FINANCIAL AID
Many students and their families seek financial help in paying for a college education. Design Institute of San Diego participates in all applicable federal and state financial aid programs and will provide assistance to prospective students in determining eligibility for loans and grants. Financial aid is available for those who qualify. Complete details regarding financial aid are available through the Financial Aid Office and prospective students are encouraged to meet with the Financial Aid Director at any time. A free Preliminary Financial Aid Profile will be done for anyone who has applied to the college. This profile is an estimate of financial aid eligibility for grants and loans.
The role of the Financial Aid Office is to assist financial aid applicants in any way possible. Prospective students may apply for financial aid before being admitted to the college, but must be accepted for admission before financial aid can be awarded. An application for financial aid in no way affects a prospective student's chances for admission. It is advisable to begin the application process early in order to meet filing requirements and deadlines.
Who is eligible?
In order to receive financial assistance, a student must meet the following criteria:
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The student must be enrolled or accepted into the program with the intent to obtain a Bachelor of Fine Arts in Interior Design degree, full-time (12 or more units) or part-time (6-11 units).
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The student must be a U.S. citizen or an eligible non-citizen. International students (I-20 Visa holders) are not eligible for financial aid at Design Institute.
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The student must maintain satisfactory progress standards (Please refer to Satisfactory Academic Progress policy in the catalog.)
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The student must not be in default on any loans, nor owe a refund to any other institution for funds received under any Federal grant programs. Further, parents or legal guardians of dependent students must not be in default on the repayment of the Plus Loan.
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The student must certify that he/she will not engage in the unlawful manufacture, distribution, dispensing or use of a controlled substance.
What kind of Financial Aid is available?
Financial aid comes from the federal government, State of California, and private scholarships. There are two types of aid: gift aid and self-help aid. Students may be awarded a combination of these or a "package". Gift aid (grants, scholarships) does not have to be earned or repaid. Self-help aid must be repaid (loans) or earned (work-study). The following is a summary of financial aid programs in which Design Institute participates:
GRANTS
Grants are based upon need and do not require repayment. The following grants are available at Design Institute.
Federal Pell Grants: These are based on demonstrated need. Awards range from $1176.00-$5550.00 per year. Students with prior baccalaureate degrees are ineligible.
Federal Supplemental Opportunity Grants (FSEOG): These are based on exceptional need. Average awards range from $200.00 - $400.00 per year. Students with prior baccalaureate degrees are ineligible.
Academic Competiveness Grants (ACG): These grants are eligible to first and second year students who have successfully completed a rigorous high-school program of study and graduated after January 1, 2006. First year award is $750. Second year award is $1300. Students must be Pell Grant eligible.
Cal Grant A Entitlement Award: Every graduating high school senior who has at least a 3.0 GPA, meets the Cal Grant eligibility requirements and applies by March 2 within one year of graduation is guaranteed a Cal Grant A Entitlement award.
Cal Grant A Competitive: A limited number of awards are available to students who have had a break in enrollment from high school. Selection is based on a composite score that takes into consideration family income, parents' educational level, GPA, high school background and other factors, such as whether the student comes from a single-parent household or is a former foster youth.
Cal Grant B: This is an award for students from disadvantaged or low-income families who otherwise would not be able to pursue a higher education. Every graduating high school senior who has at least a 2.0 GPA, meets the Cal Grant requirements, and applies by March second, within one year of graduation, is guaranteed a Cal Grant B Entitlement award.
Cal Grant B Competitive: A limited number of awards are available to students who have had a break in enrollment from high school. Selection is based on a composite score that takes into consideration family income, parents' educational level, GPA, high school background and other factors, such as whether the student comes from a single-parent household or is a former foster youth.
Federal Work Study (FWS): This is a program funded by the federal government and Design Institute to provide part-time employment for students demonstrating financial need. The salary range is varied but is always above minimum wage. Most students work between 4 and 20 hours per week while classes are in session. Once the amount awarded in the financial aid package is earned, the employment ends.
LOANS
Loans provide students with the opportunity to defer a portion of their educational costs. Loans must be repaid.
Direct Subsidized Loan: Provides need-based loan funding for eligible students. The current interest rate is 5.6% for all loans with a first disbursement date before July 1, 2010. Repayment begins 6 months after graduation or if the student ceases to be enrolled in at least a half-time status. No interest accrues till the loan goes into repayment.
Direct Unsubsidized Loan: Provided to Independent students not based on need. Dependent students have a limit of $2000.00 per year. If a parent is unable to obtain a PLUS loan they will have the same limit as an Independent student. The current interest rate is 6.8% for all loans with a first disbursement date before July 1, 2010. Interest payments begin immediately or can be added to the outstanding principal balance. Regular repayment of principal and interest begins six months after graduation or if the student ceases to be enrolled in at least a half-time status.
Direct Plus Loan: The Plus loans are for parents who need to borrow for their dependent student's undergraduate education. The loan is based on a good credit history which allows them to borrow up to the total cost of education minus any other financial aid that you receive. The current interest rate is 7.9% for all loans with a first disbursement date before July 1, 2010. Interest on a Plus loan starts to accrue the day funds are released. Repayment begins within 60 days after the loan has been fully disbursed. Parents may defer principal and interest till 6 months after the student graduates.
Loan Consolidation: There may be advantages to consolidating (combining) your federal student loans into one loan, starting with the convenience of making a single monthly payment. Consolidation generally extends the repayment period, resulting in a lower monthly payment. This may make it easier for you to repay your loans. However, you will pay more interest if you extend your repayment period through consolidation since you will be making payments for a longer period of time.
SCHOLARSHIPS
Scholarships, like grants, do not need to be paid back. They are awarded to students who meet a combination of eligibility requirements, such as financial need, academic achievement, or other criteria. Design Institute does not offer its own scholarships. Design Institute posts information about relevant scholarships. Students are encouraged to research scholarship information on the internet.
VETERANS BENEFITS
Design Institute works with the Department of Veterans Affairs and participates in the GI Bill and the Yellow Ribbon tuition assistance programs. Veterans Benefits are available to students who currently or previously served in the armed forces or their eligible family members. The amount received will be determined by the Veterans Administration.
