Financial Aid & Scholarships

Financial Aid

Making Education Affordable

Taylor Business Institute’s goal is to make certain it can provide an affordable education for its students. To do this the college has taken its tuition to the lowest price point possible and has created a fee structure that only covers essential student services. Students attending Taylor Business Institute, who are eligible to participate in Federal student aid programs, will find on average, that after the aid for which they are eligible is applied their cost to attend TBI is often covered with little or no loans. To know the amount of aid for which an applicant is entitled, please make an appointment with the college’s financial aid office.

Taylor Business Institute is approved by the U.S. Department of Education as eligible to participate in several programs offering federal financial assistance to students. Eligibility of the college means that, based on individual qualifications or need, TBI students may be eligible to receive financial assistance through one or more of the federal programs. Tuition Discounts are available for students who have the ability to fully fund their education without taking loans or grants. See the Financial Aid Office or International Student Advisor for more information.

Federal Student Aid Programs

Students with demonstrated need may be able to combine awards from one or more of the following aid programs based on the alignment of their personal circumstances with the terms and purposes of the awards.

Federal Pell Grants

Grants: provide financial aid which does not have to be repaid.

Federal Pell Grants are need-based grants available only to undergraduate students. The amount of a Pell Grant award varies with the student’s expected family contribution and the cost of attending the college. Students may not receive Federal Pell Grant funds from more than one educational college at a time.

FSEOG Program

Grants: provide financial aid which does not have to be repaid.

Federal Supplemental Educational Opportunity Grants(FSEOG) are available to students who can demonstrate substantial need. Students do not need to repay FSEOG awards.

Federal Work-Study Program

Work-study: allows students to earn money while enrolled to help pay for education expenses.

Federal Work-Study is a campus-based program awarded through the college in the form of part-time employment to help students pay education expenses. Students who participate in this program generally work from 10 to 20 hours per week and are paid minimum wage or above. Employment may take place at the college or at off-campus locations. Funds for the program are provided by the Federal Government and may be matched by the participating organizations. Federal Work-Study Funds are based on financial need; however, each institute receives a specific level of funding which limits the number of students who can participate in the program.

Direct Subsidized and Unsubsidized Loans

Loans: provide borrowed money that must be repaid with interest.

Direct Loans are available for undergraduate and graduate or professional students who are enrolled at least half-time. Funds for Direct Loans come from the U.S. Department of Education and are delivered to students through their school. Students repay these loans to the Department of Education or designated servicers.

While the principal for Direct Loans must be repaid by the student, the amount and schedule of the student’s interest obligation depends on whether the loan is subsidized or unsubsidized.

Federal Direct PLUS Loans

Loans: provide borrowed money that must be repaid with interest.

Federal PLUS Loans are unsubsidized loans made to parents. Direct PLUS Loan funds are provided by the federal government through the school.

Students who are financially independent, and dependent students who are enrolled at least half time, are eligible to borrow additional Direct Loan funds if their parents are unable to obtain a Direct PLUS Loan.

Scholarships and Tuition Discounts

Level Playing Field's Scholarships

Level Playing Field is a not-for-profit 501 c-3 organization that supports the mission of Taylor Business Institute by providing deserving students scholarships, technology, and support services such as mentoring and counseling.

Taylor Business Institute's Tuition Discount

Tuition Discounts are available for students who have the ability to fully fund their education without taking loans or grants. See the Financial Aid Office or International Student Advisor for more information.

Frequently Asked Questions

Entrance and Exit Counseling for Federal Student Loans

You must complete both entrance and exit counseling as a condition of receiving any federal loan awards. Information on these processes is available from the Financial Aid Administrator.

Responsible Borrowing

Taylor Business Institute feels that access to federal financial aid is a privilege that enables eligible students to begin or continue their education. The college further feels that this privilege should never be abused as abuse could lead to unnecessary indebtedness for the borrower and potentially jeopardize the privilege for other students seeking to attend Taylor Business Institute. It is in this spirit of both privilege and responsibility that Taylor Business Institute encourages its students to borrow responsibly and use only the aid required. Please remember, students are requested to not add unnecessarily to their debt burden. Loans are not gifts and must be repaid with interest.

Repayment of Federal Student Loans – Don’t Default

If you are a federal student loan recipient, there are two key points to remember:

1. The interest you pay is low because the federal government subsidizes the rate.
2. If you are a student borrower, you don’t have to begin repaying your Stafford Loans until you leave school or become less than a half-time student.

As favorable as these terms are, you shouldn’t forget that you must repay your loans. Failure to do so will result in your loans being declared delinquent or in default. This will have a negative impact on your financial status and creditworthiness.

Defaulting on your federal student loans can have serious consequences. Please visit the following website to learn more about the risks and repayment options:

http://studentaid.ed.gov/PORTALSWebApp/students/english/repaying.jsp

A student’s first step in seeking any type of federal student financial aid is to complete the Free Application for Federal Student Aid (FAFSA). Information provided by the student is used to determine which federal aid programs the student is eligible for, and in some cases, how much aid is available to the student.

Students may visit the college’s Financial Aid Office to complete an FAFSA or may access these forms online at www.fafsa.ed.gov. There is no charge for completing or submitting an FAFSA.

CARES Act

Please click on the following link to learn more
https://tbiil.edu/cares-act/

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