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MAKING AIC
AFFORDABLE

Sources

Sources of Financial Aid

American International offers a comprehensive aid program consisting of need-based and merit-based financial assistance. In addition to institutional programs, AIC also administers federal and state aid programs. These programs are in the form of grants, low-interest loans, and work opportunities for those students who meet established eligibility criteria.

Currently, 85% of the student body benefits from the financial aid programs at AIC.

Grants and Scholarships

Grants and Scholarships do not require repayment.

Academic Scholarships: Awarded to first-year students with strong academic records. The Admissions Office is responsible for selecting recipients based upon established academic criteria.

American International College Grants: Institutional funds awarded to full-time, undergraduate students who demonstrate financial need.

Federal Pell Grants: Federal funds awarded to students who demonstrate high need. Awards are determined through the FAFSA.

Federal Supplemental Educational Opportunity Grant: Federal funds awarded to the neediest students.

State Scholarships/Grants: Awards are offered by a student's state of legal residence and are awarded based on the state's eligibility requirements. Contact your State Scholarship Agency or high school guidance office for application information..

Loans

Loans must be repaid by the borrower

Federal Perkins Loan: Federal loan awarded to students demonstrating need. Repayment of the principle(and 5% simple interest) begins 9 months after the student borrower is no longer enrolled at least half-time.

William D. Ford, Federal Subsidized Direct Loan: Federal loan awarded on the basis of need. The interest rate is variable and is set annually, but is capped at 8.25%. The federal government pays the interest while the student is enrolled at least half-time. Repayment begins 6 months after the student ceases to be enrolled at least half-time. Repayment can extend up to ten years.

William D. Ford, Federal Unsubsidized Direct Loan: Federal loan available to students who do not qualify on the basis of need. Students are charged interest from the time the loan is disbursed until it is paid in full. The interest rate is variable and is set annually, but is capped at 8.25%. If a student chooses to allow the interest to accrue while in school or other periods of nonpayment, it will be "capitalized"-that is, the interest will be added to the principle of the loan. Repayment of loan begins 6 months after the student borrower ceases to be enrolled at least half-time. Repayment can extend up to ten years.

PLUS Loans: An unsubsidized federal loan program for parents of dependent undergraduates. Parents may borrow up to the cost of education less other financial aid received by the student. The interest rate is variable and set annually based upon the 52-week Treasury bill plus 3.1%.

Alternative Loans: Students and families may borrow up to the cost of education less financial aid received annually. American International College does not endorse any alternative loan lenders. The alternative loan a student chooses must be based solely on student and or family research and opinion. Alternative loans and or Private loans are different from Federal Direct Loans. They are not guaranteed by the government and require a credit check and often times a credit worthy co-signer is required. Alternative loans should be used as a last resort after utilizing all other forms of financial aid.

Work Programs

Work programs consist of part-time job opportunities.

Federal Work-Study: Federal program that provides jobs for students demonstrating financial need. Jobs may be on- and off-campus. Students may "earn" up to the amount of the work award and are paid biweekly for the number of hours worked. Wages earned are meant to help students defray educational expenses.

Institutional Employment: Funded by the college, this employment program offers part-time jobs on-campus. Students are paid biweekly for the number of hours worked. Students do not need to exhibit financial need in order to work under this program.

Graduate Students

Financial assistance is available to graduate students in the form of unsubsidized Federal Direct Loans. Qualified graduate students are eligible to borrow up to $20,500 in student loans to cover tuition and living expenses

AMERICAN INTERNATIONAL COLLEGE | 1000 State Street | Springfield MA 01109 | 800.242.3142 | TRANSFORMING LIVES SINCE 1885

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