$4,776

Avg. Federal Grant

$5,407

Avg. Federal Loan

$8,161,432

Total Aid Awarded

Allegany College of Maryland Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

86%

Total Aid Amount Average Total Aid Awarded per year.

$8.161M

Financial Aid Official Website

www.allegany.edu/finaid/

Students can avail of scholarships provided by the college, such as Christa McAuliffe Scholarship, Developmental Disabilities, Mental Health, Child Welfare, and Juvenile Justice Workforce Tuition Assistance Program, Edward T. Conroy Memorial Scholarship, and Graduate and Professional Scholarship, if they find educational expenses to be on the higher side. Notably, 96% of the students at Allegany College of Maryland get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $5,294,573. More information regarding the financial assistance schemes can be accessed on ACM’s official financial aid page at http://www.allegany.edu/finaid/. At ACM, the total percentage of applicants who receive the Federal Grant stands at 59%. In comparison, 89% of the students are awarded the Student Grant, 46% get the Institution Grant, and 59% of the applicants receive the Pell Grant. While the Federal Grant awardees receive an average aid of $4,704, the State Grant receivers and Institution Grant beneficiaries get $2,532 and $1,262, respectively. And, for the Pell Grant awardees, the average aid amount is $4,127. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. Every year, around 50% of the applicants to Allegany College of Maryland opt for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

63%

State Grant Aid

42%

Institution Grant Aid

37%

Pell Grant

63%

Average Aid Awarded

Federal Grant Aid

$4,776

State Grant Aid

$2,487

Institution Grant Aid

$2,198

Pell Grant

$4,703

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$5,420

$30,001 - $48,000

$5,790

$48,001 - $75,000

$4,241

$75,001 - $110,000

$1,500

Over $110,000

N/A

Student Loans for Allegany College of Maryland

Average Loan Amount Average Loan Amount received per year.

$6,281/Year

Students Taking Out Loans

56%

Loan Default Rate

16.3%

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