Financial Aid Basics
For many people, paying for your education can be a challenge. We are here to assist you to make your medical career dream a reality. The Financial Aid office at the Institute of Medical and Business Careers is ready to assist all qualified students in paying for their education.
Most of the Institute of Medical and Business Career students receive some type of Financial Aid.
There is no timeframe or deadline when a potential student can apply for Federal Financial Aid. Prospective IMBC students can apply for federal financial aid any time prior to a program’s start date. A new student should visit the financial aid office as early as possible during the admissions process to determine what Financial Aid can be awarded.
Financial Aid is the means by which a student pays for tuition and expenses when they do not have enough money to pay for it themselves.
Make an appointment to tour the Institute of Medical and Business Careers and a representative can assist you in completing Financial Aid applications.
IMBC is approved for the following Financial Aid programs:
- Federal Pell Grant – William D. Ford Federal Direct Loan Programs
Other outside funding students may look into on their own:
- Any private loan from a bank
WIA (Workforce Investment Act)
The Bureau of Workforce Development is committed to encouraging state-wide economic development by cultivating a well-trained workforce. To accomplish this goal, the Bureau identifies youth, adults and dislocated workers who are eligible for assistance under the Three Rivers Career Link’s website Workforce Investment Act (WIA), assesses their employability skills and provides training as appropriate for identified sectors of growing employment demand.
Veterans Administration Educational Benefits
The Veterans Administration sponsors students who are enlisted in or veterans of the U.S. Armed Forces that may be eligible for education benefits through the Department of Veterans Affairs to assist them in paying for their education. This includes the Montgomery GI Bill, Post 9/11 GI Bill® Vocational Rehabilitation and Employment (VR&E), Dependents’ Educational Assistance, Survivors’ Education Assistance, and Veterans Educational Assistance Program (VEAP). Students who have veteran’s benefits should contact the local Veterans Center or visit the Veterans Affairs website at http://www.va.gov/.
“GI Bill®” is a registered trademark of the U.S Department of Veteran Affairs (VA). More information about education benefits offered by VA is available at the official U.S government website at http://www.benefits.va.gov/gibill
Federal Grants and Loans
Federal Financial Aid forms are available online at www.fafsa.ed.gov.
Complete your Free Application for Federal Student Aid using the appropriate income tax year, sign, date and return to the Institute of Medical and Business Careers.
If you have already filled out the FAFSA you will need to add our school code. Go online to www.fafsa.ed.gov and Click step three to add or delete a school code. The school code for IMBC is 04155100. The Institute of Medical and Business Careers will contact you when we have received your information.
IMBC is approved for the following Federal Financial Assistance Programs that prospective students might qualify for:
- Federal Pell Grant: Provides grant aid to undergraduate students who have financial needs and meet other requirements for student financial aid and does not require repayment. Maximum is $5775 for the 2015-2016 award year / this is based off the income reported on your federal taxes and the information put on your FAFSA.
- Federal Direct Subsidized Loan: A low-interest loan for eligible students. Repayment begins six months after the last day of attendance. The government pays all interest while the student is in school.
- Federal Direct Unsubsidized Loan: A low-interest loan for independent students; however, dependent students’ eligibility is based on their expected family contribution. The government does not pay interest on this loan.
- Federal Parent Loans for Undergraduates: A low-interest loan. Eligible parents may borrow for the benefit of their children.
Montgomery G.I. Bill®
Students who are enlisted in or veterans of the U.S. Armed Forces may be eligible for education benefits through the Department of Veterans Affairs to assist them in paying for their education.
The Montgomery GI Bill® (MGIB) is available for those who have enlisted in the U.S. Armed Forces. Under Chapter 30, students are entitled to receive a monthly education benefit once they have completed a minimum service obligation. Under Chapter 1606, a reservist must be actively drilling and have a 6-year obligation in the Selected Reserve to be eligible.
Effective October 1, 2011 veteran students may also be eligible to receive Post-9/11 GI Bill® benefits. The Post-9/11 GI Bill® provides financial support for education and housing to individuals with at least 90 days of aggregate service on or after September 11, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill®.
How much money will I get under the Post-9/11 GI Bill® ?
The Post-9/11 GI Bill® reimburses your tuition & fees to your school and makes housing and other payments directly to you.
Your school will receive a percentage, as determined by your length of active duty service, of the following:
- For resident students at a public Institution of Higher Learning (IHL) all tuition & fee payments are reimbursed.
- For private and foreign IHLs tuition & fee reimbursement is capped at $17,500 per academic year.
- For students whose tuition & fees exceed $17,500 per academic year who are attending a private IHL in AZ, MI, NH, NY, PA, SC or TX and have been enrolled in the same program since January 4, 2011 schools will be reimbursed either the actual cost of the program or the maximum in-state tuition & fee reimbursement rate for the 2015-2016 school year, whichever is greater.
If you are attending a public IHL as a non-resident student or a private IHL that is more expensive than the $17,500 cap you may be eligible for extra payment under the Yellow Ribbon program.
Some students may also be eligible to receive other VA benefits including but not limited to:
- The Vocational Rehabilitation and Employment (VR&E)
- Dependents’ Educational Assistance
- Survivors’ Education Assistance
- Veterans Educational Assistance Program (VEAP)
For more information on VA education benefits or to find out which benefit you may be eligible for contact your local Veterans Center or visit the Veterans Affairs website as http://www.va.gov/
Click on the NetPrice Calculator below to help determine the cost of attending the Institute of Medical and Business Careers.