Financial Aid

FINANCIAL AID INFORMATION

  • Financial Aid is available to those who qualify
  • Financial Aid is a mechanism that reduces out-of-pocket costs that the student and/or parents must pay to obtain a postsecondary education.
  • Financial Aid is money made available to help meet the cost of their college education.
  • Financial Aid includes Grants and Loans.
  • Grants do not have to be repaid. Loans usually have a low interest rates that a student must pay back depending on the conditions of their loan.
  • Financial Aid is awarded to students who have “need” based upon the financial information submitted from the student.

 

Description of Approved USDE Title IV Programs

Federal Pell Grants:

The Federal Pell Grant program is a large student program and provides a “foundation” of financial aid to which other aid may be added. Pell Grants do not need to be paid back.

Applicants who meet all requirements will receive a Federal Pell Grant. Applicants must qualify financially and be enrolled in an eligible program at an eligible school or college, andmust not have already obtained a bachelor’s degree or be in Default on any Government Loans.

Pell Grant eligibility is determined by a federal methodology. A need analysis service determines an applicant’s eligibility according to that formula. The smaller the index numbers the larger the grant. Federal Pell Grant awards range from $400-$9,866.

Those who qualify for a Pell Grant are usually eligible for other financial aid and should apply. Those not eligible may still be eligible for a student or parent loan. You do not have to pay back a Pell Grant. The Deadline for Federal Student Aid for the current year is May 30th..

Students receive payment by submitting Student Aid Report (SAR) or an Electronic Student Aid Report (ESAR, which the school receives.) Personal and Financial information is reported and verified. Monies received from your grant are credited to your school account.

Federal Supplemental Educational Opportunity Grants (SEOG):

Students who qualify for additional assistance may get SEOG to go with other sources of financial aid. SEOG is for students with exceptional financial need. Priority is given to Pell Grant recipients on a first come first basis. These federal grants are $250.00 per award year due to the amount of funds available to the school.

Schools and colleges award these grants to those who qualify according to the schools’ eligibility criteria. Colleges may award SEOG to students who are enrolled less than half the time. Like the Pell Grant, SEOG is a grant and you do not have to pay back.

Vocational Rehabilitation:

Students who attend a Rehabilitation program do so by applying to the Department of Rehabilitation. They are assigned a caseworker and the caseworker determines their eligibility and then refers the student to the school.

 

FINANCIAL AID ELIGABILITY REQUIREMENTS

To be eligible to receive financial aid, a student must:

• Be admitted as a regular student

• Be enrolled or accepted in an eligible program

• Be a citizen or eligible non-citizen

• Not owe a refund on a FPELL Grant or FSEOG at any school

• Not be in default on any government loans of any kind at any other school

• Have a financial need

• Be making satisfactory progress (as defined by the schools policy) in the course of study

• Be registered with selective service (if a male between the ages of 18 – 25)

• Have signed a statement of educational purpose

• Have signed a statement of updated information

• Have a High School Diploma or it’s equivalent

• Agree to use any federal student aid received solely for educational purposes

• Have timely submitted all financial aid documentation needed

• Be at least 18 years of age

• Submit a valid government form of identification

• Submit a valid social security number

Compliance Statement/Social Security information

The Federal Privacy Act of 1974 requires that students be notified that the disclosure of his/her Social Security Number is mandatory. The Social Security Number is used to verify students’ identities, to process the awarding of funds, and to trace individuals who have borrowed funds from the federal, state or private programs.

Application for Financial Aid Procedures

You may obtain the Free Application for Federal Student Aid (FAFSA) from the Financial Aid Office of this school. You should complete the FAFSA carefully according to the instructions provided. Pay particular attention to the difference between dependent and independent students. You must apply no later than May 30th.

Most Students will complete the FASFA only once during an award year; however, in certain cases, you can file a Correction Application. Generally, if your family financial situation has recently changed for the worse because of a death, separation, or divorce, loss of a full-time job, loss of non-taxable income or benefits such as Social Security, child support, Aid to Families with Dependent Children (AFDC), welfare, unemployment benefits, etc., an adjustment to your FAFSA application can be processed.

The Correction Application gives specific details about the circumstances that allow you to file this form. These circumstances differ slightly depending on whether you are a dependent or an independent student. You may obtain this form from the Financial Aid Office of this school.

When you fill out an application, you should have certain records on hand:

• Your tax returns.

• Your parent’s return (if you apply as a dependent student) and your spouse’s return (If you are married and your spouse filed a separate return)

• W-2 forms and other records of income verification

• Records of benefits received from the Social Security Administration, Veteran’s Administration, Unemployment and other agencies.

You must return all applications along with documentation to the Financial Aid Office for further processing. Copies of all documentation will be kept in your financial aid student file.

The school will then receive an Esar from the USDOE, which must be signed prior to the release of any Financial Aid Funds.

CRITERIA FOR CONTINUED ELIGIBILITY

To continue to receive Pell and/or SEOG you must continue to:

• Complete all required applications.

• Submit all requested documents.

• Be a U.S. citizen or eligible non-citizen.

• Be registered with selective service. (If Required)

• Have a financial need.

• Attend a participating school.

• Be working toward a degree or certificate.

• Be making satisfactory academic progress.

• Not be in default or do not owe a refund on a federal grant, or federal education loan.

*INFORMATION ON FINANCIAL AID & ELIGABILITY:
http://studentaid.ed.gov/students/publications/student_guide/index.html

*DIRECT LOAN BASICS FOR STUDENTS:
http://www2.ed.gov/offices/OSFAP/DirectLoan/pubs/studentbasics.pdf

*DIRECT LOAN BASICS FOR PARENTS:
http://www2.ed.gov/offices/OSFAP/DirectLoan/pubs/parentbasics.pdf

*NET PRICE CALCULATOR:
http://www.newberryschoolofbeauty.net/npcalc.htm

*FAFSA FORM – this form must be filled out by all students requesting to participate in any Title IV Federal Student Aid Programs:
http://www.fafsa.ed.gov/fotw1213/pdfFafsa12-13.pdf

*Direct Student Loan Information and Forms – What to expect – Entrance counseling, Promissory Note, Exit Counseling
http://www.studentloans.gov