Many students and their families seek financial help in paying for a college education. American Institute of Interior Design participates in Department of Education financial aid programs and will provide assistance to prospective students in determining eligibility for loans and grants. Financial aid is available for those who qualify. Complete details regarding financial aid are available through the Financial Aid Office and prospective students are encouraged to meet with the Financial Aid Director at any time. A free Preliminary Financial Aid Profile will be done for anyone who has applied to the college. This profile is an estimate of financial aid eligibility for grants and loans.
The role of the Financial Aid Office is to assist financial aid applicants in any way possible. Prospective students may apply for financial aid before being admitted to the school, but must be accepted for admission before financial aid can be awarded. An application for financial aid in no way affects a prospective student’s chances for admission. It is advisable to begin the application process early in order to meet filing requirements and deadlines.
Who is eligible?
In order to receive financial assistance, a student must meet the following criteria:
- The student must be enrolled or accepted into the program full-time.
- The student must be a U.S. citizen or an eligible non-citizen. International students (I-20 Visa holders) are not eligible for financial aid at AIID.
- The student must maintain satisfactory progress standards (Please refer to Satisfactory Academic Progress policy in the catalog.)
- The student must not be in default on any loans, nor owe a refund to any other institution for funds received under any Federal grant programs. Further, parents or legal guardians of dependent students must not be in default on the repayment of the Plus Loan.
- The student must certify that he/she will not engage in the unlawful manufacture, distribution, dispensing or use of a controlled substance.
What kind of Financial Aid is available?
Financial aid comes from the federal government under the Direct Loan and Pell Grant programs. There are two types of aid: gift aid and self-help aid. Students may be awarded a combination of these or a “package”. Gift aid (grants, scholarships) does not have to be earned or repaid. Self-help aid must be repaid (loans). The following is a summary of financial aid programs in which American Institute of Interior Design participates:
Grants are based upon need and do not require repayment. The following grants are available at American Institute of Interior Design.
Federal Pell Grants: Pell grants are based on demonstrated need. Awards range from $600 – $5815 per year. Students with prior baccalaureate degrees are ineligible.
Loans provide students with the opportunity to defer a portion of their educational costs. Loans must be repaid.
If a student obtains a loan to pay for their educational program, the student will be responsible to repay the full amount of the loan plus interest, less the amount of any refund, and that, if the student has received federal student financial aid funds, the student is entitled to a refund of the moneys not paid from federal student financial aid program funds.
- Federal Direct Subsidized Loan: This provides need-based loan funding for eligible students determined by federal regulations. No interest is charged while the student is in school at least half-time, during the grace period or in a deferment period. Repayment begins six months after graduation or if the student ceases to be enrolled in at least a half-time status. Loan limits range from $3500-$5500 per year.
- Federal Direct Unsubsidized Loan: This is not a need based loan. Interest is charged during all periods even when the student is in school. Regular repayment of principal and interest begins six months after graduation or if the student ceases to be enrolled in at least half time status. Loan limits range from $2000-$7000 per year.
- Federal Direct Plus Loan: Plus loans are for parents who need to borrow for their dependent child’s under-graduate education and for graduate/professional students. Parents with a good credit history may qualify for a Plus Loan, which allows them to borrow up to the total cost of education minus any other aid you receive. Interest is charged during all periods. Repayment begins 60 days after the loan is disbursed with the option of deferment until the student graduates or ceases to be enrolled in at least a half-time status.
- Federal Direct Consolidation: This is designed to assist in repayment when multiple loans have been borrowed. The Direct Consolidation program consolidates multiple loans into a single loan to simplify repayment into a single monthly payment with extended repayment terms. Please see the school’s Financial Aid Director for more details.