Financial Aid

General Information

Neosho Beauty College has a complete financial aid department to assist you in this area. We are accredited by the National Accrediting Commission of Career 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 Direct Loan Program. We also qualify and participate in funding from veterans benefit programs. In addition to all other funding, financial arrangements may be made with the college for you to make monthly payments.

Pell Grants and Direct 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 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 necessary 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.

Application Process

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 Direct Loan, you must first complete a Free Application for Federal Student Aid (FAFSA). Once you have done this, the Financial Aid office will review the results to determine your eligibility and availability of funds. During the application process, you will be required to establish a Federal Student Aid ID (FSAID) by creating a username and password, with which you will electronically sign your FAFSA(s), log into the FAFSA system to access previously completed FAFSA’s, and to access the student loan system should you choose to take out a student loan if eligible.

Students can access the FAFSA at www.fafsa.ed.gov  to complete a their own application. The school may assist you in doing this or can advise you if you have questions regarding completing the FAFSA.

If you are applying for a Direct Loan, you must complete the FAFSA as well as an on-line Direct loan Master Promissory Note (MPN) and Entrance Interview. Students who wish to apply for loans will need to log onto www.StudentLoans.gov and log in with their assigned PIN number to complete the MPN and entrance counseling session. The schools Financial Aid Officer will then submit an input form to the schools financial aid servicer stating the loan amounts the student chooses based on their eligibility.

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.

Available Staff

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 if needed in completing the FAFSA electronically.

Student Eligibility Requirements

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

  1. She/He is enrolled at least 15 hours per week in an eligible program.
  2. She/He is a US Citizen or an eligible non-citizen.
  3. She/He meets program Financial eligibility requirements.
  4. She/He is making satisfactory progress toward completion of his/her course.
  5. She/He is not in default on any Title IV Loan.
  6. She/He does not owe a refund on any Title IV Grant.
  7. She/He has not or will not exceed any lifetime limitations due to previous financial aid history
  8. She/He is not determined to be ineligible due to an unusual enrollment history of receiving Financial Aid for previous years.

 

Financial Aid Program Information

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 2016-2017 award year, Pell Grants range from $505 to $5920 for one academic year (900 hours COSMETOLOGY / 750 hours ESTHETICIAN), if eligible. After a student completes one academic year, the student may then be eligible for an additional Pell Grant from the following award year should they attend any hours in the following award year and be eligible for aid determined by completing a second FAFSA for the following award year.

DIRECT Loan (Subsidized) – The subsidized DIRECT 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 the Federal government much like a Pell Grant, but unlike a Pell Grant, the loan must be repaid. The student will be required to log onto www.StudentLoans and complete a Master Promissory Note (MPN) and an Entrance Counseling session. The Financial Aid Office will aid you in completing the application if you need assistance. Loan repayment begins six months from the last date of attendance, with a current interest rate of 4.45%. The maximum subsidized loan is $3500 for first year undergraduate students. Standard payments are a minimum of $50 per month.

DIRECT Loan (Unsubsidized) – The unsubsidized DIRECT Loan is not a need based loan. Dependent students who do not qualify for the maximum subsidized Stafford Loan could borrow an unsubsidized Stafford Loan with the total of the combined loans (base loan) not to exceed $3500 for a first year undergraduate attending one full academic year (900 hours). Dependent students can also borrow an (additional) unsubsidized loan of $2000.00 maximum for attending one full (900 hour) academic year. Independent students (CLICK HERE TO DETERMINE YOUR DEPENDENCY STATUS) could borrow a maximum of $6000 unsubsidized DIRECT Loan, but must first apply for the Pell Grant and subsidized DIRECT Loan.(Maximum amount may be reduced considering other aid received 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 while they are enrolled by requesting to do so monthly from the loan servicer who will service the loan, and if not the interest charges are capitalized (added) to the borrowers principle to be repaid when regular payment begins. The current interest rate on an unsubsidized Direct loan is 4.45%. As with the subsidized DIRECT 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.

FOR COURSES / TERMS OF ENROLLMENT LESS THAN ONE ACADEMIC YEAR (900 HOURS), MAXIMUM PELL AND DIRECT LOAN AMOUNTS WILL BE PRO-RATED ACCORDINGLY BASED ON THE NUMBER OF HOURS TO ATTEND.

MAXIMUM AMOUNTS MAY ALSO BE REDUCED IF THE AMOUNTS REQUESTED WHEN ADDED TOGETHER, EXCEED THE STUDENTS COST OF ATTENDANCE (see financial aid office for limits).

How Financial Aid is Awarded

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.

Payment of Awards

Pell Grant, DIRECT Loans (Subsidized and Unsubsidized)

Manicuring students are not eligible

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 (if applicable). However, if the student is not meeting satisfactory progress requirements at the payment period checkpoints and is placed on financial aid suspension, payment will not be made until the student becomes satisfactory again the the suspension ended. LOAN disbursements are made by the lender electronically to the school. Disbursements are made for Instructor, and Esthetician two times: at 30 days and when the student begins their second payment period (1/2 the course length) Disbursements are made for Cosmetologist four times for a full 1500 hour attendance: at 30 days, when the student begins the second payment period, when the student begins the third payment period, and again when the student begins the fourth and final payment period. For students who will be attending less than any full course length, disbursements frequency will be based and depend on the number of hours the student will attend. Satisfactory progress is checked¬† prior to releasing any proceeds from each check. If a student is not making satisfactory progress and has been placed on financial aid suspension, loan disbursements may not be released until suspension is ended and minimum requirements have been met.

The school is also approved for and accepts Veterans Benefits.

This college requires that all financial aid disbursements must be applied to the student’s account for the payment period charged, until the charges for the payment period are paid in full. (Unless otherwise arranged in the file.)