FEDERAL STUDENT AID
FEDERAL AID GRANTS AND LOANS
Loans are a form of financial aid that must be repaid, usually with interest, after you graduate from Montan Barber Institute. The amount of money you can borrow depends on several factors, including your year in school. Loans are offered by the Federal and State government, as well as through private lenders.
Grants are a form of need-based financial aid that does not need to be repaid. Eligibility is determined by the information you provide on your FAFSA. Grants are awarded by the Federal and State governments.
Federal Pell Grant: Awarded to undergraduate students with significant financial need. Eligibility and annual amounts are determined by Congress and can change from year to year.
DIRECT SUBSIDIZED LOAN
Direct Subsidized Loans are available to undergraduate students with financial need.
Your school determines the amount you can borrow, and the amount may not exceed your financial need.
The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you’re in school at least half-time, for the first six months after you leave school (referred to as a grace period*), and during a period of deferment (a postponement of loan payments).
DIRECT UNSUBSIDIZED LOAN
Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).
DIRECT PARENT LOAN
The federal Parent Loan for Undergraduate Students (PLUS), available through the Direct Loan Program, lets parents borrow money to cover any costs not already covered by the student's financial aid package, up to the full cost of attendance.
PLUS loans do not have a grace period; but if you received a PLUS loan as a graduate or professional student, you’ll automatically get a six-month deferment after you graduate, leave school, or drop below half-time enrollment.
TEXAS Grant: Provides financial assistance to undergraduate, in-state students with financial needs who are enrolled at Texas colleges or universities. Learn more at College for All Texans.
Texas Public Education Grant: Provides financial assistance to undergraduate, in-state.
Institutional grants are available to qualifying students. For more information, contact the Administration Office.
Private student loans are meant to provide additional funds after you have applied for and exhausted your federal and state financial aid options. All private loans require credit checks, and most loans will require a co-signer if the borrower has little or no credit history.
Most alternative loan lenders require a loan certification to verify enrollment and Cost of Attendance amounts.
We encourage students to consider all financial options before applying for a private loan. Whenever possible, borrow only what is needed to pay for educational expenses, and remember – you can always refuse awarded loan amounts or request lower awards.
PROCESS OF STUDENT AID
When a student applies for student aid, the application is received and processed through COD. FSA will send the student their SAR report and an ISIR report to the school indicating what the student will be awarded funds by the school's FSA Awarding Officer. The student will be given Grant funds then given the opportunity to accept a loan (Direct subsidized loan or unsubsidized Direct loan). The school will request the funds from the Dept. of Ed. after which the student funds will be disbursed.
Who is Responsible?
How can we help you, help you?
Montana Barber Institute's Placement Program is designed for our students to enter the field of Barbering that helps you further develop your skills and confidence for gainful employment.
How can you be responsible?
During your process of accepting Financial Aid funding, you will be counseled by the administration as to how we can assist you in fulfilling any requirement pertaining to receiving grants and repaying any loans you may decide to accept.
Click here How to Pay
Return of Title IV Worksheets
MBI title IV returns for the institution will be calculated by utilizing CFR 668.22(g) (See Steps 4 through 6 of the Returning of Title IV Aid Worksheet). See Return Policy above R2T4
MBI title IV returns for the borrower will be calculated by utilizing CFR 668.22(h) (See Steps 7 through 10 of the Returning of Title IV Aid Worksheet) See Return Policy above R2T4.
You may apply for Financial Aid at https://fafsa.ed.gov
Our School code is: 042784
If you graduate, withdraw, or drop below half-time registration status and have borrowed a Direct Subsidized Loan, Direct Unsubsidized Loan, and Direct Parent Loan, you must complete exit counseling. Learn more about Completing the exit counseling requirement for direct loans.