INTERESTED IN FINANCIAL AID?

How do I apply for Financial Aid?

A student interested in receiving financial aid will first have to fill out a FAFSA (Free Application for Federal Student Aid) form. Students will need a copy of their previous years income tax return in order to fill out the FAFSA. For example, if a student is applying for the 2007-2008 school year, you will need your 2006 income tax return. If the student is considered a dependent student, they will also need their parent’s income tax information for the same year. There are two ways to complete the FAFSA form – online and paper application.

To fill out a FAFSA online, you would go to www.FAFSA.ed.gov. You will need to apply for a PIN number to sign the FAFSA, which you can do at www.pin.ed.gov. It usually takes 3-5 business days for the FAFSA form to process, at which time you will receive confirmation via email. If the Financial Aid Office has not called you, please feel free to contact them to see what you qualify for.
Paper applications are available in the Institute Business Office or can be mailed to you. Once the FAFSA form is completed and has been mailed, it usually takes 2-3 weeks for the form to be processed. You will be contacted when your FAFSA form has been processed. If the Financial Aid Office has not called you, please feel free to contact them to see what you qualify for.

What types of Financial Aid are available to me?
The FAFSA form will allow the Financial Aid Office to know how much aid the student is eligible to receive. The two types of aid a student is able to receive while attending Douglas J are:

A Pell Grant – money that does not have to be repaid. The maximum amount of Pell a Cosmetology student can receive during an academic school year is $4310. The maximum amount of Pell an Esthiology student can receive is $1724. However, in most cases, the full amount of Pell is not always awarded. The amount received 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 students’ dependency status.

If I am considered a dependent student, which loans are available to me?

Stafford Student Loan – a loan in the students 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 has the option to defer payment of the interest while attending their program. 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%. A cosmetology student is eligible for $3500 in a Stafford student loan. Esthiology students are eligible for $2333 in a Stafford student loan.
Parent Plus Loan – a loan in the student’s parent name. In order to be eligible for funds, the parent applying must have a positive credit standing. The loan amount available is usually between $10,000 and $14,000 and is interest bearing. 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 Officer for current interest rates. In the event that a student’s parent is denied the Plus loan, the student is automatically eligible to receive an additional $4000 Stafford loan.

If I am considered an independent student, which loans are available to me?

Stafford Student Loans – a loan in the students 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 has the option to defer payment of the interest while attending their program. 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%. A cosmetology student is eligible for $13,011 in Stafford student loans for the entire length of their program. Esthiology students are eligible for $5000 in Stafford student loans.

Which school costs does Financial Aid not cover?

No matter what a student qualifies for, the student may not use financial aid to pay for the registration fee, application fee or kit fee.

For more information, please contact our Admissions Office at 877.334.8657.