FINANCIAL AID APPLICATION PROCESS
Before a student can be considered for financial aid, she/he must first be accepted to Allen College. Any financial aid applicant in default for previous educational loans shall not be granted federal or state assistance regardless of financial need.
Step 1: Completion of the Free Application for Federal Student Aid (FAFSA).
The FAFSA should be submitted as soon as possible after October 1 prior to the upcoming academic term. This application will determine financial need by providing an analysis of a family's financial condition by using the following items:
- Family income and asset
- Family net worth
- Family size
- The number of family members in college
- Other pertinent information
The amount of financial aid for which students are eligible depends on financial need as determined by the FAFSA processor. Eligibility is defined by the Department of Education as the difference between the cost of going to college (set as a standard cost by the school) and the amount students and/or their families can afford to contribute toward the cost of education (as measured by the FAFSA). This difference (remaining need) is the amount the Financial Aid Office attempts to meet through various need based financial aid programs.
If you plan to borrow federal direct student or parent loans while attending Allen College and you have not borrowed a direct loan at another college, you may go to the direct loan website (www.studentloans.gov) and complete the master promissory note and loan entrance counseling at any time. Completing this early will assist us later in the financial aid process.
Step 2: Verification
During the verification process the Financial Aid Office will request supporting documentation via email to verify information submitted on the original application for aid (FAFSA). If your FAFSA is selected for verification, you will receive a request via email to verify specific data items. This process is required by federal regulation and those selected are done so at random by the federal processor. The more quickly you respond to information requests, the more quickly the process of verification can be completed.
Step 3: Notification of Awards
Each admitted student who has submitted the requested documentation will then receive an award letter identifying the type and amount of financial aid offered. Your award letter will arrive as an email attachment to your Allen College email address. Generally, students are notified in the spring or early summer about awards for the following summer, fall, and spring academic semesters. Signing and returning your award letter is necessary before any loan funds will be disbursed and/or credited to your student account.
Step 4: Disbursement of Financial Aid
Students should be ready to pay any preliminary expenses (i.e. books and supplies) regardless of their financial aid awards. Loan and grant funds are not always readily available prior to the beginning of school. The purchase of books should not be delayed until the receipt of financial aid. Grants and loans will first be applied toward any and all outstanding Allen College tuition and fees. Most funds are credited in two disbursements, at the beginning of each term or semester. If the student has been awarded financial aid funds exceeding the amount of monies owed to Allen College, a refund check will be issued within two weeks. This refund check must then be used to pay any outstanding bills at any other college you may be attending in conjunction with Allen College, and any other expenses related to your education (books, transportation, living and personal expenses).
Step 5: Refunds and Repayments of Financial Aid
Graduation, withdrawal from the program, or failure to enroll on at least a half-time basis (6 credit hours for undergraduate students; 4 credit hours for graduate students; 3 credit hours for doctoral students) during a semester requires you to begin loan repayment after a six-month grace period, for any federal educational loans. Each student must complete an exit interview at www.studentloans.gov to understand your rights and responsibilities for repaying loans.
Students electing to withdraw from a course or from Allen College may be granted a tuition refund if they adhere to the withdrawal procedure. (Allen College Refund Policy)
Assistance at Other Institutions
You can only receive financial aid at one college at a time. Students of Allen College, while taking classes at any other college should have the Financial Aid Office at Allen College process your student financial aid since Allen College will be granting your degree.
Satisfactory Academic Progress
Student financial aid eligibility also depends on academic performance. Students not maintaining satisfactory academic progress as defined by the academic program of attendance while at Allen College may lose their eligibility for federal and institutional student aid. See the Allen College Policy Library for specific program details about satisfactory academic progress.
In most cases, only students who are U.S. citizens, permanent residents, or eligible non-citizens may apply for financial assistance.
For most types of aid, students must be enrolled at least half time (6 credit hours for each of the fall and spring semester for undergraduate students; 4 credit hours for graduate students; 3 credit hours for doctoral students) in order to receive financial aid. Enrolled hours will be classified as those hours taken concurrently at Allen College and other colleges as long as a consortium agreement has been completed and returned to Allen College.
A student must report any funds received from outside sources such as grants, scholarships, tuition assistance, military benefits, etc. Though not based on need, these funds will become part of the student’s overall financial aid package.
If there is any change in enrollment a student must inform the college of this change in writing. The financial aid package will be revised in accordance with the awarding guidelines.
A student must respond to any requests for information that are sent by the college. Failure to comply with such requests will delay processing of a student’s financial aid award.
Policies and procedures change from year to year. Student have the right to understand the entire process, and are encouraged to ask questions. Additional information is available in the Financial Aid Office.
For financial aid questions, please contact the Allen College Financial Aid Office at FinancialAid@allencollege.edu or (319) 226-2514.