Financial Aid

• $3,000 scholarships are available for the Composites Technology program for those who qualify.  Contact Debra Huntington for more information.

Financial aid for full-time students is available for those who qualify from a variety of sources.

Student Eligibility

To receive Federal Financial Aid, you must meet all of the following criteria:

• Have financial need, except for some loan programs
• Have a high school diploma or GED
• Be enrolled or accepted for enrollment as a regular student working towards a degree or certificate
• Be a U.S. citizen or eligible non-citizen
• Have a valid Social Security Number
• Fill out the Free Application for Federal Student Aid (FAFSA)

IYRS participates in the following loan programs:

• Federal Pell Grant Program
• Direct Federal Stafford Loan Program.
• PLUS – Federal Parent Loan for Undergraduate Students
• Rhode Island Family Education Loan Program

Tuition assistance is also available through the U.S. Department of Veterans Administration for veterans who qualify for educational benefits. IYRS also offers scholarships.

Federal Pell Grant

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded based on need, only to undergraduate students who have not earned a bachelor’s or a professional degree. The maximum award for the 2010-11 award year (July 1, 2010 to June 30, 2011) is $5,350. The maximum can change each award year and depends on program funding. The amount you receive will depend on your financial need, the costs to attend school, and your status as a full-time or part-time student.

Direct Stafford Loan Program

Stafford Loans are available both as subsidized and unsubsidized loans. Subsidized loans are offered to students based on demonstrated financial need. The interest on subsidized loans is paid by the Federal government while the student is in school, during the grace period, and during authorized deferment. For unsubsidized Stafford Loans, the student is responsible for all of the interest that accrues while enrolled in school. The interest may be deferred throughout enrollment. Unpaid interest that is deferred until after graduation is capitalized (added to the loan principal.) The interest rate on the loan is variable, but will not exceed 8.25%. There is an origination fee charge on the loan. Loan repayment begins at the end of the student’s grace period. The grace period is 6 months after a student graduates or leaves school, although loan payments can be made at any time.

Plus Loans (Parent Loans)

Plus Loans enable parents with good credit history to borrow money to pay for the education expenses of a dependent student. The yearly limit on a Plus Loan is equal to the cost of attendance minus any other financial aid received. Parents will pay fees of 4% of the loan. Repayment of a Plus Loan begins right away. Parents will be required to sign a promissory note, a binding legal document that lists the conditions under which you are borrowing and the terms under which you agree to repay your loan. The interest rate on a Plus Loan is variable but will never exceed 9%.

Scholarships

IYRS offers scholarships to qualified students who are enrolled by July 1. Additionally, the scholarship application must be complete and submitted by July 1. Contact the financial aid office for an application, (401)-848-5777 ext. 205 or admissions@iyrs.org.

Alternative Loan Sources

IYRS also participates in the Rhode Island Family Education Loan program. The loan can require a credit-worthy co-borrower and permit a student to borrow for tuition plus living expenses. More information is available on their website, www.risla.com.

VA Benefits

Tuition assistance is also available through the U.S. Department of Veterans Administration for veterans who qualify for educational benefits.

IYRS Can Help

This process is often confusing and time-consuming but IYRS can help by answering your questions about the forms. The Financial Aid Office is open to all current and prospective students to assist in the process. Students should apply as early as possible for potential funds to provide adequate time for processing applications and planning for payment of tuition. For more information, please contact the IYRS Financial Aid Office or phone at 401-848-5777 x205.