Consumer Information

Applying for AID

Financial Assistance

A student who has financial need is given full consideration for grants and loans. All students are welcome to consult with the Office of Financial Aid for information. New Life Business Institute is eligible to participate in the Federal Pell Grant Program, Federal Supplemental Educational Opportunity Grant (SEOG) and the Direct Loan Program.

Federal Pell Grant Program

This is a federal program for students who are enrolled at least half-time and meet the financial need guidelines of the program. Applications are available in the school office. If you have any questions regarding the application, contact the financial aid officer at New Life Business Institute. A Student Aid Report (SAR) will be sent to the applicant. Based on this, the amount of the applicant‘s award is determined.

Federal Supplemental Educational Opportunity Grant (SEOG)

This is a limited federal grant which is awarded to eligible students who qualify on the basis of financial need. As there is a limited amount of federal funds available for this program, applicants who demonstrate the greatest financial need are the only students considered for SEOG. A student who has any questions regarding this program should contact the financial aid officer at New Life Business Institute.

Direct Loan Program

All eligible students enrolled in a New Life Business Institute course of study can apply for a loan through the Direct Loan Program. Financial need must be demonstrated through a needs analysis in order to be eligible. Your need is based on the cost of attendance, your expected family contribution (EFC), and other aid you are receiving. All eligible students can apply for the subsidized and unsubsidized Stafford Loan. If the student is not eligible for the full Subsidized Loan, he/she may borrow up to a combined total of $9,500 in the unsubsidized Stafford Loan Program. (Loan amounts are based on enrollment for a full academic year of 900 clock hours). Shorter programs have lower maximum loan amounts. Interest on the unsubsidized Loan Program is accrued while the student is in school and during the grace period. Repayment of student loans begins six months after the last day of attendance in school. The student may obtain a loan application from the school. New Life Business Institute financial aid officer will review all forms to ensure that they are complete and correct. New Life Business Institute will then complete the educational certification and forward the application to the Federal Government.

Parent Loan For Undergraduate Students (PLUS)

Parents of dependent students may also apply for a loan of up to the student‘s cost of education minus any other financial aid they will receive at New Life Business Institute. If the parents are denied a PLUS loan, the student may then apply for an Unsubsidized Stafford Loan.

Veterans’ Benefits

New Life Business Institute participates in the United States Department of Veterans‘ Affairs GI Bill as well as the New York State Veterans’ Tuition Awards program.


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