A school must have accreditation from an accrediting body recognized by the U.S. Department of Education to be eligible to participate in the administration of federal student aid programs. In a couple more months, I will have a big list of Beauty Schools that are accredited by NACCAS, the National Accrediting Commission of Cosmetology Arts and Sciences on my site, www.finallywhatyouneed.com . NACCAS is recognized by the U.S. Department of Education, therefore many of these beauty schools do participate in Federal Financial Aid. Not all Beauty Schools participate in the same financial aid programs, however – so be sure to ask the beauty school recruiter what type of financial aid they participate in.
PELL Grant:Some Beauty Schools participate in the federal PELL grant. PELL grants are the foundation of federal student financial aid, to which aid from other federal and nonfederal sources might be added. PELL grants are generally awarded only to students who have not earned a bachelor’s or graduate degree. The amount of the grant awards can change yearly. To find out if you qualify for a PELL grant, you would need to complete a FAFSA application. FAFSA stands for Free Application for Federal Student Aid, so never let anyone charge you for submitting one! The government uses a formula that includes household income, number of family members, how many family members are attending college, the cost of attendance, whether you are a full or part time student, whether you attend school for a full academic year or less – and several other factors to determine who qualifies for the PELL grant and how much PELL grant they receive.
Some Beauty Schools participate in Federal student loan programs. Student loans, unlike grants, must be repaid, with interest. You cannot have these loans canceled because you didn’t like the education you received, didn’t get a job in your field of study or because you are having financial difficulty. Loans are legal obligations, so before you take out a student loan, think about the amount you’ll have to repay over the years. You may want to ask you beauty school recruiter if they participate in any of the following federal loan programs:
Federal Perkins Loans:Federal Perkins loans are made through participating scools to undergraduate, graduate and professional degree students. They are offered by participating schools to students who demonstrate financial need. Students must be enrolled full-time or part-time. The federal Perkins Loans are repaid by you to your school.
Stafford Loans: (subsidized and unsubsidized) Stafford Loans are for undergraduate, graduate and professional degree students. You must be enrolled as at least a half-time student to be eligible for a Stafford loan. There are two types of Stafford loans: subsidized and unsubsidized. You must have financial need to received a subsidized Stafford loan. Financial need is not a requirement to obrtain an unsubsidized Stafford loan. The U.S. Department of Education will pay (subsidize) the interest that accrues on subsidized Stafford loans during certain periods. These loans are made through one of two U.S. Department of Education programs: The William D. Ford Federal Direct Loan Program (borrowing directly from the U.S. Department of Education), or the Federal Family Education Loan program (Private lenders provide the funds that are guaranteed by the Federal Government). The maximum Stafford Laon amount you can borrow each academic year depends on your academic level in school and whether you are a dependent or independent student.
PLUS loans: Parents of dependent students and students pursuing a graduate or professional degree can borrow from the PLUS Loan program. The terms and conditions applicable to parent PLUS Loans (made to parents of dependent students) also apply to PLUS Loans made to graduate and professional degree students. These terms and conditions include: a requirement that the applicant not have an adverse credit history; a repayment period that begins on the date of the last disbursement of the loan; and a fixed interest rate. As with PLUS Loans made to parent borrowers, eligible graduate and professional degree students may borrow under the PLUS program up to their cost of attendance, minus other financial aid received. The PLUS applicant and the student must be a United States citizen or eligible noncitizen, not be in default on a federal student loan, and not owe a refund on a federal education grant.
Advice regarding your Free Application for Federal Student Aid ( FAFSA )
Be wary of organizations that charge a fee to submit your application, or to find you money for school. FAFSA literaly stands for Free Application for Federal Student Aid. You can receive free support completing the FAFSA from the FAFSA website (www.fafsa.ed.gov ), and many times the school that you apply to is willing to assist you for free.
Filling out the FAFSA, is the first step in the financial aid process. Use it to apply for federal student financial aid, such as the Pell Grant, student loans, and college work-study. In addition, most states and schools use FAFSA information to award their financial aid.
Many questions on the FAFSA are clear-cut, like your Social Security Number. But many questions are asked specifically for purposes of student financial aid. Common words like household, investments, and legal guardianship may have special meaning. Read instructions carefully.
You (and your parents if you are a dependent student) should complete your tax return before filling out your FAFSA. Federal Student Aid will process your FAFSA if it is received on or before the deadline. However, in order for you to actually receive aid, your school must have correct, complete FAFSA information before your last day of enrollment.
Your FAFSA responses are used in a formula (known as the Federal Methodology), which is regulated by the Higher Education Act of 1965, as amended. The result is your Expected Family Contribution, or EFC. The EFC is a preliminary estimate that measures your family´s financial strength. It is subtracted from the Cost of Attendance at the school(s) you plan to attend to determine your eligibility for federal student aid.
Once your award has been calculated, Your Student Aid Report (SAR) will be sent to you by e-mail or by postal mail. The SAR lists the information you reported on your FAFSA. At the upper right of the front page of the SAR, you´ll find a figure called the EFC. Schools use your EFC to prepare a financial aid package (grants, loans, and/or work-study) to help you meet your financial need. Financial need is the difference between your EFC and your school´s cost of attendance.
Your financial aid will be paid to you through your school. Typically, your school will first use the aid to pay tuition, fees, and room and board (if provided by the school). Any remaining aid is given to you for your other expenses. To complete the FAFSA online, just go to: www.fafsa.ed.gov
Other types of financial aid available to Beauty School Students include the following:
ACE GRANTS: ACE Grants are designed to help you begin your career in cosmetology. Sponsored by three major beauty industry associations: the American Association of Cosmetology Schools (AACS), the Cosmetology Advancement Foundation (CAF), and the Beauty and Barber Supply Institute (BBSI), ACE Grants are the first ever industry-wide effort to encourage highly motivated and qualified individuals to join the world of cosmetology.
Joe Francis Haircare Scholarship Foundation: The Joe Francis Haircare Scholarship Foundation is dedicated to helping support deserving students receive the professional training necessary to build successful, long-term careers in hairstyling. Applicants are evaluated for their potential to successfully complete school, their financial need, and their commitment to a long-term career in cosmetology. Copy and paste the following link for more information regarding this foundation www.joefrancis.com/jfh/home.html
Super Cuts: If you become employed with Supercuts they may split your student loan payments with you. Their ‘Pay Back the Future’ program, offered at most Supercuts stores, pays up to 50% of your monthly payment on a federally guaranteed or other approved student loan for cosmetology training. All you do is show verification of your loan and repayment schedule, and they will send the first payment on approval.
Great Clips for hair: A leader in the salon business world wants to encourage others to join in the exciting profession of cosmetology. Small scholarships are available in some areas for a few lucky individuals. You will be required to complete an application, essay, and a letter of recommendation. If you are not selected for a scholarship sponsored by Great Clips, your name and related information may be passed on to other organizations or schools that may be able to provide additional information to you on the field of cosmetology.
Salliemae: The nation’s largest source of funding and servicing for higher education loans. Check out their website for more information. www.salliemae.com
GI Bill: The GI Bill is financial assistance with the Department of Veterans Affairs. Many cosmetology schools participate in the GI Bill. If you qualify, be certain to find out if your prospective school is accredited and if they participate in this program. www.gibill.va.gov
Vocational Rehabilitation Programs: Check your local yellow pages for the nearest Vocational Rehabilitation Program near you. Vocational Rehabilitation (VR) is a Federal/State-funded program providing services to help individuals with disabilities enter or return to employment. It is designed to help individuals of work age with disabling physical and/or mental disabilities compete successfully with others in earning a livelihood. Vocational Rehabilitation programs take an active leadership role in advocating for the rights of individuals with disabilities, removing the physical and attitudinal barriers which often confront them, and publicizing their abilities and accomplishments to society at large.
Soooooooo… what’s stopping you from finding the very best beauty school to attend? Start making those inquiries now!
Next Week’s article: Cosmetology Origins
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