Prospective Students
Welcome to the Baltimore International College’s Student Financial Planning website for new students.
The mission of the Student Financial Planning Department is to educate its students and their families regarding all types of financial aid programs from federal, state, institutional and private sources and assist in the how, when and where to apply. One of the biggest misconceptions about financial aid is that it is not available to the middle to upper income households. That simply is not true. Everyone qualifies for some type of financial aid. The number one goal of the Student Financial Planning Department is to find the resources to assist its students attain their educational goals. Our philosophy is simple and clear: There isn’t a student who we can’t package and make attending Baltimore International College affordable. Once an individual applies to the college they will be assigned their own personal Financial Aid Officer who will guide them through the financial aid process, forms and deadlines.
Once you apply to the college you will be contacted by your very own Personal Financial Aid Officer. We encourage all applicants and their families to schedule a personal financial aid interview where you will learn of your eligibility and complete the financial aid process. But first you must apply to the college.
There are two ways in which you can complete the financial process: 1. Work directly with your very own Financial Aid Officer; 2. Work more independently and complete the applications on-line. If you select the second option, we still strongly encourage you to meet with your Financial Aid Officer after completing the FAFSA on-line and receiving your Award Letter.
BIC School Code: 016376
Financial Aid Facts
- 2009/2010 BIC awarded $2.3 in Institutional Aid
- 93% of students received Institutional Aid
- Avg. Award $3,073
- 94% receive aid
- 62% borrow loans
- Avg loan amount: $7,970
- 74% receive scholarships
BIC announces 9 new Institutional Awards for 2011/12:
- Admission Grant
- Degree Continuation Grant
- Get on Board Grant
- Hospitality/Restaurant Industry Grant
-
See Institutional Aid Programs for a complete list
Applying for Financial Aid
Step 1 Complete the Free Application for Federal Student Aid (FAFSA)
The FAFSA is the primary application to apply for Federal, State, and most Institutional and Private financial aid programs.
Students must complete the FAFSA to apply for:
- Federal Pell grants
- Federal Supplemental Educational Opportunity Grants
- Federal and Institutional Work Study
- Maryland State Scholarships
- Delegate and Senatorial scholarships
- Federal Direct Loans for the student
- Federal Direct Loans for the parent
- Most Institutional and Private financial aid programs
Information on completing the FAFSA is available on the FAFSA website.
You will need:
- BIC School Code: 016376
- 2010 Federal tax return for student and parents, if applicable
- W-2’s for both student and parents, if applicable
- Proof of any untaxed income received in 2010 such as military housing, unemployment, tax deferred pensions etc.
- Proof child support received or paid in 2010
- Asset values such as bank accounts, retirement plans, etc.
- Personal Indentification Number (PIN) assigned by the Federal Processor. This will be used to access the FAFSA website, sign the form electronically, and check on the status of your FAFSA. Note: both the student and parent will need a PIN.
Applying for a PIN. Go to the PIN website. Remember the student and parent, if applicable need to apply for a PIN. You can create your own PIN or have one assigned to you. The PIN will be available for immediate use to complete your FAFSA. You will receive an email confirmation from PIN.ed.gov when the PIN is ready to be used for e-signing your loan applications. Don’t delay apply early.
If you are unsure on how to complete the FAFSA call your Personal Financial Aid Officer to schedule an appointment.
Step 2 Financial Aid Award Letter
- If you complete your FAFSA correctly and with the school code on-line, it will take the BIC Financial Aid Office approximately 24-48 hours to receive your Institutional Student Aid Report (ISIR).
- If you complete a paper FAFSA, it will take approximately two weeks for you to receive the ISIR. The college will receive the electronic version within one week of a successful submission.
- The ISIR is what is used to determine your financial aid eligibility. It will contain all the information you entered from your family’s taxes and determine your Expected Family Contribution, (EFC). Once the ISIR is received and reviewed by your Financial Aid Officer an award letter will be prepared which will outline your expenses and estimated financial aid for the academic year. (An academic year is defined as two semesters.) If your estimated financial aid is less than your total direct costs then a balance will show on the award letter. The Award Letter will provide you options for covering the “Gap” or balance of tuition and fees not covered by your financial aid.
The first award letter is based on federal and institutional aid for which you qualify and should be viewed as the “worst case scenario” because you should also be actively applying for scholarships from the state, high school and private sources. See the scholarship page for more information. Each award you receive will reduce the Gap or amount borrowed on loans.
Step 3 Accepting Your Financial Aid Package
- Review the award letter and read the accompanying Financial Aid Fact Sheet and Policy Statement (link to the two forms)
- Sign the award letter and return it to your Financial Aid Officer. If you do not want to accept an award listed, simply draw a line through the award. By signing the award letter you are accepting the awards listed and acknowledge that you have read the Financial Aid Fact Sheet and Policy Statement.
- If there is a GAP contact your Financial Aid Officer to discuss the options available. Ie. paying the balance due each semester, private alternative loan, or BIC’s monthly payment plan.
- Complete all applications needed for the awards listed, such as the Direct Subsidized and Unsubsidized Loans for the student and the Direct PLUS for the parents.
-
Return the signed award letter and all supporting documents used in completing the FAFSA to your Financial Aid Officer. Ie. Federal tax returns, W-2’s, proof of untaxed income, proof of child support, and documentation of marital status if divorced, separated or widowed.
Step 4 Completing the Federal Direct Loan application(s)
If your financial aid package includes Subsidized/Unsubsidized Direct Loans, you must complete your Master Promissory Note.
To begin the process:
- Go to www.studentloans.gov
- Sign in using your federal PIN*
- Select “Complete Master Promissory Note”
- Selected Subsidized/Unsubsidized
-
The website will walk you through the rest of the process. You will need to list two references at different addresses.
In addition to completing a Master Promissory Note:
- You must complete the loan entrance counseling
- You must also submit a signed copy of your award letter to your Financial Aid Officer accepting your loans.
STEPS FOR PARENTS APPLYING FOR THE DIRECT PLUS LOAN:
- Go to www.studentloans.gov
- Sign in using the parents federal PIN*
- Select “Start PLUS Application Request Process”
- The website will walk you through the credit approval process first and then, if approved will walk you through completing the Master Promissory Note. You will need to list two references at different addresses.
*The federal PIN for both student and parent (if applicable) is the same as the one used to complete and sign the online FAFSA. If you forgot your PIN or do not have one, there are instructions on the website as to how to retrieve or apply for a new PIN.
Step 5 Completing the Entrance Counseling on-line
This should be completed at the same time you apply for the subsidized/unsubsidized student loan.
- Go to www.studentloans.gov
- Log in using the student’s PIN.
- From home page select “Complete Entrance Counseling”
- The website will walk you through completing the Entrance counseling which is designed to inform you as a borrower of a federal loan of your rights and responsibilities.
Step 6 Completing the Financial Aid Process
Your financial aid is complete when you have:
- Signed and returned the Award Letter
- Completed the Federal Direct Loan applications, if applicable
- Completed the on-line Entrance Counseling
- Notified the Financial Aid Officer of how you are handling the Gap, if applicable
- Submitted all required documentation for monthly payment plan, if applicable
- Applied for and received approval for all alternative private loans, if applicable
- Submitted all required verification documentation used to complete the FAFSA
Verification
Verification is the process of confirming that the information reported on the FAFSA by the student/spouse and parent is accurate. The federal processor randomly selects roughly 30% of the applications for this process. The US Department of Education requires that the selected applicants complete the process before funds may be disbursed.
The Student Financial Planning Department may request the following documentation from you:
All information requested must be provided within 30 days of the semester start date or the student may lose eligibility for financial aid.
- Signed Federal Tax returns for 2010 from student/spouse and parents, if dependent
- Documentation of untaxed income
- W-2 for student/spouse and parents, if applicable
- Proof of child support received or paid
- Proof of marital status if divorced, separated, or widowed
- Proof of household size
- Proof of family members attending college at least half time
- Any other documents deemed necessary by the Student Financial Planning Department to verify information or filing status on FAFSA
If corrections to the ISIR are required, the student will be notified and advised of another ISIR coming. If the correction results in loss of funds the student will be assisted in identifying alternative sources to makeup the loss. No funds will be released until the verification process is complete.
Verification of Selected Service
Federal law requires that all male US citizens and male immigrants residing in the United States (permanent resident aliens) must be registered with Selective Services within 30 days of their 18th birthday.
Men born after December 31, 1960, who are not registered with Selective Service, are not eligible for federal, state or institutional aid.
Verification of Citizenship
If your citizenship status is not verified by the Department of Homeland Security when you complete your FAFSA you will be required to submit documentation verifying your citizenship to the Student Financial Planning Department. One of the following ORIGINAL documents must be brought in.
If you are a US citizen born in the US, acceptable documentation includes:
- Your birth certificate
- Your US passport
If you are a US citizen born outside the US, acceptable documentation includes:
- Your Certificate of Citizenship
- Your US passport
-
Your Certificate of Naturalization
If you are an eligible non-citizen, acceptable documentation includes:
- Your Alien Registration Receipt Card (I-551 or I-151)
- Your passport stamped, “Processed for I-55…valid until _____”
- Your Departure Record (I-94)
