Financial Aid Options

Pell grants are often the first resource for college students. These grants are determined by your FAFSA. A Pell grant currently offers students up to $7,395, based on a student’s financial eligibility. Those with the greatest financial need will receive the maximum award.

Residents of Iowa have the opportunity to receive thousands of dollars in grants and scholarships from the state. For more information about merit and need-based college financial aid, visit the Iowa College Aid website.

• Iowa Tuition Grant (ITG): Up to $7,500 for the school year
• All-Iowa Opportunity Scholarship
• Iowa Gear Up Scholarship
• Iowa College Aid administers need-based college financial aid for Iowans

There are many ways to pay for college. First and foremost, a student pays for his/her college expenses through savings, earnings from a full-time or part-time job, scholarships, help from family, and finally financial aid from the federal government. After exhausting all these options, there are loan programs, but loans should only be considered as a last resort.

Federal/Direct loans enable students to obtain a low-interest deferred-payment option with the Department of Education. There are two types of Direct Loans: subsidized and unsubsidized. You must have financial need to receive a subsidized Direct Loan. The U.S. Department of Education will pay (subsidize) the interest that accrues on subsidized Direct Loan while you are in school. Financial need is not a requirement to obtain an unsubsidized Direct Loan. You are responsible for paying the interest that accrues on unsubsidized Direct Loans.

Students must complete the FAFSA and be enrolled at least six (6) credit hours to be eligible for federal loans.  Repayment begins 6 months after the student withdraws, graduates, or drops below six (6) credit hours.

If you wish to take out a loan, contact the Financial Aid Office for the form needed. For more information on federal direct loans, visit the studentaid.gov website.

Faith Baptist Bible College does not provide a preferred lender or a historical lender list. We encourage students to take advantage of all sources of federal, state, and institutional aid, before turning to private student loans. A private student loan may also be referred to as an alternative student loan.

In the event that additional aid is needed beyond what federal, state, or institutional aid can provide, alternative student loans are available to students. Choosing a lender is an important financial decision. We encourage students to extensively research their private loan lending options to identify the lender whose terms and conditions best meet their needs.

Faith does not endorse any specific lender. Students complete an application directly with the lender of their choice, the application may be subject to credit approval. If you choose to take out an alternative student loan, please notify the financial aid office.