APPLYING FOR FINANCIAL AID
Students must complete the Free Application for Federal Student Aid (FAFSA) annually each year. Financial Aid is determined by the information provided on the FAFSA. If students are selected for verification, they will receive an email asking them to make corrections online to their FAFSA or provide verification documents. AAMI cannot award aid until all the requested corrections are completed or all documentation has been verified. See Verification Process section for more details.
To complete the FAFSA, students will need the following documents:
- Student’s Federal Income Tax Return
- Parent’s Federal Income Tax Return (dependent students only)
- Student’s W2s
- Parent’s W2s (dependent students only)
- Parent’s social security number, birth date, marital status and date of marriage (dependent students only)
- Amounts of any additional income received in an entire year, such as child support, social security, welfare benefits, etc.
Students submitting FAFSAs to AAMI will receive two separate replies after submitting this application.
- From the U.S. Department of Education, the students will receive a Student Aid Report (SAR).
- From AAMI, students will receive an email to their personal email account explaining the next steps.
Please keep in mind that the complete financial aid process may require additional paperwork and/or actions by the student to offer the best financial aid package possible. Additional reminders may be sent from AAMI to obtain required documentation to complete Verification.
FINANCIAL AID DEADLINE POLICY
Students should submit their financial aid application as early as possible. Students who are utilizing financial aid to pay for their tuition must submit the proper applications no later than 3 weeks prior to the start date of the semester in which they are enrolling.
The deadline for financial aid for a semester that has already expired is June 30 of the school year in question.
ACADEMIC ELIGIBILITY FOR FINANCIAL AID
In order to maintain eligibility for financial aid, all students who receive financial aid from the federal and or state government are required to meet specific standards of academic progress (total number of credits passed and the student’s grade point average in a specific semester). The Financial Aid office maintains current records on all students receiving financial aid and monitors their eligibility for such aid. More detailed information is available through the Financial Aid Office and the links below.
|For Federal Aid||www.fafsa.ed.gov|
|To find your home state website||www.fafsa.com/statedeadlines|
|For New York State||www.HESC.com|
|Free financial aid and financial literacy services||www.mapping-your-future.org|
|Direct Student Loans||http://dlenote.ed.gov/empn/index.jsp|
FEDERAL FINANCIAL AID ELIGIBILITY REQUIREMENTS
To be eligible for financial aid consideration, a student must meet the following requirements:
- Demonstrate financial need (for most aid programs);
- Be a U.S. citizen or an eligible noncitizen;
- Have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
- Registered with Selective Service;
- required if you’re a male (you must register between the ages of 18 and 25)
- Be admitted to the AAMI associate degree program;
- Enrolled at least half-time (6 credit hours/semester) for Direct Loan Program eligibility;
- Maintain Satisfactory Academic Progress;
- Sign the certification statement on the Free Application for Federal Student Aid (FAFSA) stating that:
- You are not in default on a federal student loan and do not owe money on a federal student grant and
- You will use federal student aid only for educational purposes; and
- Show you’re qualified to obtain a college education by
- Having a high school diploma or a recognized equivalent such as a General Educational Development (GED) certificate;
- Completing a high school education in a homeschool setting approved under state law (or—if state law does not require a homeschooled student to obtain a completion credential—completing a high school education in a homeschool setting that qualifies as an exemption from compulsory attendance requirements under state law).
SATISFACTORY ACADEMIC PROGRESS AND MAINTAINING FINANCIAL AID ELIGIBILITY
The American Academy McAllister Institute (AAMI) monitors the academic progress of all federal student aid recipients after each semester to ensure continued eligibility for all federal aid programs.
THE SATISFACTORY ACADEMIC PROGRESS (SAP) APPEAL PROCESS
Students who experienced an extenuating circumstance that prevented successful completion of courses may submit a SAP appeal to be re-considered for federal aid eligibility. Examples of extenuating circumstances include injury or illness, death or injury of a relative, or any other unforeseen, documented circumstance.
REINSTATEMENT OF FINANCIAL AID
A student that is ineligible to receive federal aid as a result of not meeting the minimum SAP standards, and one that did not file a successful appeal, will be included in the SAP evaluation at the end of a subsequent term of enrolment if AAMI has received a federally processed Free Application for Federal Student Aid (FAFSA) application for the corresponding award year.
TYPES OF FINANCIAL AID AVAILABLE AT AAMI
AAMI offers many forms of financial aid to our students including:
Pell Grant Program, Guaranteed Student Loan Program, Robert T. Stafford Unsubsidized Loan, Plus Loan, Federal Grants, New York State Financial Aid Programs, Other New York State Awards, Vocational Rehabilitation, Veterans Administration and Department of Defense Education Benefits
ATTENDANCE POLICY FOR FEDERAL FINANCIAL AID
To receive credit in an AAMI course, a student must attend at least 80% of all scheduled hours. In addition to AAMI’s standard attendance expectations, Federal regulations also require that students establish attendance or participation in their courses each term to be eligible for federal financial aid.
FINANCIAL AID VERIFICATION
Federal verification is a process whereby institutions are required by the U.S. Department of Education (ED) to verify the accuracy of information provided on a student’s FAFSA in an effort to assure federal aid is awarded to those who are eligible.
WITHDRAWAL AND RETURN OF TITLE IV FUNDS (R2T4)
AAMI awards federal financial aid, also known as Title IV funds, with the assumption students will attend the courses for which the funds were awarded. When students withdrawal, drop out, are dismissed, or take a leave of absence after beginning attendance, a calculation is required to determine if the federal aid for which the student was previously eligible needs reduced based on the date of withdrawal.