Federal Student Aid (FSA)Financial Aid Mechanism
Financial aid is a mechanism that reduces out-of-pocket costs that the student and/or parents must pay to obtain a specific post-secondary education. Presented differently, financial aid is money made available to help students meet the cost of college attendance. Financial aid includes grants and loans. Grants do not have to be repaid. Loans usually have low interest rates that a student must repay in accordance to the individual loan program terms.Most of the loans can be arranged to require payment after a grace period of several months upon graduation, or upon the student’s termination from the program or if a student’s attendance falls below half time Financial aid is awarded to students who have “need”. Need is the difference between the amount of money that the family will be expected to contribute to meet student costs and the cost of education at this school.If you obtain a loan to pay for an educational program, you will be responsible to repay the full amount of the loan plus interest, less amount of any refund, and that, if the student has received federal student aid funds, the student is entitled to a refund of the money not paid from federal student aid program funds.
- *Diamond Beauty College does not offer any Student Loan.
General Financial Aid Information
If you wish to apply for FSA or you have questions, or you need sections of the Catalog clarified, contact the Financial Aid Office (FAO) at the school. Additional information regarding the Federal Student Aid programs may be found in “Funding Education Beyond High School” and the “Free Application for Federal Student Aid” published by the U.S. Department of Education. Additional information may be obtained by calling the Federal Student Aid Information Center at 1 (800) 433-3243, TTY 1 (800) 730-8913, or logging on to the Internet at http://studentaid.ed.go
The Federal Privacy Act of 1974 requires that students be notified that the disclosure of his/her social security number is mandatory. The social security number is used to verify students’ identities, to process the awarding of funds, the collection of funds, and the tracing of individuals who have borrowed funds from federal, state or private programs.
Financial Aid Mechanisms
Financial aid is a mechanism that reduces out-of-pocket costs that the student and/or parents must pay to obtain a specific post-secondary education. President differently, financial aid is money made available to help students meet the cost of school’s attendance. Financial aid includes grants and loans. Grants do not have to be prepaid. Financial aid is awarded to students who have “need”. Need id the difference between the amounts of money that the family will be expected to contribute to meet student cots and the cost of education at this school.
USDE Title IV Students Aid Program
The college is approved for, and does participate in the following USDE Title IV programs intended to defray the costsof attending for those students eligible for financial aid considerations:
Grant(Free) Aid (This aid does not have to be repaid)
Pell Grant (FPELL)
Student Eligibility Requirements
To be eligible for financial aid, a student must
- Complete a FAFSA (Free Application for Federal Student Aid) or apply on line
- Be admitted as a regular student;
- Be enrolled or accepted for enrollment in an eligible program on at lest ahalf time basis;
- Be a citizen or an eligible non-citizen;
- Not owe a refund on a FPELL Grant or FSEOG at any school;
- Not be in default on a Perkins Loan or Stafford Loan/SLS/PLUS/Direct Loan 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 a high school diploma (or foreign equivalent); have a GED; have completed home schooling at the secondary level; have passed a Department approved ability-to-benefit test, was eligible for federal student aid and was enrolled in an eligible academic program on or before June30, 2