FEDERAL STUDENT AID
We believe that no student should be restricted from attending school and receiving desired education because of limited financial resources. If you need help paying for college or career school, the office of Federal Student Aid can assist you with getting the money you need. Financial aid gives all students the opportunity to attend school regardless of their family’s financial status by making up the difference between the cost and what the family can afford.
Helpful Video – Types of Federal Student Aid
WHAT IS FEDERAL STUDENT AID?
Federal student aid is financial aid from the federal government to help you pay for education at an eligible college or career school. Financial aid is meant to assist students with educational and cost-of-living expenses. Funds are awarded primarily on the basis of FINANCIAL NEED, and are coordinated to supplement parental support, student employment earnings and savings.
Cutting Edge Academy is approved by the U.S. Department of Education to offer federal financial aid to qualifying students through Title IV of the Higher Education Act for Cosmetology and Skin Care Specialty programs.
Title IV funds consists of federal GRANTS, which are not repaid, and low-interest federal student LOANS, which are repaid at affordable monthly payments starting six months after leaving school.
Helpful Link – Myths About Financial Aid
Helpful Video – Myths About Financial Aid
Helpful Video - Overview of the Financial Aid Process
WHO CAN RECEIVE FEDERAL STUDENT AID?
Most students are ELIGIBLE to receive financial aid from the federal government to help pay for college or career school. Your age, race, or field of study will not affect your eligibility for federal student aid. While your income is taken into consideration, it does not automatically prevent you from getting federal student aid.
To receive federal student aid you will need to:
- Be as U.S. citizen or an eligible non-citizen
- Demonstrate financial need
- Hold a high school diploma or General Educational Development (GED) certificate
- Be enrolled or accepted for enrollment as a regular student working toward a certificate in an eligible program
- Have a valid Social Security number
- Maintain satisfactory academic progress and at least a half-time status
- Be registered with Selective Services if you are a male between the ages of 18 and 25
- Sign a Statement of Education Purpose and a Certificate Statement on overpayment and default
HOW IS FEDERAL STUDENT AID DETERMINED?
Federal Student Aid is awarded on the basis of financial need. FINANCIAL NEED is the difference between your cost of education at Cutting Edge Academy and an amount (determined by the government) that you and your family are expected to contribute towards your education. A standard formula used for all applicants determines this amount, which is called the EXPECTED FAMILY CONTRIBUTION (EFC).
The information you report on your FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) is used to calculate your contribution. The amount remaining after subtraction of the expected contribution from your cost of education is considered your financial need.
HOW TO APPLY FOR FEDERAL FINANCIAL AID?
The first step toward getting federal student aid for college or career school is to complete the FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). Completing and submitting the FAFSA is free, quick and gives you access to the largest source of financial aid for college or career school.
Helpful Video – FAFSA Overview
By completing this form, you’re submitting your required financial information for processing, so we can determine your eligibility for financial aid. You must reapply for federal student aid each year.
The FAFSA application can be found online at www.fafsa.ed.gov where online instructions will guide you through the process.
Helpful Video - How To Fill Out The FAFSA
STEPS TO COMPLETE FAFSA APPLICATION
WHAT HAPPENS AFTER FAFSA COMPLETION
Once you fill out the initial FAFSA form, you’ll receive a Student Aid Report (SAR). Your SAR is a summary of the financial information you submitted. You should receive your SAR within 3 days to 3 weeks after you submitted your FAFSA. If you provided an email on your FAFSA application, a link will be emailed to you where you will find your electronic SAR. Otherwise, you will be mailed a paper copy. This will NOT tell you how much financial aid you’ll receive, however, if all of your information is correct, save this report for your records.
Helpful Link – What to Expect After the FAFSA Submission
Helpful Video – After the FAFSA: What Happens Next
WHAT TYPES OF FINANCIAL AID ARE AVAILABLE?
1. FEDERAL GRANTS
- Grants are often called “gift aid” because they are FREE MONEY.
- It is a type of financial aid that does not have to be repaid unless you withdraw from school and will owe a refund.
2. FEDERAL STUDENT LOANS
- Federal student loans are funded by the federal government to help pay for your education.
- A federal student loan is BORROWED MONEY you must repay back with interest.