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, while in school at least half time for the first 6 months and in periods of deferment. Amount of loan can not exceed financial need. 

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.  The amount of a direct unsubsidized loan is based on cost of attendance and other financial aid received.    

Pell Grant – 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. 

Use this tool to see how much federal student aid you MAY BE ELIGIBLE for in the 2024–25 award year.

This Loan Simulator helps you estimate monthly student loan payments and choose a loan repayment option that best meets your needs and goals. You can also use it to decide whether to consolidate your student loans.

Be sure to fill out the correct FAFSA in accordance with the academic year:
Spring 2024 term = 2023-2024 FAFSA
Fall 2024 term = 2024-2025 FAFSA (Available December 31, 2023)
Spring 2024 term = 2024-2025 FAFSA (Available December 31, 2023)

*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 used 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 typically within 3 to 5 days and up to two weeks.

After a FAFSA has been submitted with IYRS listed as a school (don’t forget this step!), and you have been accepted to IYRS, we 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.  

*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 loan entrance counseling.  IYRS's Student Services Department can assist you with any questions you may have.  As long as those steps have been completed, your award will be disbursed directly to the institution in two terms.

Yes!  Visit www.vets.gov/education to apply for Veteran Education Benefits. Once you receive your Certificate of Eligibility, please submit to Katherine Brito, Student Services.

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.

U.S. students are eligible for payment plans. Payment plans typically span the length of the program 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 Victoria Abrams, Finance.