TYPES of FINANCIAL AID AVAILABLE at AAMI
PELL GRANT PROGRAM
This program is for undergraduate students who are enrolled at least half-time and demonstrate financial need according to the Pell Grant Needs Analysis Formula. Maximum awards are established each year by Congress. Students may apply for the PELL Grant by using the Free Application for Federal Student Aid (FAFSA)*. After the application is processed, a Student Aid Report (SAR) will be sent to the student and AAMI. The applicant should then submit the SAR to the Office of Financial Aid for advisement and processing, http://www.fafsa.ed.gov (School Code: 010813).
GUARANTEED STUDENT LOAN PROGRAM
ROBERT T. STAFFORD SUBSIDIZED LOAN
Students who have been accepted by AAMI may apply for this loan. Financial need must be demonstrated in order to receive this loan. This will be determined after the student files a Free Application for Federal Student Aid (FAFSA). Students who receive this loan pay no interest while in school and receive a 6-month grace period upon graduating or leaving school.
ROBERT T. STAFFORD UNSUBSIDIZED LOAN
Effective October 1, 1992 the Unsubsidized Federal Stafford loan became available to all students regardless of income. Students who do not demonstrate need for a subsidized loan may apply for this loan with the difference being that the interest will not be subsidized and therefore will accumulate while the student is attending school.
Students who are designated as independent may borrow an additional unsubsidized student loan. Under certain circumstances a dependent student may be approved for this loan as well. A Free Application for Federal Student Aid (FAFSA) must be filed.
Repayment of this loan begins when the student graduates or withdraws from school unless the subsidized and unsubsidized loans are consolidated.
Parents of dependent students who are enrolled at least half-time may apply for loans under this program. This loan is made directly to the parent to be used for college expenses of the student. Parent loans carry a variable rate of interest with repayment schedule arranged with the lender.
Loan limits are described in The Student Guide for Financial Aid issued by the Department of Education every year. It can be obtained from the Financial Aid Office.
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||$6,345; 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, may not receive Direct Subsidized Loans for more than 150% of the published length of their program. Additional information on the 150% Rule for first-time borrowers is available at: https://studentloans.gov/myDirectLoan/directSubsidizedLoanTimeLimitation.action
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.
NEW YORK STATE FINANCIAL AID PROGRAMS
New York State financial assistance programs are entitlement programs and are administered by the New York State Higher Education Services Corporation, with headquarters in Albany. The applicant must be a New York State resident who is enrolled full-time and is matriculated in an approved New York post-secondary program. The Degree program in Funeral Service is registered and approved (HEGIS 5299.20).
TAP (Tuition Assistance Program) (School Code: 7952) is limited to legal residents of New York State who are matriculated at colleges and other post-secondary institutions located in New York State. A matriculated student is one who has been accepted as, and is registered as, a candidate for a degree.
To qualify as a New York State resident for New York State grants and scholarships you must:
- currently reside in New York State, be an undergraduate, and have lived in New York State for the last two terms of high school; or
- have resided in New York State for at least 12 months immediately preceding the first term for which he/she is seeking aid and have established domicile (permanent residence) in New York State; or
- have been a resident when he/she entered military service, VISTA or the Peace Corps and have re-established New York State residency within 6 months after release from such service.
The amount of the award is scaled according to net state taxable income, tuition and related fees and to the level of study. In addition, the recipient must be in good academic standing in accordance with the Commission of Education regulations and must not be in default of any guaranteed student loans.
OTHER NEW YORK STATE AWARDS
Awards available are the N.Y. State Regents Award for Children of Deceased or Disabled Veterans; the N.Y. State Regents Award for Children of Deceased Police Officers, Firefighters and Corrections Officers; the N.Y. State Regents Awards for Children of Deceased State Corrections Officers and State Civilian Employees of a Correctional Facility; Vietnam Veterans Tuition Awards; Student Aid to Native American Indians. Further information can be obtained from the Financial Aid Office.
Each State has a division of vocational and educational services operating in conjunction with their State Education Department, offering aid to qualified applicants. Eligible persons must contact their respective State vocational rehabilitation office well in advance of the desired enrollment date.
VETERANS ADMINISTRATION and DEPARTMENT OF DEFENSE EDUCATION BENEFITS
AAMI is approved to accept Tuition Assistance through the Department of Defense and to train Veterans and eligible dependents. Eligibility must be determined through direct consultation with the Department of Veterans Affairs. Applications, detailed information, and assistance in applying for benefits are available at V.A. offices.