Federal Financial Aid FAQ

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

Direct Unsubsidized Loan – 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, during grace periods and deferment, or forbearance periods, your interest will accrue (accumulate) and be  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 – Parent PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay for their child's education.  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 from the US government can be Found Here.

We encourage all students to fill out the FAFSA.  Every applicant could be eligible, at minimum, for a Direct Unsubsidized Loan.

Be sure to fill out the correct FAFSA in accordance with the academic year:
Spring 2022 term = 2021-2022 FAFSA

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

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 – many students are selected at random.

During this process, your school may request additional documentation such as your tax return.  It’s important to submit the required documents by your school’s deadline so that you can still be eligible for financial aid. 

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!), IYRS will provide a financial assistance summary for you.  This is an estimate of your remaining balance after we’ve factored in federal aid, scholarship awards, and/or other funding sources if applicable.  You can expect to receive your summary about 1-2 weeks after submitting your FAFSA.

*It's important to note that all documentation must be submitted on time. See Admissions Timeline for Applicants.

No.  IYRS distributes a financial aid acceptance letter to each recipient prior to the start of classes.  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, but can be longer during peak times.  It’s important to apply for benefits and submit your CoE as early as possible.

Students are billed twice during 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 set up a payment plan for your tuition balance.  Payment plans typically span the length of the program - 10 months for Boatbuilding & Restoration, 9 months for Digital Modeling & Fabrication, and 6 months for Composites Technology or Marine Systems – and payments are due monthly.  The student’s tuition balance (total tuition and fees less any financial aid/scholarships awarded) is divided equally by the length of the program.  There is a small monthly administrative fee added for this service.  Payments are due on the 1^st of the month.  To learn more about payment plans or to set up a payment plan, please contact Student Services.

Yes. Students are billed twice during 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 set up a payment plan for your tuition balance.  Payment plans typically span the length of the program - 10 months for Boatbuilding & Restoration, 9 months for Digital Modeling & Fabrication, and 6 months for Composites Technology or Marine Systems – and payments are due monthly.  The student’s tuition balance (total tuition and fees less any financial aid/scholarships awarded) is divided equally by the length of the program.  There is a small monthly administrative fee added for this service.  Payments are due on the 1^st of the month.  To learn more about payment plans or to set up a payment plan, please contact Student Services.