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Prior to enrolling, students begin working with our Financial Aid professionals, who will assist with the financial aid application process and will clarify all available options. With the help of Financial Aid professionals, information and advice on available financial assistance is accessible to students. Students typically utilize a combination of the options described below to create a financing and payment plan option that works for their financial circumstances.
Federal Student Aid is available to those who qualify. Please refer to campus-specific information regarding eligibility of a particular campus to offer Title IV programs. All students interested in financial aid for college will need to complete the Free Application for Federal Student Aid (FAFSA). www.fafsa.ed.gov
Students who apply for and complete the steps necessary to participate in Federal Student Aid (Title IV) programs will receive an Estimated Award Letter. The estimated financial aid award letter is for academic year 1. It is necessary for students and/or their parents to re-apply for financial aid for each subsequent academic year. Award letters may be sent electronically to students and parents (if dependent student). No action is required on the student’s part to accept the award as it is presented. Written authorization is only required to decline an award. This authorization to decline an award must be received by Tricoci University of Beauty Culture within two (2) days of receipt of the initial award letter. Authorization is considered to have been received at Tricoci University of Beauty Culture upon receipt of email; notification delivered through the United State Post Office, or may be personally delivered to the campus’ Financial Aid Coordinator. Tricoci University of Beauty Culture assumes acceptance of the award if no communication is received from the student or parent stating otherwise.
Where applicable, Tricoci University of Beauty Culture participates in the following Federal Financial Aid programs for its students (see section below for more details on these programs):
– Federal Pell Grants
– Federal Supplemental Educational Opportunity Grant (FSEOG)
– Federal Direct Loan Program:
• Federal Direct Loans (Subsidized and Unsubsidized)
• Federal Direct PLUS Loans
**All student loans must be repaid**
A variety of Tricoci University of Beauty Culture scholarships are available to students that qualify. These scholarships can help make our programs more affordable to these qualifying students. Each has a unique set of qualifications, which determine if a student qualifies. See the Tricoci University of Beauty Culture Institutional Scholarships enclosure, which outlines each of the scholarships available.
When Title IV Financial Aid is not available or not sufficient to cover a student’s total need, Tricoci University of Beauty Culture can work with the student (and his or her family, as needed) to help him or her apply for private student loans with financial institutions such as Sallie Mae, the nation’s largest provider of private student loans. (Note: Sallie Mae is not a preferred lender and there is not conflict of interest between Tricoci University of Beauty Culture and Sallie Mae.)
Private student loans are only available for those who qualify. Generally, private student loans offer students less favorable terms and conditions than those of Title IV program loans and other assistance, so Tricoci University of Beauty Culture encourages students to explore all Title IV options that may be available. **All student loans must be repaid**
Students are encouraged to seek grants, scholarships and financial assistance from outside parties. Some of these opportunities are managed by various governmental entities. For example, some Tricoci University of Beauty Culture campuses are eligible to receive funds from the Workforce Investment Act (WIA) programs, which offer eligible workers access to financial assistance and retraining opportunities. In addition, some campuses are approved by the State Approving Agency (VA) as an institution of higher learning. Check with your Tricoci University of Beauty Culture Financial Aid Professional for the availability of these programs.
Students are allowed to divide their tuition or “gap” funding needs into equal payments, spread over their program’s calendar, due by the 5th of each month. These payments have no interest charges. Students who do not pay their monthly tuition for 2 consecutive months will be suspended and expected to bring their tuition payments up to date. If the student is unable to bring their account up to date he/she may be terminated from the program. Students are encouraged to set up “auto-pay” for monthly payments to ensure payments are received on time each month.
This federal student grant program is designed to provide assistance to eligible undergraduate students pursuing post-high school education. The value of the award varies depending on the financial need of the student and costs of the institution. Grant amounts may vary from year to year depending upon federal regulations.
This federal student grant program is designed to provide assistance to eligible undergraduate students pursuing post-high school education. The value of the award varies depending on the financial need of the student and costs of the institution. Grant amounts are awarded by the institution.
Federal Direct Stafford Loans are low-interest loans for qualifying students. Loans are made directly by the Federal Government. The maximum amount as a first grade level (freshmen) student of Federal Subsidized Stafford Loan is $3500.00 per full academic year.
The maximum amount as a first grade level student of Federal Unsubsidized Stafford Loan (for independent students only) is $6000.00 per full academic year.
The Federal Direct PLUS Loan is for parents who wish to borrow money to help pay for their child’s education. Parents may borrow additional funds for educational expenses directly from the Federal Government. For more information on The Federal Direct Loan Program, visit: www.studentloans.ed.gov. Interest rates and repayment schedule information may be found on the Federal Direct Loan website, as well as in the Student’s Guide to Federal Financial Aid Programs. This pamphlet is published by the U.S. Department of Education.
For students participating in the Title IV loan programs, Tricoci University of Beauty Culture will provide required disclosures, counseling and other information to ensure students understand the responsibilities and requirements of the programs.
Prior to the first disbursement of a Title IV loan, Tricoci University of Beauty Culture must provide first-time borrowers with comprehensive information on the terms and conditions of the loan and of the borrower’s responsibilities. This will occur as the student works with their Tricoci University of Beauty Culture Financial Aid professional. Toward the end of the student’s program, Tricoci University of Beauty Culture will provide more loan counseling to the student, which will include topics required by the U.S. Department of Education. **All student loans must be repaid**
Tricoci University of Beauty Culture will inform all eligible borrowers about the availability and eligibility of those borrowers for state grant assistance from the state in which the school is located, and inform borrowers from another state of the source of further information concerning state grant assistance from that state. If a student has not received this information, they should ask their Financial Aid advisor.
Tricoci University of Beauty Culture is required to provide information published by the U.S. Department of Education to students at any time that information regarding loan availability is provided.
As required, Tricoci University of Beauty Culture will submit students’ loan information to the National Student Loan Data System (NSLDS). This information will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
When a student officially withdraws, unofficially withdraws or is terminated, Tricoci University of Beauty Culture will calculate the return of Title IV funds to determine the amounts earned from the Federal programs based on the students last date of attendance. When a student officially withdraws, unofficially withdraws or is terminated, Tricoci University of Beauty Culture will calculate the school refund to determine the amount of the institutional charges earned based on the students last date of attendance. Please refer to the Cancellation, Refund & Collections Policy and the Enrollment Agreement.
Official withdrawal will occur when the student notifies the school that he/she will not return, either by the postmark date for written notification, or the date said information is delivered to the school in person. If a student on leave of absence does not return, the official withdrawal date is the earlier of the scheduled date of return or the date the student gives notice of not returning. Unofficial withdrawal will occur immediately should the student exceed 14 consecutive calendar days of absence.
Students who are participating in the Department of Education’s Title IV Financial Aid Programs receive aid based on attendance. Title IV funds are earned in direct proportion to the percentage of the payment period that is completed, with 100% of the funds earned after 60% of the payment period is completed. For example, if the payment period lasts 10 weeks, 100% of the Title IV funds are earned after six weeks is completed. If a student withdraws after 60% of the payment period is completed, no Title IV funds are required to be returned. When a student withdraws prior to completion of 60% of the payment period, Tricoci University of Beauty Culture must determine if the Title IV funds received by the student exceed the amount earned. This calculation is based on the clock hours scheduled as of the date of the student’s withdrawal. All withdrawal calculations/refund of unearned Title IV aid will be completed within 45 days of the date the school determines the student withdrew.
If the school receives more Federal Student Aid than the amount earned, the institution will return the unearned funds in the following order:
In general, Institutions may not disburse federal financial aid dollars to a student who has ceased to be enrolled – the student is no longer eligible. In some circumstances, however, a student who has withdrawn from Tricoci University of Beauty Culture may be eligible for a post-withdrawal disbursement of all or some portion of Title IV Financial Aid.
Tricoci University of Beauty Culture will automatically use all or a portion of a student’s post-withdrawal disbursement of Pell Grant funds for tuition charges and kit fees (as contracted with Tricoci University of Beauty Culture). A student may be eligible for a post withdrawal disbursement of a Federal Stafford or PLUS loan if, prior to withdrawing, the student earned more federal financial aid than was disbursed. The amount earned is determined as part of the required federal Return of Title IV Funds calculation. Post-withdrawal disbursements for Federal Stafford or PLUS loans will be offered to the student within 30 days of the date the school determines the student withdrew. It is important to understand that accepting a Federal Stafford or PLUS loan post withdrawal disbursement will increase the overall student loan debt that must be repaid under the terms of your Master Promissory Note.
Tricoci University of Beauty Culture will return any unearned Title IV funds it is responsible for returning within 45 days of the date the school determined the student withdrew, and offer any post-withdrawal disbursement of loan funds within 30 days of that date. Tricoci University of Beauty Culture disburse any Title IV grant funds a student is due as part of a post-withdrawal disbursement within 45 days of the date the school determined the student withdrew, and disburse any loan funds a student accepts within 180 days of that date.
Funds received under the Federal Pell Grant, Federal Direct Loan (Subsidized and Unsubsidized) and Federal Direct PLUS Loan Programs are to be used solely for expenses related to attendance or continued attendance at the college.
The federal government selects roughly 30% of students for a process called “verification.” If a student’s FAFSA is selected for verification, he/she will be required to provide additional information in order for his/her financial aid eligibility to be determined. A student’s financial aid eligibility cannot be determined until the verification process is complete. If a student’s FAFSA is selected for verification, he/she will be notified via e-mail of the required information that the student must submit. The specific information requested will vary from student to student, so the student will need to carefully review the requirements listed on the e-mail notification to determine what additional information he/she must submit. The deadline for students to complete the verification process is:
Tricoci University of Beauty Culture will make every effort to award financial aid to all eligible students; however, Tricoci University of Beauty Culture cannot guarantee financial aid to students who submit documentation after the above deadlines. Failure to supply all requested documentation by the set deadlines may result in loss of eligibility for federal, state and Tricoci University of Beauty Culture financial aid. Students who are unable to meet the prescribed deadlines are encouraged to contact their Financial Aid Coordinator at Tricoci University of Beauty Culture to discuss other options.
The Office of Financial Aid may take into account a student’s special circumstances to make adjustments to student’s expected family contribution for educational expenses, standard budget, and/or financial aid dependency status, as determined by federal guidelines. For additional information, please contact your Financial Aid Coordinator.
Whenever Tricoci University of Beauty Culture credits FSA program funds to a student’s account, and those funds exceed the student’s allowable charges, a FSA credit balance occurs. Tricoci University of Beauty Culture will pay the excess FSA credit balance directly to the student within 14 days of the day the balance occurred. If the student withdraws, Tricoci University of Beauty Culture is required to perform the Return to Title IV calculation to determine whether adjustments to the credit balance would occur. For this reason, the existing 14 day rule is placed on hold in order to determine the final amount of any Federal Title IV credit balance. The 14 day rule is triggered when the school performs a Return to Title IV calculation.
From time to time, student loan borrowers may be contacted by our third party servicers, Champion College Services, iontuition or Wright International Student Services (WISS) depending on the Campus the student attends. Champion College Services, iontuition and Wright International Student Services (WISS) act as liaisons between student borrowers and loan servicers. These Third Party Servicers will provide resources to students to avoid and address loan repayment delinquency. Campus Management will educate students on the details of Champion College Services iontuition and Wright International Student Services’(WISS) offerings and contact information. ALL STUDENT LOANS MUST BE REPAID.
Wright International Student Services (WISS) contact information: 1-800-257-4757
Web Address: www.wiss.info (select “Contact” to submit online inquiry)
I3 Group (i3) contact information: 1-877-618-3646
Web Address: www.i-3group.com (select “Contact Us” and “Students”)
Students who fail to make prompt monthly cash payments, issue personal checks that are returned by banks or fail to make good faith effort to process their financial aid paperwork on a timely basis are subject to Tricoci University of Beauty Culture’s disciplinary action. No transcripts will be released to any institution or individual until all financial obligations are satisfied.
Tricoci University of Beauty Culture accepts cash, credit card, money order, check and Federal Student Aid Programs as payment for tuition and fees owed to the institution.
Veterans and other eligible students will have any documented prior beauty education evaluated. Tricoci University of Beauty Culture will make a determination and may award financial credit, in the form of a grant but will not award any credit in the form of hours. For additional details, please see your campus’ Financial Aid Coordinator.
