FINANCIAL AID

The Financial Aid Department has been established to provide assistance through grant and loan programs to qualifying students. The financial need of the student is assessed before financial aid is provided. This policy is based on the premise that the primary responsibility for financing an education belongs to the student.

A financial aid package, which includes information and an application for grant and loan programs, is provided for each student. Other resources such as Social Security and Veterans Educational benefits will be considered in establishing a student’s financial need. The student is not required to accept all forms of financial aid offered. All outstanding tuition not covered by financial aid will be the sole responsibility of the student.

The policy of the school is to initially fund a student’s first academic year (30 weeks and 24 Title IV credit hours). For maximum financial aid eligibility, the student must have 30 weeks and 24 Title IV credit hours per academic year. Students enrolled in programs longer than one academic year will fund their second academic year at the completion of 30 weeks and 24 Title IV credit hours.

All applicants must see a Financial Aid Officer to complete the necessary documentation. The Financial Aid Department recognizes that each student’s situation is unique; therefore, each application is kept confidential and is analyzed and considered on an individual basis.

All financial aid programs require recipients to be citizens or eligible non-resident citizens of the United States. Students on an F-1 Visa are ineligible for financial aid programs. Immigrant students must submit immigration documents to determine eligibility for financial aid programs.

All necessary paperwork must be promptly submitted before Title IV funding is disbursed. For students with previous post-secondary education, Title IV funds will not be disbursed until all financial aid transcripts are received from previously attended institutions.

All campuses are approved by the Department of Education and are eligible institutions for Title IV assistance programs. Students may apply for any program listed in this catalog without regard to race, sex, creed, age, or national origin.

FEDERAL FINANCIAL AID PROGRAMS
Iverson Business School participates in the following student financial aid programs:

1. Federal Pell Grant
2. Federal Supplemental Educational Opportunity Grant
3. Federal Direct Student Loans
4. Federal Family Educational Loan
5. Federal Work-Study Program
6. Private Lending Sources
7. Payment Plans

Federal Pell Grant:
A Federal Pell Grant is a grant that the student does not pay back. These awards are to help students pay for their education. The Pell Grant Program is the largest Federal student aid program. These grants provide a “foundation” of financial aid, to which aid from other Federal and non-Federal sources may be added.

Federal Supplemental Educational Opportunity Grant
A Federal Supplemental Educational Opportunity Grant is a grant that the student does not pay back. This grant is used as a supplement to the Federal Pell Grant.

Loans
Loans are sources of financial aid that must be repaid.

Government-sponsored educational loans are preferable if you decide to borrow to pay for your education. They are better than traditional consumer loans because they usually offer lower interest rates and extended repayment terms, do not require collateral, and help students and parents with the costs of education.

There are certain eligibility requirements. Congress has limited access to education loans because paying for an education is considered to be the primary responsibility of individual families. Borrowers must qualify based on eligibility or need for most federal loans. Federal Stafford Unsubsidized loans are not need-based and are available to students at all income levels.

Whether or not to borrow money to pay for your education is an important decision, and one only you and your family can make. A good education is expensive, but usually worth the investment of time and effort.

When you decide to enter the world of credit and finance, you assume new responsibilities, and it is important for you to realize that your loan must be paid back. As with any debt, you are responsible for repaying your loan -- in full -- even if you did not (as sometimes happens) complete school, couldn't get a job, or feel you did not receive the educational or services you purchased.

Federal Work-Study Program
The Federal Work-Study Program, (a part of Public Law 99-498) makes funds available to institutions of higher education in order to reimburse needy students for a portion of their earnings in eligible jobs. Public Law 99-498 provides for a student to be employed by a public or private nonprofit organization with the exception of those engaged in religious or political activities.

ENTRANCE/EXIT INTERVIEWS

Entrance Interviews
The Financial Aid Office will discuss the rights and responsibilities of the student as a borrower. The student will be required to take a student loan test to determine the level of comprehension of the session. Additional counseling is given if needed. Documentation of the test is maintained in the student’s file.

Exit Interviews
The Financial Aid Office will conduct an exit interview with each student any time between the second disbursement of the student’s loan and graduation. If the student terminates prior to graduation, an exit interview form is mailed for their signature. Documentation is maintained in the student’s file.

ELIGIBILITY OF AID

Students should realize that eligibility for financial aid may be affected by many different reasons, such as a change in family situations, place of residence, income status, class schedule, or in major field of study. Financial aid of any type may not be disbursed when a student is on a leave of absence or on second academic probation. Questions about eligibility for financial aid should be addressed to the Director of Financial Administration. Students must keep the Financial Aid Office advised of any potential changes that could affect financial aid.

PAST DUE OBLIGATIONS

A student who has a financial obligation to the school for any reason or who has books or materials outstanding from the bookstore beyond the due date will be denied all services including job placement, the issuance of academic transcripts, permission to register, and permission to graduate. The student may be administratively withdrawn at the discretion of the school.

GUARANTEED TUITION

All students are guaranteed that tuition at the time of registration will not increase as long as they are actively and continuously enrolled in a program.