Terms And Conditions To Receive Federal Direct Loans
To apply for a federal student loan, you must complete and submit a Free Application for Federal Student Aid (FAFSA®). Based
on the results of your FAFSA, your college or career school will send you a financial aid offer, which may include federal student
loans. Your school will tell you how to accept all or a part of the loan. Before you receive your loan funds, you will be required
to
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complete entrance counseling, a tool to ensure you understand your obligation to repay the loan; and
sign a Master Promissory Note (MPN), agreeing to the terms of the loan.
Contact the financial aid office at the location you are planning to attend for details regarding the process at your school.
For more information please visit: https://studentaid.ed.gov/types/loans#apply ; www.studentloans.gov entrance and exit
interview, master promissory note MPN.
How to apply for financial assistance
The first thing you should do to receive Federal Financial Aid is to fill out the Free Application for Federal Student Aid known
as FAFSA application
Where can you find a form?
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In your high school guidance counselor’s office
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In the financial aid office at Cosmetology and Spa Academy
Via the U.S. Department of Education’s website – FAFSA online at www.fafsa.ed.gov
Find it hard to complete? We can assist you at our financial office. No obligation to enroll is required.
Financial Aid Eligibility Requirements
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Be a U.S. citizen or eligible non–citizen
Demonstrate financial need
Hold a high school diploma, general education diploma (GED)
Be enrolled or accepted for enrollment as a student working toward a certificate in an eligible program
Have a valid Social Security Number
Make satisfactory academic progress
Register with Selective Service
Sign a Statement of Education Purpose and a Certificate Statement on overpayment and default
https://studentaid.ed.gov/fafsa/filling-out/dependency
How is Financial Aid Determined?
The basic of determining a student’s financial need will be an analysis of the financial status of the student’s and/or the parents’
income. This analysis is accomplished by completing a Free Financial Application for Federal Student Aid ( FAFSA) distributed
by the U.S. Department of Education.
For more information please visit: https://studentaid.ed.gov/fafsa/estimate
Description of Financial Assistance available to our students.
The student financial aid programs at Cosmetology and Spa Academy are designed to assist students who would
find it difficult to attend without receiving financial assistance.
Cosmetology and Spa Academy is approved by the United States Department of Education to offer the following
Title IV programs for post-secondary education to eligible students:
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Federal Pell Grant
Federal Direct Loans (Subsidized and Unsubsidized)
Federal Direct PLUS Loans
More information can be found at www.StudentLoans.gov
Besides Title IV programs, the Academy offers a wide verity of different scholarship opportunities from entities
related to the beauty industry. Here is a link that is published on our current website
http://www.cosmetologyandspaacademy.com/available-scholarships. Please ask our admission office to receive
a copy paper of the scholarships available at our Academy.
CS- Academy is eligible to receive VA assistance for our veterans.
Need-based and non –need-based federal financial aid available.
Need-based aid is financial aid that you can receive if you have financial need and meet other eligibility criteria. You cannot
receive more need-based aid than the amount of your financial need. For instance, if your COA is $6,000 and your EFC is 2000,
your financial need is $4,000; so you are not eligible for more than $4,000 in need-based aid.
Calculation of your Financial need : COA ( cost of attendance) – EFC ( Expected Family Contribution = $$$ Financial Need
The following are the need-based federal student aid programs:
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Federal Pell Grant
Direct Subsidized Loan
Non-need-based aid is financial aid that is not based on your EFC. What matters is your COA and how much other assistance
you’ve been awarded so far. For instance, if your COA is $6,000 and you’ve been awarded a total of $4,000 in need-based aid
and private scholarships, you can get up to $2,000 in non-need-based aid.
The following are the non-need-based federal student aid programs:
Direct Unsubsidized Loan
Please find more information at https://studentaid.ed.gov/fafsa/next-steps/how-calculated#what-isneed-based-aid
SATISFACTORY PROGRESS POLICY – SAP
Satisfactory progress in attendance and academic work is a requirement for all students attending the Academy, whether
participating in the Title IV program or not and is explained and provided to the student prior to enrollment as a crucial part of
the Academy catalog. Students receiving funds under any federal Title IV financial aid program MUST maintain satisfactory
progress in order to continue eligibility for such funds. SAP is applied consistently to all students enrolled in all programs offered
as a full time or part time.
 Satisfactory Progress Status
Students will receive regular evaluations of their performance. Students who meet the 67% attendance standard and the 75%
academic standard will be considered to be making “satisfactory progress” until the next scheduled evaluation. Students
receiving Title IV federal assistance should especially be aware that they must maintain satisfactory progress throughout their
training in order to maintain eligibility.
 Determination Of Status
Students are required to attend a minimum of 67% of the scheduled hours in order to be considered as maintaining satisfactory
progress in attendance. Students are required to have a minimum of 75% grade average in theory and practical tests in order to
be considered as maintaining satisfactory progress in academic requirements. Students must meet both attendances and academic
requirements to be considered making satisfactory status. Students remain eligible for federal aid only if they are making
satisfactory progress, or are on financial aid warning, or have submitted a successful appeal to a determination of unsatisfactory
progress. A student who does not achieve the minimum standards is no longer eligible for Title IV, unless the student is on
warning or has prevailed upon appeal of the decision that has resulted in the condition of probation.
 Grade Evaluation
Students must maintain a written grade average of 75% and pass final written and practical exams prior to graduation. Students
must make up failed or missed tests as well as complete all assignments. Numerical grades are considered according to the
following scale: Theory / practical quality: Excellent, 100%-93% (A); Good, 92%-87% (B); Average, 86%-80% (C); Below
Average, 79%-75% (D); Unsatisfactory, 74%-0% (F).
 Evaluation Periods And Students Access To Evaluation Results
As of July 1, 2011, students at both locations will be evaluated for satisfactory progress at the end of the payment period. The end
of the pay period for each program will be as follows: Cosmetology Program – 450, 900, 1200 attendance hours; Esthetics
Program – at 350 attendance hours; Instructor's Program 1000 hours– at 450 attendance hours. Students that are meeting SAP
at the time of the evaluation will be continue on financial aid. The SAP report will be filed in student’s financial aid file. Student
will not be notified unless a request to view the results has been made to the financial office. Students that are not in SAP at the
time of evaluation will be notified by the financial office and the following SAP policy will be followed:
 Financial Aid Warning
Any student with less than an average of 75% on academic requirements or less than 67% attendance of scheduled hours at the
time of a progress check at the end of the pay period, will be placed in “financial aid warning” for another period of payment.
The student will remain eligible for financial aid during this time. A student may not be granted consecutive warning statuses,
however, if the student does not meet both satisfactory requirements at the end of the warning period, the student will be
considered as not making satisfactory progress and all financial aid will be immediately suspended until student re-establishes
progress again. The student MUST makes alternative payments to the school OR education will be interrupted.
 Appeal Procedures And Probation Policy
The Academy permits students to appeal the status of non-satisfactory progress at the end of the financial aid warning period.
The appeal must be submitted in writing to the Director of Financial Aid at the beginning of the probationary period. Special
consideration will be given for allowable special circumstances such as illness, death in the family, an injury. The student must
include in the appeal, why he / she did not make satisfactory progress and what makes him / her believe that the situation has
changed to predict satisfactory progress at the end of the next evaluation period. Student must present documentation why the
student failed to make satisfactory progress such as doctor notes, funeral notes, etc. If the Academy considers the appeal , the
decision of the Director of Financial Aid will be final and will be documented on student’s financial aid file. The student will
receive a letter stating the requirements to be met in order to re-gain adequate condition for the next evaluation period. The status
of the student will be “probation.” If the requirements stated at the end of the probation period have not been met, or the
Financial Department has denied the student’s appeal, financial aid will be terminated immediately. Then the student must
schedule a payment plan to continue with the education.
 Reinstatement Of Student And Eligibility
Federal student financial assistance is suspended when a student is considered as not making satisfactory progress after the
probation period, or after the financial aid warning if the appeal is denied, or the student failed to appeal an unsatisfactory
decision. Financial aid will be reinstated when the student improves his / her attendance and academic performance to the
minimum standard levels. Federal support for any periods that occur within a period of unsatisfactory progress will be
permanently forfeited. Most students who enroll in the school are considered to be making satisfactory progress during their
initial evaluation period. Students who are returning to school after a temporary interruption are reinstated under the same status
as they had prior to their departure. Students re-entering the institution’s programs will enter in the same progress status as when
they left. If the break in training has exceeded six months, their status will be resumed back to the beginning of training.