Financial Aid
Consumer InformationThe Schilling-Douglas School of Hair Design, LLC participates in the following programs:
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School Code: 015477
Note: Additional information on federal student aid may be found in “Your Federal Student Loans” which is available at the school or on the web at www.studentaid.ed.gov.
The Schilling-Douglas School of Hair Design, LLC participates in the following programs:
· Federal Pell Grant
· Federal Supplemental Educational Opportunity Grant
· William D. Ford Federal Direct Loan Program
The Pell Grant is gift assistance and requires no repayment. Grants to students of up to $5,550.00 during the 11-12 award year are authorized by Federal legislation. Family income that represents middle to upper-middle income or less would generally make the student eligible for a grant. Students from families with higher income may also be eligible for a grant due to consideration of family size, number of family members in post-secondary school, emergency expenditures or other factors.
The William D. Ford Federal Direct Loan Program allows students and/or parents to borrow money from the U.S. Department of Education. There are four different loan programs currently available at Schilling-Douglas School: Subsidized Federal Direct Loan, Unsubsidized Federal Direct Loan, Federal Direct PLUS Loan and the Federal Direct Consolidation Loan. All of these loans have a variable interest rate and differ in repayment requirements. You must be eligible to use the subsidized loan based on need. The fixed interest rate for subsidized loans first disbursed after 07/01/11& before 07/01/2012 is 3.4%. The fixed interest rate for unsubsidized loans is 6.8%. The subsidized and unsubsidized loan programs require repayment to begin 6 months after the student graduates or cease to attend school. Leave of absence time is counted toward the 6 month deferment. The PLUS loan interest rate is 7.90% for loans first disbursed after 07/01/06. The PLUS loan enters repayment 60 days after the loan is fully disbursed. Parent PLUS borrowers may defer repayment under certain circumstance.
Applying For Student Aid
Pell and FSEOG: The student must complete the Free Application for Federal Student Aid which is obtainable from the school.
Direct Loan: Completion of the Free Application with the addition of the appropriate loan promissory note. Assistance is available through the school.
Awarding of Aid
Pell: Awarded to students who demonstrate a financial need based on the results of the completion of the Free Application for Federal Aid. Certain other eligibility requirements must be met. Recipients must be enrolled at least half time and cannot have a bachelor degree or other professional degree. Only cosmetology students may be eligible to receive these funds at this school.
FSEOG: Funds are awarded to students who also demonstrate financial need. However, unlike Pell, FSEOG’s are not entitlements. The school has a set amount of funds for FSEOG’s and cannot award more funds once the allocation is used up. The school will select the neediest of its students (several from each if its starting classes) for this award. Due to the minimal amount of money allocated to the school, student awards will average $300—$500. Only cosmetology students may be awarded these funds at this school.
Direct Loans:
1. The Direct Subsidized Loan enables students to borrow money from the U.S. Department of Education at a low interest rate to meet educational expenses. Eligible undergraduates may borrow up to ($3,500 cosmetology program only) for their first academic year. However, you cannot borrow more than the cost of attendance at your school less any other financial aid you may receive. This program is based on need.
2. The Direct Unsubsidized Loan is a loan available for students who do not otherwise qualify for the subsidized loan. Dependant students may borrow up to ($5,500 cosmetology program only) per academic year less any subsidized loan eligibility. Independent students may borrow up to ($9,500 cosmetology program only) per academic year less any subsidized loan eligibility. This program is not based on need.
3. The Direct PLUS loan is available for parents of dependent students. Parents of dependent students may borrow up to the cost of attendance minus any other financial aid you receive. This program is not based on need and available only for the cosmetology program. A credit check must be performed to determine the parent’s eligibility. If credit is denied the parent, the student may borrow up to the maximum allowed for independent students.
General Eligibility You must;
1. Demonstrate financial need (except for certain loans).
2. Have a high school diploma or GED.
3. Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program.
4. Be a U.S. citizen or eligible noncitizen.
5. Have a valid social security number.
6. Register with selective service , if required.
7. Maintain satisfactory academic progress once in school.
8. Certify that you are not in default on a federal student loan and do not owe money on a federal student grant.
9. Certify that you will use federal student aid only for educational purposes.
Frequency of Payments
PELL and FSEOG: Disbursed in two equal payments per academic year. The first half of the payment at the beginning of the program and the second half at 450 hours. Subsequent payments would be disbursed at 900 & 1200 hours. (Actual hours)
LOANS: Cosmetology program: One half of the loan proceeds is disbursed to the school at the beginning of the program after 30 days of attendance and the second half at 450 hours. If the student needs additional loan funds a second year may be disbursed at 900 and 1200 hours (Actual hours).
Note: The Pell will be credited directly to the student's account and the student receipted accordingly. All financial aid will be applied first against school charges with any excess subsequently being paid to the student.
Refunds Due to Title IV Programs
The school will determine the amount of a refund in accordance with published refund policies and Federal requirements. If it is determined that a refund is due, the order of distribution is as follows: Unsubsidized loans, Subsidized loans, PLUS, Pell, FSEOG.
Rights to use Federal Funding are based on your scheduled hours of attendance.
