Financial Aid

Basic Eligibility Requirements for Receiving and Maintain Federal Student Financial Assistance Programs (Title IV, HEA Programs)

Basic eligibility requirements for federal student aid include citizenship requirements and requirements relating to the student’s ability to benefit from a postsecondary education. The student must:
  • Demonstrate financial need
  • Be a U.S. Citizen, permanent resident or eligible non-citizen
  • Have a valid Social Security number (SSN), except for students from the Freely Associated States (e.g., Marshall Islands, Federated States of Micronesia and the Republic of Palau).
  • Have a high school diploma, the recognized equivalent of a high school diploma (including a General Educational Development (GED) certificate), or have completed a high school curriculum in a homeschool setting that satisfies the state’s requirements for homeschooling. (Students who first enrolled in an accredited college or university before July 1, 2012, may qualify by satisfying alternate criteria, such as passing an approved ability-to-benefit (ATB) test or completing six credit hours or equivalent course work toward a degree or certificate.)
  • Be enrolled, or accepted for enrollment, as a regular student in an eligible degree or certificate program at a college or university that is eligible for Title IV federal student aid. Students who are simultaneously enrolled in elementary or secondary school are not eligible.
  • All students under 18, including those who have already graduated, must have parental or guardian signature on the enrollment agreement.
  • Students who are still in high school must obtain written permission from high school to enroll. The documentation must be provided.

Application Requirements


To qualify for federal student aid, students must:
  • Complete the Free Application for Federal Student Aid (FAFSA).
  • Comply with verification requirements, if the student’s FAFSA is selected for verification by the college or university the student plans to attend or the federal government.
  • Demonstrate financial need, if applicable. Some federal grant, work and loan programs require the student to demonstrate financial need. The unsubsidized Federal Stafford loan and Federal PLUS loan do not depend on financial need.
  • Sign a Statement of Educational Purpose, certifying that he or she will use Title IV federal student aid only to pay for educational costs. (Students may not be enrolled in multiple academic institutions solely to obtain Title IV federal student aid refunds (credit balances) to pay for non-educationally related expenses.)
  • Male students must have registered with Selective Service between the ages of 18 and 25 to be eligible for federal student aid. A failure to register must not be knowing and willful. Male students between the ages of 18 and 25 may check a box on the FAFSA to register with Selective Service.
Requirements Relating to Previously Received Aid Funds
There are requirements relating to previously-received federal student aid funds. The student must:
  • Not be in default on a Title IV federal education loan or owe a refund on a Title IV federal education grant or loan overpayment. If the student has borrowed in excess of annual or cumulative Title IV federal education loan limits, the student must return the excess funds to the lender.
  • Have repaid Title IV federal student aid funds obtained fraudulently.
  • Not have property subject to a judgment lien for a debt owed to the U.S. government.
Program-Specific Requirements
There are several additional requirements for specific federal student aid programs.
  • Prior academic degrees may affect eligibility for specific programs. For example, students with a prior Bachelor’s degree are ineligible for the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG) and Teacher Education Assistance for College and Higher Education Grant (TEACH Grant). Students with just an Associate’s degree remain eligible for these federal student aid programs. Students with a Bachelor’s degree remain eligible for the Federal Stafford Loan, Federal Perkins Loan, Federal PLUS Loan and Federal Work Study (FWS).
  • The Federal Pell Grant is subject to a lifetime eligibility limit of the equivalent of 12 semesters (6 years).
  • Eligibility for some forms of financial aid is affected by the student’s enrollment status. For example, federal education loans require the student to be enrolled on at least a half-time basis, while the Federal Pell Grant does not. (However, the student’s Federal Pell Grant will be prorated according to the student’s enrollment status.)
  • Federal PLUS loan borrowers may not have an adverse credit history.
Maintaining Aid Eligibility
To retain eligibility for federal student aid, the student must:
  • Maintain satisfactory academic progress (SAP), which typically includes maintaining at least a C average (2.0 GPA on a 4.0 scale) and maintaining progress toward a degree or certificate that is consistent with graduation within 150 percent of the normal timeframe for completion.
  • Not be convicted for the sale or possession of illegal drugs (controlled substances) while receiving federal student aid.
Disbursing FSA Funds
This is the process of distributing/crediting Title IV payments to all eligible students’ accounts, and by regulation, schools are required to provide notification to recipients prior to disbursement. For clock hour programs, the earliest the school may disburse FSA funds is the latter of:
  • 10 days before the first day of classes for that payment period; or
  • the date the student completed the previous payment period for which her or she received FSA funds.

However, under the advance payment method, FSA allows that actual disbursement information can be submitted no earlier than 7 calendar days prior to the disbursement date. Latin Beauty Academy provides each enrolled FSA eligible student with an award letter, which provides details on the total funds expected to be received from each FSA program. LBA credits students’ accounts for allowable charges, to include tuition cost and fees. Additionally, through Passive Confirmation notification, LBA notifies (via U.S. Mail) all loan recipients (or their parents) prior to crediting their account. Loan disbursement notification must include:
  • Type of loans received (subsidized, unsubsidized, PLUS)
  • Anticipated date and amount of the disbursement (gross and estimate net)
  • Student (or parents’) right to cancel all or part of the loan or disbursement
  • Procedure and the time by which the student (or parents) must notify the school that he/she wishes to cancel the loan/disbursement.

Notification must be sent no earlier than 30 days before, and no later than 7 days after, crediting the student's account. If a student or parent borrower wishes to cancel all or a portion of the loan, he/she must inform the school.

When the school receives a loan cancellation request, the loan funds must be cancelled and or funds returned within 30 days of the date the school notified the student or parents of his/her rights to cancel all or a portion of the loan.

If the school receives a request for cancellation outside of this time frame, the school may, but is not required to, honor the request and must inform the concerned parties in writing of the outcome of the request.

If FSA funds credited to a student’s account exceeds the student’s allowable charges, the credit balance must be paid directly to student or parent as soon as possible, but no later than 14 days after:
  • the date the balance occurred on student’s account, if the balance occurred after the first day of class of the payment period, or;
  • the first day of classes of the payment period, if the credit balance occurred on or before the first day of class of that payment period.

The law requires that any excess PLUS loan funds be returned to the parent; however, the parent can direct the funds to be transferred to the student’s account by providing the school with written authorization. Before disbursing FSA funds, the school must determine and document that a student remains eligible to receive funds and the following must be confirmed:
  • student is enrolled for classes for the period
  • student enrolled in a non-term program has competed the previous period (credit and weeks of instruction)
  • disbursement occurs on or after the first day of classes that the student has begun attendance
  • for a Direct Loan, the student is enrolled at least half time
  • for the second Pell award within an award year, the student is enrolled at least half time
  • for second Pell within an award year, the student is taking hours attributable to a second academic year within the same award year
  • for year-round Pell awards, the student is enrolled in a payment period that is scheduled to occur in two award years, the entire payment period is considered to occur within one award year, and the school has assigned the payment period to the award year in which the student receives the greater payment for the period.
  • Federal Verification
    Latin Beauty Academy is able to cooperate with the verification process, which is determined by the Central Processing System (CPS). In this process, any of the students enrolled could be selected for verification for reasons such as the application information is incorrect or contains conflicting information. Applications may be reviewed based on the DE’s current required data elements and any specific predetermined criteria set by the institution. Latin Beauty Academy chooses to verify all data elements in all verification cases. Substantial supporting documentation must be obtained and circumstances carefully documented.

    Department of Education selects students to be verified based on information submitted or under their discretion. Students who have submitted a FAFSA are selected for an official review in a process called Federal Verification. For example:
    • Incomplete or conflicting information on a FAFSA may lead to Verification, or
    • FAFSA may be chosen at random.

    Federal Verification Process Follows for the School

    Our Financial Aid Office must compare FAFSA data with Verification information received from students (and parents). We must complete Verification before we can process Federal Direct Loans, any federal grants, Federal Work-Study, or private alternative loans. That means no federal aid or private loans will be applied toward the student’s eBill until Verification is finalized.

    If the student FAFSA is selected for Federal Verification, the Financial Aid Office meets with the students and/or parents to inform what he/she (and parents) need to do the verification. The institution also sends a letter via mail with a list of the document requested. The Verification process is becoming more and more ‘customized,’ so not all students and parents are required to provide the same information.

    Using the IRS Data Retrieval Tool (DRT) on every FAFSA makes the Verification process. The DRT allows taxpayers (student or parent) to transfer key financial data from their IRS Tax Return directly to a FAFSA. Students and parents who use the DRT and did not change any of the transferred items will, with very few exceptions, not have to provide us with any financial documents for Verification. Taxpayers who were unable to (or chose not to) use the DRT will, in most cases, need to provide us with signed copies of IRS Tax Return Transcripts ordered directly from the IRS. The student/parents can request a Tax Return Transcript online, by phone, or by mail. Wage earners who don’t need to submit tax returns will need to provide us with copies of all of their W-2 Forms for the calendar year stated on their Verification Form.

    Once we have everything we need from the student (and parents) we compare your FAFSA data with Verification information received and, if needed, we will adjust your FAFSA information. In some cases, we may require additional information. From late winter into the summer, we receive a large number of Verifications and we cannot process them as quickly as we would like to. If your FAFSA is chosen for Verification, we appreciate your patience. Promptly providing us with all of the information we request and, if eligible, using the DRT, will allow us to complete your Verification more quickly. Note that you can check on your Verification status using the 'View Financial Aid Information' section of SIS.

    Application Process

    Latin Beauty Academy provides to prospective students a number of applications which must be completed and submitted as they go through the process of applying for various types of financial aid. Some deadlines may be applied as the possibility of Federal Verification, which make some processes go more smoothly.

    Financial Aid: Application Process

    Applications to be Completed
    Latin Beauty Academy Admission Application and Enrollment Agreement- are part of the Application for Admission. A copy of the enrollment agreement is recorded in the student financial file.

    Free Application for Federal Student Aid (FAFSA) - The prospective student is responsible to complete and submit this online via the U.S. Department of Education's FAFSA site. He/she use Latin Beauty Academy’s Federal School Code: 042420. In order to submit, both student and parent (of a dependent student); they need to create an electronic account with a username and password, which will be approved to process any type of federal loans. The FAFSA is the initial application used by students across the country for grants, student’s loans, work-study, and other forms of aid.

    Scholarship Applications – Submit our scholarship application and approved documents through via mail. All documents are analyzed by the Latin Beauty Academy Scholarship’s Committee to select the people who met the requirements.
    Application Deadlines
    FAFSA - The student must submit FAFSA as soon after January 1 as possible, but no later than Latin Beauty Academy's priority FAFSA submission date of June 30. Our administration recommends that parents and students complete their federal income tax returns before completing the FAFSA.

    Loan Applications – To learn about loans, we recommend make an appointment with the Financial Aid Department and discuss any question for each specific type of educational loan.

    Scholarship Applications – Pay very close attention to application deadlines and criteria, as they vary from program to program, and are determined by the administration. The interested person may call to the school for detailed information.

    NOTE: The person does not have to be accepted by Latin Beauty Academy in order to apply for government financial aid. Apply by these deadline dates even if you have not been accepted, or have not decided which school the person will attend.
    Application Hints
    • Read all instructions carefully before completing applications. Use the 'Help and Hints' guidance on the FAFSA.
    • Complete every question unless the instructions, which say to leave an item blank.
    • Students and parents: Use the IRS Data Retrieval Tool on your FAFSA, if eligible. Do not change any items transferred from the IRS Tax Return.
    • Round dollar amounts to the nearest dollar. Do not include cents.
    • Be sure each question is answered correctly. Some common mistakes are:
    • Adjusted Gross Income (use the correct income figure from IRS tax return)
    • Untaxed income (include child support received, worker's compensation, IRA/Keogh contributions, etc.)
    • Income tax (use correct line from IRS tax return, not income tax withheld from W-2s)
    • If you (and parents) are required to report Assets, report all required investments.
    • Household size (include yourself) - read FAFSA instructions carefully
    • Number in the household enrolled in the school (include yourself, but not parents)
    • Student's Social Security number (check it against the Social Security card)
    • Make sure you include all required signatures.
    • Re-check everything before submit it.
    • Save copies of your federal tax returns, other financial documents, and all applications you submit.
    • Include our school name (Latin Beauty Academy) and our Federal Title IV code number: 042420
    • We do not recommend that the student pay someone to help you with the application process. Contact us for free help.

    Refund Policy and Requirements for Withdrawal and Return of Federal Financial Aid

    It is mandatory that Latin Beauty Academy provides students with details of all refund policies applicable to the school, as well as information on the Title IV Program requirements for the treatment of Title IV funds when a student withdraws.

    Latin Beauty Academy recognizes that the Federal Student Aid (Title IV) funds are processed when a recipient of those funds ceases to be enrolled prior to the end of a payment period or period of enrollment. These requirements do not apply to a student who does not actually cease attendance at the school. The Return of Title IV Funds (Return) regulations do not dictate an institutional refund policy. Instead, a school is required to determine the earned and unearned Title IV aid a student has earned as of the date the student ceased attendance based on the amount of time the student spent in attendance, or, in the case of a clock-hour program, was scheduled to be in attendance. The calculation of Title IV funds earned by the student has no relationship to the student’s incurred institutional charges.

    LBA’s Financial Aid Department is knowledgeable that by law:

    1. When a student who receives financial aid withdraws before the end of the payment period of enrollment and ceases to continue enrollment in the program, a calculation may be required to determine if the student retains in full, or returns all or a portion of, Title IV funds received. 2. The Return of Title IV funds (Return) regulations do not dictate LBA’s return policy. 3. LBA is required to determine earned and unearned portions of Title IV aid as of the date a student ceased attendance. 4. The Financial Aid Department makes the calculation of Title IV funds earned by a student has no bearing on a student’s incurred tuition charges.

    Important: However, withdrawal after the 50% point in the payment period of enrollment, a student has earned 100% of financial aid funds received during the period. A determination must still be made as to whether a student is eligible for a post-withdrawal disbursement. Return to Title IV aid calculations can be done by utilizing the Department of Education’s web product at faaaccess.ed.gov
    CANCELLATION AND REFUND POLICY
    Latin Beauty Academy, Inc. publishes a refund policy that conforms to state and accrediting agency requirements, and it applies to all students. Should a student’s enrollment be terminated or cancelled for any reason, all refunds will be made according to the following refund schedule:
    1. Cancellation must be made in person, by electronic mail, by Certified Mail, or by termination.
    2. All monies will be refunded if the school does not accept the applicant, or if the student cancels within three (3) business days after signing the enrollment agreement and making initial payment.
    3. Cancellation after three (3) business days, but before the first class, will result in a refund of all monies paid, with the exception of the enrollment fee (not to exceed $150.00). Students will be responsible for registration fee and any supply or book costs.
    4. Cancellation after attendance has begun, but prior to 50% completion of the program, will result in a prorated refund computed on the number of hours completed to the total program hours. Cancellation after completion of 50% of the program will result in no refund.
    5. Termination Date: When calculating the refund due to a student, the last date of actual attendance by the student is used in the calculation, unless earlier written notice is received.
    6. Refunds will be made within 30 days of termination of the student’s enrollment or receipt of a Cancellation Notice from the student.
    7. The student must pay any outstanding balance before any of the student’s records will be released.
    8. Collection Policy: All past due accounts will be referred to a collection agency.
    9. Latin Beauty Academy, Inc. will review corresponding credits and/or hours for any student who wishes to transfer credits from another institution. There must be a signed letter from the director and/or head of admissions from the other institution indicating the student’s accumulated credits and/or clock hours, along with a transcript. After reviewing the documentation, Latin Beauty Academy, Inc. will grant credit for prior training that was taken within one year. Proof of prior training must be shown. The director of the school must evaluate the student before allowing entry. A $150 registration fee is payable in advance of the testing. The cost of the clock hours needed to complete the program will be pro-rated depending on the program.

    Rules to Return Calculation

    1. Return any unearned Title IV funds within 45 days of the date the school determined a student withdrew.
    2. Offer any post-withdrawal disbursement of loan funds within 30 days of that date.
    3. Disburse any Title IV grant funds a student is due as part of the post-withdrawal disbursement within 45 days of the date the school determined a student withdrew.
    4. Disburse any loan funds a student accepts within 180 days of that date.


    Order of Funds Being Returned

    When a withdrawing student has received financial aid, funds are subject to federal regulations and the return of Title IV funds guidelines by the U.S. Department of Education. Excess funds returned to the Title IV program by the school on a student’s behalf are credited in the following order: 1. Unsubsidized Stafford Loan/Direct Stafford Loan 2. Subsidized Stafford Loan/Direct Stafford Loan 3. Direct Plus Loan 4. Pell Grant 5. Supplemental Educational Opportunity Grant (SEOG)

    Financial Aid Department

    Latin Beauty Academy receives federal funds to help most students meet the cost for their post- secondary education. To be considered to receive financial aid, the student must complete the Free Application for Federal Student Aid (FAFSA) each year that he/she is enrolled as a student. The information provided on the FAFSA will determine how much the prospect student is eligible to receive in grants and loans.


    Important Information about Submitting your 2015-2016 FAFSA

    Recommended Process to Submit your FAFSA:
    1. Students and their parents (or spouse) first electronically submit 2014 Federal Tax Returns to the IRS on or after Jan. 31
    2. Three (3) weeks later, complete and submit your FAFSA to take advantage of the IRS Data Retrieval Tool

    Using IRS Data Retrieval allows taxpayers to conveniently transfer key financial items from their Federal Tax Return to a FAFSA, saving time and reducing the chance of errors, though it’s not available until approximately three (3) weeks after electronic submission of your Federal Tax Return. If both a student and parents (or spouse) do not need to file a 2014 Federal Tax Return, you can submit your 2015-2016 FAFSA once you have all your 2014 financial documents.

    Scholarships: Community Outreach Scholarships

    Latin Beauty Academy has a scholarship program to address the financial concerns of many students for the Barber/Stylist and Full Specialist Program.

    - Community Outreach Scholarships
    - Application

    We honor students’ confidentiality. Students must provide their full name and Latin Beauty Academy Student ID Number when asking questions about their specific financial aid information. Parents whose information is on their dependent student’s FAFSA are welcome to ask questions about their son or daughter’s aid, as long as they provide their student’s full name and Student ID Number. In some cases, we may ask for additional identifying information, such as addresses, etc. We will not disclose confidential information to spouses, siblings, other relatives, etc., unless a Release of Information Form is completed by a student while in our office.

    Confidentiality

    • https://ifap.ed.gov/ifap/toolsforschools.jsp
    • https://studentloans.gov/myDirectLoan/index.action
    • https://fafsa.ed.gov/FAFSA/app/schoolSearch

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