Important Criteria Regarding Financial Aid Programs

Defining an Academic Year:
An academic year at Mount Aloysius College consists of thirty (30) weeks (fifteen (15) weeks for the fall semester and fifteen (15) weeks for the spring semester) of instructional time that begins on the first day of classes and ends on the last day of classes. During this period, a full-time student is expected to complete a minimum of twenty-four (24) credits. (See additional requirements under Federal Stafford Loan Grade Level Advancement). Our academic year is classified as a Scheduled Academic Year. This means that the school term begins at about the same time each year and that the year is divided into two standard terms (fall and spring).

Federal Pell Grant:
In order to meet the full-time enrollment criteria for the Federal Pell Grant , a student must enroll in at least twelve (12) credits per semester. Other criteria apply to students who are enrolled on a part-time basis. Enrollment in nine (9) to eleven (11) credits per semester is classified as a three-quarter time student, six (6) to eight (8) credits per semester is half-time and five (5) credits or less per semester is less than half-time enrollment. IF A STUDENT’S CREDIT LOAD DROPS BELOW TWELVE (12) CREDITS AT ANY TIME WITHIN A TERM, THE COLLEGE WILL RECALCULATE HIS OR HER PELL GRANT AWARD BASED ON THE NEW ENROLLMENT STATUS. THE STUDENT WILL ALSO LOSE THEIR FWS, ACG, AND SMART GRANT.

PHEAA State Grant:
In order to meet the full-time enrollment criteria for the PHEAA State Grant , a student must enroll in at least twelve (12) credits, six (6) of which must be regular credits (credits counted toward your graduation requirements).

While enrolled in college, PHEAA will award students a maximum of eight (8) semesters worth of State Grant Assistance. Students enrolled full-time in a declared major leading to an associate degree are entitled to receive grants for a maximum of four (4) semesters. Students enrolled full time in a declared major leading to a baccalaureate degree are entitled to receive an additional four (4) semesters of grant assistance.

The availability of funds from institutional, state and federal agencies is tentative at the time awards are made. Mount Aloysius cannot guarantee substitute awards if anticipated sources of aid do not materialize.

PHEAA State Grants for part-time students (6-11credits) and full-time degree completion students must be calculated according to the actual number of credits enrolled and actual tuition plus fees.

CAUTION: Early PHEAA award notifications are subject to change once actual tuition and fee charges are reported to PHEAA. Please contact the Financial Aid Office for further information.

Federal Subsidized/Unsubsidized Loan:
Each student must complete a Master Promissory Note or MPN. The MPN serves as your request for Mount Aloysius College to process a subsidized and/or unsubsidized Federal Stafford Loan . By signing the note, you agree to repay the loan with interest according to the terms included in the note. The MPN is valid for ten (10) years from the date you first sign it. Each year, your financial aid award letter will automatically include the full amount of a subsidized Stafford Loan you are eligible for based on the number of credits you have earned. The award letter will afford you the opportunity to decline this loan if you wish. However, if you do not indicate your decline of the loan on the award letter, your loan will be officially processed by the Financial Aid Office. If you are an independent student and have not been packaged to include the unsubsidized portion of your loan, you must contact the Financial Aid Office to request the additional unsubsidized loan be processed.

When requesting a Stafford Loan for the Summer Session, it is important to note the summer session is used as a “leader” in determining your loan eligibility for the following fall/spring semesters. You must complete a form at the Financial Aid Office indicating the amount you wish to receive in a Stafford Loan for the summer session. A loan will not be processed for the summer session without this form on file.

The amount you borrow for the summer session takes away from what you can borrow for the fall/spring. For example: a first-year student who has never attended college can borrow a maximum of $3,500 under the Federal Subsidized Stafford Loan Program. If that student borrowed $500 for the summer session, he or she may borrow the difference between $3,500 minus the $500 for the fall/spring semesters ($3,000).

When a student is enrolled in his or her final semester of college and will graduate at the end of the semester, the Federal Government requires the College to prorate the student’s loan eligibility for that semester. Please contact the Financial Aid Office regarding the amount for which you may be eligible.