| 1. |
HOW DO I APPLY FOR FINANCIAL AID AT AIB? |
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Students must complete the Free Application for Federal Student Aid (FAFSA) in order to apply for federal and state aid. Student must also complete AIB's Institutional Aid Application in order to receive institutional grants and scholarships. New students must also apply for admission and be accepted into the college before financial aid eligibility will be determined. |
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| 2. |
WHEN SHOULD I FILE THE FAFSA? |
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Students will want to complete the FAFSA as soon as possible after January 1. AIB gives priority to students who complete the aid process before April 1. The earlier you complete the FAFSA, the earlier we will be able to determine your financial aid eligibility. |
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| 3. |
DO I HAVE TO APPLY FOR FINANCIAL AID EACH YEAR? |
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Yes. Consideration for all aid programs is determined each academic year from these applications. |
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| 4. |
I AM GRADUATING FROM THE ASSOCIATE DEGREE PROGRAM AND THINKING ABOUT STARTING THE BACHELOR'S COMPLETION PROGRAM. DO I STILL NEED TO COMPLETE THE FINANCIAL AID PROCESS? |
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Yes. If you are planning to become a Bachelor's student anytime during the school year it is best to complete the FAFSA and AIB Institutional Aid Application before the priority deadline. You will also need to apply for admission and be accepted into the Bachelor's Completion Program. |
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| 5. |
WHAT IS THE FAFSA? |
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The Free Application for Federal Student Aid (FAFSA) determines your eligibility for all federal financial aid programs. The Department of Education uses this application to provide an index number which allows the college to calculate a student's eligibility for financial assistance. |
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| 6. |
WHY DO I NEED A PIN? |
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The PIN is Personal Identification Number. The student will use the PIN to electronically sign the FASFA. If a student is a dependent student, the parent will also need to acquire a PIN. The PIN should be placed in a safe place as it may be used numerous times throughout the year. |
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| 7. |
WHAT IS AIB COLLEGE OF BUSINESS' SCHOOL CODE? |
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AIB's school code is 003963 |
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| 8. |
WHAT IS AIB'S PRIORITY DEADLINE FOR APPLYING FOR AID? |
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AIB gives priority to students completing the aid process on or before April 1 each year. |
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| 9. |
WHAT IF I (OR MY PARENTS) HAVE NOT FILED OUR FEDERAL TAX RETURN WHEN I WANT TO COMPLETE THE FAFSA? |
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You may still complete the FAFSA using a "will file" status if your tax returns are not complete when you want to complete your FAFSA. We recommend you use this method if you can not file your tax return before the April 1 deadline. Once we receive your FAFSA results, we will request a copy of your completed tax returns in order to complete your file so make sure to file the tax return as soon as possible. |
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| 10. |
MY PARENTS ARE DIVORCED OR SEPARATED. WHO SHOULD COMPLETE THE FAFSA? |
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If your parents are divorced or separated, the parent you lived with more in the past 12 months should complete the FAFSA. Please refer to the FAFSA directions for further clarification. |
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| 11. |
AM I A DEPENDENT OR AN INDEPENDENT STUDENT? |
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The Department of Education determines dependency status based on the answers a student provides in the student status section of the FAFSA. Please refer to the FAFSA directions for further clarification. |
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| 12. |
DO I HAVE TO LIST MY PARENTS ON THE FAFSA IF THEY DON'T HELP ME WITH COLLEGE OF IF THEY DON'T CLAIM ME ON THEIR TAX RETURN? |
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When completing the FAFSA, independency questions will be asked of the student. If the student is able to answer "yes" to any of the independency questions, the student will not need to provide parental information on the FAFSA. If all of the independency questions are answered with a "no", the student is dependent and is required to use their parent(s) information when completing the form. If the family has unique circumstances, it is encouraged the student discuss this with someone in the AIB Financial Aid Office. |
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| 13. |
SHOULD I STILL FILE THE FAFSA IF I THINK MY FAMILY'S INCOME IS TOO HIGH TO BE ELIGIBLE FOR FINANCIAL AID? |
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The FAFSA is a Free Application for Federal Student Aid so it doesn't hurt to apply. The federal government uses many different factors to determine a student's eligibility for federal aid, not just income. The only way to determine if you have any eligibility is to complete the FAFSA. Students wishing to borrow in the Federal Stafford Program must complete the FAFSA in order to apply. |
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| 14. |
WHEN SHOULD I EXPECT TO RECEIVE MY FINANCIAL AID PACKAGE? |
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The Forsyth Financial Aid Services Office begins reviewing files in early March and plans to begin sending student award packages in early April. We review all files in the order they were complete. In order for a file to be ready for review, all required documentation must be received and accurately completed. |
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| 15. |
DO I HAVE TO RETURN MY FINANCIAL AID AWARD LETTER? |
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You will only need to return your financial aid award letter if you plan to reduce or decline your federal aid. |
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| 16. |
WHY IS MY AID SO DIFFERENT IN THE SUMMER TERM? |
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Most financial aid is split evenly between four terms. However, if you are a full time student and a recipient of the Iowa Tuition Grant or Iowa Grant you will receive your full award by the spring term. |
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| 17. |
HOW WILL MY FINANCIAL AID BE DISBURSED? |
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Your award letter shows how each of your grants and scholarships will be disbursed each term. |
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| 18. |
WHEN WILL I RECEIVE MY FINANCIAL AID? |
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Your financial aid will be credited directly to your AIB account at the beginning of each term. |
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| 19. |
ARE THERE ADDITIONAL SCHOLARSHIPS FOR WHICH I CAN APPLY FOR? |
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The AIB Forsyth Financial Aid Services Office will post any known scholarship opportunities to the AIB Portal. |
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| 20. |
HOW DO I REPORT SPECIAL CIRCUMSTANCES THAT MAY AFFECT MY ELIGIBILITY FOR AID? |
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If you or your parents have a decrease in income or a financial hardship which affects your ability to pay college costs, please contact the Forsyth Financial Aid Services Office to complete a Request for Special Circumstance. |
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| 21. |
WHAT IS COLLEGE WORK STUDY? |
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The College Work Study program is a need based program that provides part-time employment to students in order to help meet educational expenses. |
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| 22. |
HOW DO I FIND A COLLEGE WORK STUDY JOB? |
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Students who are interested in finding a job should contact AIB's Career Services Office to see a list of available positions. Students will complete an application and if hired will receive bi-weekly paychecks based on the number of hours worked. |
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| 23. |
I DIDN'T QUALIFY FOR COLLEGE WORK STUDY. CAN I STILL WORK ON CAMPUS? |
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AIB gives priority for all on campus jobs to students who are eligible for College Work Study or eligible for the Iowa Tuition Grant. If a job can not be filled with an eligible student, the job will be open to students who are ineligible. The Director of Financial Aid must approve the hiring of an ineligible student. |
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| 24. |
WHAT IS THE DIFFERENCE BETWEEN SUBSIDIZED AND UNSUBSIDIZED LOANS? |
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The Federal Subsidized Loan is awarded based on the student's financial need. The federal government pays the interest while the student is enrolled at least part time in school and during their 6 month grace period. The Federal Unsubsidized Loan is not based on a student's financial need. This loan does accrue interest while the student is in school. Students borrowing under the Unsubsidized Loan can choose to pay the accrued interest while in school but it is not required. Payments are deferred until 6 months after a student ceases to be enrolled at least half time. |
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| 25. |
WHEN SHOULD I COMPLETE MY LOAN COUNSELING AND MASTER PROMISSORY NOTE (MPN)? |
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Please complete your Entrance Counseling and Master Promissory Note as soon as possible. Your loans will not be processed without these two documents. Please visit www.studentloans.gov in order to complete these. |
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| 26. |
WHAT DO I DO IF MY PARENTS CHOOSE NOT TO TAKE OUT A PLUS LOAN? |
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If your parent is unable or unwilling to borrow in the PLUS loan program, there are some private loan programs available for a student to borrow. Please contact our office to discuss these other loans. You may also choose to set up a payment plan with the Collections Manager. |
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| 27. |
WHEN ARE TUITION AND FEES DUE? |
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Tuition and fees are due and payable to the Business Services Office by the 1st day of class each term. |
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| 28. |
ARE THERE OTHER OPTIONS TO PAY MY BALANCE BESIDES USING LOANS? |
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AIB offers a personal payment plan for individuals who wish to pay their expenses out of pocket. A $30 service fee is charged for each quarter the payment plan is used. Students interested in this option may contact the Collections Manager. |
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| 29. |
WHAT IS EXPECTED OF ME IF MY FINANCIAL AID ISN'T IN PLACE BY THE TIME MY BILL IS DUE? |
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Students are expected to pay their balance by the first day of each term. If financial aid is still in process, students will be expected to set up a payment plan with the Collections Manager and pay the first 1/3 by the first day of class. Once financial aid is in place, personal payments may be refunded if your financial aid creates a credit balance. |
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| 30. |
WHEN WILL I RECEIVE MY REFUND CHECK? |
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Most students request and authorize that money in excess of AIB charges will be held on a student's account until the student requests the funds. Students need to contact the Business Services Office to make the request and once attendance has been verified a check will be issued to the student. |
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| 31. |
HOW DO I TAKE MONEY OFF MY ACCOUNT? |
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Students will contact the Business Services offices to request any money from their student account. Money for the upcoming term will not be released until the student has attended all classes they are enrolled in for that term. Students may request up to $300 cash daily or have the credit balance paid in a check. Checks are issued on each week on Thursday to students who complete the check request process by 2 p.m. on Tuesday. |
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| 32. |
IF I MOVE OFF CAMPUS, WILL IT CHANGE MY FINANCIAL AID? |
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Award eligibility may be revised and may affect your loan amounts. Students who receive the Fenton Housing Grant or other housing grants will have their scholarship removed if they move off campus. Students should contact the Forsyth Financial Aid Services Office to determine how moving off campus will affect them. |
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| 33. |
HOW IS FINANCIAL AID AFFECTED IF I CHANGE ENROLLMENT STATUS? |
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It depends on your individual situation. You will want to contact the Forsyth Financial Aid Services Office before making any changes in enrollment, including withdrawing from classes during the term. |
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| 34. |
HOW DO I DEFER STUDENT LOANS? |
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If you are re-entering school and have previously borrowed on a Federal Loan, you will need to complete deferment paperwork for your previous loans. You can contact your lender or the AIB Forsyth Financial Aid Services Office to obtain the appropriate paperwork. AIB will need to confirm enrollment before the paperwork is sent to your lender. It is important to continue making payments on your previous loans until you are notified your loan has been deferred. |
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| 35. |
BUDGET INFORMATION (PDF) |