Financial Aid

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Financial Aid

Financial Aid Department
Policies and Procedures for Federal Aid Recipients
Verification Policy
Drug Conviction Policy
Award Process
Release of Federal Student Aid Data
Eligibility for Title IV Assistance
Financial Need
Grants
Loans - Subsidized and Unsubsidized
FSEOG Funds
Return of Title IV Funds
Credit Balance
Financial Aid Disbursement Example
Tuition Cost / Funding Resources

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Code of Conduct

 

FINANCIAL AID DEPARTMENT

The financial aid office is open Monday through Friday from 10a.m to 4:30p.m. Students and prospective students may obtain forms and information during these hours.

Policies and Procedures for Federal Aid Recipients

A student wishing to apply for federal financial aid may pick up a free application for federal student aid (FAFSA) the financial aid office. Students are required to bring their:

  • Social security card
  • Driver license
  • High school diploma or transcript showing completion of 12th grade or
  • GED certificate or
  • If any of the above is not present, the student must take an ability to benefit (ATB) test administered by an independent tester. (Please note, as of July 1, 2012 Ability to Benefit applicants on longer qualify for Title IV funds)

Signed, completed applications with supporting documentation are forwarded to the financial aid office (FAO). The FAO will review all applications submitted and then electronically submit the information to the Department of Education. The original signed and dated application will be retained in the student financial aid file.

If an applicant mails their FAFSA the student will receive by mail a paper student aid report (SAR) at their home address. In the electronic process, the school receives electronic information via computer and will print a document known as institutional student information record (ISIR). The two documents are almost the same; except the recipient and the speed of completion. Either the SAR or the ISIR is required for all eligible students wishing to receive financial aid.

When the ISIR is printed in the financial Aid office, the student will be notified by telephone, e-mail, or regular mail through the United States post office. Students are asked to review the ISIR or SAR for accuracy of information. Some ISIRS are flagged for verification, selective service registration, and drug conviction, for selling or possession of drugs and at some instances some applicants are in default of a federal student’s loan. After the prospective student have reviewed his/her ISIR and find a fault, then the corrections are made to reflect the correct information.

VERIFICATION POLICY

The US Department of education requires Sharp Edgez Barber Institute to verify any student and application flagged for verification under the 100% verification policy. Therefore in the event that a student is selected for verification, the department of education has provided a verification worksheet, to be completed by the student, spouse, and the student’s parents for dependant students. The verification process may take up to one month in some cases and a few days for less complicated cases. Sharp Edgez Barber Institute request that students and spouse or parents bring in the appropriate paper work, complete the verification work sheet with signatures and provide proof of support for low income students.

It is the responsibility of the student to provide all the financial paperwork needed to qualify for federal financial assistance. This paperwork should be furnished to the financial aid office and the statement of income is to be signed by the student, spouse or parent. A selective service flag means that you the student need to register for selective service. You can register at any United States post office, through the internet at www.sss.gov, or you can pick up a registration packet at the Financial Aid Office. You can also call the Selective Service registration information line at 1-847-688-6888 for inquiries.

DRUG CONVICTION

If you the student have been convicted of illegal possession or selling of drugs, you must complete a drug worksheet with the financial aid office at Sharp Edgez Barber Institute, to ascertain eligibility. If you have completed a drug rehabilitation class and have a certificate to prove to the financial aid office that a class was completed after conviction, that over rides the conviction. However, if while you are in school and happen to get rearrested for drug possession or selling of drugs your financial aid will be dropped until another rehabilitation program is completed by the student and proper completion documentation is given to the Financial Aid office.

Any student who is in default, on a federal student loan, is not eligible for financial aid until the loan is paid off and the proof of payment is brought to the financial aid office. Professional Judgment may be used to alter the data elements used to calculate EFC. Also professional judgment may be used to adjust the students’ cost of attendance. The reason for the adjustment must be documented in the students file. Any conflicting information or consistency must be resolved on the output document before making any adjustment.

AWARD PROCESS

The financial aid officer will calculate the students’ award using the expected family contribution (EFC) from ISIR, the financial aid officer will generate an award letter stating the amount of the award and dates of payment to the student tuition account. The student will sign the award letter that will be filled in the students’ financial aid file. Payment of federal PELL grant fund is through electronic payment. Student accounts are credited first. Award disbursement is done in two- payment periods – the first payment is made after the receipt or a valid ISIR and verification process (if applicable) has been completed. The remaining payment is processed after the student has satisfactorily completed 450 clock hours. Federal financial aid does not automatically continue from one award year to the next (July 1 to June 30). Funds not used in one award year WILL NOT be carried forward into the following award year. If the student has completed and mailed an application without using the electronic process available at Sharp Edgez Barber Institute, the student must present a valid paper SAR to the FAO. The award letter and payment process is the same for students with either paper or electronic ISIR.

RELEASE OF FEDERAL STUDENT AID DATA

Before any institution can receive student information electronically the student must complete the “College Release Certificate” section of the FAFSA. The FAFSA allows student to enter names and addresses of six post secondary schools that will be allowed to receive information.

A student transferring to Sharp Edgez Barber Institute from another school must complete paperwork to add Sharp Edgez Barber Institutes school code, with DRN number to the ISIR and the student will in turn receive a SAR and will also receive an ISIR with student’s information.

If a student who received an electronic SAR is transferring from Sharp Edgez Barber Institute to another institution, the student will follow the same procedure. The student will be required to give the PELL code to the Department of Education of the new school.

ELIGIBILITY FOR TITLE IV ASSISTANCE

Student must have a high school diploma or General Equivalency Diploma (GED) certificate and:

  • Be enrolled as a regular student in an eligible program
  • Be a U.S. citizen or an eligible non-citizen.
  • Have a social security number.
  • Make satisfactory academic progress.
  • Sign a statement of education purpose.
  • Sign a statement of updated information.
FINANCIAL NEED

Federal student aid awards are based on financial need. Need is the difference between your cost of education (expenses such as tuition, fees, room, board, books, supplies, and other related expenses) and the amount you and your family are expected to contribute towards your education.

GRANTS

Grants are an award of federal student aid, which do not have to be paid back.

A federal Pell Grant is entitlement, which means it does not have to be repaid. If a student qualifies for an award, they will receive it. The amount of awards is based on the U.S. Department of Education determination of students need. Sharp Edgez Barber Institute is currently applying to participate in the Title IV program.

LOANS – SUBSIDIZED AND UNSUBSIDIZED

Available to all students, maximum $3500 for 1st year students, beginning in 2007-2010 award year, additional unsubsidized loan available to independent students maximum $6000 for 1st year students. 2nd year students may qualify for additional loans based on C.O.A. (cost of attendance) and peroration of remaining hour. Dependent students $2000.00 unsubsidized and may also qualify for a grade level 2 loan.

A Stafford loan usually must be disbursed in two or more installments, with no disbursement exceeding half the loan amount. The earliest a school may disburse a Stafford loan directly to an enrolled student or credit his or her account is 30 days before the first day of the period of enrollment. Similarly, the school may make a subsequent disbursement no earlier than 10 days before the period of enrollment for which that disbursement is intended.

Whenever a school credits federal student aid funds to a student’s account and determines that a portion of those funds exceed the amount of the student allowance charges, the school must pay that credit balance directly to the student (or parent, in case of a plus loan) as soon as possible or as a specified in federal student aid regulations. If the credit balance occurred after the first day of class, the school must pay the balance to the student or parent no later than 14 days after the balance occurred. If the credit balance occurred on or before the first day of class, the school must pay the balance within 14 days after the first day of class for the payment period.

FSEOG FUNDS

Awards of FSEOG funds are first awarded to students with the lowest EFC (Expected family contribution). FSEOG funds are available throughout the academic year and are awarded to students who are Pell eligible. (Revised: July 19, 2007)

RETURN OF TITLE IV FUNDS

If a student (parent/guardian in the case of a student under legal age) cancels his/her contract, the cancellation date will be determined by the postmark on written notification or the date said information is delivered to the school’s Financial Aid Director or owner in person. This policy applies regardless of whether or not the student has actually started training.

Good attendance is one of the keys to your success as a student in a vocational program. As of 02/04, the Department of Education released its “14 Day Rule”. This rule states that the date of the institution’s determination that a student withdrew would be no later than a week (calendar week) after the student’s last date of academic attendance for 14 days. If the student does not notify the school that he/she is withdrawing, formal termination shall be based on monitoring of participation determined by the institution, i.e. academic advising, class, examinations, tutorials, computer-assisted instruction, other academically related activities.

For students who do not return from a Leave of Absence last date of attendance will be actual withdrawal date. The date the student was due back will be used as the date school determines student is withdrawn. If a student withdraws officially and/or unofficially the school or the student may be required to return some of the federal funds awarded to the student. The federal formula requires a return of Title IV aid if the student received federal assistance in the form of Pell Grant, supplemental Educational Opportunity Grant (SEOG), and Federal Family Educational Loan Program and withdrew on or before completing 60% of the payment period. The percentage of Title IV aid to be returned is calculated by dividing the students scheduled hours by the total scheduled hours in that payment period if the withdrawal date is on or after July 1, 2006.

Funds that are to be returned to the federal government are used to reduce the outstanding balances in individual federal programs. Financial aid returned must be allocated in the following order:

  • Federal Unsubsidized Stafford Loan
  • Federal Subsidized Stafford Loan
  • Federal Plus (Parent) Loan
  • Federal Pell Grant
  • Federal Supplemental Educational Opportunity Grant (SEOG)
  • Other Federal Loan and/or Grant Assistance

The school must return any Title IV funds they are responsible for within 45 days after the school determines the student withdrew. Copies of all calculations and checks will be supplied to the student upon finalization of the file.

Note: If funds are released to a student because of a credit balance on a student’s account, then the student may be required to repay some of the federal funds after withdrawal.

There are certain instances in which a student is eligible for a post – withdrawal disbursement. The institution’s may make any post withdrawal disbursement up to 120 days from the date of the institution’s determination that the student withdrew. Post withdrawal disbursements are first made from the Federal Pell Grant & SEOG. Within 30 days of withdrawal determination a written notice will be sent to the student and/or parent for approval to credit any outstanding tuition balance.

CREDIT BALANCE

A credit balance occurs after a student Ledger shows a balance of zero ($0.00). All credits are given to students after their Mid-Point Review of Clock Hours in the payment period. SAP (Satisfactory Academic Progress) report must be labeled “Yes” on the Genesis School Management Software.

FINANCIAL AID DISBURSEMENT EXAMPLE

1ST PAYMENT PERIOD IS 0-450 CLOCK HOURS
2ND PAYMENT PERIOD IS 451- 900 CLOCK HOURS

Tuition COST / FUNDING RESOURCES

At Sharp Edgez Barber Institute, we believe in being transparent and upfront about tuition costs so you can make an informed decision when choosing a school. We’re here to work with you, one-on-one, to help you determine the best financing options for you. In addition, we provide financial aid guidance and information on any scholarship opportunities available. We want to do everything in our power to help you achieve the education and the career you’ve always wanted.

 

FEDERAL FINANCIAL AID (FAFSA)

  • You can fill out the Free Application for Federal Student Aid (FAFSA) by going online to www.fafsa.ed.gov. Our Federal School Code is 042135. 
 
NYS DIVISION OF VETERAN AFFAIRS
 
  • We are approved by the New York State Divisions of Veterans Affairs for the training of veterans and others who may qualify.  For more information, please visit the departments’ website at www.gibill.va.gov

 

THE FOLLOWING FUNDING SOURCES NEED 6 to 8 WEEKS TO PROCESS

 

ROCHESTERWORKS! Youth Grant (Department of Labor)

  • Are you between the ages of 18-24? You may qualify for tuition assistance through RochesterWorks! Contact their office at 255 N. Goodman Street. Rochester, NY 14607, 585-258-3552

ACCES-VR (FORMALLY VESID)

  • Do you qualify for ACCES (formally VESID)?  To be eligible for full tuition assistance through ACCES services, an individual must have a physical, mental, emotional, or learning disability that interferes with their ability to work. There must also be a reasonable chance that the individual will become gainfully employed if he/she receives rehabilitation services.  Eligibility for services is determined by a review of the individual's medical records, and in some cases, by new medical and vocational evaluations.
  • 109 South Union Street, Rochester, NY 14607, 585-238-2900 or 800-462-0178

If you have questions about tuition, or the financing options that may be available to you, please contact us. We’ll work with you individually to find the ideal solution.

 

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