Financial Aid Program
Pell Grants – $12,200
Amount is based on the students’ need. The Pell grant does not need to be repaid by the student.
Stafford Loans (Subsidized) – $8,000 for entire course
Must be repaid by the student.
Direct Stafford Loans (Unsubsidized) – $12,000 for entire course
Must be repaid by the student.
Federal Pell Grants: As with most Federally funded programs, Pell Grants are awarded on the basis of financial need. The money comes from the U. S. Department of Education. The maximum amount varies from year to year and student eligibility also is quite variable. The government operates on a fiscal year basis beginning July 1 and ending June 30. If you attend in more than one fiscal year you could be eligible for more than one grant.
Federal Direct Stafford Loans: These are low-interest, long-term loans. The interest rate is approximately 4.66% as of June 25, 2014. There are two types of stafford loans. Subsidized Stafford’s are for needy student and repayment begins six months after the student leaves school; Unsubsidized Staffords call for repayment to start two months after the loan is granted, however you may request capitalization of the interest while you are in school so payments do not start until after you graduate.
Federal Parental Loans to Undergraduate Students (Plus Loans): Parents of dependent students may apply for this loan. Terms are very similar to the Unsubsidized Stafford Loan.
American Opportunity Tax Credit: A student or a student’s parents may claim a tax credit of $1500 when they file their tax turn. Note that it is a direct reduction, dollar for dollar, of the taxes you would have paid. It is like a grant that arrives April 15.
State Vocational Rehabilitation Aid: Individuals with disabilities may be eligible for this aid under the vocational rehabilitation act as determined by the Iowa Vocational Rehabilitation Agency. The school can help an applicant get in touch with the proper authority.
Veterans’ Benefits: Veterans’ benefits are available to qualified veterans. The amount of assistance is based upon the V.A. program the veteran falls under and his or her family size. See the U.S. Department of Veterans Affairs for more information.
Paying for Your Education
Depending on your circumstances you may be eligible for financial help from the U.S. Department of Education, the Veterans Administration, the U.S. Department of Labor, Vocational Rehabilitation or other federal and state agencies.
With our students, grants and low interest loans from the U.S. Department of Education is the most common route to obtain help. Eighty-five percent of our students are eligible for some type of aid. What program and how much you might be eligible for varies from person to person. The school, at no additional cost, can help you determine your eligibility.
Grants such as Pell and SEOG do not have to be paid back; low interest loans such as the Subsidized and Unsubsidized Direct Loans MUST be paid back. The following is a common budget for and average student:
Toolkit and fees: $2,400
Total Cost of the Course: $24,000
Sources of Aid
Pell Grant: $12,200
Subsidized Loans: $8,000
Unsubsidized Loans: $12,000
Total Aid: $32,200
Remainder Available to Student for Living Expenses: $7,800