• If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan). Direct Plus Loans PLUS loans are federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers through schools participating in the Direct Loan Program. Here’s a quick overview of Direct PLUS Loans: • The U.S. Department of Education is the lender. • The borrower must not have an adverse credit history. The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received. Direct Consolidation Loans A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan. The result is a single monthly payment instead of multiple payments. HELPFUL INFORMATION Website: https://studentaid.gov/ Federal Student Aid Information Center at 1-800-433-3243
In-State Four-Year Colleges & Universities ALABAMA A&M UNIVERSITY Address: Phone: Email: Websites:
Office of Financial Aid P.O. Box 907 Normal, AL 35762 256-372-5400 scholarships@aamu.edu www.aamu.edu www.aamu.edu/admissions-aid/financial-aid/
The most important process in applying for financial aid for AAMU is filing the Free Application for Federal Student Aid (FAFSA) application each year. At AAMU, the FAFSA is the only application required for federal, state, or institutional grants, work-study, or loans for Fall and Spring term financial aid. AAMU’s priority date for submission of the FAFSA is March 1 for the following academic year. Submitting your FAFSA prior to this priority date will allow you the best opportunity to be considered for certain limited funding sources such as FSEOG, and Federal Work-study. The FAFSA AAMU school code is 001002. Presidential Scholarship: Covers the cost of tuition, room, board, Disclaimer: Scholarships types and award amounts are subject to change at any time at the discretion of the Institution awarding the scholarship. Please confirm the details of the scholarship prior to applying.
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