Financial aid is available through scholarships, grants, loans, employment, and employer tuition reimbursement.
Students should apply for financial aid as early as possible. A student can use the College's website at alverno.edu (financial-aid) to access all the information and documents necessary to process a financial aid application.
The steps are:
Students must reapply for financial aid each year by the Priority Date - February 1.
Once the FAFSA is completed and processed, the student should:
Once all forms have been received by the College:
Many employers assist their employees financially in furthering their education. Since reimbursement is generally made at the end of the semester, many students use the first disbursement of their Federal Direct Stafford Loan to obtain some of the funds they need to begin the first semester. As reimbursement money is received, they use it to help pay for subsequent semesters. Upon graduation, they use the final reimbursement to pay down the Federal Direct Stafford Loan. Check with your employer to see if tuition reimbursement is available.
For financial aid questions, call the Financial Aid Office at 414-382-6262.
Alverno awards millions of dollars in scholarship assistance each year to its students, due in part to the generosity of its many scholarship donors. Each year a number of scholarships are available to music students. These scholarships vary in monetary amount but are based on merit. The following scholarships exist:
Eligibility for these scholarships require participation in an ensemble for the semester the scholarship is earned.
Grants are payments toward a student’s education made by either the state or federal government. The size of each grant is determined by each student’s financial situation. Students do not have to repay any of the grants listed below.
Pell Grant (Federal) — Available to full- and part-time students based on financial need. To apply, the student must file the Free Application for Federal Student Aid (FAFSA).
Federal Supplemental Educational Opportunity Grant (SEOG) — This grant is available to full- and part-time students based on financial need. To apply, the student must file the Free Application for Federal Student Aid (FAFSA).
Wisconsin Grant (WTG) — Available to full- and part-time students from Wisconsin, based on financial need. To apply, the student must file the Free Application for Federal Student Aid (FAFSA) by February 1st each year.
Talent Incentive Program Grant (TIP) — Available to first-time freshman Wisconsin residents. This grant is renewable for three years. Students are certified as eligible by the Wisconsin Educational Opportunity Program Office. To apply, the student must file the Free Application for Federal Student Aid (FAFSA).
Most student loans do not require repayment until after graduation. Students must apply for financial aid and be enrolled at least half-time to be eligible for loan funding. Financial need is not required for some types of loans.
Federal Unsubsidized Direct Stafford Loan
This loan is available to graduate students regardless of financial need. The combined amount of subsidized and unsubsidized loans may not exceed $20,500 or cost of education per academic year, whichever is lower. Interest is charged on the borrowed amount and may be capitalized until repayment begins.
Federal Direct Loan — This is a low-interest loan for students. Some loans do not accrue interest while the student is enrolled. Repayment begins six months after the student leaves school, graduates, or becomes enrolled for fewer than 6 credits. To apply, the student must file the Free Application for Federal Student Aid (FAFSA) and complete a Federal Direct Loan Master Promissory Note (MPN).
Graduate PLUS Loan
This loan is only available to students grandfathered into the program. The PLUS loan for Graduate Students is a federally guaranteed loan program for students in a graduate-level degree program. Repayment begins within 60 days after disbursement, or may be deferred until the student ceases attendance. The amount borrowed may not exceed the student’s cost of attendance minus financial aid. Graduate students should apply for a PLUS Loan at studentaid.gov. Once approved for the loan, the student also needs to complete a Master Promissory Note as their agreement to borrow the loan.
Undergraduate PLUS Loan (Parent Loan for Undergraduate Students) — This loan is available to parents of dependent students. Repayment begins within 60 days after the last disbursement, or can be deferred until after the student ceases attendance. The amount borrowed may not exceed $20,000. To apply, the student must file the Free Application for Federal Student Aid (FAFSA) and the parent must complete a Federal Direct PLUS Loan Master Promissory Note (MPN).
Alternative (Private) Education Loan
This type of loan is available through local and national lending institutions. Interest rates and repayment terms vary but are often competitive with Federal Direct Loans. These loans may be used to supplement Direct Loans. To apply, the applicant may work directly with the lender of choice or research a variety of lenders on the Alverno website.
Federal financial aid regulations require institutions to establish and consistently apply both qualitative (Progress Codes) and quantitative (number of credits) standards to measure Satisfactory Academic Progress (SAP) for purposes of financial aid eligibility. Students must stay informed of the College’s SAP standards and monitor their own progress.
Federal Financial Aid regulations require institutions to establish and consistently apply both qualitative (Progress Codes) and quantitative (number of credits) standards to measure Satisfactory Academic Progress for purposes of financial aid eligibility. These standards apply to all students, whether or not they receive aid administered by the College. This includes all Federal Title IV aid funds (Direct Student Loans, Parent Loan for Undergraduate Students (PLUS), TEACH Grants, Pell Grants, Supplemental Educational Opportunity Grants, Talent Incentive Program Grants (TIP)), institutional scholarships and grants, state grants and scholarships and the Federal Work Study Program.
Alverno has established the following criteria to be uniformly applied to all students. All periods of enrollment are included in SAP, whether or not the student received financial aid. Code of Federal Regulations 668.34 outlines the minimum requirements that schools must use in determining their Satisfactory Academic Progress Policy.
After completing each semester, students who have received financial aid for any period of time are reviewed by the Academic Status Committee. The Academic Status Committee may place students into a probationary status based on their ability to complete courses and/or assessments and/or the abilities offered in courses/assessments.
The first semester a student does not meet SAP requirements, they are placed on an Academic Warning status. If they are unable to improve their record by the second semester they are classified as ineligible for financial aid. Students who continue to be academically unsuccessful are subject to a more serious academic standing. This may include but is not limited to dismissal, additional course prerequisites, or special requirements/conditions of enrollment. The academic progress of students who do not successfully complete requirements is reviewed each semester until the student demonstrates satisfactory progress.
When the Academic Status Committee meets they consider the following:
Alverno College students do not receive credit for courses completed unless given a Satisfactory (S). Since Alverno College does not calculate a ‘grade point average’, the Office of Financial Aid considers Undergraduate students to have at least the equivalent of a 2.0 average if they have passed at least half the courses attempted each pay period, including the summer pay period. The Office of Financial Aid considers Graduate students to have at least the equivalent of a 3.0 average if they have passed at least half the courses attempted each pay period, including the summer pay period.
Financial Aid recipients must successfully complete 2/3 (66.7%) of their cumulatively attempted credits to be in good standing for financial aid. Satisfactory Academic Progress is measured after each pay period, including the summer pay period. Registered credits as of the census date (approximately 2 weeks after the official start date) or added after are included in the calculation. Only grades of “S” count as completed credits. Courses with grades of U-Unsatisfactory, I-Incomplete, DW-Drop/Withdrawn, UW-Unofficial Withdrawal and R-Repeat count as attempted but not completed credits.
Students must complete their program (major) within 150% of the expected length of the program. The maximum timeframe calculation includes transferred credits; regardless if they are applied toward the student’s program (major).
Maximum timeframes are defined as follows:
Associate’s Degree Program (60 credits) Max timeframe: 90 attempted credits
All Other Undergraduate Programs (120 credits) Max timeframe: 180 attempted credits
All Other Undergraduate Programs (120 credits) Max timeframe: 180 attempted credits
All Other Graduate-level Programs Max timeframe: 150% degree credits
Notification about a student’s SAP status is sent at the conclusion of every pay period, delivered through their student email.
Federal Work Study employment is terminated if student is ineligible for financial aid until the student regains their financial aid eligibility.
