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Types of Aid

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GRANTS are forms of financial aid that do not have to be repaid. Generally, grants are for undergraduate students and the grant amount is based on need, school cost, and enrollment status.

Federal Pell Grant
A federal grant program, Pell Grants ranging from $550 to $5550 per academic year are available to eligible students. The amount of an individual student's grant depends upon the student's financial need, cost of attendance, and enrollment status. Awards are limited to the 1st undergraduate degree.

Federal Supplemental Educational Opportunity Grants (FSEOG)
Federal grants ranging from $100 to $4000 per academic year are awarded to students with exceptional financial need. A student with exceptional financial need is determined as one who qualifies for Pell Grant funds. Funds for this program are limited.

Alabama Student Assistance Program (ASAP)
State-funded grants ranging from $100 to $600 per academic year are available to Alabama residents who demonstrate financial need. A student with exceptional financial need is determined as one who qualifies for Pell Grant funds. Funds for this program are limited.

Student Employment

Federal Loans

Federal Perkins Loan
A Federal Perkins Loan is a low interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. Alabama Agricultural and Mechanical University (A&M) is your lender. The loan is made with government funds with a share contributed by the school. You must repay this loan to A&M.
Depending on when you apply, your level of need, and the funding level of A&M, you can borrow up to $4,000 for each year of undergraduate study (the total amount you can borrow as an undergraduate is $20,000, if you have completed two years of undergraduate work; otherwise, the total you can borrow is $8,000). $6,000 for each year of graduate or professional study (the total amount you can borrow as a graduate/professional student is $40,000, including any Federal Perkins Loans you borrowed as an undergraduate).

Federal Direct Stafford Loans
Stafford Loans are a major form of self-help aid for students. Stafford Loans at Alabama A&M University are processed through the FFEL Program. FFEL Stafford Loans are either subsidized or unsubsidized. You can receive a subsidized loan and an unsubsidized loan for the same enrollment period.

A subsidized loan is awarded on the basis of financial need. You will not be charged any interest before you begin repayment or during authorized periods of deferment. The federal government "subsidizes" the interest during these periods.

An unsubsidized loan is not awarded on the basis of need. You'll be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate while you are in school or during other periods of nonpayment, it will be capitalized-that is, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount.

Federal Direct PLUS Loans
PLUS Loans enable parents who do not have an adverse credit history to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time. PLUS loans are available at Alabama A&M University through the FFEL Program.

Federal Consolidation Loans
A Consolidation Loan is designed to help student and parent borrowers simplify loan repayment by allowing the borrower to combine several types of federal student loans with various repayment schedules into one loan. You can even consolidate just one loan into a Direct Consoldiation Loan, in order to get benefits such as flexible repayment options. If you have more than one loan, a Consolidation Loan simplifies the repayment process because you make only one payment a month. Also, the interest rate on the Consolidation Loan might be lower than what you're currently paying on one or more of your loans. And if you are in default on a federal student loan, you might be eligible for a Consolidation Loan if certain conditions are met.

Tuition Management Systems

Veterans' Educational Benefits
G.I. Bill

A program of national and community service that can help put you through college. 

PACT (Pre-paid Affordable College Tuition)

Section 529 of the Internal Revenue Code of 1986 authorizes states to create two types of college savings programs – prepaid tuition plans and college savings plans. Alabama was the third state in the nation to implement a prepaid college tuition program when the Prepaid Affordable College Tuition (PACT) Program began operating in March 1990.

PACT is based on a simple concept – pay today for tomorrow’s tuition. The program allows parents and grandparents to purchase a contract to prepay future undergraduate college tuition and qualified fees for a child or loved one. The contract provides payment for 135 semester hours of tuition and 8 semesters of qualified fee payments at any Alabama public college or university. The contract can also be used at private or out-of-state institutions. PACT will pay the average tuition of Alabama’s public four-year institutions to any private or out-of-state institution. To date, the PACT Program has over 53,500 active accounts and has paid out over $100 million in tuition and qualified fee payments to various colleges and universities. This year, over 12,000 students are eligible to use PACT benefits.