FINANCIAL AID OPTIONS
Federal Financial Aid, Grants, VA, MyCAA, is available for those who qualify
FAFSA School Code: 030541
Financial Aid Officer: Felicia Abila
Phone: (951) 676-0833
Pell Grants are the foundation of federal student aid. These grants are awarded based on a student's Expected Family Contribution, Cost of Attendance, and Enrollment Status, and do not need to be repaid.
All students who have submitted a valid Free Application for Federal Student Aid (FAFSA )will be considered for Federal Pell Grant and Supplemental Educational Opportunity Grant eligibility. Please take the following steps in order to receive a copy of your financial application and be notified of the grant amount once eligibility is determined.
FEDERAL STAFFORD LOANS
Federal Stafford Loans are available as subsidized, unsubsidized, or a combination of both types. Students are not required to make payments on either type of loan while enrolled at least half-time at an eligible educational institution. However, students may choose to make regular or interest-only payments while enrolled.
ALTERNATIVE STUDENT LOANS
When applying for financial aid you need to be aware of the various types of loans available to you and the terms and conditions of such a loan. You may be eligible for a private education loan through your local bank; however you may also qualify for Title IV grants and loans, and that the terms and conditions of Title IV loans may be more favorable than the terms and conditions of private education loans. Be aware of the terms and conditions of any loans that you take out and make a choice that best suits your needs and ability to pay back the money borrowed.
Eligibility for a PLUS Loan
In order to qualify for a PLUS loan, the student for whom the funds are intended must be attending school on at least a half-time basis in an approved program. Eligibility is also based on the borrower's creditworthiness. Students whose parents are unable to obtain credit approval for a PLUS loan may qualify for additional funding through the Federal Stafford Loan program.
Federal PLUS Loan Amounts
The amount available in Federal PLUS Loan funding will vary for each borrower. The maximum amount of each loan is determined by Royal College of Beauty Financial Aid Office based on the students expected costs and other financial aid amounts.
All Federal PLUS Loans may be subject to an origination and insurance fee of up to 4%, taken from the value of the loan at the time it is disbursed to the school. The loan amounts listed above and on financial aid award notifications represent the gross amount (amount before the fees have been paid). Borrowers should consider the fees charged by each lender when choosing their loan provider.
Standard loan repayment begins 60 days after the loan has been fully disbursed for the academic year. Interest will begin to accrue at the time of the first loan disbursement. Repayment will initially be scheduled for fixed monthly payments over a 10-year period. Parents now have the choice of making payments while the student is in school or deferring payments until the student graduates. If you choose to pay after graduation, interest will accrue from the time of full disbursement. You can choose to pay the interest monthly, or you can defer both interest and principle until the student graduates. If you choose not to pay the interest monthly, it is capitalized no more than four times per year.
OTHER FORMS OF FINANCIAL AID
Scholarships. Some states, local governments, colleges, community organizations, private employers, and other organizations award scholarships based on academic ability or other factors. For more information, visit StudentAid.gov.
Tax credits for education expenses. For more information about theAmerican Opportunity Tax Credit and Lifetime Learning Tax Credit, visit http://studentaid.ed.gov/types/tax-benefits.
Aid for the military. For more information, visit http://studentaid.ed.gov/types/grants-scholarships/military.