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Financial Aid Policies

Financial Aid Department

8:00 am – 12:00 pm EST
1:00 pm – 5:00 pm EST




Financial Aid Policies - The Fine Print

Institutional financial aid is awarded based on the information provided from a student’s Free Application for Federal Student Aid (FAFSA) for U.S. students. All Institutional Aid is intended to be used as a supplement to state and federal financial aid. Any Institutional Aid given to students cannot exceed their total bill minus the Reservation Deposit.

Financial aid awards are subject to adjustments or cancellations due to changes that include, but are not limited to, a student’s financial situation, enrollment status; or residency status. Institutional financial aid includes campus employment, and scholarships. Financial Aid is awarded based on a student’s need and it is only applied to tuition, room and board.

Academic Scholarship:

  • Available to incoming freshmen
  • Must have a minimum high school GPA of 3.5
  • Must have a minimum SAT score of 1150 or ACT score of 23
  • Must have a cumulative GPA minimum of 3.5*
  • Students must submit official test scores and high school GPA before August 1


*Cumulative college GPA must represent at least two years of study. If less than three years of study have been completed, the high school GPA will be used when evaluating eligibility.

**Academic scholarship will be awarded for each consecutive year contingent on full-time enrollment and cumulative EBIC GPA of 3.5 or higher. If any of these criteria are not met, the student will lose academic scholarship eligibility for their remaining enrollment at EBIC.

Institutional Financial Aid Eligibility Requirements

  • Be enrolled in either an eligible certificate or degree program.
    • Classes taken for audit are not eligible for financial aid and do not count toward enrollment for purposes of financial aid.
    • Should a student choose to change his/her program to Undeclared at any time, their financial aid award may be reduced or cancelled.
  • Complete a FAFSA Application.
  • Pay the Reservation Deposit by the applicable deadlines.
    • A student’s financial aid may be revoked if deposit not paid on time.
  • Have a term GPA of 2.0 or higher.
    • A student’s financial aid package may be revoked for the following semester if they fall below a 2.0.
    • Exceptions may be given by the Financial Aid Committee under special circumstances.
  • Be in good standing with the Dean of Students in regard to the Community Life Guidelines as specified in the Student Handbook.

Securing Institutional Financial Aid​

In order to secure Institutional Financial Aid Awards, a student will need to pay the non-refundable Reservation Deposit as reference in Elim’s Financial Aid Deadlines and Violations Policy. If the payment is not received by the deadlines listed in the Policy, any Institutional Aid awarded may be revoked.

Campus Employment

Wages will be applied directly to the student’s bill, and all awarded hours must be worked in order to receive the full award/package value.

A student may lose their Campus Employment position and therefore, forfeit that portion of their financial aid package for a semester if a student:

  • Does not submit all the required paperwork by the applicable deadlines
  • Accepts early/late. Campus Employment, but does not show up for work.

If a student fails to meet minimum performance standards (evaluated by their supervisor), is often tardy and/or misses their scheduled shift, their Campus Employment supervisor will address the issue with the student verbally.

If another such incident occurs, the Supervisor will schedule a meeting with the student. At such a meeting, an Employee Incident Report will be filled out by the supervisor and signed by the student. After three such incidences, a student’s Campus Employment will be reduced or removed for that semester. It may also be reduced or removed for the following semester. All written warnings and suspensions/terminations will be filed with the Campus Employment Coordinator.

If a student does not show up to these meetings, their Campus Employment may be suspended until they meet with their supervisor.

Suspension, missed shifts, incomplete paperwork and/or failure to complete all assigned work hours may result in the loss of Campus Employment hours missed during that time.


Should a student withdraw or be required to withdraw before a semester is over, their aid package may be reduced or cancelled. If the student fails to properly withdraw they may lose their Institutional financial aid. Please reference the Withdraw Policy for details on how to properly withdraw.

Only Work-Study hours that have been worked prior to a student’s withdrawal will be awarded to their account. Any unearned Work-Study will be cancelled.

Refunds and Credit Balances

Cash refunds will not be issued for credit balances resulting from Institutional Financial Aid.* If the student does not complete their program or withdraws from EBI&C and has a credit on their account and has Institutional financial aid, these credits will be reduced to bring the students balance to $0.

If a student’s account balance is $0 and they have Work-Study hours yet to be worked, Elim reserves the right to cancel their remaining Work-study hours in order to prevent a credit balance from accumulating, based on Elim’s need.

*If a credit due to worked Work-Study hours accumulates on a student’s account

  • The credit will be refunded to the student; or
  • The credit will be rolled over to the next semester only with a student’s written consent.

Financial Aid Appeals

If a student wishes to appeal for a change in their Financial Aid package, they will need to email their request to the Financial Aid Officer.

The Financial Aid Officer will then bring the student’s appeal to the Financial Aid Office Supervisor, who will decide on the appeal’s outcome.

Declining Financial Aid

If a student desires to decline any portion of their Financial Aid Package after accepting the aid, they will need to email their request to the Financial Aid Officer.

The Financial Aid Officer will contact the Campus Employment Coordinator—if Campus Employment is being declined—and verify that the student’s position has been filled. If the Campus Employment Coordinator releases the student from their Campus Employment, the Financial Aid Officer will decline the student’s aid as requested.

Federal Aid (FAFSA)​

For U.S. citizens and eligible non-citizens, filling out the application for Federal Student Aid (FAFSA) is a critical first step in determining your eligibility for federal aid as well as institutional aid.

Note: The FAFSA school code for Elim Bible Institute and College is 042514.

Federal Loans

The loans offered at Elim Bible Institute and College are the following Federal loans: Direct Subsidized Loans, Direct Unsubsidized Loans, and PLUS Loans. A student loan is money borrowed that will have to be paid back with interest.

Complete a Master Promissory Note (MPN). This must be completed by all first-time borrowers before loans are disbursed. Upon graduation, withdrawal or decreasing enrollment to below half-time, students who take out a loan must complete Exit Counseling on the Federal Student Aid website. After Exit Counseling is completed, student then meet with the Financial Aid Officer to review loan repayment information.

Note on Loans: As a student or parent borrower, your Federal loan information is submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.

New York State Assistance

For U.S. citizens and eligible non-citizens, filling out the application for Federal Student Aid (FAFSA) is a critical first step in determining your eligibility for federal aid as well as institutional aid.

Note: The TAP school code for Elim Bible Institute and College is 0580.

EBIC Institutional Aid

Institutional Aid is awarded based on a student’s financial need and on a first-come, first served basis. We cannot guarantee the availability of Institutional Aid for Financial Applications received after Financial Deadlines. Institutional Aid does not apply to fees or any direct costs to EBIC such as room and board costs while at the NYSUM internship in New York City.