Financial Aid Frequently Asked Questions

How often will my financial aid funds disburse?
For Undergraduate students and Accelerated Degree Program students, funds are divided and disbursed equally between the fall and spring semesters. The Financial Aid Office confirms that a student has attended all classes they are registered for prior to disbursing any funds. Disbursements happen approximately the first week of classes and will occur throughout the semester as necessary.

Why do I have an “out of pocket” or a bill if I have financial aid?
The Financial Aid Office awards a student his/her maximum financial aid eligibility every academic year but at times tuition and fees exceed the student's award amount. Students are responsible for the educational expenses that exceed their award.

Do I need to renew my Financial Aid each year?
Yes. Students must renew their FAFSA each year. Priority deadline for returning students is April 15 to receive his/her maximum award offer. Students must also submit all required documents by the deadline provided by the Financial Aid Office. Renewal notices are sent to students via email and post mail. It is important to check your Albertus email for updates. Failure to renew in a timely matter may result in loss of financial aid and a bill for your courses in full that you are responsible for.

Can I view my missing Financial Aid Documents online?
Yes, you can view your financial aid information, including your missing documents, online using Net Partner. To create your account, click “First Time Users” in the log in section. You will need to use your seven-digit Student ID number and must enter your date of birth in the month/day/four-digit year format (i.e. 1/1/1990).

Where can I find information about the Federal Pell Grant?
Information regarding Federal Pell Grant funds can be found on the U.S. Department of Education's Federal Student Aid page.

Why did I not receive Federal Work-Study?
Federal Work-Study funds are limited and priority is given to existing students who have already participated in the Federal Work-Study Program. If you are interested in receiving Federal Work-Study, you can contact the Financial Aid Office or place yourself on the Federal Work-Study Waitlist on the myAlbertus Portal. Please note that placement on the Waitlist does not guarantee employment.

How do I know if I have a credit on my account?
Credits on your account have a negative sign in front of the number. Viewing your online statement is the best way to see if you have a credit. To view your statement, log into the myAlbertus Portal, click on "My Account/Web Services," click on "User Account," and then click on "View my Statement." Questions about your statement and/or credit should be directed to the Business Office.

What is a FAFSA?
The Free Application for Federal Student Aid (FAFSA) is the first step in the financial aid application process and helps determine a student’s Student Aid Index (SAI) and financial Need. This application needs to be completed for each year that a student is enrolled. The results will be sent electronically to the Colleges indicated by the student. Albertus school code is 001374. The FAFSA opens annually on October 1st of each year.

How do I apply for a FSA ID?
All students completing the FAFSA for the first time must apply for an FSA ID. Once activated, the FSA ID will be needed for every FAFSA submission as well as for Entrance Loan Counseling and the Master Promissory Note (MPN). Parents of dependent undergraduate students must also apply for an FSA ID.

Is there a FAFSA Tutorial?
Yes! The Department of Education has created a helpful FAFSA Tutorial.

What is an SAI?
The Student Aid Index, or SAI, is a number that is used to determine a student’s eligibility for federal, state, and aid from the College. This number is calculated from the information inputted into the FAFSA and is used to help determine how much need-based aid for which the student will be eligible.

Should both of the student's parents be reported on the FAFSA if they are not married but living together?
Yes, both parents should be included on the FAFSA.

What if my parent does not have a Social Security Number (SSN)?
If your parent does not have a SSN, you must indicate that on the FAFSA application. Your parent will be able to contribute to your FAFSA even if they do not have a SSN.

I completed my FAFSA, why are you requesting more documents?
Students interested in receiving federal student loans must complete the Master Promissory Note (MPN) and Entrance Loan Counseling. Additionally, if a student is selected for Verification, or has a Correction-Flag on their FAFSA, he/she must submit additional documentation.The Financial Aid Office will notify a student if any additional information or documents are needed to complete the student's financial aid file. All missing documents must be submitted by the published deadline.

What is Verification?
Verification is the process by which the information disclosed on a FAFSA is compared to the student's tax information. Students are selected for Verification by the Department of Education. All students selected are verified by the Financial Aid Office.

How do I obtain my Tax Return Transcript?
Students who are selected for Verification and who did not use the IRS Data Retrieval Tool (DRT) when completing the FAFSA must request their Tax Return Transcript from the IRS at either www.irs.gov or at 1 (800) 908-9946. There is a “Get Transcript” option at www.irs.gov which allows the student or parent to create an account and view and print their Tax Return Transcript immediately.

I applied for financial aid, why did I receive loans?
Students are awarded according to their financial need and eligibility. The Federal Government considers both loans and grants to be financial aid. The financial aid office offers students to their maximum eligibility all financial aid opportunities available to them. If students do not want loans should put that in writing and send it to the financial aid office.

How do I apply for loans?
Students who submit a FAFSA and are determined eligible for loans will be asked to complete a Master Promissory Note (MPN) and Entrance Loan Counseling. Students interested in applying for alternative loans should visit Elm Select for a list of lenders. Parents interested in applying for a Parent PLUS Loan may complete the application at StudentAid.gov.

What is the difference between Unsubsidized Loans and Subsidized Loans?
Federal Direct Unsubsidized Loans accrue interest while the student is enrolled at least half-time that the student is responsible for paying back. Federal Direct Subsidized Loans the accrue no interest while the student is enrolled at least half-time. Interest will start accruing upon graduation or ceases enrollment.

When do I start paying back my loans?
Students who graduate, leave school, withdraw, or drop below half-time enrollment have a six month grace period before they are required to go into repayment.

Which loans am I responsible for repaying?
Students are responsible for all Federal Direct Subsidized and Unsubsidized Loans, and any borrowed alternative loans taken out in their name. Parents are only responsible for educational loans if they borrow a Federal Direct Parent PLUS Loan. Co-signers carry a shared responsibility for repaying alternative loans.

What is a Parent PLUS Loan?
A Federal Direct Parent PLUS Loan is a federal loan for which parents of dependent undergraduate students can apply and use to help pay the student’s educational expenses.

Can my parent apply for a Parent PLUS Loan if they have a "credit freeze"?
Parents who have a "credit freeze" with the credit bureaus will need to release the freeze prior to applying for a PLUS Loan as a credit check is required.

Can I start paying back my loans before my six month grace period is over?
Yes, and early repayment is encouraged. Students can contact their loan servicer directly to make payment arrangements at any time. Students can visit the National Student Loan Data System (NSLDS) website, https://studentaid.gov, for lender contact information and to see a breakdown of all federal loans.

How much will my monthly loan payments be?
You can utilize a Repayment Estimator to estimate your monthly federal student loan payments under each repayment plan.