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Financial Aid Options at ICE

Financial Aid options at ICEICE offers financial assistance from both Federal and Private sources. The following is a list of aid available to those students who qualify:

• Federal Pell Grant
• FSEOG Program
• Federal Stafford Loan
• Federal Direct PLUS Loan
• Private Student Loans
• State-Funded Loans
• Payment Plan
• Tuition Flex

Federal Pell Grant

Pell grants are offered through the Federal Government. These are free grants and do not have to be repaid unless you withdraw from school and owe a pro-rated refund. Pell grants are offered to students who have not earned a Bachelor’s degree and demonstrate financial need. You may be eligible for a Federal Pell Grant up to $4,200. The Culinary Management Program (CMD) is not Pell eligible. Students wishing to apply must complete the Free Application for Federal Student Aid (FAFSA). Click here to access FAFSA.

What you may need to refer to when applying:
• Your Social Security Card
• Your valid Driver’s License or state ID
• Your alien registration card or Permanent Resident Card (if you are not a U.S. citizen) — both sides
• Proof of U.S. citizenship if you are a naturalized citizen
• Your previous year’s W-2 Forms and other records of money earned and /or received (social security benefits, disability, pension, etc.)
• Your (and your spouse’s, if married) signed previous year’s Federal Income Tax Return
• IRS 1040, 1040A, 1040EZ
• Foreign Tax Return
• Two different contact references, with valid addresses and telephone numbers
• *Dependent students born on or after January 1, 1993 will need to bring their parent to ICE when applying, as well as their Parent’s proper documents

FSEOG Program

The FSEOG Program provides need-based grants to help undergraduate students finance the costs of postsecondary education. When making FSEOG awards, the institution must give priority to those students with “exceptional need” (those with the lowest Expected Family Contributions, or EFCs, at the institution) and those who are also Federal Pell Grant recipients. To get an FSEOG, you must fill out the Free Application for Federal Student Aid (FAFSA) so that the Financial Aid Office can determine how much financial need you have. Students who will receive Federal Pell Grants and have the most financial need will receive FSEOGs first. The FSEOG does not need to be repaid. Each year, ICE receives a certain amount of FSEOG funds from the U.S. Department of Education’s office of Federal Student Aid. Once the full amount of the school’s FSEOG funds has been awarded to students, no more FSEOG awards can be made for that year. In other words, FSEOG funds are first come, first served. Click here for further details.

Federal Stafford Loans

William D. Ford Federal Direct Loan: Student loans, unlike grants, must be repaid with interest. You may borrow up to $6,861, depending on the program.

• Subsidized Stafford: The government pays the interest while the student is in school, up until six months after the student graduates or stops attending and during deferment periods (postponement of loan payment). The student has between 10 and 25 years to repay depending on the loan amount. Click here to view the current interest rate.

• Unsubsidized Stafford: The student is responsible for paying the interest while they are in school and during the deferment period. Unpaid interest is accrued and capitalized. Any unpaid interest is added to the principal of the loan and will be billed once the loan goes into repayment. Click here to view the current interest rate.

Learn how to apply here

What you may need to refer to when applying:
• Your Social Security Card
• Your valid Driver’s License or state ID
• Your alien registration card or Permanent Resident Card (if you are not a U.S. citizen) — both sides
• Proof of U.S. citizenship if you are a naturalized citizen
• Your previous year’s W-2 Forms and other records of money earned and /or received (social security benefits, disability, pension, etc.)
• Your (and your spouse’s, if married) signed previous year’s Federal Income Tax Return
• IRS 1040, 1040A, 1040EZ
• Foreign Tax Return
• Two different contact references, with valid addresses and telephone numbers
• *Dependent students born on or after January 1, 1993 will need to bring their parent to ICE when applying, as well as their Parent’s proper documents

Federal Direct PLUS Loan

Parents of dependent students can borrow from the PLUS Loan Program on behalf of the dependent. The parent should not have an adverse credit history, and if so, may warrant an endorser. Parent PLUS Loans disbursed after July 1, 2008, have the option of delaying their repayment on the PLUS loan either 60 days after the loan is fully disbursed or 6 months after the dependent student is not enrolled. During this time interest may be paid or accrued and capitalized.

What you and your parent may need to refer to when applying:
• Your Parents’ Social Security Card
• Your Parents’ valid Driver’s License or state ID
• Your Parents’ alien registration card or Permanent Resident Card (if you are not a U.S. citizen) — both sides
• Your Parents’ Proof of U.S. citizenship if you are a naturalized citizen 

Private Student Loans

Career Training Smart Option Loan from Sallie Mae: The Smart Option Student Loan is a private, credit based student loan. This loan helps students save money, build good credit and pay off their student loan debt faster. Students who apply with a creditworthy co-signer benefit from low interest rates. Interest rates vary and are reset on a monthly basis. Borrowers may apply for a co-signer release upon successful completion of their program. Monthly interest only payments are required during the in school period and during the six month grace period. Both interest and principal are due following the six month grace period. Click here to get started.

What you may need to refer to when applying:
• Your Social Security Card
• Your valid Driver’s License or state ID
• Your alien registration card or Permanent Resident Card (if you are not a U.S. citizen) — both sides
• Two different contact references, with valid addresses and telephone numbers

*In most cases, federal loans have better terms and conditions than private student loans, so consider that option first. Nonetheless, private student loans are very helpful in filling the gaps.

State-Funded Loans

New Jersey Residents
New Jersey residents may be eligible for assistance through the Higher Education Student Assistance Authority of New Jersey (HESAA) after federal aid is exhausted. The assistance that is available through the HESAA is the NJCLASS loan. There are no annual and/or aggregate loan limits. NJCLASS may be used for school related expenses including tuition and fees, books, supplies, and room & board. HESAA reduces the interest rate during school and for the first 48 monthly payments of principal and interest.

Click here for more information and eligibility requirements.

Note: You must borrow the Subsidized portion of your Stafford Loan, if eligible.

Rhode Island Residents
Grants are available to Rhode Island residents. Click here for more information and eligibility requirements.

Payment Plan

Students who intend to pay by check or credit card for their balance owed can do so with a payment plan. The student is required to put 10% down to reserve their seat. The balance due must be paid 30 days prior to the start of the student's externship (Culinary Arts and Pastry & Baking Arts) or 30 days prior to the end of their Culinary Management program.

To learn more, please contact FinancialAid@ice.edu.

What to bring:
• Your Social Security Card
• Your valid Driver’s License or state ID

There is a one-time origination fee for all standard multiple monthly payment plans, consisting of 1.9%

*Consider funds from your 529 savings plan when choosing a payment plan for your education. Certain tax benefits may be available to you.

TuitionFlex Program

When all else fails, there is another alternative… After you have exhausted all potential scholarships, federal grants, federal loans, private student loans, and state funded loans you may want to consider The TuitionFlex Program to cover the balance of your tuition. It is an extended payment plan with interest ranging between 9.25-12.25% for Hospitality Management, Culinary Management, Culinary Arts, and Pastry and Baking Arts. The interest rate is based on credit score and repayment time is five or 10 years. There is a non refundable 2% fee (up to $250.00) to the amount being financed when applying. Contact the ICE office of Financial Aid for more information on how to submit an application. To learn more, please contact FinancialAid@ice.edu.

 

Financial at options at ICE