Overview: Types of Financial Aid
Students must be admitted in order to receive financial aid. If you are taking course prior to the admissions process being completed then you will not be aid eligible until the semester that your are officially admitted to the college.
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FEDERAL DIRECT LOANS
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Direct Unsubsidized Loans
• Non-need based
• Must complete Entrance Counseling and a Master Promissory Note on www.studentaid.gov.
• Accrues interest from date of disbursement
• Payments are deferred until graduation or until a student ceases enrollment
• Can borrow up to cost of attendance or $20,500 annually, whichever is lesser
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Graduate PLUS Loans:
• Must apply and be approved on www.studentaid.gov
• Can borrow up to cost of attendance
• Student must complete a PLUS Master Promissory Note on www.studentaid.gov
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ALTERNATIVE LOANS
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• Private bank loans with varying interest rates based on credit
• Often have no loan fee
• Loan Vendor Options (or choose any loan vendor of your choice)
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TEACH GRANT
(MEd & CAGS Student Only)
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• Students must notify AIC of their interest in the Teach Grant by emailing financialaid@aic.edu
• Must complete Teach Counseling and an Agreement to Serve each year at www.studentaid.gov
• Must maintain a cumulative GPA of 3.25
• Information on who qualifies: www.studentaid.gov
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Action Items: For Federal Loans
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Which FAFSA to File:
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Student:
- FAFSA: File your FAFSA
- Loans:
- Federal Unsubsidized Loan may be offered after you file your FAFSA.
- Federal Grad Plus Loan must be requested each year.
- Requirements: If this is the FIRST time you have accepted one of the loans then you must complete the following:
- Entrance Counseling
- MPN (Master Promissory Note): Each loan has an MPN and you must complete one for each loan
- TEACH Grant contact the Financial Aid Office about this loan for educators
STUDENTAID.GOV
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For the Fall 2024 and Spring 2025:
File the 2024-2025 FAFSA
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