Federal Financial Aid

Frequently Asked Questions Regarding Financial Aid

I need financial assistance.  Where do I start?

  1. Students seeking financial assistance should submit the Free Application for Federal Student Aid (FAFSA).  Be sure to select IYRS as an institution (school code: 037323).  The information provided on the FAFSA determines a student’s eligibility for federal student loans and/or a Pell grant.  It also allows IYRS to evaluate scholarship applicants for need-based awards.

    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)

    *Note:  When selecting grade level, students should choose “1st Year, Never Attended.”
     

  2. When applying to IYRS, submit an IYRS scholarship application for an opportunity to win merit or need-based scholarship and grant awards.  Applications can be found here
  3. Identify what type of federal financial aid is right for you. Visit www.studentaid.ed.gov for more information.
  4. Check for outside scholarships.  Some good resources can be found here here, but many more exist.
  5. Seek an alternative loan.  Although IYRS does not have a preferred lender, there are private organizations who lend to students in trade and technical schools.  Contact Student Services to discuss your options.

What types of federal financial aid are available?

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.

What are the interest rates for federal student loans?

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

I don’t think I qualify for financial aid.  Should I even apply?

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

Multiple FAFSA applications are available.  How do I know which one to fill out?

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 “1st Year, Never Attended.”

Who will I hear from, and when?

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.

What do I do if I’ve been selected for verification?

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.

If I’ve been awarded financial aid, am I obligated to accept it?

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.

How do I receive my financial aid money?

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.

I’m a veteran/active duty service member.  Can I use my education benefits at IYRS?

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.

What if I plan to finance my education without any assistance?

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.