Financial Aid Information
You Have Options
It doesn’t have to be hard to get financial help to come to the Bible Institute. This financial aid brochure will help walk you through the financial aid and scholarship application process.
2016-2017 Financial aid brochure
To help calculate the cost and determine your savings this Net Price Calculator has been generated using guidelines from the Department of Education. Information obtained in this calculator is from previous years schooling and is designed to give broad-based general information only. True financial aid estimates can be obtained by completing the financial aid process.
Our federal school code for FAFSA is 011859.
The Free Application for Federal Student Aid (FAFSA) is an important first step for your financial aid. The Financial Aid Office may request forms and documents that may be found here.
Please Note: The FAFSA and Federal Student Aid is applicable for US Citizens attending the NY or FL campuses.
The scholarships listed here are for our New York and Florida campuses only. Unless otherwise noted, the deadline for completed FAFSA documentation and the general scholarship application is May 31, 2016. Scholarship Applications cannot be processed until the FAFSA is completed. Because some scholarships have limited funding, applications received by this deadline will receive preferred funding status. Applications received after the deadline and/or funding has expired may be declined.
Student Enrollment Agreement
All students will need to complete a Student Enrollment Agreement to identify their method of resolving school charges. Students attending Word of Life Bible Institute meet their financial obligation in a variety of ways.
Tution and Fees
The difference between the Cost of Attendance (as listed below) and your Financial Aid will determine your final cost. It is expected that every student will be prepared to cover school charges in full at the time of registration. Word of Life does offer a payment plan for students. Details can be found on our payment plan options form.
For eligible students, a year-end Tuition Statement 1098T is prepared by the Business Office. PLEASE NOTE: Canadian students attending NY/FL will not be issued a TL11A – per: Revenue Canada.
Learn How to Make
For your convenience you can make a payment using our online “make a payment” tool. It’s an easy to use tool for paying various fees associated with attending the Bible Institute.
Are you in our South Korean teaching site? We’ve create a way for you to make payments as well. Just click the button below to get the process started for making a payment.
Make sure you follow our Financial Aid timeline. It will walk you through every step from when to apply to get the most money back, to when to apply for scholarships and which one’s to apply for. If you follow the timeline you’ll be set up for financial success here at the Bible Institute.
We appreciate and respect all of the men and women who have served our country. We’re honored to have you attend the Bible Institute and we want to help make the admissions process as smooth as possible.
Students that complete the FAFSA are eligible to apply for the Federal Student Direct Loan or a parent may apply for the Federal Parent PLUS Loan. While loans can be helpful, there is a lot of important information you should know before embarking on the loan process. Understand the risks, benefits, and how to navigate the loan waters by reading “Borrowing Responsibility Information” page.
Federal PLUS Loan
The Federal PLUS Loan is a parent loan. If you are a dependent undergraduate student and your parents have an acceptable credit history, they can take out a PLUS Loan which allows them to borrow as much as needed to cover the cost of any education related expenses. Your parents must complete a Federal PLUS Loan Master Promissory Note.
Federal regulation requires that students who take out a Federal Student Loan complete both an entrance and exit loan counseling. The entrance counseling must be completed before any loan disbursements can be credited to the student’s account. The exit counseling serves to inform students about repayment of their loan. If loan repayment is not managed properly, the student can go into default which will affect their credit rating, eligibility for further financial aid, and may result in garnishment of wages and future tax refunds. These counseling sessions inform the student of his/her rights and responsibilities as a borrower.
Federal Student Loan
The Federal Student Loan is a student loan. If you are a dependent undergraduate student (Dependency status is determined by the FAFSA), you can borrow up to:
$5,500 if you are a freshman
$6,500 if you are a sophomore
If you are an independent undergraduate student or a dependent student whose parents have applied for but were denied a PLUS Loan (a parent loan), you can borrow up to:
$9,500 if you are a freshman
$10,500 if you are a sophomore
To apply, you must complete and sign a Federal Student Loan Master Promissory Note. Loans must be repaid. Our office will provide you with instructions for completing the Master Promissory Note. Please check with the Financial Aid Office prior to completing loan applications from other sources.
- We are not offered any financial incentive from the institutions providing these loans.
- We do not accept gifts or gratuities from the institutions providing these loans.
- We have not entered into any promise or concession to these lenders for any reason.
- In respect to private education lending; our staff is prohibited from accepting outside compensation for consulting or other services to a lender such as serving on an advisory board, commission or group.
Wells Fargo and Sallie Mae offer a private student loan program to students that have outstanding financial need. A private student loan is similar in many ways to the Federal Student Loan with a few exceptions:
- Once approved the only limit on the amount the student may borrow is the schools determination of Cost of Attendance. (Student Loans have limits)
- Generally, students will need an eligible cosigner to be approved regardless of age, income or prior credit history.
- The lender does not have the same assurances from the government that the Student Loan does, therefore this loan will have a higher interest rate due to the increased risk. Students should exhaust their Student eligibility and use this as a loan for their remaining unmet need.