FINANCIAL
AID - Frequently Asked Questions?
Applying 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 2010-2011 school year, you will need your 2009 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 is only one way to complete the FAFSA form. - online.
To
fill out a FAFSA online, you would go to www.FAFSA.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.
Once the FAFSA form is completed, it usually takes 2-4 business days
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 ICA 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 $5,550. However, 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?
William D. Ford Federal Direct Loans – a loan in the students name.
Based on information provided on the AFSA form, the loan will either
be subsidized and/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. Other repayment
plans are available. Please see your Financial Aid office for more
info. The interest rate changes annually but is fixed and will never
exceed 6.8%.
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 interest rate is variable and
will never exceed 9.00%.
If I am considered an independent student, which loans are
available to me?
William D. Ford Federal Direct Loans – a loan in the students name.
Based on information provided on the FAFSA form, the loan will either
be subsidized andor 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. Other repayment
plans are available. Please see you Financial Aid office for more
info. The interest rate changes annually but is fixed and will never
exceed 6.8%. A cosmetology student is eligible for $9,500.00 in Stafford
student loans. Manicuring students are eligible for $4,222.00 in Stafford
student loans.
Please feel free to call the ICA
Business Office for all your questions.
We are Accredited by NACCAS and are approved by the US Department of Education to participate in the Title IV Financial Aid Program
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