Financial Aid Policies

Consumer Information Disclaimer

The Department of Education requires that all institutions of higher education disclose pertinent policies to the student body.

Please contact the Financial Aid Office for clarification or for more information on any of the policies you see here.

The Notice to Enrolled Students is annually sent to all enrolled students. Hard copies are available per request in either the Financial Aid Office or Registrar's Office.

Financial Aid Penalties for Drug Law Violations

If a student is convicted of any offense involving the possession or sale of illegal drugs during any period of enrollment when he or she was receiving Title IV aid, the student must notify the Financial Aid Office immediately and will be ineligible for any further federal funding.

Please refer to the Financial Aid Penalties for Drug Law Violations for more information.

Important Contact Information

Federal Student Aid (FSA) Student Loan Ombudsman Group
(877) 557-2575
https://studentaid.ed.gov/sa/repay-loans/disputes/prepare/contact-ombudsman

Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman
877-411-CFPB
https://www.consumerfinance.gov/complaint/

Office of Inspector General (OIG)
(800) MIS-USED
http://www2.ed.gov/about/offices/list/oig/hotline.html

State of Connecticut Office of Higher Education
(800) 947-1800
www.ctdhe.org

U.S. Department of Education
(800) 4-FED-AID
www.studentaid.ed.gov

Alternative Loan Disbursement Policy
The Albertus Magnus College Financial Aid Office abides by all federal, state, and institutional policies when disbursing alternative loans.

Alternative Loan Origination Policy
The Albertus Magnus College Financial Aid Office abides by all federal, state, and institutional policies when originating alternative loans.

Amended Tax Information Policy
The Financial Aid Office verifies 100% of Free Application for Federal Student Aid (FAFSA)s for students who have conflicting tax information as indicated by Student Aid Report (SAR) 07 Code.

Appeal Policy
The Financial Aid Office encourages and accepts appeals for certain extenuating circumstances. Types of appeals include:

Loss of Eligibility Due to Unsatisfactory Academic Progress
Loss of Merit Scholarship
Request for Dependency Override
Parent Refusal to Provide Information
Selective Service
Special Extenuating Circumstances
Unusual Enrollment History

Awarding Policy
The Albertus Magnus College Financial Aid Office awards financial aid applicants to their maximum federal, state, and institutional eligibility and funding eligibility at the time of awarding.

College Financing Plan Policy
Albertus Magnus College adheres to the State of Connecticut Public Act No. 13-95 by sending the Federal College Financing Plan to all awarded students in an effort to improve consumer disclosures and ensure that students make wise decisions when investing in higher education.

Conflicting Tax Filing Status Policy
The Financial Aid Office reviews Student Aid Report (SAR) Comment Codes 361-368, which are the result of conflicting information between the student’s and/or parent’s marital and filing statues as reported on the Free Application for Federal Student Aid (FAFSA).

Conflicting Tax Information Policy
The Financial Aid Office reviews 100% of Free Application for Federal Student Aid (FAFSA)s for students who have conflicting tax information as indicated by Student Aid Report (SAR) Comment Codes 400 and 401.

Consortium Agreement Policy
Albertus Magnus College is a participating institution in Consortium Agreements for eligible programs.

Department of Defense (DOD) Policy
The Financial Aid Office reviews the eligibility of all noncitizens for federal and state financial aid.

Department of Homeland Security (DHS) Policy
A student whose immigration/citizenship status is questioned by the Department of Education when he/she completes the FAFSA must provide secondary confirmation to the Financial Aid Office.

Department of Justice (DOJ) Drug Abuse Hold Policy
The Anti-Drug Abuse Act of 1988 includes provisions that authorize federal and state judges to deny certain federal benefits, including Federal Student Aid (FSA) funds, to persons convicted of drug trafficking or possession.

Federal Pell Grant Disbursement Policy
The Albertus Magnus College Financial Aid Office abides by all federal, state, and institutional policies when disbursing the Federal Pell Grant (Pell). Prior to disbursing any Title IV grants, the Financial Aid Office confirms the borrower’s eligibility.

Federal Pell Grant Origination Policy
The Albertus Magnus College Financial Aid Office abides by all federal, state, and institutional policies when originating Federal Pell Grants. Prior to originating any Federal Pell Grants, the Financial Aid Office confirms the borrower's eligibility.

Federal Pell Grant Recalculation Policy
Albertus Magnus College recognizes one Federal Pell Grant recalculation date for semester-based programs and a recalculation date for each modular term.

Federal Work-Study Payroll Policy
The Albertus Magnus College Financial Aid Office collects all required Federal Work-Study (FWS) documents prior to a student being cleared to work.

Financial Aid Grievance Policy
Informal and formal procedures for financial aid grievances.

Financial Aid Penalties for Drug Law Violations Policy
If a student is convicted of any offense involving the possession or sale of illegal drugs during any period of enrollment when he or she was receiving Title IV aid, the student must notify the Financial Aid Office immediately.

Fraud Policy
If the Financial Aid Office suspects that a student, employee, or other individual has misreported information or altered documentation to fraudulently obtain federal funds, the Office will report suspicions and provide any evidence to the Office of Inspector General.

Late Disbursement Policy
Albertus Magnus College will make a late disbursement for a student who has successfully completed the payment period and has previously met all requirements for disbursement prior to the end of the payment period within 180 days of the end of the loan period.

Loan Disbursement Policy
The Albertus Magnus College Financial Aid Office abides by all federal, state, and institutional policies when disbursing student loans.

Loan Discharge Policy
The Department of Education regularly receives claims from individuals who contend that they did not sign the promissory note, did not qualify for Federal student loans, or were the victim of identity theft on which the Department of Education is trying to collect.

Loan Origination Policy
The Albertus Magnus College Financial Aid Office abides by all federal, state, and institutional policies when originating student loans. Prior to originating any Title IV loans, the Financial Aid Office confirms the borrower's eligibility.

Loan Status Code Policy
The Financial Aid Office reviews the National Student Loan Data System (NSLDS) for Loan Status Codes to ensure student eligibility.

Multiple Reporting Records Policy
If a student is scheduled to receive the Federal Pell Grant at multiple institutions, the Common Origination & Disbursement (COD) system will electronically notify the Financial Aid Office that the student has Multiple Reporting Records (MRR).

NSLDS Policy
The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. It receives data from schools, agencies that guaranty loans, the Direct Loan program, and other U.S. Department of Education programs.

Overlapping Loan Period Policy
An overlapping loan period occurs when a student is awarded multiple loans in the same academic year that have payment periods which overlap.

Post-Withdrawal Disbursement (PWD) Policy
If the amount disbursed to the student is less than the amount the student earned, and for which the student is otherwise eligible, he/she is eligible to receive a post-withdrawal disbursement (PWD) of the earned aid that was not received.

Preparatory Coursework Policy
Students who are participating in dual enrollment degrees, undergraduate students taking graduate prerequisite classes, and graduate students taking undergraduate prerequisite classes, must have their eligibility for Title IV Funds reviewed by the Financial Aid Office prior to being awarded.

Proration Policy
The annual maximum Title IV Loan and Federal Pell Grant eligibility for an undergraduate student must be prorated when a student is entering his/her final period of study which is shorter than a full academic year.

Quality Control Measures Policy
The Financial Aid Office established various Quality Control (QC) measures to ensure accuracy when awarding and reviewing financial aid, as well as provide redundancy to ensure compliance with federal and state regulations.

R2T4 Policy
The Albertus Magnus College Financial Aid Office recalculates federal, state, and institutional financial aid eligibility for any student who withdraws, drops, fails to return from a Leave of Absence (LOA), is administratively withdrawn, is considered unofficially withdrawn from the college prior to the end of a payment period, or receives unearned F Grades in all enrolled classes.

Reconciliation Policy
The Financial Aid Office is required to retain borrower records for a minimum of three (3) years from the end of the award year in which the student last attended.

Record Retention Policy
The Financial Aid Office reviews Student Aid Report (SAR) Comment Codes 361-368, which are the result of conflicting information between the student's and/or parent's marital and filing statues as reported on the Free Application for Federal Student Aid (FAFSA).

Repeated Coursework Policy
The Albertus Magnus College Financial Aid Office follows federal regulations on repeat courses that may impact your financial aid eligibility and awards for Federal Title IV financial aid.

Rollover Information Policy
The Financial Aid Office reviews 100% of Free Application for Federal Student Aid (FAFSA)s for students who have conflicting information as indicated by Student Aid Report (SAR) IRS Code 2.

Satisfactory Academic Progress (SAP) Policy
All Financial Aid recipients must maintain Satisfactory Academic Progress (SAP) in order to receive federal, state, and institutional aid. Students must maintain SAP throughout the duration of their academic program.

Selective Service Policy
In order to be eligible for federal financial aid, students who are born male are required to register with Selective Service between the ages of 18 and 25. Because of this, the Financial Aid Office is required to review all students who are selected by the Department of Education who have an “030” Comment Code on their Student Aid Report (SAR) as reported on the Free Application for Federal Student Aid (FAFSA).

Social Security Mismatch Policy
The Financial Aid Office reviews Student Aid Report (SAR) Comment Codes that are the result of conflicting information between the student's and/or parent's Social Security Number (SSN) and name as reported on the Free Application for Federal Student Aid (FAFSA).

Study Abroad Policy
Albertus Magnus College is a participating institution in study abroad programs, and the Financial Aid Office works to review the financial aid eligibility of participating study abroad students.

Summer Pell Grant and IASG Policy
The Financial Aid Office will review a student's federal eligibility prior to awarding the Federal Pell Grant for summer terms.

Transfer Monitoring Process Policy
The Financial Aid Office uses the Transfer Monitoring Process on all students, not just on transfer students. The Transfer Monitoring Process reviews selected students for factors that could affect Title IV federal student aid eligibility.

Unaccompanied Homeless Youth Policy
A student is considered a homeless unaccompanied youth if on or after July 1, 2012, the following criteria are met:

The student is not living in the physical custody of a parent or guardian (Unaccompanied)
The student is lacking fixed, regular, and adequate housing (Homeless)
The student is 21 years old or younger (Youth)
The student is homeless and financially self-sufficient

Unusual Enrollment History Policy
The Financial Aid Office is required to review selected students for unusual enrollment patterns to determine if the student is enrolling into college only long enough to collect student aid funds and not progressing toward receiving a degree.

Verification Policy
Verification is the process by which the Financial Aid Office reviews information on a student’s Free Application for Federal Student Aid (FAFSA) for accuracy and completeness.

2023-2024 Loan Origination Fee Changes

A 1.057% origination fee will be assessed on all Federal Direct Stafford Loan Disbursements whose first disbursement occurs on or after 10/1/23 and before 10/1/24.

A 4.228% origination fee will be assessed on all Federal Direct PLUS Loan Disbursements whose first disbursement occurs on or after 10/1/23 and before 10/1/24.

2024-2025 Interest Rate Changes

2024-2025 Interest Rates are effective for loans first disbursed on or after July 1, 2024 and prior to July 1, 2025. These rates will apply to all new Direct Loans Made during this time.

Direct Subsidized Loan (Undergraduates) - 6.53%

Direct Unsubsidized Loan (Undergraduates) - 6.53%

Direct Unsubsidized Loan (Graduate or Professional Students) - 8.08%

Direct PLUS Loan (Parents and Graduate or Professional Students) - 9.08%

Connecticut Code Of Conduct

The Albertus Magnus College Financial Aid Office abides by the
Connecticut Code of Conduct.

Education Tax Credit Benefits

Don't miss out on potential Education Tax Credits! You may be able to claim a tax credit against your federal income tax for qualified tuition and related expenses. For more detailed information, see IRS Publication 970: Tax Benefits for Education.

American Lifetime Credit

The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.

The amount of the credit is 100 percent of the first $2,000 of qualified education expenses you paid for each eligible student and 25 percent of the next $2,000 of qualified education expenses you paid for that student. But, if the credit pays your tax down to zero, you can have 40 percent of the remaining amount of the credit (up to $1,000) refunded to you.

Lifetime Learning Credit

The lifetime learning credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses — including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.