UNDERSTANDING FINANCIAL AID AT THE ACADEMY OF COSMETOLOGY

Introduction:  Financial Aid is available for eligible students at the Academy of Cosmetology to meet all or part of the costs connected to attendance here. The Academy is not a state supported college and does not receive any financial aid via the state lottery or endowments from the state of South Carolina. Most of the financial aid funding is from federal programs. This guide is intended to help explain just how financial aid is obtained here.

The college, itself, administers federal Pell Grants, FSEOG grants (Federal Supplemental Education Opportunity Grant), and federal Direct Student Loans. There may also be aid available through outside sources such as vocational rehabilitation, DSS, etc. Programs are need based which means that all applicants must first demonstrate their financial need for assistance before any determination may be made.

All students applying for Financial Aid will need to compete the Federal Application for Student Aid (FAFSA).

Financial aid available through the Academy of Cosmetology includes:

Scholarships---a limited number of institutional merit scholarships are awarded and selection is based on basic ability and attitude demonstrated during the admissions interview. Scholarships are awarded contingent upon the student’s graduation from their program at the Academy.

Pell Grants---a federal program of grant funds for which the student must establish eligibility. In the award year 2007-08 the maximum Pell grant for a one year (900 clock hours) program is $4310. For a course greater than 900 clock hours (the Cosmetology program), and depending upon the time of enrollment and length of time to complete the course, it is possible for a student to qualify for a second year Pell Grant. Size of the second grant is contingent upon several factors such as length of time attended in a previous year, previous Pell Grant paid, and time remaining to complete the course.

FSEOG---a limited federal program available to Pell Grant recipients who have exceptional financial need. Funds are not available to meet all eligible students demonstrating need. Award will be reviewed when the student reaches 451 hours. For those who qualify with exceptional need the following criteria must be met; a student must have maintained the required 70% attendance average as well as the required 70% GPA for each month up to 450 hours. FSEOG is awarded only to programs that are at least 900 clock hours.

Federal Direct Student Loans---the Academy of Cosmetology can offer this to our students. We stress to only borrow what is needed to complete your educational cost. The amount that can be borrowed is based on need. The student must have attended classes for a minimum of one month before a loan will be processed. The student must have paid the required enrollment deposit and have paid any monthly payment due written in his/her contract. The student must have maintained an 80% or greater attendance rate and an 80% or greater GPA. The student’s need must be within federal guidelines. The Academy policy is to only approve loans for the school costs not covered by Pell Grant, FSEOG, Scholarships, etc. Loans are not approved to cover costs of car payments, rent, etc.

Financial aid is disbursed in increments. In a 1500 clock hour program, the aid is disbursed at the start of the student’s program, at 451 clocked hours, at 901 clocked hours, and at 1201 clocked hours. If there is a break in attendance, the remaining proceeds are not received by the college. The college is permitted to retain only the amount due for the amount of hours clocked by the student.

Those students who qualify for VA funding will receive their funds directly from the VA. It is the student’s responsibility to pay the amount of payments due to the college for the student’s contract. It is also the student’s responsibility to notify the VA of their monthly attendance (VA requires 80% attendance rate) and to notify them when the student is no longer attending. However, the college DOES notify the VA if a student has withdrawn or graduated from the Academy.

Consumer Financial Aid Information

Tuition and fees charged to a student who completes the program within the normal time.
• Tuition $12,700.00
• Kit $1200.00*(Price includes books)
• Registration fee $100.00
• Total $14,000.00

Text Books: Below are the text books used in the Cosmetology Course.
▪ Milady Standard Cosmetology – 2012 – ISBN: 1-4390-5930-6
▪ Milady Standard Theory Workbook – 2012 – ISBN: 1-490-5923-3

Cosmetology Career Outlook
For information on career outlook on cosmetology go to Department of Labor site at: http://www.onetonline.org/link/summary/39-5012.00
Alternatively you can search using the following codes for Cosmetology:
• CIP Code 12.0401
• SOC Code – 39-5012.00

Student Statistics at AOC
▪ Median Title IV Loan Debt $4209.00
▪ Program Graduation on Time Rate 73%
▪ NACCAS Placement Rate 80%