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Financial Aid

METHOD OF PAYMENT

Students are expected to contribute from their own family resources toward the student’s cost of attendance. A student’s overall cost of attendance not only includes tuition and fees, but takes into account books and supplies, room and board (meals), and other related expenses, minus any estimated grant and scholarship aid. To help you estimate your potential cost of attendance, also known as net price information, please use our net price calculator.

NEED HELP PAYING FOR YOUR COLLEGE COSTS?
Apply for Federal Financial Aid!
Go to http://www.fafsa.ed.gov and fill out the FAFSA,

Free Application for Federal Student Aid.

Enter federal school code #041772.
* For those that qualify

Financial aid is available to those who qualify to cover educational expenses. Financial aid may be in forms of grants (no repayment required) and student loans (must be repaid). It is the policy of this institution to ask the student, whenever possible, to contribute toward their school charges by making monthly or weekly payments in accordance to their means. It is also our policy to discourage students from borrowing loan funds unless it is necessary. All eligible financial aid will first be used to cover institutional charges. If excess funds exist after the charges are paid, they will be disbursed directly to the student. For information on the aid programs, please contact the financial aid office. The entire educational expenses need to be included in planning the student’s ability to meet those expenses. Students may apply for federal financial aid by going to https://fafsa.ed.gov.

Financial Aid Overview

In general, financial aid is a term used to describe most forms of financial assistance used to help students meet the cost of college attendance. Financial aid includes grants, loans, and scholarships. Grants and scholarships 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 set up to defer re-payment until after a 6-month grace period from the time of either a student’s graduation, withdrawal or a student’s attendance falling below half-time. Most forms of financial aid are 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 overall cost of education at this school.

To be eligible for federal financial aid, a student must:
• Have a high school diploma or GED
• Be a U.S. citizen or eligible non-citizen
• Not owe federal grant money back to a previous school (sometimes reported to the
Department of Education as an overpayment)
• Not be in default on any federal student loan or PLUS Loan previously borrowed at a another school
• Make Satisfactory Academic Progress
• Register with the Selective Service, if required
• Have resolved all ineligibility issues related to selling or possessing illegal drugs (see the
Financial Aid Office for additional information)

To apply for federal financial aid, a student must complete the Free Application for Federal
Student Aid (FAFSA). Students can complete the FAFSA in one of two ways:

1) Obtain a paper FAFSA from the Financial Aid Office, complete it, sign it, and return it to the Financial Aid Office for processing. Students who are considered to be dependent based on their answers to the questions in Step 3 of the FAFSA will need to have one of their parents complete the parent section of the FAFSA and sign it before turning it in to the Financial Aid Office.

2) Apply online. This is a two-step process:

a. A student must first apply for a PIN at https://pin.ed.gov/PINWebApp/pinindex.jsp so they can electronically sign the FAFSA. The Department of Education will email the student’s PIN to them within 72 hours

b. After obtaining a PIN, the student goes to https://fafsa.ed.gov/index.htm to complete the FAFSA

NOTE: Students who are considered dependent based on their answers to the questions in Step 3 of the FAFSA will need to have one of their parents apply for their own PIN, then complete the parent section of the FAFSA and electronically sign their portion of the FAFSA once the PIN has been received.

Students should be prepared to provide copies of their federal tax return along with any relevant W-2s. Dependent students must also be prepared to provide copies of their parents’ tax return and W-2s. Students whose FAFSAs are selected by the Department of Education for the verification process will be asked to submit a verification worksheet and any applicable transcripts evidencing prior education/training at other educational institutions. Per Department of Education regulations, the Financial Aid Office may request additional documentation to resolve any discrepancies, conflicting data, or to back up unusual circumstances such as a low income situation, the student being an orphan or ward of the court, etc.

PLEASE NOTE: Financial aid awards are based on the FAFSA award year, which begins on July 1st of one year and ends on June 30th of the next. Depending on the length of their program and the time of year they begin their program, students may be required to complete FAFSAs for more than one award year. For example, a student whose program started in January of 2016 would need to complete both the 2015-2016 FAFSA and the 2016-2017 FAFSA if their program required more than 30 weeks of instructional time and 900 clock hours of attendance by the student.

Compliance Statement

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.

Federal Financial Assistance Programs (Title IV)

Federal Pell Grants do not have to be repaid. Pell Grants are only awarded to undergraduate students who have not earned a bachelor’s degree. Eligibility and the amount of the award are determined using information provided on the Free Application for Federal Student Aid (FAFSA). Amounts can range anywhere from $0 to the maximum amount for the award year as determined by the amount of money budgeted to Federal Student Aid by Congress and the Department of Education. For the 2015-2016 award year, the maximum Pell Grant is $5,775.

Federal Subsidized Stafford Loan: Eligibility for this type of loan is based on financial need (determined by the FAFSA form). Stafford loans must be repaid. In general, students have a six-month grace period from the either the date of their graduation or the date when the enrollment status drops below half-time during which no payments are required. After the six-month grace period is over, students are required to make monthly payments over a standard repayment term of 10 years. Other repayment options are available if the student is not able to make their payments under the standard repayment term. The federal government pays interest on the loan as long as the student is enrolled at least half-time and continues paying the interest until the grace period is over. The interest rate for new loans made on or after July 1, 2015 and before July 1, 2016 is fixed at 4.29%.

Federal Unsubsidized Stafford Loan: Eligibility for this type of loan is not need-based. The student must have completed the FAFSA form to qualify. Interest is charged from the time the loan is disbursed until it is paid in full. Students may choose to pay the interest or allow it to accumulate and be added to the principal amount of the loan. Stafford loans must be repaid. In general, students have a six-month grace period from the either the date of their graduation or the date when the enrollment status drops below half-time during which no payments are required. After the six-month grace period is over, students are required to make monthly payments over a standard repayment term of 10 years. Other repayment options are available if the student is not able to make their payments under the standard repayment term. Interest accrues from the moment of disbursement and continues to accrue until the loan is repaid in full. The interest rate for new loans made on or after July 1, 2015 and before July 1, 2016 is fixed at 4.29%.

NOTE: There are limits on the amount of Stafford Loans a student can borrow in one academic year. These annual limits are based on the educational grade level of the student and/or the length of the academic year. In addition, there are aggregate (total) loan limits that the student can borrow in their lifetime. As most transfer students are not able to transfer credits or hours toward their educational requirements at The Real Barbers College, they are considered to be freshman students and will receive loan amounts based on them being a first-year student when they begin their programs. All students who borrow Stafford Loans must complete an entrance interview at the beginning of their program and an exit interview upon graduation or withdrawal from the school showing that they understand their rights and responsibilities as Stafford Loan borrowers. Please contact the Financial Aid Office for more information on the potential loan amounts that can be used toward a particular program.

Parent Loan for Undergraduate Students (PLUS): Parents of dependent students may be able to borrow a PLUS loan to assist in educational expenses. Eligibility for this type of loan is not need-based. Parents must pass a credit check to be eligible. Parents may borrow up to the cost of attendance minus all other financial aid. If the parent’s credit is denied, the student may automatically be eligible to receive a higher Unsubsidized Federal Stafford Student Loan for the current academic year that is equal to the amount independent students receive. Repayment begins 60 days after the last portion of loan funds is disbursed. Parents who wish to defer payments to a later time must indicate this at the time they first apply for the loan. Standard repayment is 10 years; however, other repayment options may be available. The PLUS interest rate is fixed at a rate of 6.84% for new loans made on or after July 1, 2015 and before July 1, 2016. Interest accrues from the moment of disbursement and continues to accrue until the loan is repaid in full.

NOTE: ALL STUDENT AND PARENT LOANS MUST BE REPAID AND CANNOT BE DISCHARGED IN BANKRUPTCY!!!

Students and parents are encouraged to keep their loan debt as low as possible and make sure they pay back their loans according to their repayment schedule. A loan becomes delinquent the first day after a payment is missed. The delinquency will continue until all payments are made to bring the loan current. Loan servicers report all delinquencies of at least 90 days to the three major credit bureaus. Failure to make payments or pay them on time could result in costly late fees and penalties and seriously damage the student’s or parent’s credit rating, making it more difficult for them to be approved for other kinds of loans or credit cards. In addition, a negative credit rating may also make it hard for a student or parent to sign up for utilities, get homeowner’s insurance, get a cellphone plan, or get approval to rent an apartment. If a student or parent fails to make a payment for 270 days, their loan(s) go into default. When a loan goes into default, the entire unpaid balance of the loan and any accrued interest immediately become due and payable to the Department of Education. Part of their collection efforts may involve garnishment of wages and seizing your IRS tax refunds to help pay off your loan(s). Students or parents who have defaulted on federal loans will lose eligibility for future federal financial aid awards until the loans have either been paid in full or successfully rehabilitated through special payment arrangements with the Department of Education.

The Real Barbers College shall comply with the requirements of the Federal Truth in Lending Act pursuant to Title 15 of the United States Code.


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