June is an amazing month! The sun is shining, summer is beginning, and those mysterious vacations are getting ever closer. But June also holds another little secret, one that if you have been thinking about starting cosmetology school could result in added funds for school in the form of grants and federal aid. That probably seems like a mouthful. And that’s to be expected. Financial aid can be a confusing and sometimes daunting process. To help ease any confusion, here are a few basics, as well as details as to how starting in summer can result in added financial benefits.
The Salon Professional Academy Altoona is proud to offer financial aid to those who qualify. To apply for financial aid students will be asked to fill out the FAFSA. This is the Free Application for Federal Student Aid. It will compile all of your information and determine your award amount. The award amount that you receive is based off of many things, including income and schooling.
There are two different types of loans that you can get through the federal loan system: subsidized and unsubsidized. The interest on subsidized loans is paid by the federal government while you are in school or your loans are deferred. Unsubsidized loans on the other hand, accrue interest while you are in school. This is important to remember as the money you borrow will have to be paid back, and the type of loan it is will determine the interest and even the monthly payment amount.
Federal Pell Grant
When applying for federal aid through the FAFSA you are also applying for the Pell Grant. This is a federal grant that is distributed based on need. Pell grants are only available for undergrad students, or students receiving certain degrees. You can qualify for the federal Pell Grant as a student at TSPA Altoona. Unlike federal loans, Pell Grants do not need to be repaid, and can make a considerable dent in your education financing.
Summer Aid Benefit
As mentioned at the beginning, starting school in June can create an added benefit towards financial aid. This is because the FAFSA stretches from July 1st to June 30th in a year span, meaning that if you begin school prior to the June 30th cut off you will be receiving funds, and possibly even a Pell Grant, from the previous year and then again in July when the cycle resets itself. Utilizing the FAFSA scheduling in such a way can help to eliminate any funding gap you may have, as well as take full advantage of any pell grant you may receive, ultimately decreasing the amount you will have to pay back. If financials have been keeping you from pursuing your dreams, don’t let this June pass you by. Contact our admissions department and get your application process started before time runs out! *Financial aid, financial assistance, and grants are available to those who qualify.