Types of Financial Aid

AIC offers a comprehensive aid program consisting of both need-based and merit-based financial assistance. This allows us to provide a quality, affordable education to all students who wish to attend college. And it’s a big part of who we are as an institution.

We also administer grants, low-interest loans, and work-study opportunities for students who meet established eligibility criteria. And we’re dedicated to making the process of applying for financial aid as easy as possible. If you have questions or need assistance, our financial aid counselors are here to help. Read on to find out where financial aid comes from.

 

Undergraduate Grants and Scholarships

Grants and scholarships are awarded based on both need and merit, and are essentially free money for students who meet eligibility requirements. Below is a sample selection of grants and scholarships that AIC students have applied for and been awarded in the past:

Academic Scholarships

Awarded to full-time undergraduate students. The Admissions Office is responsible for selecting recipients based upon established academic criteria.

AIC Grants

Awarded to full-time, undergraduate students who demonstrate financial need.

Federal Pell Grants

Federal funds awarded to undergraduate students who demonstrate high need. Award amounts are determined through the FAFSA.

Federal Supplemental Educational Opportunity Grant

Awarded by the federal government to students with the most financial need as determined by the FAFSA.

State Scholarships/Grants

Awarded by a student’s state of legal residence, based on the state’s eligibility requirements. Undergraduate students residing in the state of Massachusetts must submit their FAFSA prior to May 1st in order to be considered for the Mass Grant. Other states may have different deadlines, so we suggest checking with your home state as early as possible.

Private Scholarships/Grants

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

 

Undergraduate Student Loans

Unlike grants, loans are funds borrowed by a student and/or his/her parents, and must be repaid with interest. Below is a selection of popular loans:

William D. Ford, Federal Subsidized Direct Loan

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

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 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

Parent 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 also set annually. Unlike Subsidized and Unsubsidized loans, the parent will need to apply online at studentloans.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.

Alternative Loans

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.

 

Undergraduate and Graduate Work Programs

Work programs allow students to take on part-time jobs while they are enrolled at AIC. Some work-study programs include:

Federal Work-Study

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.

Institutional Employment

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.

 

Graduate Financial Aid Programs

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 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

Graduate PLUS Loans:

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 studentloans.gov in order to receive a Graduate PLUS Loan. The application takes a few moments to complete and is non-binding.

Alternative Loans

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.

TEACH Grants

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

Private Scholarships/Grants

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.

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