Federal Student Aid/Title IV Funds

Federal student aid is available to students who qualify and are enrolling in the Cosmetology Course. Federal student aid is financial assistance through the U.S. Department of Education available to eligible students to cover the cost of tuition, fees, room and board, books and supplies. Students who wish to be considered for federal student aid programs need to complete all admission requirements of The Hair Academy, be enrolled at least half-time, and complete the Free Application for Federal Student Aid (FAFSA).

How to fill out the FAFSA form

1) Get a Federal Student Aid PIN at here. A PIN (Personal Identification Number) lets you apply, "sign" your online FAFSA, and make corrections to your application information.

2) Collect documents needed to apply. Federal Income tax returns, W-2 forms, other records of income for the previous year, Social Security card, Drivers License, and current bank statements. If applicable, current business or investment mortgage information, business/farm records, stock, bonds and other investment records will be necessary. ALL forms of income must be included on the FAFSA.

3) Complete your online FAFSA at www.fafsa.ed.gov as soon as possible on or after January 1st of the year you wish to to apply to The Hair Academy. (Students may also apply with a paper FAFSA, but electronically is easier and quickens processing time.)

4) Applicants, and parents of dependent applicants who indicate they have filed their Federal Tax Returns prior to completing their FAFSA and who are eligible will be directed to use the FAFSA-I RS Data Retrieval process to complete their FAFSA more easily and accurately. All applicants who have already filed but elect NOT to use the retrieval process will be subject to being selected for verification. If they are selected, they will be required to support their reported FAFSA data with information obtained directly from the IRS, to include an official IRS transcript of their federal Income tax information.

Our Federal School Code is 041394.

Call The Hair Academy anytime to schedule an appointment for financial aid assistance.

HOW TO APPLY FOR LOANS

To apply for any Direct Loan Program, go to www.studentloans.gov and fill out the appropriate electronic Master Promissory Note (e-MPN). Students wanting to apply for loans must also complete Entrance Counseling at www.studentloans.gov. Students attending The Hair Academy are given time during orientation to complete their e-MPN's and complete entrance counseling.

To apply for a DEAL loan, visit the Student Loans of North Dakota's website www.mystudentloanonline.com

For assistance with the FASA or loan applications, call The Hair Academy and ask for a Financial Aid Officer. We are available to help students during regular business hours.

GRANTS

Federal Pell Grant - A Federal Pell Grant is a type of aid that does not need to be repaid. This grant is awarded depending on the students' financial need. The amount of need is calculated according to the students' cost of attendance, expected family contribution, academic year, and enrollment status.

Student Loan Programs

The Federal Direct Loan Program loans are low-interest loans that are available to assist students and parents help pay for the student's college education, rather than a bank or other financial institution.

Direct Subsidized Stafford Loan - This loan is available to students who demonstrate financial need. Eligible students can borrow a subsidized Stafford Loan to cover some or all of their need. The U.S. Department of education pays the interest on this loan while the student is in school, during the loans' six-month grace period and during deferment. The amount of the subsidized loan cannot exceed the students' financial need. The annual limit for dependant and in dependant students is $3500 for the first academic year and $4500 for the second academic year.

Direct Unsubsidized Stafford Loan - This loan does not require students to demonstrate financial need. Interest accrues immediately on this loan and the student is required to pay the interest while in school. Students do not have to start making payments on this loan until six months after they graduate (grace period). The annual limit for dependant students not receiving a subsidized loan is $5500 for the first academic year, and $6500 for the second academic year. The annual limit for independent students not receiving a subsidized loan is $9500 for the first academic year and $10,500 for the second academic year.

Combined Direct Subsidized and Direct Unsubsidized Stafford Loans have the same annual limits as listed above. Students may not be eligible for the entire amount of Direct Stafford Loans depending on their need.

Direct PLUS Loan (Parent Loan for Undergraduate Students) - A parent can borrow the difference between the cost of education at the school of choice, and the amount of aid the student receives personally (including grants and scholarships the student may obtain). The parent can include the expected Family Contribution amount in the PLUS Loan. Repayment begins within 60 days of the final disbursement.

Other Loans

DEAL Loan (Dakota Education Alternative Loan) - A DEAL Loan provides additional financial support to students who are unable to obtain adequate funds through federal student aid programs. A student can borrow the difference between the cost of education at the school of choice, and the amount of aid the student is already eligible for. The DEAL Loan is funded by the Bank of North Dakota (BND) and guaranteed by Student Loans of North Dakota (SLND).