Financial Aid Frequently Asked Questions

For traditional undergraduate students and Accelerated Degree Program students, funds are divided and disbursed equally between the fall and spring semester. If you plan on enrolling in the summer module, you must notify the financial aid office to determine your eligibility for that module. The Financial Aid Office confirms that a student has registered and attended all courses prior to disbursing any funds. Disbursements occur approximately 3 weeks after the term has started.

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.

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.

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).

Information regarding Federal Pell Grant funds can be found on the U.S. Department of Education's Federal Student Aid page.

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.

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.

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.

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.

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

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.

Yes, both parents should be included on the FAFSA.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

You can utilize a Repayment Estimator to estimate your monthly federal student loan payments under each repayment plan.