Financial Aid

Receiving Your Aid

There are a number of tasks you need to complete to ensure that your financial aid awards disburse in a timely manner.  Carefully review these and make sure you are on track to receive your financial aid.
  1. Complete application for financial aid = FAFSA
  2. Complete and submit any required documents. (located in My Self Service, Financial Aid, Required Documents)
  3. Complete Scholarship and/or Loan Requirements
  4. Registered full time at 12 credits or more unless approved for part-time status. (Most aid programs including all Alma College funding require a minimum of 12 credits)
  5. Make sure your Financial Aid Checklist is complete. (located in My Self Service, Financial Aid)
  6. If you receive the MI Tuition Grant or Competitive Scholarship make sure Alma College is your school of choice in the State MiSSG Portal so we receive the funding to apply to your account.
How My Aid Is Applied

Financial aid is first applied toward Alma College charges and is split equally between fall and winter semesters. If financial aid doesn’t cover all of the charges on your student account you will need to determine what options you will use to cover the balance owed.

Student & Parent Loans

  • These will post to your student account the 2nd week of classes only if all requirements have been met.
  • These loans are generally disbursed half for fall term and half for winter term unless the borrower requests a one term only Parent loan or is only attending one term. We also cannot exceed the cost of attendance for the term so even if it is requested for one we may not be able to honor that request.
  • Any incomplete loan applications will be canceled at the end of the 3rd week of the term. These can be reinstated in some cases but would require a conversation with the financial aid office.

Outside Scholarships

Once our office receives your scholarship check it will be incorporated into your financial aid and labeled as a designated scholarship. If the check is made payable to Alma College or is co-payable to you and Alma College and you have endorsed the check, it will disburse to your student account as long as all requirements have been met including registration.

  • All outside scholarships are split in half between fall and winter unless otherwise specified by the donor.
  • If you withdraw or fail to register for classes funds would be returned per the donor’s specifications.
  • Sometimes outside scholarships can impact federal and state grants/scholarships you received. A revised notice is sent to alert you if changes were required.

Grants, Scholarships, and Awards

Grants, scholarships and awards administered by the financial aid office are applied directly to your student account to assist in paying for tuition, fees, and on campus room and board if applicable.

Billing Information

Itemized bills will be available approximately three weeks prior to the beginning of each term. These are only accessible in the student portal by accessing My Self Service.  Once your bill has been generated an e-mail will be sent to your Alma account.

Evaluate options to pay the bill including payment plans, parent and student loans.

Visit the Financial Services page for more information and resources.

KEEPING MY FINANCIAL AID

This information is being shared so you know what you must do to keep your financial aid intact. It also explains how actions you take or don’t take can have a direct affect on the amount of aid you will receive.

Items to keep in mind:

  • You must maintain a particular level of enrollment by census date each term.
  • Withdrawing from a class, classes or completely from the college directly affects the financial aid you get to keep.
  • You must maintain a certain GPA and completion rate to keep and renew your aid term to term. Details can be found in the Satisfactory Academic Progress Policy SAP.
Census Date

Eligibility for financial aid you are awarded is reviewed on the 10th day of each semester based on your enrollment at 5 p.m. that day. Federal regulations and college policy require that financial aid and scholarships be adjusted to reflect your actual enrollment on census date.

Following census date, the financial aid office will be adjusting your cost of attendance and billed charges. If the adjustment results in you having received aid which you are no longer entitled to you may owe money back to the college.

  • Dropping below 12 credits for the term will trigger changes to Federal and State programs.
  • Dropping below 12 credits will cause you to lose sources of aid provided by Alma College.

FA2023   Census Date September 8, 2023

WI2024   Census Date January 18, 2024

Full Time vs Part Time Enrollment

Wait-listed courses do NOT count towards credit requirements for determining financial aid eligibility.

  • Tuition exchange, waivers, and employee benefits are tied directly to the number of credits you are enrolled in. These will adjust when you fall below 13 credits as tuition charges change.
  • Pell Grants adjust for ¾ time, ½ time, and less than ½ time
  • All Alma College grants, scholarships, and awards require full time enrollment (at least 12 credits some require 13)
  • Loans may need to be adjusted if you are registered for less than 12 credits

Undergraduate Enrollment for aid purposes

Full Time = 12 + credits

¾ Time = 9 – 11 credits

½ Time = 6 – 8 credits

Less than ½ Time = 5 or less credits

Withdrawing - What happens to my financial aid?

Satisfactory Academic Progress SAP

 

Living Off Campus

Please remember your aid will be reduced if you choose and are approved to live off campus. For more details, review this information on our Policies page.

All students receiving full-tuition scholarships, Tuition Exchange (domestic and international), ACE, Detroit Future, and Distinguished Presidential Scholarships are required to live in college-owned housing for each of their four years on campus.