Neosho Beauty College

Financial Aid

Neosho Beauty College has a complete financial aid department to assist you in this area. We are accredited by the National Accrediting Commission of Cosmetology Arts and Sciences (NACCAS), which allows us to participate in the Department of Education's Title IV Funding Programs. These funds are used to assist you in your educational expenses if you quality. We participate in the Pell Grant Program and Stafford Loan Program. We also qualify and participate in the state of Missouri's funded programs: i.e., Veteran's Benefits, WIA and Vocational Rehabilitation. In addition to all other funding, financial arrangements may be made with the college for you to make monthly payments.

Pell Grants and Stafford loans are available to those who qualify by using Department of Education qualifying standards. They are based upon need, which is calculated by using your previous year's filed Federal Income Tax Return (contact the school for the correct year to be used). If you did not file and were not required to file an income tax return due to lack of or low income, you will complete the application by stating you did not, nor do you intend to file a return, then provide information of any untaxed income received for the tax year used. If you did not file taxes but meet income guidelines requiring that you file, you will be required to file your taxes for the year being used before you can apply for financial aid. Dependent students will be required to have their own return if they filed one, as well as their parents return(s) (CLICK HERE TO DERTERMINE YOUR DEPENDENCY STATUS) Prospective students may file on their own electronically at http://www.fafsa.ed.gov/, but it is recommended that applications be completed at the schools financial aid office for accuracy and maximum results.

Our Financial Aid Officer is very knowledgeable and will assist you in every way possible to complete any neccessary forms to apply for the financial help you need. Please call to schedule an appointment with the schools Financial Aid Officer to further assist you in obtaining and completing Financial Aid forms and applications, in order to determine financial aid eligibility.


In applying for financial aid, you are responsible for completing the forms required by the programs and the college. The following are the required procedures:

• If you are applying for a Pell Grant or Stafford Loan, you must first complete a Free Application for Federal Student Aid (FAFSA). The Financial Aid office will determine eligibility and availability of funds.
  
• It is also possible for a student to access the FAFSA at http://www.fafsa.ed.gov/ on a personal computer to complete a their own application.
  
• If you are applying for a Stafford Loan, you must complete the FAFSA as well as a student loan application. The school processes loan applications electronically. Students who wish to apply for loans will meet with the schools Financial Aid Officer and log into the internet application specifying a participating lender of the students choosing and then complete the application. The schools Financial Aid Officer will then submit an electronic certification of the loan to the lenders sevicing agency.
  
• If you are applying for state aid, you must complete the FAFSA, and any forms required by the state agency. You must contact the appropriate agencies' offices for the necessary forms. Prior to attending classes, that office will interview and test students to determine if specific eligibility criteria has been met.

Neosho Beauty College has a full time Financial Aid Officer to assist you in filling out the necessary forms and to answer questions that you may have. Please contact the school to schedule an appointment.

Since many students have experienced difficulty in completing some of the areas requested on the FAFSA, we have found it beneficial to have our Financial Aid Officer assist you in completing the application. This helps to ensure that the application is completed correctly and will save processing delays due to misunderstandings and errors. Applicants should take their tax return documents to your Financial Aid Officer who will review them and assist you in completing the FAFSA electronically.


In general, a student is eligible for Financial Aid under the following conditions:

• She/He is enrolled at least 15 hours per week in an eligible program.
  
• She/He is a US Citizen or an eligible non-citizen.
  
• She/He meets program Financial eligibility requirements.
  
• She/He is making satisfactory progress toward completion of his/her course.
  
• She/He is not in default on any Title IV Loan.
  
• She/He does not owe a refund on any Title IV Grant.

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Pell Grant program - The Pell Grant Program is an entitlement program. Pell Grants do not have to be paid back once awarded except for in some cases when a students withdraws from the school. Eligibility is based upon need as determined by the Pell Grant Formula, and hours to attend. Pell Grants are calculated for a maximum award based on a full (900 clock hour) academic year. For the 2009-2010 award year, Pell Grants range from $976 to $5350, if eligible. After a student completes 900 clock hours, the student may then be eligible for additional Pell Grant disbursements from the 2009-2010 award year for the remaining hours to attend

Stafford Loan (Subsidized) - The subsidized Stafford Loan is a need based loan program. In other words, a student must show financial need in order to qualify. With the subsidized loan, the Federal Government will subsidize (pay) the interest due on your loan while you are in school and for the six month period following your last date of attendance. However, the student must first apply for the Pell Grant. The loan is obtained through a lending institution such as banks, credit unions, savings and loan associations, etc. The Financial Aid Office will aid you in completing the application. Loan repayment begins six months from the last date of attendance, with a current interest rate of 5.6%. Interest may be reduced by up to .25% by some lenders for those who will allow the lender to auto debit (direct withdrawal) a checking or savings account for payment. The maximum subsidized loan is $3500 for first year undergraduate students. Standard payments are a minimum of $50 per month.

Stafford Loan (Unsubsidized) - The unsubsidized Stafford Loan is not a need based loan. Dependent students who do not qualify for the maximum subsidized Stafford Loan could borrow an additional unsubsidized Stafford Loan with the maximum total of the combined loans not to exceed $3500 for a first year undergraduate. Independent students (CLICK HERE TO DERTERMINE YOUR DEPENDENCY STATUS) could borrow a maximum of $6000 unsubsidized Stafford Loan, but must first apply for the Pell Grant and subsidized Stafford Loan.(Maximum amount may be reduced considering other aid recieved and eligibility limits) With the unsubsidized amount, both during your attendance and during the six months grace period from your last date of attendance, you are responsible for the interest on the principle balance. Borrowers can pay the interest monthly, or you can have the interest that accrues, capitalized (added) to your principle to be repaid when regular payment begins by specifying your preference on your loan application. As with the subsidized Stafford Loan, loan repayment on the principle amount borrowed, begins 6 months from the last date of your attendance. Payments are based on a schedule of 120 months maximum, considering principle and interest of unsubsidized balance.


Financial Aid is awarded by the college to eligible students once the application process has been completed. Determining eligibility means determining financial need. Financial need is defined as:

• Budget
  -Family Contribution
  -Financial Aid
  -Resources
  =Need

A basic assumption in the determination of financial need and financial aid awards is the primary responsibility for financing your education lies with you and your family. The purpose of completing the application process is to determine your family's ability to contribute from income and assets toward the total cost of your education.


Disbursements of these funds are made directly to the student's account. A receipt is issued, and if applicable, a check to the student. PELL disbursements are made at the beginning of the program and again when the student has completed their first, second, and third payment periods. However, if the student is not meeting satisfactory progress requirements and is placed on probation, payment will not be made until probation requirements are met. LOAN disbursements are made by the lender electronically to the school. Disbursements are made for Instructor, Cosmetologist and Esthetician two times: at 30 days and when the student has completed their first payment period. However, satisfactory progress is checked when the loan is certified and again prior to releasing any proceeds from each check. If a student is not making satisfactory progress and is placed on probation, loan disbursements may not be released until probation requirements have been met.

The school is also approved for and accepts Veterans Benefits and state benefits such as WIA and vocational rehab.