Current Students

All students are expected to apply for federal and state grant programs for which they may be eligible. Students are also expected to use the Federal Direct Stafford Loan Program when necessary. Students are expected to file the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA each year in order to determine financial aid eligibility.

Students must have unmet need in order to qualify for need-based aid. The College will determine the student's unmet financial need by deducting the federal expected family contribution from the student's cost of attendance. Need-based awards are limited and offered on a first-come, first served basis to students who meet the College's financial aid deadlines.

ACPHS’s Federal Title IV Code is 002885
The filing deadline for the FAFSA is February 1 for new students and March 1 for returning students. Students are encouraged to submit the FAFSA or Renewal FAFSA electronically. Students without Internet access may mail the paper FAFSA form to the federal processor. The federal processor will conduct an analysis of family income, assets, number in household and number of family members attending college using the federal methodology formula.

The federal methodology formula is approved by the U.S. Congress each year to determine the expected family contribution. Students selected for verification or correction must submit copies of student, spouse and parent(s) signed IRS Tax Transcripts and W-2 forms with a federal verification worksheet to the office of financial aid by May 1. Students subsequently selected for verification after May 1 are required to submit these documents within 60 days of written notification from the Office of Financial Aid. The Office of Financial Aid cannot process financial-aid awards for students who do not meet the above deadlines.

The Office of Financial Aid will determine the student’s financial need according to the following formula: Cost of Attendance minus Expected Family Contribution equals Financial Need. In addition to filing the required forms and demonstrating financial need, the student must continue to maintain satisfactory academic progress to remain eligible for federal, state and institutional financial-aid awards.

A student's enrollment status for determining financial aid eligibility and student loan deferment includes only courses required for degree fulfillment. Courses in which you are enrolled that are not required for your degree program do not qualify for payment or student loan deferment.

Federal regulations require the Office of Financial Aid to monitor the academic progress of students attending Albany College of Pharmacy and Health Sciences.  It is important to note Standards of Academic Progress (SAP) are separate from, and in addition to, the Academic Standing policy and progression requirements established in the Academic Regulations section of the catalog. All students regardless of major, grade level and course load will be evaluated with the same standards for federal and institutional aid eligibility.

Frequency of SAP Evaluations
The Office of Financial Aid will review SAP annually in June, after spring semester grades are posted. This standard is stricter than the College's Academic Standing policy for students who are not receiving Title IV Assistance.

Qualitative Standard
All students must be in good academic standing with the College. Students enrolled in a Bachelor's of Science degree or the Doctor of Pharmacy degree must maintain a minimum cumulative grade point average (GPA) of 2.0 at the end of each academic year. Beginning in the 2011-2012 academic year, all Doctor of Pharmacy students must have a minimum cumulative GPA of 2.5 to graduate. Students enrolled in a Master's degree program must maintain a minimum cumulative GPA of 3.0 at the end of each academic year.

Quantitative Standard (Pace of Progression)
All students must progress toward degree completion at a defined cumulative rate. Completed coursework is defined as any course for which a student receives a passing grade.

Doctor of Pharmacy Example

Master's Degree Example

Bachelor's Degree Example

Process for Pass/Fail Courses, Incompletes, Withdrawals, Repetitions, and Transfer of Credit 

• Courses with grades of P in a Pass/Fail courses will be counted in the quantitative standard only.
• Course incompletes and withdrawals are counted in the quantitative standard only.
• Repeated courses will be counted in the quantitative standard only.
• Transfer credits will be counted in the quantitative standard only.
• Students who change their major will be placed on the chart for the semester in which they are entering.

Loss of Financial Aid Eligibility
If students fail to maintain SAP, they will lose eligibility until they raise their cumulative GPA to the minimum standard and/or by making up the credit deficiency.

Appeals
Students who fail to make SAP due to very serious circumstances, such as injury, illness, the death of a relative or other special circumstances, which caused a major disruption to their ability to successfully complete their coursework may appeal the loss of that aid to the Director of Financial Aid. Students should submit a letter to the Director of Financial Aid along with documentation to substantiate the unusual or extraordinary circumstance(s) that prohibited the student from making SAP. This must include a comprehensive description of the circumstance(s) and documentation from at least two qualified persons who can verify the information.

In addition, students must explain what has changed with their situation that will allow the student to meet SAP requirements at the next evaluation. In cases of student injury, student illness or death of an immediate family member, the Director of Financial Aid may decide to review the appeal before proceeding to the Financial Aid Appeals Committee. The student must submit a letter of appeal and associated documentation to his/her case by June 29. Within 2-4 weeks after the due date, the Financial Aid Appeals Committee will review the appeal, make a recommendation and send a letter of response.

Financial Aid Probation
The status of probation is assigned to a student who is failing to make SAP and who successfully appealed their loss of financial aid eligibility. Students in this status will have their financial aid reinstated for one payment period. At the end of that payment period students will be reevaluated for federal and institutional aid eligibility.

Academic Plan
If the Financial Aid Appeals Committee determines, based on the student's appeal, that it will take more than one payment period for the student to meet progress standards, a status of probation will be assigned and an academic plan will be developed. Students in this status will have their progress reviewed at the end of one payment period to determine if the student is meeting the requirements of the academic plan. If the academic plan is being followed, the student will regain eligibility for Federal Student Aid, as long as they continue to meet the requirements set forth in the academic plan. Students may appeal to change their academic plan by explaining what has happened the make the change necessary and how they will continue to meet SAP.

Reestablishing Aid Eligibility
If students fail to maintain SAP, they may regain eligibility by raising their cumulative GPA to the minimum standard and/or by making up the credit deficiency without the benefit of federal or institutional aid.

Maximum Time Frame for Degree Completion
Students must complete their degree within the maximum time frame of 150% of the published length of the academic program. Students enrolled in the Doctor of Pharmacy program must complete their education objective within a period of nine years (6 years x 150%). A student enrolled in any of the Bachelor's degree programs must complete his/her educational objective within a period of six years (4 years x 150%). A student enrolled in a Master's degree program must complete his/her education objective within a period of 150% of the length of their program.

For federal student loan borrowers, federal regulations require that you complete an exit interview when you graduate, withdraw, or take a leave of absence from the College.  We strongly encourage you to complete your exit interview online.

• Complete Your Stafford Loan Exit Interview
• Complete Your Health Professional and/or Perkins Loan Exit Interview
• Complete Your Graduate PLUS Exit Interview

The following information will help you manage your student loans and the different aspects of managing your debt. For more information, please visit   http://studentaid.ed.gov/sa/.

Debt Management - Strategies

• Develop a budget on paper to include items like rent, car payments, utility bills, food, clothing, insurance, entertainment, and any other outstanding debt you may have.
• Know your student loan rights and responsibilities as a student loan borrower.
• Pay any interest that accrues on your loans during your deferment or grace period.
• Understand your debt obligations and limit use of other debt vehicles such as; credit cards, lines of credit, or additional loans.     

Repaying Your Loan  

As a student borrower you will not be obligated to pay on a student loan until after your grace period is over.  Most grace periods will be six months, with the exception of the Perkins loan, which has a grace period of nine months and the Health Professional Student loan, which has a grace period of one year.  You have the option as a borrower to pick from one of the following four repayment plans:

• Standard Repayment Plan – Fixed monthly payments and a loan repayment period of 10 years from the date of separation from the school.  
• Extended Repayment Plan – Fixed or graduated monthly payments and a loan repayment of up to 25 years.  
• Graduated Repayment Plan – Monthly payments will be lower when you begin payment and then will increase gradually in two year increments.  The loan has a 10 to 30 year repayment period. The minimum monthly payment will vary to cover the accumulated interest.  
• Income Contingent Repayment Plan – Monthly payment amount will be based on your annual income, family size, and total amount of loans.  As your income level changes, so will the monthly payment.  If your loans are not fully repaid within 25 years, the remaining balance will be forgiven, but you will pay tax on that forgiven amount.    
• Income-Based Repayment Plan – Monthly payment amount will be 10-15% of discretionary income. As your income level and family size changes, so will the monthly payment. If your loans are not fully repaid within 20-25 years, the remaining balance will be forgiven, but you will pay tax on that forgiven amount.

Payment of Interest & Capitalization  

As a student who has borrowed money to pay for school, you have the benefit of being able to deduct some or all of the accrued interest on your income taxes based on your income level. 

Contact a tax advisor and/or visit IRS Tax Benefits for Education at www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center and IRS Information for Students at www.irs.gov/Individuals/Students for detailed information on tax credits, deductions, or other tax benefits for postsecondary school.

Please remember that the Subsidized Stafford interest is paid for you while you are in school, where the Stafford Unsubsidized interest accrues.  If you choose not to pay any interest while you are in deferment or your grace period, then capitalization will occur and your unpaid interest will be added to the principal of your loan.    

Avoiding Delinquency & Default

If you foresee having trouble repaying your student loans, then contact your lender immediately to discuss your options, rights, and responsibilities.  If you fail to make payment on your loans without contacting your lender, then you may be put in Default.  If your loans are placed in default, the lender will contact you for the full amount of the loan with interest, the debt will show up as a collection on your credit report, wages could be garnished, eligibility for Federal Aid will be lost, and the rights that go along with the Federal Aid will also be lost.  You can check if you are in a Default status or the amounts you have borrowed at www.nslds.ed.gov/nslds_SA/.  To verify your status with the College you can log onto http://www.studentclearinghouse.org/.

• Deferment – Allows you to temporarily stop making payments on a student loan.  Deferment is offered to enrolled students that are at least half time, unemployed, or facing economic hardship.   
• Forbearance – If you can’t make your scheduled payments, but do not qualify for a deferment, a forbearance allows you to temporarily stop making payments on a student loan, make smaller payments, or extend the repayment period of the loan.  Common reasons for getting a forbearance are illness or financial hardship.   

Discharge & Cancellation/Forgiveness

Your loans may be discharged or forgiven in the result of the following examples:

• If you are a full time, low income elementary or secondary school teacher.
• Your school closed before you completed your program.
• Your school forged your signature on a master promissory note or certified that you were eligible to get the loan when you weren’t eligible.
• You withdrew from school but the school didn’t pay a refund that it owed under its written policy or Federal regulations.  
• If you are totally and permanently disabled.
• A discharge in a bankruptcy.  
• Death.

Loan Consolidation 

There are many advantages in consolidating your student loans and they are as follows:
Advantages

• Paying one single monthly payment.
• Extending payment term.
• Lower monthly payment.
• Better interest rate.

Disadvantages

• Extending payment term.
• Paying more money back over the term of the loan.
• Variable interest rates that may become locked in.