The school’s Financial Aid Administrator, through personalized counseling sessions, will consider all specific needs of all students and prepare an individualized advice that is in line with those needs. This advice is also identifying the financial support possibilities offered through various state and federal programs.
The available financial aid relates (in part) to the student’s financial need. The student’s specific need is calculated by reducing the cost of attending college with the amount the family is able to contribute to college expenses. To determine a student’s eligibility for various financial support programs, they need to file a Tuition Assistance Program (TAP), and a pretty comprehensive statement on their financial circumstances named FAFSA (Free Application for Federal Student Aid).
Financial Aid Application Procedure
Applicants to LIBI are personally interviewed by the Financial Aid Administrator who determines the applicants’ eligibility for each program, assists in the completion of financial aid applications and prepares an estimated financial plan for the prospective student.
Federal Financial Aid Programs:
– Federal Pell Grant Program
– Subsidized Federal Stafford Loan
– Federal Unsubsidized Stafford Loan
– Federal Parent Loans for Students (Federal Plus)
New York State:
– New York State Tuition Assistance Program (TAP)
Entrance and Exit Interviews/Financial Counseling
Any student receiving Federal loans must be counseled concerning his/her loan. LIBI counsels each student regarding loan indebtedness and gives each student an entrance interview regarding loan programs available to ensure the student’s understanding of the amount borrowed and the student’s rights and responsibilities regarding repayment.
The student must report to the Financial Aid Office before graduation or withdrawal, for loan counseling – the purpose of which is to inform the student of the total loans received while enrolled at LIBI and any refunds that have been made, as well as to provide the student with an estimated payment schedule. If the student is unable to meet with the Financial Aid Administrator, an exit interview will be mailed.