Accelerated Degree Programs

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 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.

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

A federal loan offered to students with demonstrated need. Students may borrow up to $5,500 as a freshman, $6,500 as a sophomore, and $7,500 as a junior or senior. A 6-month grace period is provided before repayment begins after graduation, or when a student falls below half-time enrollment. Interest is fixed 6.0%, but may be subject to change. While in school the government pays interest on all Subsidized Loans.

Federal Unsubsidized Stafford Loan

A non-need based federal loan. The interest rate 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.

Federal Direct Graduate Plus

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 Estimated Family Contribution (EFC). The EFC determines a student’s 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 an average of 8 hours but no more than 20 hours each week during the academic year, or 35 hours a week during periods of non-enrollment. Wages are in accordance with federal minimum wage standards and payment is made semi-monthly by check. Checks are made payable directly to the student and are available from 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.

Policies

Return of Title IV Funds

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

2.0

or 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.