HEERF Quarterly Budget and Expenditure Report under CARES Act Institutional Reporting: September 2020
HEERF Quarterly Budget and Expenditure Report under CARES Act Institutional Reporting: December 2020
Higher Education Emergency Relief Grants through Federal CARES Act Final Report that covers all remaining HEERF fund expenditures for Section 18004(a)(1) Student Portion funds.
In accordance with the CARES Act, Capri Beauty College signed and returned to the Department the Certification and Agreement that the school will use no less than fifty percent of the funds received to provide emergency financial aid grants to students.
On June 5, 2020 a total of $98,741.00 in Grants to Students was received.
The estimated total number of students at the institution eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965 and therefore eligible to receive an emergency financial aid grant is 75.
On June 10, 2020, the total number of students who were disbursed an emergency grant was 51.
The institution determined eligibility to receive emergency financial aid grants by having the student complete an electronic application identifying their name, address and email along with a certification statement of financial hardship related to COVID-19. The application was posted at capri.edu on May 14, 2020. Upon receipt of an application, The Financial Aid Office and Director of Admission confirmed Title IV eligibility with comparison to Title IV Audit Reports, FA Logs and or Institution Student Information Reports. Each Application included the student's electronic signature.
Emergency Grant Funds were equally disbursed among 51 students in the amount of $1,936.09.
Students were instructed to use the grant funds for expenses related to the disruption of campus operations due to Coronavirus (including eligible expenses under a student’s cost of attendance, such as food, housing, course materials, technology, health care and child care).
Application and Requirements
May 14, 2020
Students experiencing expenses related to the disruption of campus operations due to COVID-19 are encouraged to apply for the Federal CARES Act Emergency Grant by completing a Student Certification Form. On May 14,2020 Capri notified students via email of the emergency funding that is available and indicated the process to obtain the funds.
To be considered for assistance, students must be eligible for Title IV (federal) aid and enrolled in a Title IV eligible program. Students that do not have a FAFSA on file with Capri, must file the Free Application for Federal Student Aid (FAFSA) to verify eligibility. Students who have not filed the FAFSA, but are eligible to file should do so immediately. Students are encouraged to submit the Student Certification Form as soon as possible as funds are limited.
Students applying for the Federal CARES Act Emergency Grant must be experiencing and certify a financial hardship related to COVID-19. Circumstances that created the financial hardship and additional expenses could include, but would not be limited to, the following:
Loss of job or reduction in work hours for student or parent.
Healthcare expenses
Technology expenses
Childcare expenses
Students may need assistance paying for Cost of Attendance (COA) items and must certify CARES Grant funds will be used for COA expenses related items due to the disruption of campus operations such as:
Food
Housing/utilities
Computer/technology
Unexpected healthcare expenses
Childcare
Transportation
Awarding and Disbursing Emergency Grant Funds
The documented date used by Capri Beauty College as the date a disruption to the campus environment occurred for Currently Attending students due to COVID-19 Pandemic is March 14, 2020. Currently Attending by definition is a student in good standing with recorded clock hours on or after this date through Distance Education.
Applications will be reviewed on a case-by-case basis. Submitting an application does not guarantee approval.
Once the review is complete, students will receive an email from Capri's Bursar regarding their grant eligibility.
Capri’s policy is to award a set amount of emergency grant to all students using the following formula: total aid over total enrollment.
Once funds are released from the Department of Education, funds will be disbursed in the form of an Electronic Funds Transfer (EFT) check from Chase Bank and may take up to 1 or 2 weeks.
Student must be enrolled to receive Emergency Grant Funds.
Emergency Grant funds can be awarded to a student on a leave of absence (LOA).
If checks have not cleared within 30 days, Capri will follow-up with the student to determine if a check needs to be voided and a new check generated. If a check isn’t cashed after multiple attempts to contact, the voided check is left on the disbursement spreadsheet with an explanation and reallocated.
Capri's Federal School Code = 013088
In order for Capri to receive an electronic copy of your FAFSA, please enter school code 013088 in the school selection area of the FAFSA. This code applies to both campus locations; Oak Forest & New Lenox.
Contact Information for Assistance
We are happy to help! To obtain institutional or financial aid information, please contact the Office of Admission and Financial Aid. Telephone: Oak Forest Campus: 708-687-3020 x 210. New Lenox Campus: 815-485-3020 x 210. Email: admissions@capri.edu
Applying for Aid
A college education will be one of the most important investments a student and their family will make. Financial aid, for those who qualify, can help bridge the gap between the student's resources and the cost of education. We emphasize bridging the gap because the student and their family are primarily responsible for college expenses. The Office of Student Financial Aid at Capri Beauty College (OSFA at Capri) makes every effort to assist students and their family in obtaining the financial aid funds needed to meet expenses if family resources are not adequate.
Students must apply for financial aid each year by filing the Free Application for Federal Student Aid (FAFSA). Financial aid awarded by the OSFA at Capri is not automatically renewed. When completing the FAFSA, the OSFA at Capri recommends that you use the IRS Data Retrieval Tool to transfer your tax information directly from the IRS onto your FAFSA.
Students can submit the FAFSA before they are admitted to the College; however, they will not be awarded until after they are admitted and have a valid FAFSA on file.
Web Application: View FAFSA on the Web - Federal Student Aid Application link at right.
Standards Students Must Meet to Receive Federal Student Aid
Satisfactory Academic Progress Policy
Federal Student Aid Rights and Responsibilities
As a student you have the right to:
- Know what financial assistance is available to you, including all federal, state, and institutional financial aid programs.
- Know the deadlines for submitting applications for applicable financial aid programs and the process required.
- Know how your financial need is determined, including how cost of attendance budgets are developed.
- Know what resources are considered in the calculation of your financial need, and how much of your need as determined by Capri has been met.
- An explanation of the types of aid contained in your financial aid award as well as how to retain eligibility for those funds (if applicable).
- Request a review of your current financial situation if you meet certain criteria based on changes since filing the current aid year FAFSA application.
- Know what portion of your aid package is grant or gift aid, and what portion must be repaid. In addition, you have the right to know interest rates, total amount to be repaid, procedures for repayment, when repayment begins, and how long you have to repay the loan.
- Know the criteria for continued financial aid eligibility, including guidelines for the determination of Satisfactory Academic Progress as defined by the Department of Education.
- Know the method and frequency of financial aid disbursements.
As a student you have the responsibility to:
- Know charges based on your available financial aid and personal resources.
- Review and understand the terms and conditions of your financial aid award.
- Complete all requirements accurately, in a timely manner, and by the appropriate deadlines.
- Inform us if you intend to enroll less than full time for any given term so that your aid can be properly adjusted and disbursed.
- Inform us of any outside scholarships, assistant ships, or additional resources that you receive.
- Fill out the FAFSA application completely and accurately. If selected for verification you will provide all requested documents in a timely manner, and ensure that all submitted materials are complete and accurate. Falsification of information on application forms for federal financial assistance is considered a criminal offense, and you may be subject to penalties under the U.S. Criminal Code.
- Read and understand all forms that you are asked to submit or sign, realizing that you are legally responsible for all agreements that you sign.
- Know and comply with all policies and procedures of the Capri Beauty College.
- Manage your financial aid experience.
Students Selected for Verification
Students selected for Verification may view the policies and procedures for the verification of information provided by applicants for Federal Title IV student financial aid here: Verification - Policy Procedures 2019
Admitted Student Loan Requirements
You're an admitted student,congratulations! If applying for federal student loans, complete the following steps PRIOR to Freshman Orientation.
Note: A current Federal Student Aid Application must be processed. FSA ID and Password is required to log in
Undergraduate Student Borrowers:
Step One: Complete Entrance Counseling Use School Code: 013088 Capri Oak Forest Beauty College.
This is the Main Campus school code serving both campus locations.
Step Two: Complete Subsidized/Unsubsidized Master Promissory Note
Parent Borrowers:
Step One: Complete PLUS Loan Master Promissory Note. Click "Parent Borrowers" tab to begin application.
Loan Code of Conduct
The College prohibits conflicts of interest with respect to Title IV, HEA loans or private education loans including: (1) revenue-sharing agreements; (2) receiving gifts from a lender, guarantor, or loan servicers; (3) contracts providing financial benefit from any lender; (4) directing borrowers to a particular lender; (5) offers of funds for private loans; (6) call center or financial aid office staffing assistance; and (7)advisory board compensation.
Programs
Capri Beauty College is approved by the United States Department of Education to offer the following Title IV programs for post-secondary education to eligible students:
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 2020-2021 fiscal year are given based on need, to a maximum of $6,195.00 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.
Federal Direct Loans (Subsidized)
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).
Federal Direct Loans (Unsubsidized)
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.
Interest Rates for New Direct Loans
2020-2021 Federal Direct Loan Interest Rates & Fees: Subsidized and Unsubsidized fixed interest rates of 2.75% for Undergraduate Students and Federal Parent PLUS loans 5.30%. Rates change July 1, 2020. The fees are 1.057% for Subsidized and Unsubsidized loans and 4.228% for Federal PLUS loans. Fees change on October 1, 2020.
Financial Aid Eligibility Requirements:
- 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).
How is financial aid determined?
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.
What factors determine financial need?
- Cost of attendance
- Expected family contribution
- Financial need
Disbursing, Cancelling and Repaying Title IV Program Aid
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: https://studentaid.ed.gov/sa/types/loans/plus/parent
Payment Periods in Clock Hours
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.