Admissions & Financial Aid

New Dimensions Undergraduate Financial Aid

The Albertus Magnus College Financial Aid Office’s mission is to serve the student body, provide financial means, promote financial knowledge, and facilitate affordable access to higher education. The Financial Aid Office assists students in financing their education by using a variety of sources including: scholarships, grants, loans, and work-study programs.

Complete the FAFSA

Start the process by completing the Free Application for Federal Student Aid (FAFSA). Referring to a FAFSA Tutorial may answer any questions that arise while you complete the form.

Be sure to use the College's school code: 001374

Deadlines for Priority in Awarding Funds

  • Two weeks prior to start of term

Applications received after these dates will be processed based on availability of funds.

Financial aid offers are based on demonstrated need, which is calculated as Cost of Attendance (COA) minus Expected Family Contribution (EFC):

COA - EFC = Demonstrated Need

Loans

Loans to support your education will be credited to your balance when we receive the funds from the lender.

Federal Direct Subsidized Stafford Loan

With demonstrated need, you may apply for this federal loan and borrow up to $3,500 as a freshman, $4,500 as a sophomore and $5,500 as a junior or senior. A six-month grace period is provided after graduation or if you fall below half-time enrollment before repayment must begin. Interest is currently fixed at 4.66% but may be subject to change. While you remain in school, the government pays interest on all subsidized loans.

Federal Direct Unsubsidized Stafford Loan

You may qualify for this non-need-based federal loan. Interest is currently fixed at 4.66% but may be subject to change. While in school and in any deferment periods, you are responsible for paying the interest. Dependent students may be eligible for additional unsubsidized funds with a Direct PLUS Loan denial.

You may combine subsidized and unsubsidized Stafford loans to help meet your needs. Freshmen may qualify for $3,500 subsidized and an additional $2,000 in unsubsidized Stafford loans, while sophomores may qualify for $4,500 subsidized and an additional $2,000 unsubsidized. Juniors and seniors may qualify for $5,500 in subsidized Stafford loans and an additional $2,000 unsubsidized. Interest rates are typically reset in July.

Origination Fees

A 1.072% origination fee will be assessed on all Federal Direct Stafford Loan Disbursements whose first disbursement occurs on or after December 1, 2013.

Grants

Your demonstrated need may make you eligible to receive grant funds that do not require repayment.

Federal Pell Grant

Need-based award offered to students with very low Estimated Family Contribution (EFC). Each year, the federal government determines award levels, including the maximum and minimum amounts. For the 2014/2015 Academic Year, the maximum Federal Pell Grant amount is $5,730.

Federal Supplemental Education Opportunity Grant

Need-based award funded by the federal government and offered to students with the highest need, with priority given to Federal Pell Grant recipients.

Work-Study

Federal Work-Study Program

Students may also qualify to participate in the Federal Work-Study Program, which employs students on-campus. A 2.0 Cumulative Grade Point Average must be maintained to participate in the Federal Work-Study Program. Wages meet federal minimum-wage standards.

Federal Community Service Work-Study Program

Students may also qualify to participate in the Federal Community Service Work-Study Program, which employs students off-campus. A 2.0 Cumulative Grade Point Average must be maintained to participate in the Federal Work-Study Program. Wages meet federal minimum-wage standards.

Satisfactory Academic Progress

All financial aid recipients must maintain Satisfactory Academic Progress (SAP) in order to receive assistance. To be in good academic standing, full-time undergraduate students must meet the following minimum requirements:


Grade Level CGPA Percentile Credits Earned


First Year
1.7 and 67%

Second Year
2.0 and 67%

Third Year
2.0 and 67%

Fourth Year
2.0 and 67%

Full-time students making SAP may receive financial aid for up to 12 semesters (six years) of full-time attendance, or until the student is certified for graduation by the College, whichever comes first. Part-time students making SAP may receive financial aid for up to 20 semesters (10 years) of part-time attendance, or until the student is certified for graduation by the College, whichever comes first. The timeframe may not exceed 150% of the published length of the program measured in credit hours attempted.

FAFSA School Code

When you complete the FAFSA, be sure to include the College's school code: 001374.

Hours of Operation:

8:30 a.m. – 4:30 p.m. Monday
8:30 a.m. – 7:00 p.m. Tuesday-Thursday
8:30 a.m. – 4:30 p.m. Friday

Contact Us

Financial Aid Office
Aquinas Hall, Room 107
(800) 935-6621 toll-free
(203) 773-8508 local
(203) 773-8972 fax
financial_aid@albertus.edu

Calendar

September 22, 2014

Deadline for all Missing Financial Aid Documents for Module 2

October 7, 2014

SALT "Know Your Money Day"
(AH 309: 8:30-12:00; 3:00-7:00)

December 15, 2014

Priority Deadline for December Graduate Exit Loan Counseling

December 16, 2014

Priority Deadline for Spring Alternative/PLUS Loans

January 5, 2015

Deadline for all Missing Financial Aid Documents for the Spring Semester

Code of Conduct

We adhere to Connecticut's Financial Aid Code of Conduct.