Financial Aid Options
Faith is in the top 15% of the Best Colleges for the Money, according to College Factual for 2021! We understand that cost is a huge factor in your college decision. We strive to keep our costs affordable to make it as easy as possible for you to experience the life-changing college experience at Faith.
Important Dates
August 1
Down payment and required paperwork are due.
April 1
FAFSA Deadline: Recommended for receiving the best consideration for institutional aid.
April 2 – 4
Spring Scholarship Weekend: Interview for thousands of dollars in scholarships.
Federal & State Financial Aid Options
In addition to our generous scholarships and institutional aid packages, students can qualify for several federal and state grants and aid.
Federal Pell Grant
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 $6,435, based on a student’s financial eligibility. Those with the greatest financial need will receive the maximum award.
State Aid
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 $6,200 for the 2020-2021 school year
- All-Iowa Opportunity Scholarship
- Iowa Gear Up Scholarship
- Iowa College Aid administers need-based college financial aid for Iowans
Federal/Direct Loans
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.
Private Loans
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.
Additional Financial Aid Options
VA Education Benefits
Faith Baptist Bible College and Theological Seminary is approved by the Office of Veterans’ Education for training under the veterans’ programs. Qualifying students should notify the Financial Aid office and provide a copy of their certificate eligibility form.
Army National Guard Tuition Assistance
This program provides financial assistance for Service members to pursue their educational goals. To qualify, you must be in the Army National Guard.
Iowa National Guard Educational Assistance Grant
This grant provides annual awards to Iowa National Guard members. This award is a percentage of the resident tuition for full-time students at Iowa Regent Universities.
Private and Community Organizations
Consult your high school counselors for information about private scholarships or community-specific educational funds. Many different scholarship search tools are available online.
