Financial Aid
University Academy of Hair Design participates in Federal Financial Aid programs. (See Federal Financial Assistance) the different programs University Academy of Hair Design participates in).
Applying for Financial Aid
The Free Application for Federal Student Aid (FAFSA) is the application used to apply for all federal financial aid assistants. A student who is interested in financial aid must submit a FAFSA. A student should complete the FAFSA online at studentaid.gov and add University Academy of Hair Design (School Code: 041975) to the FAFSA as a school to receive the FAFSA report. Beginning with the 2017-2018 FAFSA, students will be required to report income and tax information from an earlier tax year. (Please make sure you are adding your tax information for the year indicated on the FAFSA)
Financial Aid Verification
Verification is the process of confirming the accuracy of certain data provided by the student and/or parent on the FAFSA. University Academy of Hair Design only verifies students selected by the U.S. Department of Education.
In general, an applicant whose FAFSA is selected for verification, will need to provide additional documentation to the institution to confirm reported data. Federal funds will not be disbursed until verification is completed. There are different types of verifications. Each type of verification requires specific additional documentation to be submitted. All verification recipients will need to complete an institution verification worksheet, supplied by University Academy of hair Design and submit the worksheet to the financial aid office. Please read the verification worksheet completely any worksheet not completed correctly with all signatures will not be accepted.
All required documents must be received so that verification can be completed within 120 days of the student’s last day of attendance or the annual deadline established by the U.S. Department of Education in September following the end of the award year.
A student who fails to submit verification documents within the required deadlines may need to make cash payments or otherwise obtain alternative financing to pay the balance due to the institution. A student who fails to complete verification as required may be ineligible for all or a portion of his/her financial aid.
Applicants will be notified by phone, mail, email, or in person of their verification status.
IRS Data Retrieval Tool
To use the IRS Data Retrieval Tool students will need to log in to their FAFSA record, select “Make FAFSA Corrections” for the award year required and navigate to the Financial Information section of the form. From there, follow the instructions to determine if you are eligible to use the IRS Data Retrieval Tool to transfer yours and/or parents IRS income tax information into your FAFSA. In most cases, no further documentation is needed to verify IRS income tax return information that was transferred into the student’s FAFSA using the IRS Data Retrieval Tool if that information was not changed by the FAFSA filer.
For students and/or parents who are unable or choose not to use the IRS Data Retrieval Tool then the student and/or parent will need to order and IRS Tax Transcript. To obtain an IRS Tax Transcript please visit irs.gov and request and/or download IRS Tax Transcript.
Identity Theft
Tax filers who believe they are victims of identity theft may call Identity Protection Specialized Unit (IPSU)’s toll free number, (800) 908-4490 or go to the ID theft website at irs.gov. After the IPSU authenticates the tax filer’s identity, the tax filer can request the IRS mail to the tax filer an alternate paper transcript, known as thee TRDBV (Transcript Data Base View). After receiving the TRDBV the following needs to be submitted to our office:
- A signed copy of the IRS alternate paper tax transcript (TRDBV)
- A signed and dated statement regarding the identity theft and attesting the filer notified the IRS about the theft.
Entrance Loan Counseling
All students and/or parents who receive Direct Subsidized and/or Unsubsidized Stafford Loan and/or Parent PLUS loans must complete entrance counseling before any student loans are awarded. During entrance counseling you will learn what a Direct Stafford loan and/or Parent PLUS is, how the loan process works, managing your education expenses, other financial resources to consider helping pay for your education and your rights and responsibilities as a borrower. To complete loan counseling visit studentloans.gov and select the appropriate entrance counseling. For student loans please select Undergraduate Student Loan and for Parents who are applying PLUS loans please select PLUS credit counseling.
Master Promissory Note (MPN)
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). All student and/or parents receiving Direct Subsidize and/or Unsubsidized Stafford loans and/or Parent PLUS loans must complete an MPN. To complete the MPN please visit studentaid.gov and select the type of direct loan and/or Parent PLUS you would like to complete. For students who are accepting Direct Subsidized and/or Unsubsidized Stafford loans please select Undergraduate Student loans MPN and Parent PLUS please select PLUS MPN.
Disbursement of Title IV Financial Aid
Federal funds are received electronically from the U.S. Department of Education. By federal regulations financial aid is divided and disbursed in payment periods. First Disbursements have a thirty (30) day hold on Direct Stafford Loans. When a Direct Stafford and/or Parent Plus disbursement is credited to ledger, student and/or parent will sign Disbursement Notification form. Students and/or parents will receive a copy of the Disbursement Notification form for their records and the original will be filed in the student’s financial aid file.
Title IV Financial and Academic Year Definition
University Academy of Hair Design defines its academic year as 900 actual clock hours and 26 weeks.
Financial Aid Credit Balance
A Federal Student Aid credit balance occurs when the amount of student aid received exceeds the student’s tuition and fees owed to the school for each academic year. A credit balance check payable to the student and/or parent is written and mailed or received in person within a timely manner. PLUS, credit balance checks are made payable to the parent and mailed to the parent’s address on file unless parent authorize for credit balance be given to student. In this case parents must write a letter to University Academy of Hair Design authorizing the release of credit balance to student.
On occasion, student checks may be mailed to the student mailing address on file. Students and parents must keep their address current with the institution financial aid office.
Student can sign an Authorization to Hold a Federal Student Aid Credit Balance form. This allows University Academy of Hair Design to hold a credit balance on the students account.
