Financial Resources - Financial Aid
Types of Financial
Aid Grants
Grants are typically based on the students
financial need and do not require repayment. Loans Minnesota SELF Loan To apply for this student loan - contact the School Financial Aid Office.
Up
to $7,500 is available with a qualified co-signer. Additional
funds may be available after completing 900 hours of the Cosmetology
program. The variable interest rate is currently at 2.2%
(April 2021). Interest only, paid quarterly, while in
school and the first 12 months after graduation. Financial Aid FAFSA: All financial aid
starts here! All grant funds are determined based on your
financial eligibility. You must complete this application
for any type of financial aid you are seeking. If you intend
to begin school July 1st, 2021 to June 30th, 2022, you will need
to complete the 2021/2022 application using your 2019 Federal Tax
Return. If during the application process you are classified
as a Dependent student you will also need access to your parent's
2019 Federal Tax Return. Once you have submitted your FAFSA, print the
confirmation page that appears on your screen. This is your
estimated financial aid. The application will automatically
be submitted to Avalon. We are ready to create your
budget! Financial Aid Terms Financial Aid
Eligibility All students are eligible to apply for financial
aid. Students will be approved and receive Federal and State
financial aid based on their Expected Family contribution
calculation determined during the online FAFSA process. All Students are eligible to re-apply for
financial aid annually using their prior years tax returns. Students
will receive an updated Expected Family Contribution claculation
with each years tax returns. Financial Aid
Disbursements Financial aid is disbursed based on completion
of clock hours. If an award letter has been signed by the student,
the first disbursement will occur during the initial week of school.
Each disbursement thereafter will occur with the completion of each
450 clock hour increment for the 2100 hour program. The 1550 hour
program will have three full disbursements at the completion of each
450 hour increment and two partial disbursements thereafter.
Any questions regarding
financial aid should be directed to Angie or Kim at the Avalon School of
Cosmetology Office. *** All tuition and fees must be
paid in full to receive your licensure
documents.
Loans are a significant portion of most financial
aid packages. The accumulated interest must be paid quarterly
while in school and the loan re-payment period will start after
graduation. Interest rates are commonly lower than other
types of loans. Repayment periods vary from 2 years up to 30
year.
More
Information
www.ohe.state.mn.us/
getreadyforcollege.org/military
Online financial
aid application
Using
information provided on the FAFSA application, the income and
assets of the student and parents are reviewed. Many
variables that affect the students and parents financial situation
are considered, including the number of people in the household,
number of children in college, age of parents, etc.
This is the amount that the family and
student could be expected to contribute toward the cost of
attendance. This amount is determined using the Need
Analysis from above.
Paper student
loan application
The
total cost of tuition, kits, books and fees charged by the
institution. Other expenses that may be included in the cost
of attendance are room & board, transportation, and child
care.
The comprehensive
fees based on hour increments versus any qualified grants the
student receives.
The total cost of tuition, kit, books, and fees
versus any qualified grants the student receives based on
distribution years.
*** Financial aid funds will not be disbursed for
student living allowance until all monies owed to Avalon School of
Cosmetology are paid in full or other paymennt arrangements have been
made.