Financial Aid

University Academy of Hair Design participates in Federal Financial Aid programs.  (See Financial Aid assistance to read the different programs University Academy of Hair Design participates in.)
 
To remain eligible for financial aid, a student must demonstrate Satisfactory Academic Progress (SAP) at the end of each payment period.  Failure to meet Satisfactory Academic Progress (SAP) may result in loss of financial aid.  (See Satisfactory Academic Progress (SAP) Policy).
 
Federal Financial Assistance
University Academy of Hair Design does accept Federal Student Aid for those that qualify.  To apply please complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.gov.  Enter University Academy of Hair Design’s school code 041975 so that your FAFSA report will be sent to the school for further review.
 
Federal programs accepted, for the Cosmetology program only, by University Academy of Hair Design:

Pell Grant:  A Federal Pell Grant is a gift aid from the U.S. Department of Education and does not need to be repaid.  Information from the FAFSA determines the Expected Family Contribution (EFC) which is used to determine the maximum amount of Federal Pell Grant at student may receive in an award year (July 1st of one year through June 30th of the following year).

Federal Direct Stafford Loans (Subsidized and Unsubsidized):  Federal Stafford loans are borrowed and therefore must be returned to the lender, the U.S. Department of Education.  Stafford loans are borrowed by the student and are credit based loans.  The major difference between a Subsidized and an Unsubsidized Stafford loan are that the federal government pays the interest on a Subsidized Stafford loan while a student is in school, but never pays the interest on an Unsubsidized Stafford loan.  A student must have a financial need to qualify for a Subsidized Stafford loan, while most students can qualify for an Unsubsidized Stafford loan regardless of income.

The U.S. Department of Education charges a fee to make a Stafford loan, meaning the student will receive less than the amount borrowed to pay educational cost.  Both Subsidized and          Unsubsidized Stafford loans have a fixed interest rate on the principal amount borrowed; have a six (6) month grace period before mandated repayment begins; are eligible for certain            deferment, forbearance and cancellations rights; have a variety of repayment plans to choose from; and may be paid off early without penalty.
 
More details on federal loan types, terms and conditions, repayment plans and sample repayment schedules can be found at www.studentloans.gov

To apply for a Subsidized or Unsubsidized Stafford loan, a student must complete the FAFSA.  Loan eligibility requires completion of a Master Promissory Note (MPN), promising to pay the loans, and complete mandated Loan Counseling prior to disbursement.  The MPN and Entrance Counseling can be completed online at www.studentloans.gov
 
Loans must be paid to the U.S. Department of Education to avoid severe consequences of going into default.  All Direct Subsidized and Unsubsidized Stafford loans have a thirty (30) day        hold on the first disbursement.

Federal Direct Parent PLUS Loans for Undergraduates
The PLUS loan is a loan that must be paid back to the U.S. Department of Education.  Borrowers are restricted to biological/adoptive parents of eligible dependent students, or step parent if income information was reported on FAFSA.  PLUS loans are credit based which requires the parent to provide authorization for a credit check.  Once approved, the PLUS borrower must sign a Master Promissory Note (MPN), Parent PLUS Loan Counseling and provide the Financial Aid office with a loan amount request.  A parent may submit the credit authorization through the Financial Aid office.  Both the Credit Authorization and MPN can be accessed at www.studentloans.gov
 
The U.S. Department of Education charges a fee to make a PLUS loan, meaning the parent will receive less than the amount borrowed to pay educational cost.  The PLUS loan has a fixed interest rate on the principal amount borrowed; do NOT have a six (6) month grace period before mandated repayment begins, but may be eligible for deferment; is eligible for certain deferment, forbearance and cancelations rights; has a variety of repayment plans to choose from; and may be paid off early without penalty. 
 
For more information on PLUS loans and PLUS loan eligibility please visit www.studentloans.gov.

Title IV Financial and Academic Year Definition
University Academy of Hair Design defines its academic year as 900 actual clock hours and 26 weeks.