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Available Financial Resources

Culpeper Cosmetology Training Center is accredited by NACCAS, the State Council of Higher Education and is approved by the United States Department of Education for Title IV Student Funding.

There are different types of Federal Financial Aid Programs. There are grant programs, which you do not have to repay and some are loan programs which you MUST repay. Please keep in mind, Federal Loans are considered Financial Aid and must be repaid.

Student Eligibility Requirements

To be eligible for Title IV Federal Financial aid, a student must:

• Be admitted as a regular student
• Be enrolled or accepted for enrollment in an eligible program at least half time.
• Be a U.S. citizen or an eligible non-citizen.
• Not owe a refund on a Pell Grant or SEOG at any other school.
• Not be in default with a Perkins, FFELP, SLS, or PLUS, Direct Loan subsidized, unsubsidized, or PLUS at any school.
• Be achieving satisfactory progress, as defined by the school, in the course of study. (See Satisfactory Academic Progress Policy).
• Be registered with Selective Service or certify that there is no requirement to do so.

Federal Title IV Aid Programs

A Federal Pell Grant, unlike a loan, does not have to be repaid. These grants are generally awarded to undergraduate students and the award amounts can change yearly. The amount of your Federal Pell Grant depends on your cost of attendance, expected family contribution, enrollment status (full or part-time) and whether you attend for a full academic year or less. Please note if you do not complete the program, you are only entitled to the amount of Title IV funding you have earned.

Stafford Loans/ William D. Ford Direct Loan Program

Student loans, unlike grants, are borrowed money that must be repaid with interest. Loans made through this program are referred to as Direct Loans. Eligible students and parents borrow directly from the U.S. Department of Education.

There are three types of loans in the program

Subsidized Stafford Loan

A student can borrow this type of loan to cover some or all of their school expenses. The U.S. Department of Education pays the interest while you are in school at least half-time and for the first six months after you leave school (grace period). The amount of the loan cannot exceed a student’s financial need. Please note if you do not complete the program, you are only entitled to the amount of Title IV funding you have earned.

Unsubsidized Stafford Loan

A student can borrow this type of loan to cover some or all of their school expenses. The U.S. Department of Education does not pay interest on unsubsidized loans. A student is responsible for paying the interest that accrues on the loan from the time the loan is disbursed until it’s paid in full. The fixed interest rate of 6.8 percent can be paid while attending school, and/or during grace period. Please note if you do not complete the program, you are only entitled to the amount of Title IV funding you have earned.

PLUS Loans

Parents of dependent students can borrow from the PLUS Loan program. The terms and conditions of this type of loan include a requirement that the applicant not have an adverse credit history, a repayment period that begins on the date of the last disbursement of the loan and a fixed interest rate of 7.9 percent for the Direct Loans. Please note if you do not complete the program, you are only entitled to the amount of Title IV funding you have earned.

You may file for financial aid at:

• Free application for Federal Student Aid, or Log on to—FAFSA on line
• You will also need to apply for a Federal Student Aid User ID.

This Web site is your source of information for the Federal Student Aid User ID. Your FSA User ID can be used to electronically apply for federal student aid and to access your Federal Student Aid records online.

Your FSA User ID serves as your electronic signature and provides access to your personal records, so you should never give your FSA User ID to anyone, including, your school and or commercial services that offer to help you complete your FAFSA. Be sure to keep your FSA User ID in a safe place.

A Federal Student Aid User ID can be used for many federal student aid activities, such as to:

• Electronically sign a Free Application for Federal Student Aid (FAFSA)
• Renew your FAFSA (if you applied last year)
• Make corrections to a processed FAFSA
• View and Print your electronic Student Aid Report (SAR)
• Access the National Student Loan Data System (NSLDS) at www.nslds.ed.gov to view your financial aid information, if you have previously received student financial aid.
• Access the Direct Loan Servicing System at www.dl.ed.gov (if you have Direct Loans)
• Access the Direct Loan Consolidation Web site at www.loanconsolidation.ed.gov
• Complete Entrance Counseling at https://studentaid.gov
• Complete PLUS Request Process at https://studentaid.gov
• Electronically sign a Master Promissory Note at https://studentaid.gov
• Complete Exit Counseling at https://nslds.ed.gov

Federal Direct Loan Application and Promissory Note

Federal Direct PLUS Application

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