Financial Aid

Financial Aid

At First Institute, we believe everyone should have the opportunity to further their education.

We realize that many students require financial assistance to achieve their academic goals. To accommodate students’ financial needs, all of our healthcare programs qualify for federal loans and grants. If you qualify, our job is to secure them for you. We tirelessly work to help determine your eligibility and assist you in funding your healthcare career training.

At First Institute, the following programs of Financial Aid are available for those who qualify:

Subsidized/Unsubsidized Student Loans

  • William D. Ford Federal Direct Loans. Any loans originated between July 1, 2013 to June 30, 2014 will be locked in at this rate for the life of the loan. There will be a new interest rate published for loans originated on or after July 1 of each year.
    • Subsidized: 3.86%
    • Unsubsidized: 3.86%

Pell Grants

Parent Loans

  • For information regarding these types of direct loans visit Direct Loans. Any loans originated between July 1, 2013 to June 30, 2014 will be locked in at this rate for the life of the loan. There will be a new interest rate published for loans originated on or after July 1 of each year.
    • Parent PLUS: 6.41%

Methods of Disbursement

  • Financial Aid loan disbursements are made to the students at specific points during the student’s program of study.
    • The 1st Disbursement: Pell Grants are disbursed within the first 2 weeks of matriculation. Subsidized/Unsubsidized Student Loans are disbursed within one month of matriculation.
    • 2nd and 3rd Disbursements: For Medical Assisting and Dental Assisting Students, disbursements are made within 2 weeks of the student’s 2nd and 3rd term. Contingent on the student maintaining Satisfactory Academic Progress. For Massage Therapy students, a 2nd disbursement is made within two weeks of the completion of 17 weeks/330 hours of their program of study. Contingent on the student maintaining Satisfactory Academic Progress.
  • All funds are applied to the student’s ledger account within 3 days of the receipt of the grant/loan by First Institute, Inc.

Additional Resources

If you have questions regarding the financial aid process, please Contact Us today or call 815-459-3500.

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*Students are eligible for a $500 scholarship if they complete our program with a cumulative GPA of 3.5 and attendance at or above 95%. All First Institute exit requirements must be fulfilled within 30 days of graduation to qualify.