associate degree program - Instituto de Banca y Comercio

FINANCIAL AIDThe purpose of the Financial Aid Office is to facilitate the financial alternatives available to students toaugment their possibilities of covering the costs of their education.Instituto de Banca y Comercio manages a variety of financial aid programs, such as the Federal PellGrant, Federal Direct Loan, Federal Supplemental Educational Opportunity Grant and the Federal Workand Study Program.Additionally, the Institution participates in programs sponsored by federal and state agencies, such asVocational Rehabilitation, Federal Social Security, Work Investment Act (WIA) and the SupplementaryFinancial Aid Program and the Merit Grants Program of the Higher Education Council.The following is a description of the types of financial aid students may apply for.Federal Pell GrantThe Pell Grant is a financial aid program for post-secondary level students enrolled in Bachelor,Associate Degree, certificate or diploma programs. Applying to this program is essential in order toqualify for other financial aid programs. Eligibility is determined by the use of a standard needs analysis.Application forms are provided free of charge by the US Department of Education and are available ineach campus’ Financial Aid Office. They may also be obtained via Internet through this URL:http://www.fafsa.ed.gov/es_ES.Federal Supplemental Educational Opportunity GrantThe Federal Supplemental Grant is granted to undergraduate students who demonstrate an exceptionalneed. In order to apply for this aid, the student must complete the Institutional Financial Aid Application.Federal Direct LoanThe Federal Direct Loan program is not a grant. Any amounts received through this program areconsidered a loan which students must re-pay.Interest rates for this type of Federal Loan are adjusted according to market fluctuations and the value ofFederal Reserve bonds. Applications are available in our institutions and via the Web atwww.direct.ed.gov/.Loan applications are given to students who comply with the requirements specified by the DelinquencyReduction Plan currently in effect.The Financial Aid Office will evaluate each case based on its merits and will decide for which students itwill process the loan.Federal Work and Study ProgramThis financial aid program provides work to undergraduate and graduate students.Student eligibility to this program is determined by a needs analysis. Each campus’ or auxiliary centers’Financial Aid Office facilitates applications for participation in this program.[43]