Financial Aid Programs at IBMC
The following financial aid programs are available at IBMC:
Federal Pell Grant
To receive a PELL Grant a student must:
• complete a Free Application For Student Aid (FAFSA);
• demonstrate financial need.
A Pell Grant is gift aid that in most cases does not need to be paid back. The institution determines the amount of PELL a student receives by using the Expected Family Contribution (EFC) as calculated from the FAFSA by the Federal Dept. of Education. The maximum amount of PELL for the 2011 – 2012 award year is $5,500.
Federal Supplemental Educational Opportunity Grant (FSEOG)
To receive a FSEOG, a student must:
• have exceptional financial need;
• receive a Pell grant in the same award year.
FSEOG is gift aid that in most cases does not need to be paid back. The minimum FSEOG amount is $100, but may prorate this amount if the student is enrolled for less than an academic year. The current amount for 2011 - 2012 is $100.Federal Direct Loan Programs (Subsidized and Unsubsidized)
Stafford loans are interest (subsidized) or low-interest (unsubsidized) loans borrowed for educational expenses.If you have Stafford Loans and wish to complete Stafford Loan Entrance or Exit Counseling, please go to Direct Loan Servicing.Federal Direct Plus Programs
Parents may borrow under this program to pay for educational expenses for their dependent undergraduate students.Federal Work Study
Through the FWS Program, undergraduates work part time either on campus or with a community service organization.