Financial Aid

FINANCIAL AID INFORMATION 
 
Federal student aid is awarded on a need basis for each applicant. Need is the difference between the cost of your education (education expenses such as tuition, fees, room, board, books, supplies, and other expenses)  and the amount the student and his/her family can afford to pay. This is determined by the standard formula established by the U.S. Department of Education. Need is determined by evaluating the information from the Free Application for Federal Student Aid (FAFSA). Factors such as income, assets and benefits are considered in determining the student’s financial needs.

FINANCIAL AID PROGRAMS

Grants
Grants typically do not have to be repaid and are usually need-based. Applying for grants is done by completing the FAFSA application at the financial aid office or by visiting, www.fafsa.ed.gov. Two types of grants that may be awarded are the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG):

• Federal Pell Grant:  A Federal Pell Grant is a free grant that does not have to be repaid. The student must complete the FAFSA in order to determine eligibility for the Federal Pell Grant. If the student is eligible for a Pell Grant, the award amount eligibility ranges from a minimum of $555 to maximum of $5,550 for the 2011-2012 award year.

• Federal Supplemental Educational Opportunity Grant (FSEOG):  A limited amount of funds from the FSEOG program are available to students with the lowest Expected Financial Contribution (EFC). The information provided on the FAFSA application will be used to determine student eligibility. Awards vary based on financial need and fund availability.

Loans
Low interest loans may be available to students. A completed FAFSA application must be submitted to determine loan eligibility. Subsidized Loans are need-based, while Unsubsidized Loans are not need-based. The school participates in the William D. Ford Direct (Subsidized/Unsubsidized/PLUS) Loan Program:

• William D. Ford Federal Direct Subsidized Loan:  A need-based loan from the federal government from which the government pays for the interest on the loan while the student is enrolled in school. Repayments and interest begin six months after the last day of attendance (LDA).

• William D. Ford Federal Direct Unsubsidized Loan:  A non-need based loan from the federal government where the student is responsible for interest payments on the loan. Students will be responsible for interest payments 30 days from the date of the 1st disbursement. Students have the option to either pay the interest while in school, or have the interest capitalized (deferred) up to six months after the last day of attendance (LDA).

• William D. Ford Federal Direct Parent Loan for Undergraduate Students (PLUS): This loan is sponsored by the federal government and is not related to need. This loan allows for one of your parents to apply in order to help with educational costs. Generally, parents can borrow up to the total cost of education, minus any aid already being received. This loan requires a credit check. If your parent is denied a PLUS loan, you may be eligible for an additional Federal Direct Stafford Unsubsidized Loan. The repayment period for a Direct PLUS Loan begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final disbursement. However, for Direct PLUS Loans with a first disbursement date on or after July 1, 2008, the parent may defer repayment: (1.) while the student on whose behalf the parent borrowed the loan is enrolled on at least a half-time basis and (2.) for an additional six months after the student ceases to be enrolled at least half-time.

Federal Assistance is available to help students pay for their education and training. You may receive additional Financial Aid information from the Financial Aid Department during office hours.

VETERANS TRAINING 

Veterans are admitted on the same basis and criteria as other applicants. Students seeking veteran’s educational benefits must contact the Veterans Administration (VA) Certifying Official for the school. Certification of enrollment is made by the VA Certifying Official. Funding from the Veterans Administration may be paid directly to the students by the Veterans Administration Office. Below is a list of eligible programs offered by the school:

           • Chapter 30 (Montgomery GI Bill)

• Chapter 31 (Vocational Rehabilitation)

• Chapter 33 (Post 911 GI Bill) effective August 2011

• Chapter 35 (Dependents)

• Chapter 1606 (Montgomery GI Bill Selected Reserve)

• Chapter 1607 (Reserve Educational Assistance Program (REAP)

 

The following documents are needed to apply for The Montgomery GI Bill:

• Copy of DD-214 (Certificate of Release or Discharge from Active Duty) - member 4 copy

• Letter of eligibility from Selected Reserve

• Unit for Selected Reserve Program

• VA Form 22-1990 (Application for Veterans’ Educational Benefits)

• VA Form 22-1995 (Request for Change of Place of Training or Program)

• VA Form 22-5490 (Dependents’ Application for VA Educational Benefits)

• VA Form 22-5495 (Dependents’ Request for change of program or place of training)

• All prior academic transcripts

For additional information regarding VA Educational Assistance and to download related forms go to www.va.gov.

 

FINANCIAL AID ELIGIBILITY REQUIREMENTS

In order to qualify for financial aid, you must meet the following criteria:

• Demonstrate financial need (except for certain loans and scholarships)

• Be a U.S. citizen or eligible noncitizen with a valid Social Security number

• Be working towards a degree or certificate in an eligible program

• Not currently enrolled in high school

• Have earned a high school diploma, General Equivalency Diploma (GED), pass an Ability to Benefit (ATB) test, or completed 225 clock hour

• Register with the Selective Service if you are a male between the ages of 18 and 25

• Maintain satisfactory academic progress (SAP) while attending Beauty Schools of America^® (BSA)

• Not be in default of student loans

• Use federal and state aid for educational purposes only

INSTITUTIONAL PAYMENT PLANS

PAYMENT PLAN OPTIONS:

No Interest Payment Plan
To help meet educational expenses for students and their families, BSA has established a convenient monthly or weekly payment plan. This plan allows for all or a portion of the cost of education to be spread out over a period of time during the program, with no interest and finance charges being assessed. This plan is not a loan and therefore no credit check is required. Tuition and fee payments may be arranged on a weekly or monthly basis. The first payment is due on the first day of class, and on the same day of every week or month thereafter.

Payment Methods:
Cash
Credit/Debit
Gift Cards
Cashier’s Check
U.S Money Order
Online Payment

Make all checks payable directly to: 
    Beauty Schools of America
    ATTN: Fiscal Department
    1176 SW 67th Avenue
    Miami, FL 33144                

Credit/gift cards accepted: Visa, Master Card^®, American Express^®, Discover, Diners Club^®, Carte Blanche^®, JCB, gift cards (from major credit card companies). To make an online payment go to www.bsa.edu and click on the Tuition tab.

Return Check Policy:
           • All returned checks will incur a minimum of $35.00 in returned check charges

• Students who have been notified by the school that their checks have been returned must pay by cash, money order, cashier’s check, debit card, credit card or gift cards (Visa, Master Card^®, American Express^®, Discover, Diners Club^®, Carte Blanche^®, JCB, gift cards from major credit card companies).

Payment Plan Term and Conditions:
           • Payment plans become effective on the first day of class.

• Students are responsible for making payments according to the schedule set forth in their payment plan contract.

• While students may be eligible for various types of Financial Aid, all financial obligations will be theirs.

• Continued failure to pay past debt due could result in the debt being referred to a collection agency. Collection fees could be applied to your total debt.

• Failure to pay will result in the following:
       1) Transcripts would be withheld 
      2) Diploma will not be issued
      3) Certification will not be completed

• Refunds from the payment plan will be handled in accordance with the school refund policy. Refunds will be in the form of a check made payable to the student.

 

Tuition Reimbursement Program
You may be eligible for Tuition Reimbursement from your employer and/or a government agency such as the Montgomery GI Bill benefit. The student must submit a letter from the employer and/or government agency on company letterhead with the following information:

• Students name

• Student ID number

• Amount of reimbursement

• Length of entitlement

NOTE:  Students participating in tuition reimbursement programs are responsible for making their own payment arrangements and for getting their tuition reimbursed directly from their sponsor agency or organization.

 

Third Party Sponsor
Beauty Schools of America^® (BSA) accepts authorizations from third party sponsors to bill them directly for student charges.

Tuition and fees paid by someone other than the student is considered a third party sponsor. Some examples of the types of sponsors may be:

• An employer

• An organization

• A government agency

• The military

The school must receive written authorization from the sponsoring agency or organization before third party billing can be processed.

Letter of Authorization from the sponsor must include:

• Student’s name

• Duration of the program

• Charges/amount they will be responsible for

• Contact name and telephone number

• Address where bill should be sent

NOTE:  The student will be responsible for all amounts owed if the sponsoring agency does not submit payment in full.

All correspondence, contracts, military forms, tuition assistance forms and payment vouchers from the government or companies should be sent directly to the Fiscal Department at:

Beauty Schools of America
ATTN: Fiscal Department
1176 SW 67th Avenue
Miami, FL  33144