IBS currently participates in the Pell Grant and Direct Student Loan programs. Federal Pell Grant is a federal grant for undergraduate students with financial need, and don’t have to be repaid. Direct Loan is a federal student loan, made through the William D. Ford Federal Direct Loan Program, for which eligible students and parents borrow directly from the U.S. Department of Education at participating schools. You must repay your student loans. Repayment starts six months after you graduate, you drop below half-time status, or you terminate your training.
There are 2 different types of Direct Loans:
- Subsidized Loan
- Unsubsidized Loan
More information of these programs can be found in The Guide to Federal Student Aid, available online at www.studentaid.ed.gov, on studentloans.gov and the “Free Application for Federal Student Aid” published by the U.S. Department of Education located at www.fafsa.ed.gov. Copies of the guide will be provided to you by the Financial Aid Office. Additional information may be obtained by calling the Federal Student Aid Information Center between 8:00 a.m. and 11:00 p.m. (Eastern Time), Monday through Friday or 11a.m. and 5p.m. (Eastern time) Saturday and Sunday at (800) 433-3243 and will also be provided during loan counseling sessions.
Students interested in receiving financial aid assistance must attend an entrance interview with the financial aid advisor prior to any disbursements being made. Students that have received federal financial aid must also participate in an exit counseling prior to graduation. The Exit counseling is completed online on the website www.studentloans.gov.
Student Eligibility Requirements
To be eligible for financial aid, a student must:
- be admitted as a regular student;
- be enrolled or accepted for enrollment in an eligible program on at least 12 hrs per week;
- be a citizen or an eligible non-citizen;
- not owe a refund on a FPELL Grant or FSEOG at any school;
- not be in default on a Perkins Loan or Stafford Loan/SLS/PLUS/Direct Loan at any school;
- have financial need;
- be making satisfactory progress (as defined by the school’s policy) in the course of study;
- be registered for selective service (if a male born on or after January 1, 1960);
- have signed a statement of educational purpose;
- have signed a statement of updated information;
- have a high school diploma, (or its equivalent), a GED;
- agree to any federal student aid received is solely for educational purposes.