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How to Apply for Financial Aid

Getting Started - Your PIN Number

The beginning point for all federal aid is the Free Application for Federal Student Aid (FAFSA), and the first step in filing a FAFSA is applying for a federal PIN number. Students and at least one parent (if the student is a dependent) can apply on-line through the Department of Education website. PIN numbers serve as an “electronic signature” for completing the FAFSA, student loan applications and other on-line documents and processes. If you previously had a PIN number for student aid and do not remember it, you can retrieve or reset your PIN through the site as well.

The FAFSA Application

Once you have your PIN number, the next step is completing and electronically signing the Free Application for Federal Student Aid (FAFSA) form. This process can be done quickly and easily on the Department of Education website. The on-line process includes a download of income and tax information directly from the IRS website (for both student and parent income). Be sure to use the IRS Data Retrieval Tool download process to prevent processing delays. If you do not choose or qualify for this option, you will most likely be chosen for a process called “verification” (see below). The information that you provide will help the school determine your eligibility for student financial aid. When completing the FAFSA form, make sure you list International Business College as your school choice (federal school code #014535) as this will ensure we receive your information in a timely manner. Deadline: It’s best to have your FAFSA completed at least 14 days prior to the start of classes since we cannot process any aid until your data is received from the federal processor. The absolute deadline to file your FAFSA is a few days before you finish school, as we must receive your information while you are still enrolled in order to process your aid.

Verification

You may be selected for a process called Verification by either DOE or by International Business College. Verification requires documenting the information you reported on your FAFSA. If selected for verification, you may be asked to provide documentation of any or all of the following:

Your Financial Aid Officer may request certain documents in addition to your spouse’s and/ or your parents’ Federal Income Tax Return. You must submit the IRS income tax transcript and w-2 forms to the financial aid office in order to complete verification. You will be required to explain any inconsistent or unusual information prior to receiving Student Financial Assistance. Normally this documentation should be submitted as soon as requested; however, International Business College recognizes that sometimes it is necessary to obtain this data from outside sources, which could present additional delays that are beyond your control. Therefore, as long as the student is making every effort to obtain the documentation, the school’s submission deadline is the same as the federal submission deadline, the earlier of 120 days from the last day of attendance or August 31 following the close of the award year. Students who do not meet this deadline are not eligible for any federal aid from the award year and must arrange for payment of outstanding balance. Keep in mind if verification has not been met International Business College will not certify your loan, until verification has been met. If you are selected for verification in subsequent award years, the submission of your required documents must meet Federal Submission deadline dates for the Federal Pell Program. If you fail to provide all verification that was requested, No Title IV can be released.

If corrections are required, it will be necessary for you/or your parents or spouse to submit signed corrected documentation to the school, which will be resubmitted for corrections. After the verification procedures are complete, you will receive an Award Letter Notification that will confirm that your file meets Federal Standards of accuracy. At this time your loan will be certified and submitted for guarantee and release.

International Business College is required by Federal regulations to make referrals to the Department of Education and Department of Justice if it is suspected that aid was requested under false pretense.

Special Circumstances

Occasionally the information reported on the FAFSA does not accurately represent the family’s current financial situation. This can occur because of a significant change in income, marital status, or assets; or other special or unusual circumstances affecting a family’s ability to contribute to the student’s educational costs. The Financial Aid Office can often create a financial aid package to help offset these financial difficulties, including making modifications to the student’s application data. If you feel that you have such special circumstances, call or visit the Financial Aid Office to set an appointment to discuss your situation. Our financial aid staff will be glad to help you explore your options.

What Happens After Filing the FAFSA?

After filing your FAFSA you will receive an electronic Student Aid Report (SAR). This report is a summary of the information provided on your application. Please review it to ensure the data is accurate. You can make corrections or provide additional information, if needed, through the FAFSA website.

Your SAR will also list your expected family contribution or EFC. This is the amount, based on the federal formula, that you and your family (if applicable) may be expected to contribute towards the Cost of Attendance (COA). Your specific COA will be listed on your financial aid award letter (see below).

Upon completion of the application and verification (if required) processes, the Financial Aid Office will prepare a financial aid package for you based on your eligibility and financial need as determined by your FAFSA form. Your financial aid eligibility and Cost of Attendance (COA) will be provided to you in an award letter.

You can also discuss timing of your financial aid payments, billing procedures and alternative financing options with the Financial Aid Office. The financial aid office staff is here to assist you with the application process. If you need help in completing the necessary forms, please call our office and schedule an appointment.

Step-By-Step Summary

To apply for federal financial aid, please follow the steps below:

  1. Apply for a PIN (Personal Identification Number) at http://www.pin.ed.gov. This is required for both the student and at least one parent (if you are a dependent student).
  2. Go to http://www.fafsa.ed.gov to apply for federal financial aid by completing the on-line FAFSA. Be sure to use the IRS data download option to avoid processing delays.

Call or visit the Financial Aid Office to discuss options and receive assistance with your forms and paperwork. We are here to help! Contact Our Financial Services.

Related Links:

Federal Student Aid – Student Eligibility Rules

www.federalstudentaid.ed.gov

Internal Revenue Service (IRS)

To request a tax transcript from the IRS

Tax Benefits for Education

Federal PIN Number Site

FAFSA On-line Application

Financial Aid Glossary

Contact Us

International Business College
Main: (915) 859-0422
Branch: (915) 842-0422