Overview: Types of Financial Aid
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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School of Education & Low Residency (EDD and Counseling Psychology) |
2022-2023 FAFSA: Fall 2022, Spring 2023, Summer 2023
2023-2024 FAFSA: Fall 2023, Spring 2024, Summer2024
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All other Programs (School of Health Sciences and School of Business, Arts, Science)
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2022-2023 FAFSA: Summer 2022, Fall 2022, Spring 2023
2023-2024 FAFSA: Summer 2023, Fall 2023, Spring 2024 |
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