Frequently Asked Questions

Aveda Institute Michigan and Aveda Institute Illinois participate in the FFEL program, which means we are able to offer Stafford student loans and federal pell grants to those who qualify. We also have information on private loans for those who are interested.

1. What types of financial aid are available to me?

• Pell Grant - The Pell Grant is money that does not have to be repaid. The amount a student is eligible for is based on information supplied on the FAFSA form.
• Loans - A loan will require repayment. There are different types of loans available to a student, depending on whether a student is considered a dependent or independent student. Information provided on the FAFSA form will determine a student's dependency status.

2. What loans are available to a dependent student?

You are considered dependent if:

• You are under 23 years od age
• You are not married
• You do not financially support any dependents
• You are not a ward of the court
• You are not an emancipated minor
• You are not a veteran of the US Armed Forces

Dependent students have two federal loan options:

• Stafford Student Loan - The Stafford Student Loan is a loan that is taken out in the student's name. Based on information provided on the FAFSA form, the loan will either be subsidized or unsubsidized. A subsidized loan does not accrue interest while the student is in school. An unsubsidized loan does accrue interest while a student is in school. However, the student will begin repayment on their loan approximately six months after they graduate and will continue repayment until the loan is completely paid off within a ten year timeframe. The interest rate is at a fixed 6.0%.
• Parent Plus Loan - The Parent Plus Loan is a loan in the student's parent's name. In order to be eligible for funds, the parent applying must have a positive credit standing. This loan is interest bearin. The interest rate is variable and will never exceed 9.00%. Payment on the plus loan begins after the second disbursement of loans while the student is in school. Please contact the Financial Aid Coordinator for current interest rates. In the event that a student's parent is denied the Plus Loan, the student is automatically eligible to receive additional Stafford Loan amounts.

3. What loans are available to an independent student?

Independent students are eligible to receive Stafford Student Loans. The Stafford Student Loan is a loan that is taken out in the student's name. Based on information provided on the FAFSA form, the loan will either be subsidized or unsubsidized. A subsidized loan does not accrue interest while the student is in school. An unsubsidized loan does accrue interest while a student is in school. However, the student will begin repayment on their loan approximately six months after they graduate and will continue repayment until the loan is completely paid off within a ten year timeframe. The interest rate is at a fixed 6.8%.

4. What school costs does financial aid not cover?

No matter what a student qualifies for, the school requires the kit fee to be an out of pocket expense. A student may not use financial aid to pay for the registration fee, application fee, or kit fee.

5. How do I apply for my PIN?

Your PIN can be used each year to electronically apply for federal student aid and to access your aid records online. Once you receive a PIN, you agree not to share it with anyone. Your PIN serves as your electronic signature and provides access to your personal records, so you should never give your PIN to anyone. Be sure to keep your PIN in a safe place.

Step 1: Go to www.pin.ed.gov

Step 2: At this site you may do one of the following:

• Apply for a PIN
• Check PIN Status
• Request a Duplicate PIN
• Access My PIN E-mail
• Change My PIN
• Update My Personal Information
• Disable My PIN
• Re-establish My PIN
• Activate My PIN

Step 3: If you are applying for a new PIN and have clicked the appropriate link, click NEXT to continue.

Step 4: Enter all of your personal information then click NEXT.

Step 5: Submit your PIN application by agreeing to the terms that you will not share your PIN. Click Submit My Application.

Step 6: You will then be asked how you would like to receive your PIN. Choose how you would like to view your PIN and click Submit Request. If you choose to display now, you will receive your PIN right on the screen with a confirmation page that you may print to keep for your records.

PIN information

A PIN is a 4 digit number that is used in combination with your Social Security Number, name, and date of birth to identify you as someone who has the right to access your own personal information on Federal Student Aid Websites, such as FAFSA on the Web.

The security of your PIN is important because it can be used to:

• Electronically sign Federal Student Aid documents
• Access your personal records, and
• Make binding legal obligations

While or after completing a FAFSA on the Web application, you and your parents (if you are a dependent student) will need to sign your FAFSA. We cannot process your FAFSA until we receive your signature(s). Using a PIN to sign your FAFSA electronically is by far the fastest and most reliable way. However, you can print, sign, and mail in a signature page, or provide signature(s) on your paper Student Aid Report (SAR).

Tip: You may use your PIN for the duration of your school experience and beyond. The PIN stays the same.

Important note

A PIN is selected or viewed instantly online or is sent to you in an e-mail is considered to be conditional until your information is verified with the Social Security Administration (1-3 days from the date you first apply). You may sign your 2008-2009 FAFSA with it, but nothing else. Once verification is complete, you will be able to use your PIN for other purposes (such as correcting your SAR or accessing other Federal Student Aid websites).

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