Financial Aid

Albertus Magnus College seeks to make it possible for every student accepted for admission to attend the College by providing financial aid. Assistance is available in the form of grants, loans, and student employment.

How to Apply

Types of Financial Aid

Some types of Financial Aid offered by Albertus Magnus College are based on the demonstrated need displayed by the student.

Formula used to determine a student’s Financial Need
Cost of Attendance (COA) – Estimated Family Contribution (EFC)

Loans

These programs are designed to offer loans for educational purposes while a student is in school.  Funds are credited to owing balances at Albertus Magnus College once the school receives the money from the lender.

Federal Subsidized Stafford Loan

With demonstrated need, undergraduate students may be eligible 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 begins. Interest is currently fixed at 3.4 percent but may be subject to change. Repayment of your loan will not begin until the six-month grace period is over, however, interest will accrue during that time. Masters students do not receive subsidized loans.

Federal Unsubsidized Stafford Loan

A non-need based federal loan. The interest rate for undergraduate students is currently fixed at 6.8%, but may be subject to change. The student is responsible for the interest while in school and in any deferment periods. Masters students only receive unsubsidized loans in the amount of $20,500.

Grants

Institutional grants awarded to students with demonstrated need: funds that do not require repayment.

Federal Pell Grant

A need-based award offered to students with very low Expected Family Contribution (EFC). The EFC determines a studentís Pell Grant eligibility. The federal government determines award levels including the maximum and minimum amounts annually.

Federal Supplemental Education Opportunity Grant (SEOG)

Funded by the federal government and offered to students with the highest need, typically Pell Grant recipients.

CT Independent College Grant (CICS)

Need-based and awarded to students who are Connecticut residents attending private institutions within the State of Connecticut.

Work Study

Students with financial need may be eligible to participate in the Federal Work-Study Program. This program provides for the employment of students on campus. Students work up to 20 hours each week during the academic year, or 35 hours per week during periods of non-enrollment. Wages are in accordance with federal minimum wage standards and paychecks are available twice a month. Checks are made payable directly to the student and are available in the Business Office.

Federal Community Service Work-Study Program

This program provides the opportunity for students to work off-campus at non-profit organizations, primarily to benefit the community.  Priority is given to placing students in positions that meet human, educational, environmental, and public safety needs of low-income individuals.

Satisfactory Academic Progress Standards (SAP)

All Financial Aid recipients must maintain SAP in order to receive assistance.  To be in good academic standing, full-time undergraduate students must meet the following minimum requirements:  

Good Standing 
Credits Attempted

Undergraduate
C.G.P.A
Percentile Credits Earned
Freshman
1-23
1.7
and 67%
Sophomore
24-53  
2.0
or 67%
Junior
54-83  
2.0
and  67%
Senior
84-12  
2.0
and 67%

Full-time students making SAP may receive financial aid for
up to seven and a half years of full-time attendance, or until the student is certified for graduation by the institution, whichever comes first.

Loans
Grants
Work Study
Satisfactory Academic Progress Requirements

For more information please contact the Financial Aid Office:

Financial Aid Office
Albertus Magnus College
700 Prospect Street
New Haven, CT 06511
Telephone: 203-773-8508
Fax: 203-773-8972
E-mail: financial_aid@albertus.edu