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these calculations, once students have been withdrawn from all
their term classes, they may not receive any remaining loan disbursements
for that term.
Federal Return of Funds Calculations
Federal law requires the Financial Aid Office to recalculate eligibility
for federal Title IV financial aid program funds for students
who withdraw, drop out, are dismissed or take a leave of absence
prior to completing 60 percent of a payment period or term.
Recalculation is based on the percentage of earned aid using the
following Federal Return of Title IV funds formula: Percentage of
term completed = the number of days completed up to the withdrawal
date divided by the total days in the term. (Any break of
five days or more is not counted as part of the days in the term.)
This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal aid program
based on the percentage of unearned aid using the following formula:
Aid to be returned = (100 percent of the aid that could be
disbursed minus the percentage of earned aid) multiplied by the
total amount of aid that could have been disbursed during the
term. If a student earned less aid than was disbursed, AACC and
the student would both be required to return a portion of the
funds. Keep in mind that when Title IV funds are returned, the
student may owe a balance to AACC. If a student earned more aid
than was disbursed to him/her, AACC would owe the student a
post-withdrawal disbursement, which must be paid within 120
days of the student's withdrawal. AACC must return the amount
of Title IV funds for which it is responsible no later than 45 days
after the date of the determination of the date of the student's
withdrawal. Refunds are allocated in the following order:
• Unsubsidized Federal Stafford Loans
• Subsidized Federal Stafford Loans
• Federal Parent (PLUS) Loans
• Federal Pell Grants for which a Return of funds is required
• Federal Supplemental Opportunity Grants for which a Return
of funds is required
• Federal Academic Competitiveness Grant.
GRANTS
To be considered for Federal Grants and Maryland Part-Time
State Grants, students must meet the federal eligibility and
application requirements listed on page 33, must have a bachelor's
degree and must show high financial need.
Academic Competitiveness Grant (ACG)
The Academic Competitiveness Grant (ACG) provides up to $750
for the first year of full-time undergraduate study and up to
$1,300 for the second year of full-time study. In addition to the
application requirements listed on page 33, students must also
ask their high school to send a final copy of a high school transcript
that includes their graduation date to the AACC Financial
Aid office. Students must also meet several additional eligibility
requirements including completion of a rigorous high school
program. For more information about these federal eligibility
and high school program requirements, visit www.aacc.edu/aid
Federal Pell and SEOG Grants
Federal Pell Grants are automatically awarded to all eligible students
who meet the financial need criteria, which are based on
each student’s Federal Expected Family Contribution. Awards
currently range from $400 to $4,731 per academic year. AACC
F I N A N C I A L A I D 35
has a limited amount of Federal Supplemental Educational
Opportunity Grants (SEOG) funds to award to Pell-eligible students
who show exceptional financial need. Awards generally
range from $300 to $1,200 per academic year. Both awards are
pro-rated based on the student's level of enrollment.
Maryland Part-Time State Grants
AACC has a limited amount of Part-Time State Grant funds to
award to needy Maryland residents who are pursuing an associate’s
degree and who register for six to 11 credits per term.
Maryland State Scholarships and Grants
The Maryland Higher Education Commission (MHEC) offers a
wide variety of grants and scholarships to state residents. Some
programs require financial need, but many do not. For most of
these programs, students must submit a FAFSA by March 1 to
receive aid for the following academic year (Fall-Spring-
Summer). Some programs are based on financial need while others
are based on academic achievement, membership in a unique
populations (veterans of conflicts in Iraq and Afghanistan,
Maryland National Guard, foster-care students) or enrollment in
the career fields of child care, dentistry, education, emergency
medical services, gerontology, human services, nursing, optometry,
physical and occupational therapy, primary care physicians
and public service in state and local government or nonprofit
agencies. To apply for the state’s Educational Assistance Grants,
students should seek assistance from their high school guidance
counselors. For more information about all state aid programs,
contact the MHEC Office of Student Financial Assistance at
www.mhec.state.md.us, 410-260-4565 or 800-974-1024.
Federal TEACH Grant
The federal Teacher Education Assistance for College and Higher
Education (TEACH) Grant Program will provide grants of up to
$4,000 per year to students who intend to teach in a public or
private elementary or secondary school that serves students from
low-income families. This is a brand new program that will be
available for the 2008-2009 school year. This program does not
require students to demonstrate any financial need. For more
information, visit www.teachgrant.ed.gov
STUDENT EMPLOYMENT PROGRAMS
The Federal Work-Study (FWS) program increases student
employment opportunities by providing eligible campus-based
employers with funds to pay eligible student employees. To apply
for FWS funds, students must meet the federal eligibility and
application requirements listed on page 33, and must show
financial need. Eligible students can apply for open FWS jobs.
The total number of students that can be hired each year is limited.
Students who are hired for these FWS positions can work up
to 20 hours per week and will receive bi-weekly paychecks for
their earned wages.
Students with desired skills who are not eligible for the
Federal Work Study Program may pursue the Student
Employment Program regardless of financial need. This program
targets students with excellent or unique job skills. To apply,
contact the Financial Aid office.
For assistance finding off-campus jobs, see the Career
Services, Employment Services section on pages 347-348.