Who is Eligible?

All students who have been accepted as degree-seeking individuals are eligible to apply for financial aid. Federal and state funds are awarded to U.S. citizens and permanent resident aliens, while institutional funds are awarded to these students and international students.

• Full-time enrollment, considered to be three courses taken per semester, is required for institutional funds.
• Part-time enrollment (day or evening), considered to be two courses per semester, is necessary for state grant and federal loan eligibility.

Financial aid awards are made after the offer of admission. You will be notified of your financial aid package two weeks after Albright receives your financial aid application information from the U.S. Department of Education.

How is Eligibility Determined?

A student's eligibility for financial aid is determined using the following formula:

Cost of education minus expected family contribution equals the financial need of the student.

Cost of Education: Includes tuition, fees, room, and board charges. These costs are determined each academic year by the college's Board of Trustees. In addition to these costs, students should plan to spend an additional $1,000 to $2,000 for books, transportation, and personal expenses.

Expected Family Contribution: The amount the family can contribute annually toward educational expenses, based on a federal formula mandated by congressional law. Financial data provided on the Free Application for Federal Student Aid (FAFSA) is analyzed to produce the Expected Family Contribution (EFC), which determines eligibility for federal, state, and institutional funds. The six major factors considered in calculating the EFC are student income, student assets, parental income, parental assets, number in family, and number of family members attending college.

Financial Need: The maximum amount of need-based financial assistance a student may receive. Eligibility is conveyed to the student by a financial aid award notice that lists the types and the sources of aid they are offered.

Verification of Financial Aid Data

The federal government requires all colleges to assure the accuracy of information submitted by a minimum of 30 percent of all students receiving financial aid. Albright College verifies all students selected by the federal government even if the percentage of Albright aid recipients is greater than the required 30 percent. If selected, you will receive a letter indicating you have been selected for verification and requesting that you complete an institutional verification form and return it with copies of student and parental signed federal income tax returns (including all schedules and W-2 forms). Upon receipt of the requested information, the data will be analyzed and corrected if necessary.

Funds will not be credited to a student?s account until verification has been completed, and there is a possibility that some funds will no longer be available if students and family delay the verification process.

Some states also validate the financial data of their state grant recipients. It is important to provide information to those sources as requested.