Types of Financial Aid | American International College

Types of Financial Aid | American International College

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AIC presents a complete support program consisting of each need-based and merit-based monetary help. This permits us to offer a high quality, reasonably priced training to all students who want to attend faculty. And it’s a giant a part of who we’re as an establishment.

We additionally administer grants, low-interest loans, and work-study alternatives for students who meet established eligibility standards. And we’re devoted to creating the method of making use of for monetary support as straightforward as doable. If you have got questions or want help, our monetary support counselors are right here to assist. Read on to seek out out the place monetary support comes from.

 

Undergraduate Grants and Scholarships

Grants and scholarships are awarded based mostly on each want and advantage, and are basically free cash for students who meet eligibility necessities. Below is a pattern choice of grants and scholarships that AIC students have utilized for and been awarded up to now:

Academic Merit Scholarships

Awarded to full-time undergraduate students. The Admissions Office is answerable for choosing recipients based mostly upon established tutorial standards.

AIC Grants

Awarded to full-time, undergraduate students who display monetary want.

Federal Pell Grants

Federal funds awarded to undergraduate students who display excessive want. Award quantities are decided via the FAFSA.

Federal Supplemental Educational Opportunity Grant

Awarded by the federal authorities to students with probably the most monetary want as decided by the FAFSA.

State Scholarships/Grants

Awarded by a student’s state of authorized residence, based mostly on the state’s eligibility necessities. Undergraduate students residing within the state of Massachusetts should submit their FAFSA previous to May 1st to be able to be thought of for the Mass Grant. Other states could have completely different deadlines, so we recommend checking with your house state as early as doable.

Private Scholarships/Grants

There are actually 1000’s of personal scholarships and grants on the market. We suggest checking together with your High School Guidance Department for native scholarships, in addition to researching foundations devoted to student scholarships- such because the Community Foundation of Western Mass.

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Undergraduate Student Loans

Unlike grants, loans are funds borrowed by a student and/or his/her dad and mom, and should be repaid with curiosity. Below is a choice of in style loans:

William D. Ford, Federal Subsidized Direct Loan

Awarded on the idea of want by the federal authorities. The rate of interest is about yearly. The federal authorities pays the curiosity so long as the student is enrolled a minimum of half-time. Repayment begins 6 months after the student is not enrolled a minimum of half-time. For extra data take a look at studentaid.gov

William D. Ford, Federal Unsubsidized Direct Loan

Federal loan accessible to students who don’t qualify on the idea of want. Students are charged curiosity from the time the loan is disbursed till it’s paid in full. The rate of interest is about yearly. If a student chooses to permit the curiosity to accrue whereas in class or throughout different intervals of nonpayment, it will likely be capitalized, which means that the curiosity shall be added to the precept of the loan. Repayment begins 6 months after the student borrower is not enrolled a minimum of half-time. For extra data take a look at studentaid.gov

Parent PLUS Loans

An unsubsidized federal loan program for folks of dependent undergraduates. Parents could borrow as much as the price of training, much less different monetary support acquired by the student. The rate of interest can be set yearly. Unlike Subsidized and Unsubsidized loans, the guardian might want to apply on-line at studentaid.gov to be able to obtain a Parent PLUS Loan. The utility takes a number of moments to finish and is non-binding. Additionally, if the guardian shouldn’t be accredited for a PLUS loan, students’ obtain an extra Unsubsidized Loan as an alternative.

Alternative Loans

Students and households could borrow as much as the price of training much less monetary support acquired yearly. AIC doesn’t endorse any specific different loan lender. Any different loan a student chooses must be based mostly solely on student and or household analysis and opinion. Alternative loans and or personal loans are completely different from federal direct loans, aren’t assured by the federal government, contain a credit verify, and sometimes require a credit-worthy co-signer. AIC recommends that different loans be used as a final resort after using all different types of monetary support. To apply for another loan, view our checklist of recommended lenders.

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Student Loan Repayment

AIC has teamed up with Solutions at ECMC to reply your whole student loan reimbursement questions. Solutions is a service of the non-profit group ECMC and is devoted to serving to students handle instructional loans. Their assets can be found to you freed from cost. To contact a Solutions Student Loan Repayment Advisor, e mail or net chat, go to ECMC Solutions web site, or name them at 1-877-331-3262.

 

Undergraduate and Graduate Work Programs

Work applications enable students to tackle part-time jobs whereas they’re enrolled at AIC. Some work-study applications embrace:

Federal Work-Study

This program gives jobs (both on or off campus) for students demonstrating monetary want. Students could earn as much as the quantity of the work award and are paid biweekly for the variety of hours labored.

Institutional Employment

Funded by AIC, this employment program presents part-time jobs on campus. Students are paid biweekly for the variety of hours labored. Students don’t must exhibit monetary want to be able to work underneath this program.

 

Graduate Financial Aid Programs

William D. Ford, Federal Unsubsidized Direct Loan:

Federal loan accessible to students who don’t qualify on the idea of want. Students are charged curiosity from the time the loan is disbursed till it’s paid in full. The rate of interest is about yearly. If a student chooses to permit the curiosity to accrue whereas in class or throughout different intervals of nonpayment, it will likely be capitalized, which means that the curiosity shall be added to the precept of the loan. Repayment begins 6 months after the student borrower is not enrolled a minimum of half-time. For extra data take a look at studentaid.gov

Graduate PLUS Loans:

An unsubsidized federal loan program for graduate students. students could borrow as much as the price of training, much less different monetary support acquired by the student. The rate of interest can be set yearly. Unlike Unsubsidized loans, the student might want to apply on-line at studentloans.gov to be able to obtain a Graduate PLUS Loan. The utility takes a number of moments to finish and is non-binding.

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Alternative Loans

Students  could borrow as much as the price of training much less monetary support acquired yearly. AIC doesn’t endorse any specific different loan lender. Any different loan a student chooses must be based mostly solely on student  analysis and opinion. Alternative loans and or personal loans are completely different from federal direct loans, aren’t assured by the federal government, contain a credit verify, and will require a credit-worthy co-signer. AIC recommends that different loans be used as a final resort after using all different types of monetary support. To apply for another loan, view our checklist of recommended lenders.

TEACH Grants

A federal TEACH Grant is accessible by request for students in our School of Education (SOE). In order to qualify you could comply with and meet sure necessities concerning size of educating, faculty district, and sort of educator. To study extra in regards to the TEACH Grant and for those who could qualify you’ll be able to take a look at studentaid.gov

Private Scholarships/Grants

There are actually 1000’s of personal scholarships and grants on the market. We suggest checking together with your employer, researching native scholarships, in addition to trying into foundations devoted to student scholarships- such because the Community Foundation of Western Mass.

Student Loan Repayment

AIC has teamed up with Solutions at ECMC to reply your whole student loan reimbursement questions. Solutions is a service of the non-profit group ECMC and is devoted to serving to students handle instructional loans. Their assets can be found to you freed from cost. To contact a Solutions Student Loan Repayment Advisor, e mail or net chat, go to ECMC Solutions web site, or name them at 1-877-331-3262.

 

 

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