Are for undergraduate students with demonstrated financial need, as determined by federal regulations. This type of aid does not have to be repaid. Awards for the 2018-2019 fiscal year are given based on need, to a maximum of $6,095.00 for a full academic year. An eligible student may receive Federal Pell Grant (Pell Grant) funds for up to 150 percent of the student’s Pell Grant Scheduled Award for an award year. This provision is effective beginning with the 2017–2018 award year. Additional Pell Grant Award Eligibility To be eligible for the additional Pell Grant funds, the student must be otherwise eligible to receive Pell Grant funds for the payment period and must be enrolled at least half-time in the payment period(s) for which the student receives the additional Pell Grant funds in excess of 100 percent of the student’s Pell Grant Scheduled Award. For a student who is eligible for the additional Pell Grant funds, the institution must pay the student all of the student’s eligible Pell Grant funds, up to 150 percent of the student’s Pell Grant Scheduled Award for the award year. Crossover Payment Periods A crossover payment period is one that includes both June 30 and July 1 overlapping two award years. If a student enrolls in a crossover payment period, the institution must consider the crossover payment period to occur entirely within one award year and must have a valid Student Aid Report (SAR) or valid Institutional Student Information Record (ISIR) for the selected award year. The choice of which award year the institution assigns to a crossover payment period (“header” or “trailer”) can be made on a student-by-student basis, and the crossover payment period may be assigned to a different award year than the award year used for the student’s other Title IV aid for that period.. Transfer Students Beginning with the 2017–2018 award year, a student who transfers into a different academic program or to a different institution may receive additional Pell Grant funds if the student is otherwise eligible, has remaining Pell eligibility up to 150 percent of the student’s Pell Grant Scheduled Award for the new program or new institution, and is enrolled at least half-time in the payment period(s) for which the student receives the additional Pell Grant funds.

In short, Direct Subsidized Loans have slightly better terms to help out students with financial need.

Here’s a quick overview of Direct Subsidized Loans:

Direct Subsidized Loans are available to undergraduate students with financial need. Your school determines the amount you can borrow, and the amount may not exceed your financial need.

The U.S. Department of Education pays the interest on a Direct Subsidized Loan.

• while you’re in school at least half-time,
• for the first six months after you leave school (referred to as a grace period*), and
• during a period of deferment (a postponement of loan payments).

Here’s a quick overview of Direct Unsubsidized Loans:

Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.

Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.

You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.

If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

Are unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. Borrowers must consent to the U.S. Department of Education and its agents to obtain a report of credit record to determine whether to approve a Direct Parent PLUS loan. Credit record must be determined for each academic year.

2018-2019 Federal Direct Loan Interest Rates: fixed interest rates will be 5.045% on the Federal Stafford loan for undergraduate students, 6.595% for the Federal Stafford loan for graduate students and 7.595% for the Federal Grad PLUS and Federal Parent PLUS loans. The fees remain at 1.066% for Federal Stafford loans and 4.264% for Federal PLUS loans, but may change on October 1, 2018.7%

• Be a U.S. citizen or eligible non-citizen.
• Hold a high school diploma, a general education diploma (GED) or a state recognized home schooled secondary completion credential.
• Be enrolled or accepted for enrollment as a regular student working toward a certificate in an eligible program.
• Have a valid Social Security Number.
• Make satisfactory academic progress.
• Register with Selective Service (males).
• Not be in default on any student loan previously received. This also applies to parents if applying for a Federal Parent Loan (PLUS).
• Not owe a refund or repayment on any federal grant previously awarded. Also applies to parents if applying for a Federal Parent Loan (PLUS).
• Demonstrate financial need based on the methodology written into law by the U.S. Congress by applying for such aid on the Free Application for Federal Student Aid (FAFSA).

The basis of determining a student's financial need will be an analysis of the financial status of the student's and/or the parent's income. This analysis is accomplished by completing a Free Application for Federal Student Aid (FAFSA) distributed by the U.S. Department of Education.

Where can you find financial aid forms?

• In your high school guidance counselors office.
• Via internet at Capri Beauty College.
• Via the U.S. Department of Education website - FAFSA at www.fafsa.ed.gov.

• Cost of attendance
• Expected family contribution
• Financial need

All Financial Aid is considered projected until an official award letter is printed and signed by the student. All financial aid and award letters are impacted by the definition of an Award Year and an Academic Year. An Award Year is defined by the Federal Government as July 1 of a year to June 30 of the preceding year. An Academic Year is defined by the institution for each program offered. The academic year must be within guidelines established by the Federal Government.

• Cosmetology (1500 hours) 900 hours and 30 weeks
• Teacher Training (1,000 hours) 900 hours and 30 weeks
• Teacher Training (500 hours) No financial aid is awarded in this program

Financial aid awards are prorated according to the length of the program (see above Proration) according to the number of hours and weeks the student will be in attendance during an academic year. Once eligible, Federal funds are credited electronically to the student’s tuition ledger, according to the payment period end marks as defined in the Satisfactory Progress Policy. A paper receipt, identifying aid type and amount, is issued to the student.

Most funds are disbursed according to payment periods or award periods within in the first weeks of school. Award amounts in most cases are divided into two payment periods and will only be disbursed after the payment period has begun and only if the student is deemed to be in satisfactory progress. In the case of second payment periods, awards will be disbursed only if the student has successfully completed the appropriate number of clock hours and weeks of instruction required for the payment period. Failure to successfully complete the proper number of clock hours and weeks of instruction by the required date of evaluation may delay the next payment. Federal Student Aid Credit Balances are mailed to the address on file. To avoid delays in the payment of awards, students applying for financial assistance should make sure that all corresponding application materials, verification documents and/or other financial aid related items are in to the financial aid office. Capri is not responsible for the reduction or cancellation of aid due to a student’s failure to submit required application materials, failure to maintain eligibility standards, Parent PLUS loan credit determination, decrease in awards based on income, or changes published by the U.S. Department of Education.

The earliest the Financial Aid department will request student Pell Grant funds is the first day of attendance. Capri will not disburse funds prior to the start date. Capri issues books and equipment to students on the first day of class providing that all admissions and financial aid requirements are met. Books and equipment are included as part of the student's total expected cost for the program.

If the student or parent borrower wishes to cancel all or a portion of a loan, he or she must inform the school. A school must return the loan proceeds, cancel the loan, or do both, provided that the school receives the loan cancellation request within the following time-frames: the school obtains affirmative confirmation from the student, by the later of the first day of a payment period or 14 days after the date the school notifies the student or parent of his or her right to cancel all or a portion of a loan.

Generally, the loan will cover a full academic year at Capri. The College will make at least two disbursements according to the disbursement periods listed below. The disbursement of the loan money will be credited to the students school account to pay tuition, fees, room, board, and other authorized charges. If the loan disbursement amount exceeds your students school charges, the school will pay you the remaining balance of the disbursement directly by check or other means. In some cases, with your permission, the school may disburse some of the PLUS loan money directly to the student. Capri will issue a written receipt each time there is disburse on part of the loan and will provide information about how to cancel all or part of the disbursement if the money is no longer needed. You will also receive a notice from the U.S. Department of Education confirming the disbursement. You should read and keep all correspondence received concerning your loan.

Borrowers whose Direct PLUS Loan credit checks are processed on or after March 29, 2015 and who are denied based on an adverse credit history

• Can secure an approved endorser/ The endorser is subject to, and must pass, the same credit check as the applicant
• Can successfully appeal on extenuating circumstances
• In both cases, the applicant will be REQUIRED to complete PLUS Counseling available at studentloans.gov

PLUS Counseling MUST be completed before disbursement of the Direct PLUS Loan funds.

A completed PLUS Counseling session remains valid for the duration of the associated credit check.

Additional Information on Direct Plus Loans is available at: http://www.direct.ed.gov/parent.html

In most cases disbursements are made over two or more payment periods.

The 1st disbursement covers 1–450 clock hours (Cosmetology, Teacher Training 1,000 hours)

The 2nd disbursement covers 451–900 clock hours (Cosmetology, Teacher Training 1,000 hours)*

The 3rd disbursement covers 901–1,200 clock hours (Cosmetology)*

The 4th disbursement covers 1,201–1,500 clock hours (Cosmetology)*

* In order to be eligible to receive multiple disbursements, students must have remaining eligibility for funds during the payment period of that award year.

Visit fafsa.ed.gov for more information about available student aid options.

Sample Loan Repayment Schedule