Financial Aid Faq’s

Financial Aid Faq’s

FINANCIAL AID FAQ’S

Q. Where is the financial aid office at Victoria’s Academy of Cosmetology?

A. The Financial Aid office is through the door labeled 23A and it is staffed Monday – Friday, 9am-3pm

 

Q. What is Victoria’s Academy of Cosmetology school Code?

A. Victoria’s Academy of Cosmetology Federal Student Code is 041272

 

Q. Why do I need to create an FSA ID?

A. An FSA ID gives you access to Federal Student Aid’s online systems and can serve as your legal signature.

An FSA ID is a username and password that you must use to log in to certain U.S. Department of Education (ED) websites. Your FSA ID identifies you as someone who has the right to access your own personal information on ED websites such as the Free Application for Federal Student Aid (FAFSA®) at fafsa.gov.

If you are a parent of a dependent student, you will need your own FSA ID if you want to sign your child’s FAFSA electronically. If you have more than one child attending college, you can use the same FSA ID to sign all applications. Please note: Each FSA ID user must have a unique e-mail address.

A. FSA ID allows a student to ‘sign’ a Master Promissory Note* (MPN) for a federal student loan. Additionally, an FSA ID provides a student access to their Federal Student Aid records online, including student loan history information on NSLDS.

 

Q. What is a FAFSA? How do I complete it?

A. FAFSA stands for the Free Application for Federal Student Aid. By completing this form, you are submitting your required financial information for processing, so Victoria’s Academy of Cosmetology can determine your eligibility for financial aid. To begin the process of completing the FAFSA for the first time (or the FAFSA Renewal in subsequent years), go to www.fafsa.ed.gov. Students and parents of dependent students must sign the FAFSA with their FSA IDs for the FAFSA to be processed. FAFSAs will remain unprocessed if they do not have the required FSA IDs.

 

Q. How often do I have to reapply for financial aid?

A. You must reapply for federal and state aid each year starting in October.

 

Q. Why do I need to fill out the FAFSA every year?

A. Students must submit a FAFSA renewal every year if they wish to be considered for need-based aid (Pell or Stafford) for the next academic year. Federal regulations require new FAFSA information each year. In addition to filing the FAFSA, students and parents with extraordinary financial circumstances should explain the situation in writing, attach supporting documentation, and submit their request for review to Victoria’s Academy of Cosmetology Financial Aid Office.

 

Q. I don’t think that my family will qualify for any aid due to our income levels. Do I still have to complete the FAFSA?

A. Many families believe that they won’t qualify for financial aid, but they are, in fact, eligible for some types of aid. It is impossible to know what aid is available to you unless you apply. In any case, the FAFSA is FREE so it should be completed so a family can know for sure what is available.

Remember, Financial Aid such as the Stafford Unsubsidized Loan and the PLUS loan for creditworthy parents is an option available to ALL students (regardless of financial need) if they complete the FAFSA. Regardless of how much money you or your parents make, you should still apply for Federal Financial Aid since some sources of aid are not need based and you or your parents may qualify regardless of income.

 

Q. How do I know which kind of loan is right for me?

A. There are several websites online and printed resources in our Financial Aid Office that discuss the differences and benefits of different types of loans. If you have questions regarding loans, please contact our office to make an appointment with our Financial Aid Manager.

 

Q. Are my parents responsible for all my loans?

A. No, not if you obtain a Federal Stafford Loan, which is a student loan where you, the borrower, are responsible for paying it back. Only if a parent borrows from the Parent PLUS Loan Program or is a cosigner for a private loan for you, is your parent responsible for repayment.

 

Q. What is the difference between a grant and a loan?

A. While both are legitimate forms of financial aid, a grant does not require repayment. A loan requires repayment over time.

 

Q. How can I better understand my financial aid package?

A. All loan recipients will meet with our Financial Aid administration to thoroughly review the terms and conditions of all aid awarded. You can read the information provided with your Financial Aid Package for an explanation of each type of aid. You may also contact the Financial Aid Office for additional information or clarification about your Financial Aid.

 

Q. I can’t remember my PIN number. What should I do?

A. You can “Request a duplicate PIN” at www.pin.ed.gov. You should be able to easily access your PIN number after you have submitted the required information.

 

Q. What forms or other information do I need to apply for financial aid?

A. Students (and parents of dependent students) will need to refer to a copy of their most recent tax return (1040) when applying for financial aid. In addition, documentation on other sources of income including social security benefits, unemployment compensation, veteran’s benefits, etc., will also be needed. Information on the value of assets is also required. Examples of assets include checking and savings accounts, stocks, bonds, certificates of deposits, mutual funds, real estate (other than the family home), businesses and farms.