Alternative Financing Options

The Albertus Magnus College Financial Aid Office encourages students to apply for outside scholarships to help reduce the amount of their out of pocket for tuition and fees and reduce the amount of student loans borrowed. In addition to outside scholarships, some families may choose to pursue additional federal and/or private loans. These loans are credit-based and may require a co-signer. Please note that the credit check can expire, so timely applications are needed.

If you have questions or need assistance determining what options are best for you and your family, contact us to schedule an appointment to meet with a Financial Aid Office counselor.

Learn more about current scholarships for undergraduates and graduates.

Beginning in the 2019-2020 academic year, Albertus Magnus College is offering the following institutional scholarships for eligible undergraduate veteran students and their families. Students who believe they qualify for these scholarships should complete the required application and submit it to the Financial Aid Office. For more information, please contact the Financial Aid Office at (203) 773-8508 or at financial_aid@albertus.edu.

Bartolomé de las Casas Scholarship……………………up to $500

Bartolomé de las Casas was a 16th century Dominican historian and social reformer who defended the rights of indigenous people and advocated for humane colonization policies. He is considered to be one of the first human rights advocates. This scholarship is awarded to the spouse or child of a service member or veteran who is new to Albertus and pursuing an undergraduate degree. A stepchild or adopted child is also eligible. The applicant must provide a copy of the DD214 or DD220. This scholarship is applied to tuition and fees and books and supplies only. The Bartolomé de las Casas Scholarship is annually renewable for recipients who maintain Satisfactory Academic Progress and who remain enrolled full-time at Albertus. For more information, please contact the Financial Aid Office at (203) 773-8508.

Francisco de Vitoria Scholarship…………………………up to $500

Francisco de Vitoria was a Dominican theologian known for his work on human rights and the importance of peacemaking and conciliation. He is considered to be a defender of the oppressed. This scholarship is awarded to an undergraduate student who is an honorably discharged or under honorable conditions veteran. The student must provide proof of honorable discharge such as a copy of the DD214 Member-4 Page. This scholarship is applied to tuition and fees and books and supplies only. The Francisco de Vitoria Scholarship is annually renewable for recipients who maintain Satisfactory Academic Progress and who remain enrolled full-time at Albertus. For more information, please contact the Financial Aid Office at (203) 773-8508.

Thank you for your service!

Learn more about all current Veteran scholarships.

Albertus Magnus College has partners with Ardeo Education Solutions, formerly LRAP Association, to offer The Falcon Advantage Loan Repayment Assistance Program (LRAP) – which can provide reimbursement for payments made toward repaying your education loans after graduation.
Students who utilize The Falcon Advantage Loan Repayment Assistance Program (LRAP) must enroll and graduate from Albertus Magnus College and, upon graduation, must begin working and start making loan payments. If the student’s annual income is less than $45,000 after graduation, The Falcon Advantage Loan Repayment Assistance Program can help repay federal private, and Parent PLUS loan payments.

New or prospective students in the Undergraduate Program should contact the Financial Aid Office at (203) 773-8508 or financial_aid@albertus.edu for more information.

Parents of Dependent students are able to apply for a Federal Direct Parent PLUS Loan at https://studentaid.gov/ or by completing a Parent PLUS Data Sheet. Please note that when logging into https://studentaid.gov/, parent must sign in with his/her information, not the student's information.

If the parent is approved for the loan, a Parent PLUS Master Promissory Note (MPN) needs to be completed at https://studentaid.gov/. Please note that when logging into https://studentaid.gov/, parent must sign in with his/her information, not the student's information.

If the parent who applies is declined for the loan, he/she may authorize the Financial Aid Office to add an additional unsubsidized loan to student's financial aid package.

Graduate students are able to apply for a Federal Direct Graduate PLUS Loan at https://studentaid.gov/ or by completing a Graduate PLUS Data Sheet.

If the student is approved for the loan, a Graduate PLUS Loan Master Promissory Note (MPN) needs to be completed at https://studentaid.gov/.

You may choose to pay for all or part of your education with loans from private lenders.

Private Loan Disclosure

A three-year historical list of preferred lenders is maintained by ElmSelect. Albertus Magnus College did not receive any benefit from the participating lenders. This list of loan providers is not exclusive, and is intended not as a recommendation, but rather for informational purposes only. Students have the right to choose a lender that is not on the list.

Students should determine how much federal, state, and institutional aid they can receive before applying for an alternative loan. The Financial Aid Office recommends that students consider borrowing Federal Direct Loans and/or Federal Direct PLUS Loans prior to applying for an alternative loan. Alternative loans are taken out with a private lender, while federal loans are borrowed from the Federal Government. Alternative loans tend to have higher and variable interest rates, while federal loans tend to have lower and fixed interest rates. The Truth in Lending Act (TILA) requires lenders to provide borrowers with loan cost information so that they can comparison shop for certain types of loans. The Albertus Magnus College Financial Aid Office and all lenders abide by TILA.

The Financial Aid Office will certify any alternative student loan at the request of any borrower, provided they are approved and provided the amount does not exceed their maximum eligibility for the year. However, it is the responsibility of the borrower to determine which alternative loan best fits their borrowing needs.

Please note that the terms and conditions regarding repayment and forgiveness may be more favorable for federal loans.

Learn more about terms and conditions of Federal Direct Loans.

Compare Loans

The list of private loan providers on ElmSelect includes lenders that have actively processed education-based loans for Albertus students over the past three academic years. Albertus did not receive any benefit from the participating lenders. You have the right to choose a lender that is not on the list.

2022-2023 Preferred Lenders

The Financial Aid Office’s Preferred Lender List for the 2022-2023 Academic Year is:

  • CHESLA
  • Citizens Bank
  • CollegeAve
  • Custom Choice Credit Union
  • Discover® Student loans
  • Earnest
  • MEFA
  • RISLA- Rhode Island Student Loan Authority
  • Sallie Mae
  • SoFi

None of the lenders on the 2022-2023 preferred lender list are affiliated with one another.

Before You Apply

You should determine how much federal, state, and institutional aid you can receive before applying for a private education loan. Private loans may have higher interest rates than federal loans. Complete the Free Application for Federal Student Aid (FAFSA) to find out how much aid you may receive.

Private Education Loan Applicant Self-Certification Form

If you apply for a private education loan, the lender will ask you to complete the Private Education Loan Applicant Self-Certification form. The form will require financial aid figures such as the estimated Cost of Attendance (COA). You can get these figures by contacting the Financial Aid Office by phone at (203) 773-8508 or by e-mail at financial_aid@albertus.edu.

Preferred Lender Arrangement Annual Report

When the Preferred Lender Arrangement Annual Report and Department of Education model disclosure form become available, the FAO will comply with all disclosure and reporting requirements.

If you apply for a private education loan, the lender will ask you to complete the Private Education Loan Applicant Self-Certification form. The form will require financial aid figures such as the estimated Cost of Attendance (COA). You can get these figures by contacting the Financial Aid Office by phone at (203) 773-8508 or by e-mail at financial_aid@albertus.edu.

Connecticut Code Of Conduct

The Albertus Magnus College Financial Aid Office abides by the
Connecticut Code of Conduct.