The goal of ACT's financial planning staff is to assist you in obtaining the best technical training by removing financial barriers to your continued education. Financial assistance in the form of grants and loans are available to eligible applicants who have the ability and desire to benefit from the specialized training offered at ACT.
Many ACT students and their families use financial aid to help pay for their training at ACT. We stress that financial aid is available only to those individuals who qualify, and a student should not rely entirely on financial aid to fund their education. However, combined with savings and other sources of income, financial aid can help cover the cost of your education. A wide variety of financial aid programs are available to students at ACT.
Applying For Financial Aid
Shortly after you officially enroll, we will provide you Financial Aid Application documents, including a Free Application for Federal Student Aid.
Federal Financial Aid Programs Available to Students
Subsidized Federal Stafford Loan
A Subsidized Federal Stafford Loan is a low interest loan made by a lender (bank, credit union, or savings and loan association) to students. The Federal government pays the interest during school attendance, for a six-month grace period following school attendance, and during any periods of deferment. Eligibility for a Subsidized Stafford Loan is based on "financial need".
Unsubsidized Federal Stafford Loan
An Unsubsidized Federal Stafford Loan is a low interest loan made by a lender (bank, credit union, or savings and loan association) to "independent" students. A student does not have to demonstrate "financial need" in order to obtain this loan.
Federal PLUS Loan
Federal PLUS Loans are low interest loans made by a lender (bank, credit union, or savings and loan association) to the parents of a "dependent" student. The loan application is subject to lender credit approval.
Federal Pell Grants
A Federal Pell Grant is an award that does not have to be repaid. Funds are awarded to students with "exceptional financial need".
Federal Supplemental Educational Opportunity Grant (FSEOG)
An FSEOG is an award that does not have to be repaid. FSEOG funds are allocated to ACT by the Federal government and available funds are limited. Funds are awarded to students with "exceptional financial need".
Federal Work-Study Program
The Federal Work-Study Program allows eligible students to work part-time to meet a portion of their educational expenses. These funds are allocated to ACT by the Federal government and available funds are limited. Application for a work-study position will be accepted once the student has started school.
Private Alternative Loan Programs
Private loan programs are designed to provide students and parents with loans beyond what federal loan programs offer. Loan applicants are evaluated based on their credit history and other factors. The loan interest rate and fees will vary, depending on the applicant's credit history.
These loans are currently offered by SLM Financial Corporation, a subsidiary of Sallie Mae.
|
