Financial Aid
Worried you won’t be able to get aid? The U.S. Department of Education awards about $150 billion a year in grants, work-study funds, and low-interest loans to more than 14 million students. Federal student aid covers such expenses as tuition and fees, room and board, books and supplies, and transportation. Aid also can help pay for other related expenses, such as a computer and dependent care. When it comes to paying for school, you’re not alone. Grants, work-study, and low-interest loans help make college affordable.
Most students are eligible to receive financial aid from the federal government to help pay for school. Your age, race, or program of study won’t affect your eligibility for federal student aid. While your income is taken into consideration, it does not automatically prevent you from getting federal student aid. Our Financial Aid Advisor has the experience to assist you in exploring available financial resources and can make the Federal Student Aid application process simple. Aid can come from the U.S. federal government, a state agency, or a nonprofit or private organization.
Besides financial aid, you also should think about what you can do to lower your costs when you go to college. Additional financing options available include: in-house tuition installment payments, Veteran’s Educational Benefits (VA), Vocational Rehabilitation Funds, external grants and scholarships.
Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans are not required to provide. Federal Direct unsubsidized loans are available to students that qualify regardless of income.
Types of Financial Aid available at IPSB:
Federal Pell Grants
Funds are awarded to students who demonstrate financial need based upon Department of Education guidelines. A Federal Pell Grant does not have to be repaid as long as the student completes his/her scheduled credit units per quarter term.
Subsidized Federal Direct Loan
A Subsidized Federal Stafford Loan is a need-based, low-interest loan made by a lender to students. The federal government pays the interest during school attendance, for a six-month grace period following school attendance, and approved periods of deferment. Eligibility for a Subsidized Stafford Loan is based upon financial need.
Unsubsidized Federal Direct Loan
An Unsubsidized Federal Stafford Loan is a low-interest loan made by a lender to students. A student does not have to demonstrate financial need to obtain this loan. Interest accrues on loan while attending school.
Federal PLUS Loan
Federal PLUS Loans are low-interest loans made by a lender to the parents of a dependent student. The loan application is subject to lender credit approval. All loans must be paid back in full plus interest. See www.studentloans.gov
Federal Work-Study
Provides part-time jobs for enrolled students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study. See the financial aid office for information about job offerings and availability.
Required Entrance and Exit Counseling https://studentloans.gov/
Eligibility for Federal Financial Aid:
- demonstrate financial need (for most programs);
- be a U.S. citizen or an eligible non-citizen;
- have a valid Social Security number;
- be registered with Selective Service, if you’re a male (you must register between the ages of 18 and 25);
- be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;
- be enrolled at least half-time to be eligible for Direct Loan Program funds;
- maintain satisfactory academic progress in college or career school;
- sign statements on the Free Application for Federal Student Aid (FAFSASM) stating that
- you are not in default on a federal student loan and do not owe money on a federal student grant and
- you will use federal student aid only for educational purposes; and
- have a high school diploma or a recognized equivalent such as a General Educational Development (GED) certificate; or
- complete a high school education in a homeschool setting approved under state law.
Tip: Speak with your Financial Aid Advisor before transferring from another institution within the same school year. It could delay or reduce your student aid eligibility.
Current and returning students:
To apply for financial assistance it is the student’s responsibility to annually apply for financial aid by completing the school’s interview application process on Virtual Financial Aid Office (VFAO) website AND the Free Application for Federal Student Aid (FAFSA). The students must also provide any required forms and documentation deemed necessary to the Financial Aid Advisor for any verification of data if student is selected by the Department of Education.
IPSB students must reapply for an aid package every borrower-based award year, usually spanning over three consecutive quarters. The quarter before a student’s next award year begins, s/he is required to complete the interview process on Virtual Financial Aid Office (VFAO) website. It is imperative that students reapply for future loans or grants early to ensure that their coursework is not interrupted. If the application(s) are not completed at least a quarter in advance, aid disbursement will be delayed, and students will be required to comply with the terms and conditions of a cash payment plan until an award package is scheduled and paid. If a student fails to supply the documents requested for verification before the 30-day deadline, or is unable to qualify for financial aid, s/he will be responsible for any outstanding balances incurred and must comply with the terms and conditions of the payment plan or other financing option.
In addition to the Title IV Federal Financial Aid programs, students may qualify for:
Eligible students such as veterans, active military, or those qualifying for state sponsored vocational training may apply for tuition benefit payments from the following agencies:
• Veterans Administration benefits (most chapters; including 33/Post 9/11, My CAA (Military OneSource ‘s Spouse Career Center), TA (Tuition Assistance)
• Active military (Navy, Marines and Coast Guard): speak with your base representative.
• WIA (Workforce Investment Act) 1-800-300-5616, and Vocational Rehabilitation Funds (San Diego District)
619-767-2100.
Additional Resources:
• The California Student Aid Commission: (888) 224-7268
• The Federal Student Aid Information Center: (800) 4FED-AID or (800) 433-3243
• College Navigator/IPEDS
• Student Body Diversity
Veterans Administration Benefits: US Department of Veterans Affairs
Post 9/11 GI Bill Information: Welcome to the GI Bill Web Site
California Department of Rehabilitation : Vocational Rehabilitation
Workforce Investment Act: US Department of Labor – Employment & Training Administration
San Diego Workforce Partnership : San Diego at work
IPSB’s three programs (Massage Therapy, Holistic Health Practitioner Program and Associate of Science Degree in Holistic Health) qualifies for the Workforce Partnership funds job training programs to meet the region’s demand for qualified workers. The programs benefit local employers, unemployed and recently laid-off adults, and at risk youth ages 14 to 21. To contact San Diego Workforce Partnership call: 1-888-884-SDWP (7397).
Other state loans and grants may depend on the student’s state of residence. Individual employers frequently offer education funds for employees or for retraining of employees.
