While some of our students pay cash for their tuition and fees, most of the students who come to the Academy receive some kind of financial assistance. This assistance comes from public and private grants, scholarships and loans.
Net Price Calculator: If you would like to know more about the cost of attending the Academy, please feel free to use this Cosmetology Calculator or Esthetics Calculator to access information on the possible awards and funding available. If you have additional questions, please email firstname.lastname@example.org
Your options when determining how you might pay for your tuition are:
Academy Financing (0%): Many of our students choose to make a down payment on their tuition, and then pay equal monthly installments throughout their tenure. The Academy does not charge interest for this kind of loan, though this loan must be paid in full by graduation.
Private Loans: Some students finance their tuition and fees through private loans. While this is certainly an option, we do recommend talking with our Financial Aid Administrator before you pursue a private loan for your costs.
Federal Aid: There are five kinds of Federal Aid Offered at the Academy. All students qualify for some Federal Aid, usually in the form of Student Loans. Some students also qualify for grants and subsidized loans as well.Pell Grants: For those students who demonstrate need, the Federal government will award those students up to $5260 per academic year. (See maximums for your particular course below, as each course has different levels of aid). These grants do not have to be paid back, unless you quit school.FSEOG Grants: For those students who demonstrate maximum financial hardship, we do participate in a small grant called an FSEOG grant. To find out if you qualify for this grant, talk to the Financial Aid Office.Direct Subsidized Loans: Subsidized loans are low-interest loans subsidized by the Federal Government. This means that the Federal Government will pay your interest on the loan throughout your course, and for six months after graduation. No interest accrues until six months after you graduate or withdraw from the course. The current interest rate on a Subsidized Loan is 3.76%. The Federal Government does not check your credit before they issue these loans.
Direct Unsubsidized Loans: These loans are not subsidized by the Federal Government, so once your account has disbursed the money toward your tuition, the loan starts to accrue interest. The interest rate on these loans is 4.45%. You can ‘capitalize’ the interest on these loans until you graduate (add the interest that accrues to the loan itself, rather than start paying the interest immediately), though capitalization is never advised.
Parent Plus Loans: For our dependent students (unmarried students under 24 with no dependents), parents can take out a Parent Plus loan to cover some fees. The interest accrues immediately, payments start immediately, and the rate is currently 7.0%. The parent’s credit is checked for these loans.
Advantages/Disadvantages: While Federal Loans have many advantages, there are some disadvantages that you must consider before you obtain Federal Loans.
Some Advantages of Federal Loans:
- Interest rate is typically lower than bank loans, and certainly lower than credit cards.
- You do not have to make payments until six months after graduation (though you will save money in the long run if you pay the interest while in school and during your grace period.)
- Can be deferred if you continue in your education
- Can be amortized over 10 years.
Some Disadvantages of Federal Loans:
- If you default on a Federal Loan, the consequences are severe, and can include garnishments, court costs, loss of tax refunds. Your creditor is the FEDERAL GOVERNMENT and defaulting on these loans is a very bad idea.
- Once you default on a Federal Loan, you cannot request future deferments.
- Once you default on a Federal Loan, you will not receive future loans from the Federal Government.
- These loans are not forgiven in bankruptcy, and the Federal Government can take your future tax returns to pay for them.
How to Obtain Federal Aid: Once your application is accepted by the Academy, we are happy to help you obtain your Federal Aid and we will walk you through the entire process. Or, if you prefer to apply for Federal Aid on your own, here are the steps to do so!
Step One: Obtain a PIN.
Go to www.pin.ed.gov and create a PIN. This is a special, four-digit number (it is secret and should NEVER be disclosed to ANYONE) that represents your electronic signature. Make it unforgettable, as you will need it often in your educational endeavors. We recommend choosing your own number, rather than allowing the website to choose it for you.
Step Two: Complete your FAFSA.
Next, go to www.federalstudentaid.ed.gov and fill out a Free Application for Federal Student Aid (FAFSA). When you go to that website, click on the blue “Students, Parents and Counselors” link. Then, look for the blue word “Apply” on the left-hand column of the new page. Click the FAFSA link under Apply. An annoying pop-up will appear, click ‘close.’ Then click “Start Here.” Enter your information, paying attention to instructions. You will be filling out the 2016-2017 FAFSA which covers tuition charges incurred from July 1, 2016 to June 30, 2017. Click Next to proceed to each subsequent page. You will be asked to create a password – this is different than the PIN (just don’t forget the PIN).
You will need your tax return from 2015 (if you did not file a tax return for 2015 because you were not required to do so, don’t worry, there is a box to check for that). Off of your (and/or your parent’s if you are under 24 years old) 2015 Tax Return (note if it is a 1040, a 1040A or a 1040EZ form – you will need to know), you will need your Adjusted Gross Income (look on line 37 on the 1040, line 21 on the 1040A, or line 4 on the 1040EZ) and your Total Tax (line 60 on the 1040, line 37 on the 1040A, and line 11 on the 1040EZ). Note: Not the total tax paid through deductions, but the tax you owed. You may have had to supplement your deductions, or you may have received a refund, but here, the FAFSA wants to know what you inevitably paid.
This year, there is an added feature. If you have previously submitted your taxes, you can opt to have the FAFSA link up with the IRS to get this information for you. This eliminates a lot of confusion, and is a great way to avoid errors.
Our School Code is 041898. You will be asked to enter this toward the end of the FAFSA application; the same page will ask you whether you want on or off-campus housing (there is no on-campus housing at the Academy). This does NOT obligate you to come to the Academy, but it will speed up the process of our Financial Aid Department’s ability to answer any questions you may have about what you qualify for (and we like answering questions for you as quickly as possible, so you have all the information necessary to make an informed decision.
Step Three: Submit the FAFSA, and be sure to ‘sign’ your PIN (and your parent’s PIN if you are under 24) to the FAFSA.
Step Four: Give our Financial Aid Office a call or email (818-701-5799 or email@example.com), and let them know that you submitted your FAFSA. They will watch for your FAFSA to arrive, and give you a call or email to let you know what to do next. By all means, schedule a tour with our Admissions Department so you will be well informed when you decide what to do with your future. Even if we receive your FAFSA (we call it an ISIR), and we calculate your award, you are STILL NOT OBLIGATED in any way to our school.
If at any time you find the whole process confusing, please know we are here to help you! Call or email to set up an appointment!