October 17, 2017

Financial Aid

Detroit Business Institute-Downriver has various financial aid programs available to assist qualified high school graduates and GED recipients.  There are both grant and loan programs available to eligible students.  Students must complete a “Free Application for Federal Student Aid” (FAFSA) in order to apply for federal student financial aid. The financial aid department will assist eligible students in applying for financial aid.

Federal Student Financial Aid Eligibility

To be eligible to receive student financial aid at DBI-Downriver, students must meet the following eligibility requirements:

  1. Have a high school diploma or General Educational Development (GED) certificate.
  2. Be a U.S. citizen or an eligible non-citizen.
  3. Have a valid social security number.
  4. Register with the Selective Service if you are a male between the ages of 18 and 25.
  5. Demonstrate financial need based on the U.S. Department of Education’s criteria.
  6. Maintain satisfactory academic progress while in school.
  7. Must satisfactorily complete all necessary student financial aid paperwork.

Federal Grant Aid

Federal Pell Grant

The federal Pell Grant Program is a form of financial aid that does not need to be repaid.  Eligibility is based on financial need as determined by the criteria established by the U.S. Department of Education.  The current maximum award is $5,775.00 per year.

Federal Supplemental Educational Opportunity Grant

The Federal SEOG program is a form of financial aid that does not need to be repaid.  This grant program is available for students with exceptional financial need based on the student’s expected family contribution (EFC).  Federal Pell Grant recipients will take priority.  Grants range from $100.00 to $4,000.00 per academic year, depending on the amount of funds available.

Federal Student Loans

Federal Direct Stafford Loans

“Click here for the Code of Conduct for Student Loans”

The Federal Direct Loan program is a form of financial aid that has to be repaid.  These low-interest loans are for eligible students to help meet part of their educational costs.  The lender is the U.S. Department of Education.

Net Price Calculator

The U.S. Department of Education requires postsecondary institutions that participate in federal student financial aid to post a net price calculator on the institution’s website to estimate a student’s price of attendance. The tuition rates used to calculate the price of attendance in the Net Price Calculator is based on the 2014-2015 tuition rates and does not include the tuition rates for the Practical Nurse program. Click here to access the Net Price Calculator.

Veteran Benefits

The programs at Detroit Business Institute-Downriver are approved for the training of veterans. Maximum benefits are provided to veterans who attend on a full-time basis. Children of veterans who died or are permanently disabled may also be entitled to educational benefits.

A veteran or dependent should contact the admissions department or the Veterans’ Administration for further information.

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 website at www.benefits.va.gov/gibill.

Alternate Payment Plans

Students who do not qualify for financial aid may apply for a deferred payment plan or a tuition finance plan.  The deferred payment plan allows students to pay the tuition over the length of the program with no interest charge.  The tuition finance plan allows the student to finance the tuition up to 48 months.  For more information, contact the admissions department.

Tuition Savings Plan

Pay the entire cash balance of your tuition on or before the first day of class and receive a 6% discount.  This plan is not available if there are other funding sources paying your tuition, such as student financial aid, scholarships, or any third-party payments.