FAMILY EDUCATIONAL RIGHTS & PRIVACY ACT (FERPA)
The Family Educational Rights & Privacy Act (FERPA); is a Federal law that protects the privacy of student education records. The law applies to all schools that receive funds under an applicable program of the U.S. Department of Education.  FERPA gives parents certain rights with respect to their children’s education records. These rights transfer to the student when he or she reaches the age of 18 or attends a school beyond the high school level. Students to whom the rights have transferred are “eligible students.” 
Students have the right to inspect and review his or her education records maintained by the school. Schools are not required to provide copies of records unless, for reasons such as great distance, it is impossible for students to review the records. Schools may charge a fee for copies.
For further information on FERPA you may contact the Family Policy Compliance Office, U.S. Department of Education, 400 Maryland Avenue, SW, Washington, D.C. 20202-4605.

FINANCIAL AID
You must meet eligibility requirements in order to apply for financial aid. You must:
•       Have a high school diploma or General Equivalency Degree (GED)
•       Be enrolled in an eligible HIWT program
•       Complete the proper paperwork
•       Provide all the necessary supporting documentation
•       Maintain a 2.0 average or higher
•       Maintain less than a 10% absenteeism rate to maintain eligibility
When all of the requested documentation has been completed and processed, the Institute will determine the amount of assistance available to the student. Need is determined by an assessment of the student’s / spouse’s /  parent’s income and assets. The Expected Family Contribution is determined through the Federal Needs Analysis System.  HIWT then utilizes the following ED formula to determine loan eligibility: Cost of Education – Expected Family Contribution = Need. Once the award is determined, the financial aid officer will put together a financial aid “package” consisting of several programs (grant/loan).

 FFEL (Federal Family Education Loan Programs)*
The Hobart Institute of Welding Technology is eligible to participate in the Federal Stafford Subsidized or Federal Stafford Unsubsidized Loan Programs, and the Federal Parent Loans for Undergraduate Students (PLUS) Program administered by the Department of Education and individual states. 
Students may acquire all loan applications from HIWT.
All loans have up to a 3% origination fee and no more than a 1% guarantee fee taken off the top of each disbursement.  Your guarantee agency will notify you of the repayment schedule. Loan repayment is mandatory.

Federal Pell Grant*
Students must complete a Free Application for Student Financial Aid form. It works best if you mail your completed form to Hobart Institute of Welding Technology, however you can mail the form directly to the Department of Education or apply online at www.fafsa.ed.gov.  Pell Grant eligibility is determined by an assessment of the student’s /  spouse’s / parent’s income and assets. The result is called the Expected Family Contribution (EFC) and schools use this figure to determine the award. The maximum award for Program 1 students is  $4050 and for Program 2 students is  $2,671.

Federal Subsidized Stafford Loan
Students must have their need determined by the Federal Needs Analysis System in order to determine loan eligibility. Students must complete the loan application and submit it to the Institute for processing. Students enrolled in Program 1 may qualify for up to $2625 and students enrolled in Program 2 may qualify for up to $1838. The interest rate for a Stafford Loan is at a variable rate. The Secretary shall determine the interest rate by adding 3.1 percent to the bond equivalent rate for 91-day Treasury bills auctioned at the final auction held prior to June 1, except the interest shall not exceed 8.25 percent. The loan is repayable starting six months after the student ceases at least half-time study.
The government pays the interest while the student attends school and during the 6 month grace period. A minimum of $600 per year or $50 per month must be paid back.

Federal Parent Loans for Undergraduate Students
Dependent students and their parents must complete the loan application and submit it to the school for processing. HIWT will send it to the lender for processing. Parents may qualify for up to the Cost of Education, less any other aid.      The PLUS loan is a variable rate loan. The variable rate on a Federal PLUS loan shall be determined on June 1 of each year. The Secretary shall determine the interest rate by adding 3.1 percent to the bond equivalent rate of 52-week Treasury bills auctioned at the final auction held prior to June 1, except that the interest rate shall not exceed 9 percent. The loan is repayable starting within 30-60 days after the second disbursement. A minimum of $600 per year or $50 per month must be paid back.  Parents may borrow the PLUS in lieu of their Family Contribution but total financial aid may not exceed the student’s Cost of Education.

TERI (The Education Resource Institute) Loans
For students who do not qualify for FFEL programs or have financial need in excess of FFEL funds, you may be eligible for a TERI Loan. Contact the Financial Aid office or call TERI direct at 1-800-255-TERI (8374) for more information.

TAA (Trade Adjustment Act), WIA (Workforce Investment Act), & NAFTA (North America  Federal Trade Act)
These funds are available for dislocated wards who are eligible. Contact your local Unemployment Office for more information.

Veterans Training
Hobart Institute of Welding Technology is approved by the Ohio State Approving Agency for Veterans Training (the G.I. Bill educational training for non-disabled or vocational rehabilitation for disabled veterans).