FINANCIAL AID INFORMATION

Students may apply for federal financial aid by completing the Free Application for Financial Student Aid at www.fafsa.ed.gov.  Assistance for completing this application is available at the school.  The student will then need to submit requested documents for verification to the Director of Financial Aid.  Students with special financial circumstances will be considered on a case-by-case basis by the Director of Financial Aid.  For more financial aid details, please contact the school.  The academic year for all programs is 24 credit hours completed in 30 weeks. 

Don't forget to include our school code on your application.  School code:  #041393

If you need help completing your FAFSA application give us a call at (303) 934-1288 and a financial aid administrator will help you.

Eligibility Requirements

To be eligible for financial aid, a student must:

  • have a high school diploma, a GED, or have demonstrated the ability to benefit.
  • be admitted as a regular student.
  • be enrolled or accepted for enrollment in an eligible program on at least a half-time basis.
  • be a U.S. citizen or an eligible noncitizen.
  • have a valid Social Security number (SSN) (unless you’re from the Republic of the Marshall Islands, the Federated States of Micronesia or the Republic of Palau). 
  • not owe a refund on a Federal Pell Grant or FSEOG at any school
  • not be in default on f Federal Perkins Loan or Federal Stafford Loan/FSLS/FPLUS at any school.
  • have financial need.
  • be making satisfactory progress (as defined by the school’s policy) in the course of study.
  • be registered for selective service (if a male aged 18 through 25).
  • have signed a statement of educational purpose.
  • have signed a statement of updated information.
  • agree to use any Federal student aid received solely for educational purposes.

 

Package Policy

The school only offers the Federal Pell Grant to students who qualify as part of the financial aid package. 

 

Disbursement of Financial Aid Policy

For a student enrolled in an eligible program that is one academic year or less in length:

  1. The first payment period is the period of time in which the student completes the first half of the program as measured in credit hours; and
  2. The second payment period is the period of time in which the student completes the second half of the program as measured in credit hours.

For a student enrolled in an eligible program that is more than one academic year in length:

  1. For the first academic year and any subsequent full academic year as measured in credit hours:

a.     The first payment period is the period of time in which the student completes the first half of the academic year as measured in credit hours; and

b.    The second payment period is the period of time in which the student completes the second half of that academic year;

b.    For any remaining portion of an eligible program that is more than one-half an academic year but less than a complete academic year:

a.     The first payment period is the period of time in which a student completes the first half of the remaining portion of the eligible program as measured in credit hours; and

b.    The second payment period is the period of time in which the student completes the remainder of the eligible program; and

c.     For any remaining portion of an eligible program that is not more than half an academic year as measured in credit hours, the payment period is the remainder of the eligible program.

Disbursements are credited to students’ accounts.  The disbursed amount can be found on the students Progress Report. 

 

Student Rights and Responsibilities

The student has the right to ask the school:

  • The name of its accrediting and licensing organizations.
  • About its programs, laboratory, and other physical facilities; and its faculty.
  • How much it cost to attend and the policy on refunds to students who withdraw or are terminated. 
  • What financial assistance is available; including information on all federal, state, local, private and institutional financial aid programs.
  • What the procedures and deadlines are for submitting applications for each available financial aid program.
  • How it selects financial aid recipients.
  • How it determines financial need.
  • How much of your financial need, as determined by the school, has been met.
  • How and when you will be paid.
  • To explain each type and amount of assistance in your financial aid package.
  • What the interest rate is on any student loan you have, the total amount you must repay, when you must start repaying, and what cancellation or deferment (postponement) provisions apply.
  • To reconsider your aid package, if you believe a mistake has been made, or if your enrollment or financial circumstances have changed.
  • How the school determines whether you are making satisfactory progress and what happens if you are not.
  • What special facilities and services are available to the handicapped?

 

It is the student’s responsibility to:

  • Review and consider all the information about the school program before enrolling.
  • Pay special attention to the application for student financial aid, and complete it accurately, and submit it on time to the right place.  Errors can delay or prevent your receiving aid.
  • Know and comply with all deadlines for applying and reapplying for aid.
  • Provide all documentation, corrections, and/or new information requested by either the financial aid officer or the agency to which you submitted the application.
  • Notify the school of any information that has changed since you applied.
  • Read, understand, and keep copies of all forms you are asked to sign.
  • Repay any student loan.  When you sign a promissory note you are agreeing to repay your loan.
  • Request an exit interview at the time you are leaving the school to determine the net balance of your account with the school as well as the net balance of any student loan.
  • Notify the school of a change in your name, address, phone number, or attendance status (full-part time student).  If you have student loans, you must notify your lender of these changes.
  • Understand your school’s refund policy.
  • Understand and comply with the enrollment status, financial charges, financial terms, time allowed to complete, refund policy and termination procedures as specified in the enrollment contract you will be asked to sign.
  • Understand that is your responsibility and your liability when errors are made and funds for which you are not eligible for are advanced to you or credited to you school account.

 

Return of Financial Aid Funds Policy

If a student withdraws officially or unofficially from National Beauty College (NBC), then the school and/or the student may be required to return some of the federal funds awarded to the student.  If the student received financial assistance, then a portion of the refund will be returned to the funding source from which the assistance was received.

 

If a student will be withdrawing, then the student should visit the office and complete a form entitled “Withdrawal Form” to begin the withdrawal process. This procedure will enable NBC to refund the maximum possible institutional and student charges.

 

NBC’s Refund Policy exists for calculating the refund of institutional charges (see Refund Policy). The Federal “Return of Title IV Funds” formula dictates the amount of Federal Title IV aid that must be returned to the Federal government by the school and/or the student. The federal formula is applicable to a student receiving federal aid other than Federal Work-Study if that student withdraws on or before the 60% point in time in the semester.

 

The federal formula requires a return of Title IV aid if the student received federal financial assistance in the form of a Federal Pell Grant, Academic Competitiveness Grant, Federal Supplemental Educational Opportunity Grant, Federal Student loan or PLUS loan and withdrew on or before completing 60% of the semester. The percentage of Title IV aid to be returned is equal to the number of calendar days remaining in the term divided by the number of calendar days in the term. Scheduled breaks of more than four consecutive days are excluded.

 

For Example:

Return of Unearned Title IV Aid  (34CFR 668.22)

The federal rules state that you earn your aid based on the period of time you remained enrolled.

 

      enrolled days

---------------------------  =   % of aid earned

        days in the

   enrollment period

 

The Office of Financial Aid calculates the percentage of aid earned using this formula. If you remain enrolled beyond the 60 percent point, you earn all your aid for the period. Aid earned is credited to your tuition and fee bill.  Worksheets used to determine the amount of refund or Return of Title IV aid are available upon request.

 

All awarded and accepted aid is paid to your student account in the beginning of a term.  Aid is considered to be earned, on a prorated basis, on the total number of days you attend a term by the Department of Education.  For example, if you completed 30% of the term, you have earned 30% of your aid and you will have to return a portion of aid that you have not earned.  Once you have completed more than 60% of the term, the Department of Education considers you to have earned 100% of your aid.

 

For students with Title IV grants (Pell), 50% of your grant aid is protected from return to the school or the Department of Education.

 

Order of return of Title IV funds

1.     Federal Pell Grants

 

This policy applies to students with financial aid who officially or unofficially withdraw from the college.   Repayment of any funds due by the student must be paid within 45 days of the date of notification to avoid being sent to the State of Colorado Collections Agency.  Funds not received by 45 days will be transferred and reported as an “overpayment” to the U.S. Department of Education.