Financial Aid Programs
There are various financial aid programs through government agencies to help students pay for their educational needs. Each financial aid program has specific eligibility that must be met in order to qualify for assistance. The following is a list of programs available.
Pell Grant: Through this federal program, students may obtain Pell Grant for the 1500-hour Cosmetology course and the 1000 Cosmetology Instructor course. The grant may not exceed half the cost of the education budget of the student at the college and it need not be repaid. Pell Grants are considered "gift aid". Eligibility is sought by using the Free Application of Federal Student Aid (FAFSA).
Stafford Student Loans: Through this program, a student may borrow up to $9500 to use towards the expenses of training at Hairmasters. Money for a Guaranteed Student Loan is usually made available through a local bank, savings and loan or credit union. After graduation, there is a six-month grace period before the individual must begin payment on the principal and interest starting the first day of the seventh month after leaving school. Repayment is made to the lender at a minimum rate of $50.00 per month, plus interest. There will be simple interest calculated each month on the balance due. An origination fee, plus a guarantee fee will be deducted for processing the loan by the lender.
Plus Loans: This loan is for parents of dependent students who may borrow up to the cost of the tuition for each eligible student in any academic year. Repayment starts sixty days after disbursement, however, the variable interest rate may accrue and payment may be deferred if the parent qualities.
Financial Aid Requirements
Student responsibilities are as follows:
- Report accurately parents, students and or spouses financial information.
- Keep financial Aid Office informed of any change in financial situation, which would affect the amount of aid received.
- This includes outside employment, inheritances, aid from other sources, etc.
School Financial Aid Policy
- Make effective use of many resources to meet the needs of students within the context of these institutions priorities and within the guidelines of the donors of the funds made available.
- Recognize the uniqueness of each student's background and to use consistent methods of need analysis, recognize special needs and circumstances of the students.
- Be consistent as to the types of students when "packaging" financial aid awards; to be fair and sensitive to the needs of the individual student.
Procedure for Application for Student Financial Aid
Ask the financial aid office for a Free Application for Federal Student Aid. When this is completed, schedule an appointment with Financial Aid Office to determine all the facts in your case, upon which he/she will base his decisions to the kind and amount awarded from each program. The financial aid office is open during all normal school hours and there is always a person there to help you.
Criteria for Amount of Financial Aid Award
A consistently applied method of need analysis is applied so that the neediest students receive the most amount of financial aid. The Financial Aid Officer will take into account the special needs and circumstances of each applicant. Generally the financial aid will include monies from several programs; i.e.: Pell Grant, Student Loans, and Plus Loans. This combination is called a "Financial aid package". Students with the greatest need will receive more "gift" and less "self-help" or loan aid.