FinancialAid

Where to Start

The decision to pursue a college education involves motivation, commitment and financial planning. Disbursement of financial aid is based upon maintaining satisfactory progress in both attendance and grades.

Attending school may cause financial concern for students and their families. Begin by requesting our financial aid literature, filing a financial aid application and investigating other sources such as scholarships. The final step is to keep a file of income (taxable and non-taxable) documentation.

Students who have attended other post secondary institutions must provide Leon Studio One School with a Financial Aid Transcript. To request more information on financial aid at Leon Studio One School of Hair Design, contact:

Jeannie Russo, Financial Aid Director

russo@leonstudioone.com

STEP 1: Getting started

Start by acquiring and reading financial aid forms and literature. Contact the Financial Aid Office for forms, information, clarification and assistance.

Some Useful Numbers:

Leon Studio One School of Hair Design Financial Aid 1(716) 631-3878

Federal Financial Aid 1-800-433-3243 or 1(319) 337-5665

STEP 2: Apply for aid

The second step is to apply for financial aid by completing the required application(s). For federal aid, the required application is the free application for financial aid (FAFSA), which we supply. After you complete the form, bring it back and we can determine your grant eligibility and design the loan package that best suits your financial needs.

Federal aid includes: Federal Pell Grant, Federal Stafford Loans, Federal Family Education Loans (Stafford, both subsidized and unsubsidized and Parent Loans for undergraduate students PLUS)

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STEP 3: Verification

The third step is to keep file copies of income documentation (both taxable and non-taxable), applications, and any other information used in completing financial aid applications. You may be required to provide copies of tax documentation to the financial aid office if you are selected for verification.

Deadlines:

All financial aid paperwork must be submitted at least 3 days prior to the start of class. The only exception would be for students who pay for their kit ($600) prior to starting class. Financial aid paperwork must be in for all students prior to the end of their first week of class. All verification documentation requested must be submitted to the financial aid office within 10 days of the request. In the event that a tax return has to be requested from the IRS, a letter stating that must be submitted with all other requested documentation.

Any delay in the return of verification documentation will delay the release of financial aid funds. In this event, full-time students will be required to begin to pay $250/wk towards tuition costs; part-time students $162/wk until the requested documentation is received. All monies paid by the student will be refunded when the financial aid is received and tuition is paid in full.

If a student's award amount changes through verification, the financial aid director will notify the student both verbally and in writing. In some cases, new loan packages will be determined.

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Other sources

The fourth step is to investigate other sources of aid, such as scholarships. Many community clubs, organizations, businesses and churches offer educational scholarships. Many industries offer paid education as an employee benefit. Most libraries have a section on college planning that includes information on financial aid.

Financial aid package

A financial aid package includes:

1. Cost of attendance

2. Estimated family contribution

3. PELL estiamtes

4. Loan amount (as of date of application)

5. Private scholarships if received by College Association Office or reported by student

6. Other resources applicable to student's circumstances (e.g., Veterans; VESID.)

Estimated annual cost for a student living at home with parents:

Tuition (rate as of June 2001) • $7,200

Fees • $100

Books and Supplies • $600

Personal Expense Allowance • $2,058

Transportation Allowance • $1,211

Room & Board Allowance • $2,149

Total Estimated Annual Cost • $13,318

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Timely follow-up

When asked, students should provide all information requested by the Financial Aid Office in a timely fashion. We must adhere to Federal and State regulations, which require us to verify certain information. At least 30 percent of our applicants are randomly selected by the United States Department of Education each year for a process called verification. Simply put, verification is the process of providing documentation and information used to complete the financial aid application. Being selected does not mean the application was completed incorrectly; it is a validity measure to ensure program integrity when awarding federal funds. A delay in providing information will result in a delay in receiving awards.

Federal financial aid programs: Grants

Federal Pell Grants

The Federal Pell Grant is a program for students who have not completed a bachelor's degree. Eligibility requirements include being a U.S. citizen or permanent resident, being enrolled in an eligible program as a matriculated student and demonstrated need as assessed by the federal needs analysis formula. The Central Processing Service using the Federal Needs Analysis formula approved by Congress determines Pell Grant eligibility. Each applicant will receive a Student Aid Report, which must be turned in to the Financial Aid Office for payment to be made to the student's account. Current award amounts are available in the Financial Aid Office.

Refund checks are given to the student for any amount due after tuition and approved charges have been paid. Refund disbursements are contingent upon application completion date, verification of attendance in class and remaining need after institutional deferments have been paid. Students who do not continue attendance in their enrolled classes may owe money back to the Federal PELL Grant Program based on last date of recorded attendance.

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Federal financial aid programs: Loans

Federal Stafford Loan Program (Subsidized)

Matriculated students who are enrolled in at least half time, are in good academic standing and have demonstrated financial need may be eligible for this low interest student loan program. The Federal Stafford Loan application can be obtained through banks, savings and loan associations, credit unions or the Financial Aid Office. Once completed, the Stafford loan application is submitted to the Financial Aid Office. The maximum loan eligibility per academic year is as follows: $2,625 for first year students (because we are a clock hour program all students are considered 1st year.)

All Federal Stafford loan applicants must complete the Free Application for Federal Student Aid (FAFSA) and the Federal Stafford loan application to determine loan eligibility. All determinations are evaluated based on current federal regulations. Once an aid package is determined, the Financial Aid Office electronically submits the loan certification to New York State Higher Education Services Corporation. They will then mail the Master Promissory Note to the applicant to complete and return to them.

If you are a first time loan borrower at Leon Studio One School, you must complete a loan entrance interview prior to applying. You can complete this interview require-ment by going on-line to www.mapping-your-future.org. Prior to disbursing the loan, the loan will be reduced by the lender by a 3% origination fee. Repayment on this loan begins six months after the student graduates, leaves school or drops below half-time enrollment.Loans disbursed after July 1, 1994 cannot exceed 8.25%.

Federal stafford loan program (Unsubsidized )

The Unsubsidized Stafford Loan Program operates identically to the terms and conditions of the Federal Stafford Loan Subsidized Program except that the borrower has the option to pay the interest while in school.

Eligibility for a Federal Unsubsidized Stafford Loan is determined when a student completes the Free Application for Federal Student Aid (FAFSA) and the Federal Stafford Loan Application. Federal Stafford Loan under the subsidized component is determined first; if the student does not qualify for the subsidized loan, the borrower may then qualify for all or a portion of the unsubsidized loan.

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Federal parent loans for undergraduate students (PLUS)

The Federal PLUS is a loan program for parents of dependent undergraduate students who may borrow up to the yearly cost of attendance (budget) minus any expected financial aid. Loans are made by a lender such as a bank, credit union or savings and loan association. Federal PLUS borrowers must begin repayment within 60 days of the second disbursement. A borrower does not have to show need but may have to undergo a credit analysis. Students who do not continue attending enrolled classes will be reported to their lenders if they drop below half time, leave school or graduate.

Alternative loans

There is also an alternative loan program called a “Career Loan” that you can apply for. This type of loan is not guaranteed and is based upon you credit history. The interest on this loan is not fixed by the same rules as the Stafford Loans. You may also require a co-signer for this loan.

Other financial aid information & resources