Federal Financial Aid

Direct Subsidized Loans – federal loans available to students with financial need.  The U.S. Department of Education pays the interest on a Direct Subsidized Loan:

• while you’re in school at least half-time
• for the first six months after you leave school (referred to as a “grace period”), and
• during a period of deferment (a postponement of loan payments) 

Direct Unsubsidized Loans – there is no requirement to demonstrate financial need.  The borrower is responsible for paying the interest on a Direct Unsubsidized Loan during all periods.  If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (added to the principal amount of your loan).               

Pell Grant – free money from the federal government that does not need to be paid back.  Grants are need-based and eligibility is determined by the information provided on the FAFSA.  *Students with a bachelor’s degree are not eligible for a Pell grant.               

Parent PLUS Loan – Direct Parent PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay for college or career school.  Eligible parents can borrow up to the Cost of Attendance, once all other sources of financial assistance have been accounted for.  Learn more about Parent PLUS loans.

The fixed interest rate for undergraduate Direct Subsidized and Unsubsidized loans is 4.53% for the 2019-20 award yea).

We encourage all students to fill out the FAFSA.  Every applicant could be eligible, at minimum, for a non-need based unsubsidized loan.

Be sure to fill out the correct FAFSA in accordance with the academic year:
Fall 2019 term = 2019-2020 FAFSA
Spring 2020 term = 2019-2020 FAFSA
Fall 2020 term = 2020-2021 FAFSA (available October 1)

Notes:  Be sure to select IYRS as an institution (school code: 037323). When selecting grade level, students should choose “1^st Year, Never Attended.”

Once you’ve completed the FAFSA, you will receive a Student Aid Report (SAR) from the U.S. Department of Education, which summarizes the information you provided on your application.  You can expect to receive this within three days to three weeks after your submission.

After a FAFSA has been submitted with IYRS listed as a school (don’t forget this step!), a member of our staff will begin generating a financial assistance summary for you.  This is an estimate of a student’s remaining balance, once we’ve factored in federal aid, scholarship awards, and/or other funding sources as applicable.  As long as you’ve already applied to IYRS, you can expect to receive your summary about 1-2 weeks after submitting your FAFSA.

*Submitting the necessary documentation early on is essential in order for us to create a financial assistance summary.

Each year, the U.S. Department of Education selects a number of students for verification.  Verification is the process your school uses to confirm that the data reported on your FAFSA is accurate.  This doesn’t necessarily mean you’ve done something wrong – some students are selected at random.

During this process, your school may request additional documentation, such as your tax transcript.  It’s important to submit the required documents by your school’s deadline; otherwise, you may not be able to get financial aid.

No.  IYRS distributes a financial aid acceptance letter to each recipient at their New Student Orientation.  On this form, you have the option to decline or accept all or a portion of your award.

Before financial aid awards can be disbursed, students are required to sign a promissory note and go through entrance counseling.  Your school’s financial aid officer will assist you through this process.  As long as those steps have been completed, your award should be disbursed directly to the institution within the first 2-3 weeks of your program.

Yes!  Visit www.vets.gov/education to apply for benefits and submit your Certificate of Eligibility to us.

Please note that average processing time for certifications is 4-6 weeks, or longer during peak times.  It’s important to apply and/or submit your CoE as early as possible.

Students are billed twice throughout the duration of their program (twice per year for Boatbuilding & Restoration): once at the beginning of the term and again at the midpoint.  You can opt to pay for a full term or year upfront, or contact us to set up a payment plan.  There is a $20 monthly administrative fee for this service.