Financing your education
How to Apply
To make graduate education more affordable for its students, the Institute has developed a financial aid program to assist students in meeting the costs of attending the Institute. IPS encourages its students to take primary responsibility for financing their graduate education. To this end, self-help financial aid in the form of loans, assistantships, and work-study are the primary, though not sole, sources of financial assistance available to students. Financial aid is any grant, scholarship, loan, assistantship, or federal work-study offered for the purpose of helping a student to meet educational expenses.
Planning early and exploring all your options are keys to financing your education. The more you know about how financial aid works, the better prepared you’ll be to fund your studies at IPS.
Follow the steps below and submit all materials by March 1st for the following year:
Step 1: Students must demonstrate financial need as calculated by federal methodology for all need-based financial aid. Thisis done by completing the Free Application for Federal Student Aid (FAFSA) located at the website: http://www.fafsa.ed.gov.
IPS’ school code is G38724, and the FAFSA will automatically be transmitted to our office.
- Note: Submit the FAFSA as soon as possible after January 1st as this is what determines the Expected Family Contribution (EFC).
- Gather all necessary documents (i.e., social security number, tax returns, W-2 forms, driver’s license, bank statements and other financial and citizenship records);
- Get a PIN (instructions at www.pin.ed.gov);
- Click on the Web Worksheet, located under step one or step two, on the left side of the web page. Be sure to enter the IPS school code, G38724, in Section 5.
- If you are interested in Federal Loans and/or Work-Study, indicate this in question #26.
- To receive twitter feeds updating you on Federal Financial Aid: https://twitter.com/FAFSA.
Step 2: Submit the IPS Application for Institutional Aid form with essays and recommendation to the Office of Financial Aid via mail, email, or fax.
- Located in your application for admission or here
- Be sure to fill in all the blanks and respond to the essay.
International students: fill out the International Aid Application.
Deadlines to apply
While students can apply for a loan at anytime, applicants for IPS Institutional Aid should send everything at the same time. The annual deadline to apply for aid for the following academic year is March 1.
By the first week in April, applicants will receive an official award letter based on FAFSA results and other applications submitted (institutional aid form, etc.). Upon receipt of this letter students have 14 days to accept or reduce any part of the awarded aid. Failure to meet this deadline indicates the student is declining the offered aid, and IPS will not process anything.
In order to accept the awarded aid, students should sign the award letter and return it to the Financial Aid Office, as well as complete the required entrance counseling and Master Promissory Notes (MPNs) for each type of loan they are interested in receiving. These requirements can be completed online at www.studentloans.gov, where students can sign in using the pin created for the FAFSA application. The school will be notified when these documents have been completed and will then be able to process the loans. Please note that a student is not eligible to receive loans until these tasks are completed.
Student loans are certified at the beginning of the fall, spring and summer semesters. Once the loans are certified, they are disbursed directly to the school and are applied to the institutional costs for the semester (tuition, fees, etc.). If there is money remaining after it has been applied to the student account up to, but no later than, fourteen days after the loans are certified, you will receive a check for the difference of the funds requested minus institutional charges.