FINANCIAL AID
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FINANCIAL AID
Understand the Types of Financial Aid Available
Apply by Completing the FAFSA
Learn About the Aid You Will Receive
START THE APPLICATION PROCESS NOW!
While you are visiting schools and deciding which is right for you, it’s important to complete the Free Application for Federal Student Aid (FAFSA) as soon as possible.
The FAFSA application is free and quick and gives you access to the largest source of Federal Financial Aid to pay for school. To complete this important application go to studentaid.gov.
In order to qualify for federal, state or school financial aid you will need to complete the FAFSA application (School code can be found here).
You can send your FAFSA information to up to 10 schools, so there is no need to wait.
TYPES OF FINANCIAL AID
Your FAFSA application will help you apply for various types of Financial Aid.
Every student who meets certain eligibility requirements can get some type of federal student aid, regardless of age or income.
Those who are eligible meet the following basic requirements:
There are 2 categories of federal student aid: grants and loans.
Grants are money that doesn’t have to be repaid. There are several types of grants available through the U.S. Department of Education and other sources.
Loans are borrowed money for college or career school that must be repaid. There are several types of loans available through the U.S. Department of Education:
Scholarships, like grants, do not have to be paid back. Empire Beauty Schools, along with other schools, community groups and other organizations offer scholarships
The following scholarships are available through Empire Beauty School:
The following scholarships are available to cosmetology students through various industry partners.
Beauty Schools Marketing Group Scholarship: Beauty Schools Marketing Group is offering a $2,500 cosmetology school scholarship to help cosmetology school students live their dreams! Apply for the Beauty Schools Marketing Group scholarship at beautyschoolsdirectory.com
Veteran’s Education Benefits
Some Empire Beauty Schools are approved for Veteran’s Educational Benefits for veterans, eligible dependents of deceased or disabled veterans and active status National Guard and Reserve personnel. Any student interested in this type of benefit must verify with the school representative that the school is an approved facility by the Veteran’s Administration (VA).
HOW TO APPLY
Applying for Federal Student Aid begins with the FAFSA application. Go to studentaid.gov to complete this step. You will need to provide information about you and your financial situation, such as your name, Social Security number, date of birth, address, etc. You may need to provide information about your parents if you are a “dependent” student. The website will ask you a series of questions to determine if you are a “dependent” or “independent” student.
Once you complete the FAFSA application, your information is shared with the schools you listed on your FAFSA (up to 10 schools can be listed).
The financial aid office at your listed school uses your FAFSA to determine how much federal student aid you may receive at that school. If the school awards its own funds (in the form of scholarships) it might use your FAFSA information to determine your eligibility for their awards.
Your FAFSA also goes to higher education agencies in the state in which the schools where you apply are located. Many states have financial aid funds they give out based on FAFSA information.
ABOUT FAFSA
Once you fill out this initial form, you’ll receive a Student Aid Report (SAR). Your SAR is a summary of the financial information you submitted. You should receive your SAR within 3 days to 3 weeks after you submitted your FAFSA. If you provided an email on your FAFSA application, a link will be emailed to you where you will find your electronic SAR. Otherwise, you will be mailed a paper copy. This will NOT tell you how much financial aid you’ll receive, however, save this report for your records.
Next if you enroll at Empire Beauty School, you will be emailed by a Financial Aid Officer informing you of the amount of aid you are eligible to receive.
How much aid you receive depends on several factors including the cost of attendance, Expected Family Contribution (the number used to calculate how much financial aid you’re eligible for based on the information in your FAFSA), year in school, and if you are attending full-time or part-time.
YOUR RIGHTS AND RESPONSIBILITIES
Student loans are borrowed money and need to be repaid, with interest.
You do not have to accept all of the aid you are offered. When your school’s financial aid office sends you an award letter, they will ask you to indicate which financial aid you want to accept. When your financial aid officer contacts you, they will ask you to indicate which financial aid you want to accept. From there you can determine if you will need to accept student loans to pay the remainder.
Just like car loans and home mortgages, you cannot have these loans cancelled because you didnt like the education you received, didnt get the job you anticipated, or are having financial problems.
Because you will need to pay these funds back, you will want to think about the amount of loans you’ll need to repay before you accept the loans. We suggest only borrowing as much money as you need, even if you qualify for more, so there will be less to pay back after school.
While you may be responsible for repaying your loans 6 months after you stop attending school after you stop attending school, you can also pay on your loans while you are in school. you can also pay on your loans while you are in school.
Again, grants and scholarships do not need to be repaid.
FEDERAL STUDENT AID PROGRAMS
To learn more about about Federal student aid programs for 2020/21, read below.
Program | Type of Aid | Program Details | Annual Amount |
---|---|---|---|
Federal PELL Grant | Grant Does not have to be repaid | Available to undergraduates | $6,345 Maximum |
Federal Supplemental Educational Opportunity Grant (FSEOG) | Grant Does not have to be repaid | For undergraduates with exceptional financial need; Federal PELL Grant recipients take priority; funds depend on availability at school | $100 to $450 |
Iraq and Afghanistan Service Grant | Grant Does not have to be repaid | For students who are not PELL eligible due only to having less financial need whose parent or guardian died as a result if military service in Iraq or Afghanistan after 9/11 and who were, at the time of the death, less than 24 years of age and enrolled at least half-time in an approved institution. | Up to $6,345 Maximum |
Direct Subsidized Loan | Loan Must be repaid with interest | US Department of Educating pays the interest while borrower is in school. Student must have financial need. Interest rate is 2.75% | $3,500 to $4,500 |
Direct Unsubsidized Loan | Loan Must be repaid with interest | Borrower is responsible for all interest. Financial need is not required. Interest rate is 2.75% | $2,000 to $6,000 |
Direct PLUS Loan | Loan Must be repaid with interest | For parents of dependent students. Borrower is responsible for the interest. Financial need is not required. Interest rate is 5.30%. | Maximum amount is the cost of attendance minus any other financial aid the student receives. |
Empire Education Group Scholarships | Scholarship Does NOT have to be paid back | Not based on need. All Empire Education Group scholarships are outlined in our catalog and can be found on our website. | See above for details. |
Outside Scholarships | Scholarship Does NOT have to be paid back | Not based on need. | See above for details. |
Institutional Programs | Monthly Payments | Affordable monthly payments designed for each student’s remaining balance. | Designed to cover a remaining balance after all aid is awarded. |
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FINANCIAL AID PROCESS
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