FEDERAL F I NANCIAL A I D
YEAR
P R O C E S S
1. Request an FSA ID at www studentaid.gov/fsa-id/create-account/launch
2. Complete the 2025-2026 & 2026-2027 Free Application for Federal Student Aid Aid (FAFSA) at www.studentaid.gov. Use school code: 038083
3. Submit your finished FAFSA application. In several days, you will be notified of your financial aid eligibility by the Financial Aid Administrator *
*Some FAFSA applications are selected for a review process called verification, where a student may have to submit financial documentation to the Financial Aid Administrator
F E DE R A L P E L L G R A N T
Award amount based on financial need determined from FAFSA, enrollment date, and enrollment status. Unlike a loan, a Federal Pell Grant does not have to be repaid. The maximum Pell Grant award per program is:
• Ayurvedic Esthetic | $6,895 • Barbering | $6,895 • Cosmetology | $6,895 • Esthiology | $4,597 • Massage Therapy | $5,746
F EDE R A L DI R E C T S U B S ID I Z E D & UNSU B S I D I Z E D L O A N S
Subsidized Loan amount based on financial need is determined from FAFSA. Subsidized Loans have a fixed interest rate of 4.99%. The government pays the accruing interest while in-school, grace and authorized deferment periods. Unsubsidized Loans have a fixed interest rate of 4.99%. You are responsible for paying the accruing interest while in school, grace and authorized deferment periods.
• The maximum an “independent” Cosmetology student can borrow is $17,666; a “dependent” Cosmetology student can borrow up to $10,555
• The maximum an “independent” Massage Therapy student can borrow is $7,917; a “dependent” Massage Therapy student can borrow up to $4,584
• The maximum an “independent” Esthiology student can borrow is $6,333; a “dependent” Esthiology student can borrow up to $3,666
• The maximum an “independent” Barbering student can borrow is $10,666; a “dependent” Barbering student can borrow up to $6,222
• The maximum an “independent” Ayurveda Esthetic student can borrow is $10,666; a “dependent” Ayurveda Esthetic student can borrow up to $6,222
Before loan funds can be disbursed, students must complete Entrance Counseling and Master Promissory Note (MPN)for a Subsidized/ Unsubsidized Loan at www.studentaid.gov
F EDE R A L DI R E C T P LU S L O A N S
Loans are available to parents of “dependent” students that are approved based on credit rating. If the parent is denied a PLUS Loan, a “dependent” student’s loan eligibility increases to that of an independent student. PLUS Loans have a fixed interest rate of 7.54%. Parents interested in a PLUS Loan should apply at www.studentaid.gov
IMPO R TANT !
Sometimes Financial Aid can be applied to a student’s down payment. Please contact the Financial Aid Administrator regarding this. All Financial Aid is immediately applied to any owed tuition. Financial Aid disburses in increments, where a student must make Satisfactory Academic Progress (please see course catalog) to remain eligible for the funds.
Financial Aid Department
Gregory Mathews, Financial Aid Administrator 414.319.7581 or gregory@ibw.edu