Financial Assistance

Veteran Benefits

Hair Academy School of Barbering & Beauty is approved for Veteran Educational Benefits.  All Veterans need to receive a Letter of Eligibility from the Department of Veteran Affairs. If you do not have a Letter of Eligibility, go to http://www.benefits.va.gov/gibill/ and select “apply for benefits”.  Your Letter of Eligibility will be sent to you through the United States Post Office in about 21 days. You will need to submit your copy of your Letter of Eligibility to the school in order to have your enrollment certified for VA Educational Benefits.


State Grants

Hair Academy School of Barbering & Beauty is approved for grants through the Delaware Department of Labor, Delaware Employment & Training, and the Delaware Division of Vocational Rehabilitation. For approval of training through these agencies, you must show proof of acceptances by having your case manager contact the school to verify approval.  For additional information or to apply for assistance you may contact the Delaware Department of Labor Directly. Locations and contact information is as follows:

www.delawareworks.com

Newark, DE: (302) 368-6622

Wilmington, DE: (302) 761-8085

Georgetown, DE: (302) 856-5230

Dover, DE: (302) 737-5473


Federal Aid (Barbering Program Only)

Students may be eligible to receive financial aid from the federal government.  Hair Academy School of Barbering & Beauty participates in the following programs:

  • Federal Pell Grant
  • William D. Ford Direct Loan Program
    • Direct Subsidized Loans
    • Direct Unsubsidized Loans
    • Direct PLUS Loans

School Code: 042503

Resources: www.studentaid.ed.gov 

Federal Pell Grants

A Federal Pell Grant, unlike a loan, does not have to be repaid.  Pell Grants usually are awarded only to undergraduate students who have not earned a bachelor’s or a professional degree. You are not eligible to receive a Federal Pell Grant if you are incarcerated in a federal or state penal institution or are subject to an involuntary civil commitment upon completion of a period of incarceration for a forcible or non forcible sexual offense.

Award amounts for the Federal Pell Grant change yearly. For the 2016-17 award year, the maximum award is $5,815. For the 2017-18, the maximum is $5,920. The amount you get will depend on:

  • your financial need,
  • your cost of attendance,
  • your status as a full-time or part-time student, and
  • your plans to attend school for a full academic year or less.

You may not receive Federal Pell Grant funds from more than one school at a time.

William D. Ford Direct Loan Program

A loan is money you borrow and must pay back with interest. The William D. Ford Direct Loan Program is the largest federal student loan program.  Under this program, the U.S. Department of Education is your lender.

Direct Subsidized Loans are loans made eligible to undergraduate students who demonstrate financial need to help cover the costs of higher education. Loans disbursed on or after 7/1/15 and before 7/1/16 have a fixed interest rate of 4.29%. Loans disbursed on or after 7/1/16 and before 7/1/16 have a fixed interest rate of 3.76%. The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you’re in school at least half time, for the first six months after you leave school, and during a period of deferment.

Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan. Loans disbursed on or after 7/1/15 and before 7/1/16 have a fixed interest rate of 4.29%. Loans disbursed on or after 7/1/16 and before 7/1/16 have a fixed interest rate of 3.76%. You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.  If you choose to not pay the interest while you are in school and during grace periods and deferment, your interest will accrue and be capitalized.

Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for educational expenses not covered by other financial aid. Loans Disbursed on or after 7/1/15 and before 7/1/16 have a fixed interest rate of 6.84%. Loans disbursed on or after 7/1/16 and before 7/1/16 have a fixed interest rate of 6.31%.

Loan Fees: There is a loan fee on all Direct Subsidized and Unsubsidized loans.  The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement.

If your financial aid package includes federal student loans, you will be required to complete entrance counseling, a tool to ensure you understand your obligation to repay the loan.  You will also be required to sign a Master Promissory Note (MPN), agreeing to the terms of the loan.

More information on interest rates can be found at: https://studentaid.ed.gov/sa/types/loans/interest-rates

More information on loan servicer’s can be found at: https://studentaid.ed.gov/sa/repay-loans/understand/servicers

Applying for Federal Student Aid

All students applying for Federal Student Aid must complete the Free Application for Federal Student Aid online at www.fafsa.gov.  Students participating in the Direct Loan Program must all complete the appropriate loan promissory note. The the 2016-17 FAFSA has been available since Jan. 1, 2016. The 2017-18 FAFSA has been available since October 1, 2016.

For the 2016-17 award year, you can apply between Jan. 1, 2016 and June 30, 2017. For the 2017-18 award year, you can apply between October 1, 2016 and June 30, 2017.

Once your FAFSA has been processed you will then get an Expected Family Contribution (EFC), which is used to determine how much aid you can get. For more information on what happens after you fill out your FAFSA visit: https://studentaid.ed.gov/sa/fafsa/next-steps

Awarding of Federal Student Aid

Pell Grants: As stated above, Pell Grants are awarded to students who demonstrate a financial need based on the results of their FAFSA. Other eligibility requirements must also be met.

Direct Subsidized Loans: Enables students to borrow money from the U.S. Department of Education at a low interest rate to meet educational expenses. If you are a first-time borrower on or after July 1st, 2013 there is a limit to the maximum period of time that you can receive Direct Subsidized Loans.  If this limit applies to you, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. Eligible undergraduates may borrow up to $3,500 for their first academic year and $3,000 for their second academic year. You cannot borrow more than the cost of attendance at your school less any other financial aid you may receive.

Direct Unsubsidized Loans: Dependent students may borrow up to $2,000 for their first award year and $1,330 for their second award year.  Independent students and dependent students with a PLUS Loan denial may borrow up to $6,000 for their first award year and up to $4,000 for their second award year. This program is not based on need.

The Direct PLUS Loan: available for parents of dependent students.  Parents of dependent students may borrow up to the cost of attendance minus any other financial aid you receive. This program is not based on need and a credit check must be performed to determine the parents eligibility.  If credit is denied to the parent, the student may borrow up to the maximum allowed for independent students.

Applying Funds & Disbursements

Generally your grant or loan will cover a full academic year and your money will be disbursed in two equal payments per academic year. The first half of the payment at the beginning of the program and the second half at 450 hours.  Subsequent payments are disbursed at 900 and 1200 actual hours. Payments will first be applied toward your tuition, fees, textbook, and supplies. Any money left over will be paid to you for other expenses.  If your loan is disbursed but you then realize that you no longer need the money, you may cancel your loan within 120 days of the disbursement and no interest or fees will be charged.

General Eligibility Requirements

Students must meet the following eligibility requirements to be eligible for receiving federal student aid:

  • Demonstrate financial need, with exception to certain loans.
  • Have a high school diploma, GED, or its equivalent.
  • Be enrolled or accepted for enrollment at least half time in a program leading to a degree or certificate in an eligible school and eligible program.
  • Be a U.S. Citizen or eligible non-citizen.
  • Have a valid social security number.
  • Register with the selective service, if required.
  • Maintain satisfactory academic progress while in school.
  • Certify that you are not in default on a federal student loan and that you do not owe money on a federal student grant.
  • Certify that you will use federal student aid for educational purposes only.

 

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