parents is a non-need-based loan.
- Must file a FAFSA to be eligible
- Available to parents of enrolled dependent students
- Borrower must be a U.S. citizen or permanent resident
- Parents may borrow the full cost of education less any financial aid received
- 7.21% fixed interest rate
- Interest begins to accrue on the loan from the date of the first disbursement
- Repayment begins within 60 days of full disbursement unless other arrangements have been made
- 4.292% origination fee is automatically deducted from the disbursement of the loan
- Federally-determined independent students and dependent students whose parents do not qualify for the Federal PLUS are eligible to borrow additional unsubsidized Stafford Loans up to the following amounts: $4,000 each of the first two years, then $5,000 each year for up to three additional years of undergraduate study.
Alternative Student Loans
- A list of private lenders available at www.elmselect.com.
Receipt of Funds
With the exception of a work award and some community scholarships and grant/benefit programs, which may make their awards directly payable to the individual, financial aid sources are credited directly to the student’s College account. Funding handled directly through Allegheny is normally divided into two equal amounts and disbursed before each semester.
Instead of a deduction to the College bill, work awards allow students to earn money through employment on campus or approved off-campus non-profit agency. Students receive paychecks once per month for actual earnings.
In the case of all federal programs, the Office of Financial Aid is required to obtain required signatures on various forms before funds can be disbursed. Failure to sign appropriate forms in a timely manner may result in the withholding of funds from the student’s accounts.
Certification of Veterans
Allegheny College is approved to process veteran’s educational benefits. The Office of Financial Aid has responsibility for certifying the enrollment of veterans and other eligible dependents of veterans. Inquiries regarding eligibility for benefits, application procedures and receipt of benefits may be directed to this office. Students who are receiving educational benefits should notify the Office of Financial Aid of any changes in their student status. The College is required to report changes in enrollment status to the Veteran’s Administration. The Veteran’s Administration will also be notified when a student is suspended, dismissed or does not meet the academic progress requirements after serving a probationary period of two semesters.