FEDERAL FINANCIAL AID
2024-2025 ACADEMIC YEAR
PROCESS
1. Request an FSA ID at www.studentaid.gov/fsa-id/create-account/launch
2. Complete the 2024-2025 & 2025-2026 Free Application for Federal Student Aid Aid (FAFSA) at www.studentaid.gov. Use school code: 03083
3. Submit your finished FAFSA application. In several days, you will be notified of your financial aid eligibility by the Financial Aid Administrator.*
*Some FAFSA applications are selected for a review process called verification, where a student may have to submit financial documentation to the Financial Aid Administrator.
FEDERAL PELL GRANT
Award amount based on financial need determined from FAFSA, enrollment date, and enrollment status. Unlike a loan, a Federal Pell Grant does not have to be repaid. The maximum Pell Grant award per program is:
• Ayurvedic Esthetic | $6,895
FEDERAL DIRECT SUBSIDIZED & UNSUBSIDIZED LOANS
Subsidized Loan amount based on financial need is determined from FAFSA. Subsidized Loans have a fixed interest rate of 4.99%. The government pays the accruing interest while in-school, grace and authorized deferment periods. Unsubsidized Loans have a fixed interest rate of 4.99%. You are responsible for paying the accruing interest while in school, grace and authorized deferment periods.
• The maximum an “independent” Cosmetology student can borrow is $17,666; a “dependent” Cosmetology student can borrow up to $10,555.
• The maximum an “independent” Massage Therapy student can borrow is $7,917; a “dependent” Massage Therapy student can borrow up to $4,584.
• The maximum an “independent” Esthiology student can borrow is $6,333; a “dependent” Esthiology student can borrow up to $3,666.
• The maximum an “independent” Barbering student can borrow is $10,666; a “dependent” Barbering student can borrow up to $6,222.
• The maximum an “independent” Ayurveda Esthetic student can borrow is $10,666; a “dependent” Ayurveda Esthetic student can borrow up to $6,222.
Before loan funds can be disbursed, students must complete Entrance Counseling and Master Promissory Note (MPN)for a Subsidized/ Unsubsidized Loan at www.studentaid.gov
FEDERAL DIRECT PLUS LOANS
Loans are available to parents of “dependent” students that are approved based on credit rating. If the parent is denied a PLUS Loan, a “dependent” student’s loan eligibility increases to that of an independent student. PLUS Loans have a fixed interest rate of 7.54%. Parents interested in a PLUS Loan should apply at www.studentaid.gov.
IMPORTANT!
Sometimes Financial Aid can be applied to a student’s down payment. Please contact the Financial Aid Administrator regarding this. All Financial Aid is immediately applied to any owed tuition. Financial Aid disburses in increments, where a student must make Satisfactory Academic Progress (please see course catalog) to remain eligible for the funds.
Financial Aid Department
Gregory Mathews, Financial Aid Administrator 414.319.7581 or gregory@ibw.edu