Our Financial Aid department is here to help you determine which options are available to you in funding your education. At American Institute, tuition planning isn’t something you’ll need to figure out all on your own; our dedicated student finance staff will work with you, step by step, to determine financial aid for which you may be qualified and help you learn about the options available to you as you determine how you will fund your education. We offer a comprehensive financial aid program, with many students receiving assistance in the form of grants, student loans, and part-time employment. American Institute has the following institutional and Federal Aid programs available to students who qualify:
The main criterion for receiving grants is substantial financial need. Grants do not have to be repaid unless a student becomes ineligible. Students must maintain satisfactory academic progress as defined in the American Institute Satisfactory Academic Progress Policy. The most common grants are:
- Federal Pell Grant – A Federal Pell Grant is an award to assist needy undergraduates in paying for their education. Pell Grants do not have to be repaid unless a student becomes ineligible. Eligibility for a Federal Pell Grant is based on several factors. Students complete a Free Application for Federal Student Aid (FAFSA) and this generates an Expected Family Contribution (EFC) number. Using the EFC number and other criteria, the amount of award is determined. Students with a bachelor’s degree are not eligible for Federal Pell Grants.
- Federal Supplemental Educational Opportunity Grant (FSEOG) – The Federal SEOG provides additional grant assistance to students. Funds are limited and priority is given to Pell-eligible students with exceptional financial need. Federal SEOG awards do not have to be repaid unless a student becomes ineligible. Students with a bachelor’s degree are not eligible for Federal SEOG.
American Institute offers a variety of low interest loans that enable students to meet their educational costs. It’s important to remember that educational loans must be paid back. Interest charges vary with the type of loan, and a minimum monthly payment may be required. Examples of student loans available include:
- Subsidized Direct Loan – Federal Direct Loan Subsidized Program repayment begins six (6) months after a student drops below half-time status. The loan has a variable interest rate that is determined each year by the federal government.
- Unsubsidized Direct Loan – Federal Direct Loan Unsubsidized Program interest rate is determined each year by the federal government. Unsubsidized loans are non-need based loans to students who meet the qualifications. The loan is based on the cost of attendance less any other financial aid a student receives. Interest is charged throughout the life of the loan.
- Federal Direct PLUS Loan – The Federal PLUS Loan (PLUS) programs provide non-need based loans to parents of dependent students. PLUS loan eligibility is based on the cost of attendance less any other financial aid a student receives. Repayment on a Federal PLUS begins within (60) sixty days after the final loan disbursement. These loans have variable interest rates determined annually by the federal government.
- Federal Work Study (FWS) – The Federal Work Study program gives part-time employment to undergraduate students who need income to help meet the costs of postsecondary education. When available, American Institute provides part-time jobs for needy students through the FWS program. Generally, students work 15 to 20 hours per week. Part of this program is community service.