TYPES OF FEDERAL FINANCIAL AID AVAILABLE AT AAMI
Students attending AAMI may be eligible for financial assistance from a number of sources. Some are federal, others are state programs. It is strongly recommended that applicants secure all available information and required forms from the Financial Aid Office prior to enrollment in order to obtain maximum financial assistance. Since this office maintains current information concerning various aid programs, specific questions should be addressed directly to the Financial Aid Officer.
|Name of Aid||Type of Aid||College Expenses Covered||Annual Limits||Special Requirements|
|Federal Pell Grant||Grant||Tuition; fees; books; educational expenses||$6,495 award amount based on need and determined by EFC||Student may not have a bachelor’s or advanced degree *Subject to lifetime limits|
|Federal Direct Subsidized & Unsubsidized Loans||Loan||Tuition; fees; books; educational expenses||Dependent: $5,500 – No more than $3,500 may be in subsidized loans; 2nd year dependent limit $6,500 with no more than $4,500 in subsidized Independent: $9,500 – No more than $3,500 may be in subsidized loans; 2nd year independent limit $10,500 with no more than $4,500 in subsidized Actual award amounts based on Cost of Attendance and subsidized portions determined by EFC||Enroll in at least 6 credit hours Complete online entrance counseling Complete online master promissory note **Subject to lifetime limits All loans MUST be repaid|
|***Federal Parent PLUS Loan (Dependent Students Only)||Loan||Tuition; fees; books; educational expenses||Parents may borrow up to the Cost of Attendance less any other aid the student receives||Enroll in at least 6 credit hours Complete online parent loan application Complete online master promissory note All loans MUST be repaid|
- * A student can receive the Pell Grant only up to 12 full-time semesters or the equivalent.
- ** Lifetime Direct Loan Limits: Dependent – $31,000 with no more than $23,000 in subsidized; Independent – $57,500 with no more than $23,000 in subsidized.
- *** Dependent students whose parents are unable to obtain a PLUS Loan may be eligible for additional Stafford Loan amounts.
All federal loans must be repaid. Repayment begins six (6) months after a student’s enrollment drops below six (6) credit hours, including students attending part-time, graduating, and withdrawing. Additional information regarding loan repayment and required exit counseling is available at: https://studentaid.ed.gov/sa/repay- loans/understand
All loans require the completion of a Master Promissory Note, as well as Entrance Counseling. Both requirements are completed online at https://studentaid.gov/ and can be found under the “Complete Aid Process” section of the website. Students will need their FSA ID and Password to complete these requirements.
Contact the financial aid office with any questions regarding federal aid.
Students who are first-time borrowers on or after July 1, 2013 were subject to statutory requirements that have limited a first-time borrower’s eligibility for Direct Subsidized Loans to a period not to exceed 150% of the length of the borrower’s educational program. In addition, under certain conditions, the requirements have caused first-time borrowers who have met or exceeded the 150% limit to lose the interest subsidy on their Direct Subsidized Loans.
The FAFSA Simplification Act, part of the Consolidated Appropriations Act, 2021 (Public Law 116-260) provides for a repeal of the 150% Subsidized Usage Limit Applies (SULA) requirements. Additional information on the 150% Direct Subsidized Loan Limit is available at: https://fsapartners.ed.gov/knowledge-center/topics/150-percent-direct-subsidized-loan-limit-information
Important Note: Aid received at another institution may affect the amount of aid a student is eligible for at AAMI and it is the responsibility of the student to only accept aid for which he or she is eligible with regard to annual limits. Students should contact the Financial Aid Office with any questions concerning aid amounts and eligibility.
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.
There are many ways to establish attendance. The following examples of academically related activities may constitute attendance in a course; however, this is not an exhaustive list of activities:
- Physically attending a class where there is an opportunity for direct interaction between the instructor and students;
- Submitting an academic assignment;
- Taking an exam, an interactive tutorial or computer-assisted instruction; or
- Participating in an online discussion about academic matters.
The following list of activities do not qualify as activities where attendance can be established because they are not academic-related activities:
- Logging into an online class without active participation; or
- Participating in academic counseling or advisement.