Types of Financial Aid

Awarded on the basis of need by the federal government. The interest rate is set annually. The federal government pays the interest as long as the student is enrolled at least half-time. Repayment begins 6 months after the student is no longer enrolled at least half-time. For more information, check out studentaid.gov.

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 set annually. If a student chooses to allow the interest to accrue while in school or during other periods of nonpayment, it will be capitalized, meaning that the interest will be added to the principle of the loan. Repayment begins 6 months after the student borrower is no longer enrolled at least half-time. For more information, check out studentaid.gov.

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 also set annually. Unlike Subsidized and Unsubsidized loans, the parent will need to apply online at studentaid.gov in order to receive a Parent PLUS Loan. The application takes a few moments to complete and is non-binding. Additionally, if the parent is not approved for a PLUS loan, students’ receive an additional Unsubsidized Loan instead.

Students and families may borrow up to the cost of education less financial aid received annually. AIC does not endorse any particular alternative loan lender. Any alternative loan a student chooses should be based solely on student and or family research and opinion. Alternative loans and or private loans are different from federal direct loans, are not guaranteed by the government, involve a credit check, and often require a credit-worthy co-signer. AIC recommends that alternative loans be used as a last resort after utilizing all other forms of financial aid. To apply for an alternative loan, view our list of suggested lenders.

AIC has teamed up with Solutions at ECMC to answer all of your student loan repayment questions. Solutions is a service of the non-profit organization ECMC and is dedicated to helping students manage educational loans. Their resources are available to you free of charge. To contact a Solutions Student Loan Repayment Advisor, email or web chat, visit ECMC Solutions website, or call them at 1-877-331-3262.

This program provides jobs (either on or off campus) for students demonstrating financial need. Students may earn up to the amount of the work award and are paid biweekly for the number of hours worked.

Funded by AIC, 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.

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 set annually. If a student chooses to allow the interest to accrue while in school or during other periods of nonpayment, it will be capitalized, meaning that the interest will be added to the principle of the loan. Repayment begins 6 months after the student borrower is no longer enrolled at least half-time. For more information, check out studentaid.gov.

An unsubsidized federal loan program for graduate students. students may borrow up to the cost of education, less other financial aid received by the student. The interest rate is also set annually. Unlike Unsubsidized loans, the student will need to apply online at https://studentaid.gov/ in order to receive a Graduate PLUS Loan. The application takes a few moments to complete and is non-binding.

Students may borrow up to the cost of education less financial aid received annually. AIC does not endorse any particular alternative loan lender. Any alternative loan a student chooses should be based solely on student research and opinion. Alternative loans and or private loans are different from federal direct loans, are not guaranteed by the government, involve a credit check, and may require a credit-worthy co-signer. AIC recommends that alternative loans be used as a last resort after utilizing all other forms of financial aid. To apply for an alternative loan, view our list of suggested lenders.

A federal TEACH Grant is available by request for students in our School of Education (SOE). In order to qualify you must agree to and meet certain requirements regarding length of teaching, school district, and type of educator. To learn more about the TEACH Grant and if you may qualify, you can check out studentaid.gov.

There are literally thousands of private scholarships and grants out there. We recommend checking with your employer, researching local scholarships, as well as looking into foundations dedicated to student scholarships- such as the Community Foundation of Western Mass.

AIC has teamed up with Solutions at ECMC to answer all of your student loan repayment questions. Solutions is a service of the non-profit organization ECMC and is dedicated to helping students manage educational loans. Their resources are available to you free of charge. To contact a Solutions Student Loan Repayment Advisor, email or web chat, visit ECMC Solutions website, or call them at 1-877-331-3262.