FEDERAL FINANCIAL AID FUNDING AVAILABLE
Arclabs is approved to offer federal financial aid assistance under the following Title IV programs: Pell grants, Subsidized and Unsubsidized Direct Loans and Plus loans. The class offering under which Arclabs is approved to offer federal financial aid assistance is the 900 Hour Advanced Welding Program.
Federal Pell Grant- This is a need based grant to help cover the costs of higher education at a career school or college. Pell Grant eligibility is determined by an assessment of the student's/spouse's/ parent's income and assets and the resulting Expected Family Contribution (EFC). Pell Grants do not need to be repaid unless you withdraw from school and owe a refund.
Federal Direct Subsidized Loan- Loans made to eligible undergraduate students who demonstrate a financial need to help cover the costs of higher education at a college or career school. The government pays the interest while the student attends school, for the first six months after you leave school (referred to as grace period) and during a period of deferment (a postponement of loan payments). The US Department of Education is your lender.
Federal Direct Unsubsidized Loan- Loans made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible. The student is responsible for paying the interest during all periods. If you do not pay interest while you are in school, during grace periods or during deferment periods, interest will be added to the principal of you loan. The US Department of Education is your lender.
Direct Parent Plus Loan- Loans made to parents of dependent undergraduate students or graduate/professional students to help pay for education expenses not covered by other financial aid. The borrower must not have an adverse credit history. The maximum loan amount is the cost of attendance at Arclabs minus any other financial aid received. The US Department of Education is your lender.
In order to apply for financial aid, you must meet the following eligibility requirements:
- Be a U.S. Citizen with a valid Social Security number (or eligible non-citizen)
- Have a high school diploma or General Equivalency Degree (GED)
- Be registered with Selective Services (all male applicants; To Register Click Here)
- Be enrolled in Arclabs 900 Hour Advanced Welding Program
- Complete the appropriate application and forms, including the FASFA registration
- Provide all necessary supporting documentation
- Maintain a 2.0 GPA or higher
- Attend at least 90% of the scheduled class hours on a cumulative basis
FEDERAL STUDENT AID AVAILABLE FOR APPLICATION
Program/ Aid Type/ Annual Amount
Federal Pell Grant/ Grant/ $0 - $5,920
Subsidized Stafford Loan/ Loan/ $0 - $3,500
Unsubsidized Stafford Loan / Loan/ $0 - $6,000
PLUS Loan/ Loan/ $0 - up to the cost of attendance less any other aid received
To apply for federal student aid, students must first complete the Free Application for Federal Student Aid (FAFSA) Eligibility for aid will be determined once the institution receives the student's information. If you have questions about the financial aid or the FAFSA, please call the Financial Aid Administrator at 1.877.647.4111 or contact your local campus.
LOAN TERMS AND CONDITIONS
Details about Direct Loans including loan amounts, interest rates, repayment plans and other terms and conditions can be found at the following website: https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized
ARCLABS FINANCIAL AID POLICY AND PROCEDURES
Arclabs policies and procedures for administering financial aid can be found in the Arclabs Financial Aid Policy and Procedures Manual
PERCENTAGE OF STUDENTS RECEIVING TITLE IV FEDERAL FINANCIAL AID
As of December 31, 2016, the percentage of enrolled students receiving Title IV Federal Financial Aid was 50%. As of December 31, 2016, the percentage of students receiving Pell Grants was 41%.
OTHER FUNDING AVAILABLE
Arclabs is a South Carolina and Texas State Approved Training Provider. Because of this, students who are unemployed or underemployed may possibly qualify for Workforce Innovation and Opportunity Act (WIOA) funding. To learn more about this type of funding and to see if you would qualify, in South Carolina please visit your local SC Works office and in Texas visit your local Texas Workforce Commission office or contact one of our school locations.
All Arclabs locations are approved to accept Veterans benefits including the GI Bill and Veterans Vocational Rehabilitation.
GI Bill is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at http://www.benefits.va.gov/gibill/
Arclabs offers payment plans. Please contact your local campus for more information.
FINANCIAL AID IS AVAILABLE TO THOSE WHO MEET THE ELIGIBILITY REQUIREMENTS OF THE INDIVIDUAL FUNDING SOURCE, AND NOT ALL FINANCIAL AID SOURCES ARE AVAILABLE FOR ALL PROGRAMS. PLEASE CONTACT YOUR LOCAL CAMPUS FOR DETAILS.
*Note that Students or parents of students who enter into an agreement for a direct loan will have the loan information submitted to NSLDS and the loan information will be accessible by authorized agencies, lenders and institutions.
Federal Financial Aid Programs (Title IV) are only available for the 900 Hour Advanced Welding program at our South Carolina campus locations- Piedmont, Columbia, and Charleston. Additional information on direct loans is available by speaking with one of our Financial Aid Administrators at those locations.
Note: Any student convicted of selling or possessing illegal drugs while receiving federal student aid may become ineligible to receive aid for all or part of the school year.