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Financial Arrangements

FINANCIAL ARRANGEMENT

SCHOOL FINANCED PAYMENT PLANS

Generally, all tuition required for any unit of instruction along with applicable fees is required before the first day of class.

If a student can show that he or she is unable to pay the entire amount by that date but could pay the entire tuition before his/her anticipated graduation date, payment arrangements between the school and the student can be negotiated on a promissory note basis.  In some cases, based on credit reports, a co-signer will be required.  At the school’s option, the note may have to be secured.  To ease tracking payments, whatever payment interval is agreed on (monthly, quarterly, semiannually), the total tuition for the entire program will be divided equally with the understanding that monies owed  accrue based on hours scheduled rather than the interval payments to be made.  The number of payments will not go beyond the scheduled graduation date and full payment along with any extra charges will be due before a student is certified as a graduate.

When the Academy and the student agree upon a payment plan, we assess no finance or handling charges.  All payments are due on or before the dates agreed and there  will be an $8.00 late charge if a payment is more than ten days late.  If the student does not make a payment within 15 days from the due date, the student is subject to being suspended until the student brings the account current.

VOCATIONAL REHABILITATION

The Academy is approved by the SC Vocational Rehabilitation Department as an eligible institution, but has only submitted its cosmetology program for eligibility.  Students who are eligible for funding from this agency need to coordinate directly with their counselor for such.  The school may refer students it feels might be eligible for assistance by that agency as well.

Student eligibility and how much assistance is determined solely by this agency.  Since assistance is never made retroactive, this matter should be fully resolved before starting school.

VETERANS  BENEFITS

Students enrolled in our cosmetology program are eligible to qualify for veterans benefits for all training provided on the Academy’s premises provided they meet the Veteran’s Administration attendance (a minimum of 80% of scheduled classes) requirements and are otherwise eligible.

Eligibility for, the amount of, and duration of any award is determined solely by this agency.  The school will help the student in completing his/her application and will certify initial and continued eligibility when appropriate.  It is the student’s responsibility to apply for these funds and to follow up with this agency.

This agency disburses funds directly to the student.  If any portion of these funds is intended to be used pay for tuition, it will be the responsibility of the student to coordinate such payments.

COSMETOLOGY PROGRAM SCHOLARSHIPS

ACE SCHOLARSHIP. This program is intended to encourage interested parties  to consider a career in cosmetology.  The American Asssociation of Cosmetology Schools (AACS) partners with industry sponsors to offer scholarships and grants to deserving cosmetology students.  The scholarships can be as high as $2,400, but the student must have completed the application process prior to enrolling in school

Additional scholarlships can be found on the AACS website:

http://www.beautyschools.org. If interested, the student should check the website regularly because each have different submission date requirements, amounts and qualifications.

TITLE-IV, FEDERAL FINANCIAL AID

The US Department of Education has certified the Academy’s cosmetology and esthetics program to participate in two broad categories of financial aid programs, both of which are under Title-IV.  Grant programs are monies awarded to a student and do not require repayments by the student.  A lending agency may

fund and administer loans by a lending agency and guaranteed by the Government or the Government may make the loan directly to students and parents through the school.  The student must repay the principle and interest of a loan according to the terms specified by the lender.

To be eligible to qualify for Federal Student Aid Funds at the Academy, the student must meet the following basic eligibility requirements:

(1)  be an US citizen or eligible non citizen,

(2)  be enrolled at least half-time in our cosmetology or esthetics program,

(3)  have a valid Social Security Number,

(4)  make satisfactory academic progress,

(5)  sign a statement of educational purpose/certification statement on refunds and defaults,.

(6)  sign a statement of updated information if required,

(7)  if a male, register with the Selective Service if required,

(8)  meet the drug certification requirements.

Classification: Independent/Dependent

Students who are married, veterans of the US Armed Forces, born before January 1st of the year in which applying for aid and are more than twenty-four, are an orphan or wards of the court (or were wards of the court until age 18), or have legal dependents other than a spouse that they support are classified as independent for the purposes of applying for financial aid in FY 2010/2011.  Generally, all others are considered dependent.  Current rules affecting such are available through the school’s financial aid representative in the main school office.

Required Documentation

Before applying for financial aid, we require that the prospective student bring in records of his/her earnings, including a copy of the appropriate income tax forms (1040, 1040A, 1040EZ) and all supporting documents and schedules for the student, his/her spouse (if married), or his/her parents (if dependent) and records of any other monies that they may have received, including AFDC, ADC, social security benefits, child support received for all children and any other forms of untaxed income and benefits for the student and his/her spouse or parents (if dependent).  In addition, records of saving accounts, retirement accounts, bonds,  and other investments (including business and farm) for the student, his/her spouse or parents (if dependent).

If the student has any question concerning what documentation to provide, the school representative, who will help the student complete his/her financial aid application, is available to outline the required documentation if desired.

Application Process

Normally, the entire application process will be completed before a prospective student applies for financial aid.

The first step in applying for this type of assistance is to complete the school’ s financial aid application.  This form requires the student to provide information that the student should readily know without any reference to other material.

The second step is to complete the Free Application for Federal Student Aid or its equivalent.  This can be done at the school or directly on line (www.fafsa.ed.gov).  If  you choose to apply at the school, the school’s financial aid representative will be available to answer any pertinent questions the applicant might have and assist in interpreting what information is requested, but will not prepare the application for the student. When applying on line, the school’s code you will be asked for is 017124.  If the student is married (or dependent), his/her spouse (or parents) must also sign this application.  Besides requiring information that the student should readily know, tax forms and other records as indicated above, and records of any previous student loans received will be required to complete this form.

If the student has attended any other post secondary school or institution in the same fiscal year that aid is being applied for, the student’s aid will be adjusted for any aid received at the prior school.  The student will be notified of this adjustment, if any, prior to starting school.

The school’s representative may require the student to furnish documentation that he or she is married or otherwise meets the guidelines for independence status if the student is independent.

The school’s representative may also require the student and his/her spouse or parents to complete a verification of data form and provide other supporting documents for verification by the federal processor.  This form requires the student to provide information that the student should readily know and information related to income not reported on tax forms and child support received or given.

PELL GRANT.  Besides meeting the general requirements already outlined for eligibility to receive financial aid, students must not have completed a Bachelor’s degree (if  the student has completed a Bachelor’s Degree or higher, the student will be eligible for Federal Direct Loans) and must meet a needs test as determined by the US Department of Education.  Need determines the student’s eligibility and thus the amount of the award.  Awards are based on that portion of an academic year completed or payment period that overlaps a particular fiscal year (defined as July 1 – June 30).  In 2010/2011, the minimum PELL award for a full academic year was 400 and the maximum award was $5550.  Current levels are available through the financial aid representative.  PELL Awards are based on the data filled out on the Free Application for Federal Student Aid.

FEDERAL DIRECT LOAN PROGRAM The school originates these loans that are made by the Federal Government.  Application forms for all these loans can be secured through the school’s financial aid officer.  It is the policy of the school not to originate a government subsidized student loan until the student has demonstrated a serious intent to complete the program by completing at least one month of school.   The student’s over-all attendance and performance in class will be considered.  Eligibility for student loans is not finalized until they are certified and while future possible eligibility can be considered when the student enrolls, the period prior to such certification must be factored in when developing the structure of how the student will pay for the program enrolling for the student at the time of matriculation. .

DIRECT LOANS (Subsidized).  Besides meeting the general requirements already outlined for eligibility to receive financial aid, students must meet a needs test as determined by the US Department of Education.  Need determines the amount of the award, ranging from $1 to $3500 for the first academic year and $3000 for the portion of a second academic year completed in school.  Interest charges and principal payment for a subsidized loan are deferred until the student has been out of school for six months.  The application requires information of a general nature and two personal references.  The school has adopted the policy of not certifying this loan until the student has completed 30 days of training.  Award amounts are subject to change periodically and can be learned through our financial aid representative

DIRECT LOANS (Unsubsidized) Dependent Students applying for this loan must meet the general requirements already outlined for eligibility to receive financial aid.  This is a non-needs based loan, the maximum amount of which can be up to the cost of education less other financial aid up to $5500 the first academic year and $4333 the second less the amount of a Federal DIRECT Subsidized loan the student qualifies for per academic year.  Independent students can be eligible for up to $7500 the first academic year and $6000 the second academic year less the mount of the Federal DIRECT Subsidized loan the student qualifies for.  Unlike the subsidized loan, however, interest accrues from the date the loan is disbursed.  Students can elect to defer all payments until they have been out of school for six months.  The application for this loan is the same as for the Direct Subsidized referred to above and the school delays certification of this loan until after the student has been scheduled 30 days of training.

DIRECT PLUS LOANS.  These loans are available to dependent students who are otherwise eligible to receive Title-IV funds whatever their level of need up to the amount of the cost of the program not covered by other forms of financial aid.  The loan is actually made to the student’s parents.  The loan check is co-payable to both the borrower and the school.  Often the loan will be written to one parent with the other parent serving as the endorser.  To qualify, the parent must have a clean credit record and be accepted by Federal Government underwriting the loan.  A PLUS loan goes into repayment sixty days after the check is endorsed with a minimum monthly payment of $50 to $60 required from that point on.