What is Financial Aid?
Financial Aid is a resource to help students afford an education. It is available to students with limited income, who would not otherwise be able to finance an education.
What is the process of applying?
The student must first fill out the Free Application for Federal Student Aid or FAFSA for short, to qualify for Aid. This application takes approximately 15 minutes to complete. Once the FAFSA and any other supplementary documents are turned in, the time from submission to the time when the student is approved and paid, takes between 4 and 6 weeks.
What determines the amount of Aid I qualify for?
After completing the FAFSA, an “Estimated Family Contribution” will be calculated. This number is based on the information you provide in your application. The school will then use this EFC to reward your Financial Aid.
What are the different types of Financial Aid available at IME?
At IME students can apply for the Pell Grant, Stafford Loans, and the Parent PLUS Loan
a. The Pell Grant is a Federal Grant given to qualified students to help pay for school. It does not need to be repaid.
b. The Stafford Subsidized Loan is also awarded based on financial needs. The federal government pays the loan interest while you’re in school, and during the grace periods.
c. The Stafford Unsubsidized Loan is available to all eligible students, regardless of income or assets. You’re responsible for paying all the interest on the loan, but you can defer interest payments while in school. Paying off a student loan can be a great way to develop a good credit history, particularly if you are just starting a career.
d. If you still fall short after utilizing grants, student loans, and other aid, then you should consider a federal PLUS loan for parents. The Parent PLUS Loan is offered by the federal government to help parents and stepparents pay for their children’s education.
e. Students are always encouraged to apply for additional private scholarships. These are available from private sources. Scholarships also do not have to be repaid.
Who is eligible for Aid?
To qualify for Aid, a student must be a U.S. Citizen or have legal naturalization docs, a high school diploma, or equivalent, and is 18 years old.
How long can I qualify for Aid?
As long as you are working towards an educational goal with an educational plan, you can continue to qualify for Aid
Am I too old to qualify for Aid?
No. There is no upper age limit in qualifying for Aid
How much money can I qualify for? In addition to tuition, can I also receive money for textbooks, housing, and other living expenses?
The amount of money received is determined by Expected Family Contribution (EFC). The EFC is determined by income, expenses, and assets. If student’s qualify, in addition to tuition, grants and loans can also help pay for living expenses. This includes books, fees, housing, food, and even reasonable transportation and personal expenses.
Will my current job affect the amount of Aid I will get?
The income and assets from last year (as filed on your taxes) are taken into consideration when determining your EFC.
Are homeowners disqualified from receiving Aid?
No. Financial Aid is determined by financial income and need.