IBMC FAQs

No. You can apply for Financial Aid any time after January 1. To actually receive the funds, however, you must be admitted to and enrolled at the college.

Despite all the news stories about rising college prices, a college education is more affordable than most people believe. Financial Aid is intended to make college available to students from many different financial situations. College Financial Aid departments consider family income, the number of family members in college, medical expenses and many other factors when reviewing your Financial Aid application.

The best way to get an estimate of how much Financial Aid the college can offer you — and therefore how much you’ll really pay to go to that college – is to contact a Financial Services Representative by filling out this form or calling 1-800-495-2669 to discuss your personal situation.

Yes. Many families mistakenly think they don’t qualify and prevent themselves from receiving Financial Aid by failing to apply for it. In addition, there are a few sources of aid such as unsubsidized Stafford and PLUS loans that are available regardless of need.

The FAFSA form is free. There is nothing to lose if you apply.

To qualify for many types of aid, you’ll need to complete the Free Application for Federal Student Aid (FAFSA). This application gives you access to these types of aid:

• Grants and scholarships: money you don’t have to pay back
• Work-study jobs: paid, part-time work that’s generally on campus
• Loans: money you need to pay back, usually after you graduate

Yes. Most Financial Aid departments require that you apply for Financial Aid every year. If your financial circumstances change, you may get more or less aid. After your first year, you will receive a Renewal Application which contains preprinted information from the previous year’s FAFSA.

Note that your eligibility for Financial Aid may change depending on family and income information reported for the appropriate tax year. Renewal of your Financial Aid package also depends on your making satisfactory academic progress toward a degree, such as earning a minimum number of credits and achieving a minimum GPA.