Financial Aid Programs at IBMC College
Federal Pell Grant
Federal Pell Grant is gift aid that, in most cases, does not need to be paid back. Federal Pell Grant is awarded based on a student’s Expected Family Contribution (EFC) as calculated from the FAFSA by the Federal Department of Education. Federal Pell Grant awards are based on enrollment. Awards will be made after the Student Financial Services Office receives all required documentation. For academic year 2017-2018, the Pell maximum award is $5,920.
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. FSEOG is a campus-based program with limited funding. The minimum FSEOG amount is $100, but it may be prorated if the student is enrolled for less than an academic year.
Federal Direct Loan Programs (Subsidized and Unsubsidized)
Federal Direct Stafford Loans are funded by the Department of Education. A student is automatically considered for a Direct Loan after submitting the FAFSA.
Subsidized loans begin accruing interest during the grace period with a fixed 4.45% interest rate for loans disbursed on or after July 1, 2017.
Unsubsidized loans begin accruing interest while in school with a fixed 4.45% interest rate for loans disbursed on or after July 1, 2017. Dependent students and independent students may be eligible for an additional $2,000 unsubsidized loan for each academic year.
The type of Federal Direct Stafford is determined by the student’s financial need. Interest rates are recalculated and published by the Department of Education for all new loans disbursed after July 1, 2017.
If you have Stafford Loans and wish to complete Stafford Loan Entrance or Exit Counseling, please go to Direct Loan Servicing.
Federal Direct Plus Loan Program
A parent of a dependent student may borrow up to the cost of education minus any student assistance (including scholarships) the student may receive during an academic year. The interest rate is 7% on loans disbursed on or after July 1, 2017.
Federal Work Study
Federal Work Study (FWS) employment constitutes a significant resource for students who have documented financial need. FWS awards are based on need and availability of funds. Through the FWS Program, undergraduates work part-time either on campus or with a community service organization.