financial aid page featured for ICA Today

At ICA we have a variety of payment options to help assist you in your career choice.

Financial Aid

Financial Aid Options

Our Cosmetology program is eligible for Financial Aid. Payment options for all courses are as follows:

1. Cash/Check payment

2. Visa & Mastercard

3. Financial Aid

4. 12-Month interest-free loan

Please don’t hesitate to contact us if we can answer any questions for you or further assist you in any way.

Financial Aid available for those who qualify.

FINANCIAL AID - Frequently Asked Questions

Applying for Financial Aid?

A student interested in receiving financial aid will first have to fill out a FAFSA (Free Application for Federal Student Aid) form. Students will need a copy of their previous years income tax return in order to fill out the FAFSA. For example, if a student is applying for the 2015-2016 school year, you will need your 2014 income tax return. If the student is considered a dependent student, they will also need their parent’s income tax information for the same year. The most common way to complete the FAFSA form is online.

To fill out a FAFSA online, you would go to www.FAFSA.ed.gov. You will need to apply for a PIN number to sign the FAFSA, which you can do at www.pin.ed.gov.

It usually takes 3-5 business days for the FAFSA form to process, at which time you will receive confirmation via email. If the Financial Aid Office has not called you, please feel free to contact them to see what you qualify for. Once the FAFSA form is completed, it usually takes 2-4 business days for the form to be processed.

What types of Financial Aid are available to me?

The FAFSA form will allow the Financial Aid Office to know how much aid the student is eligible to receive. The two types of aid a student is able to receive while attending ICA are:

A Pell Grant

Pell Grants are monies that do not have to be repaid. The maximum amount of Pell a Cosmetology student can receive during an academic school year is $5,775. However, the full amount of Pell is not always awarded. The amount received is based on information supplied on the FAFSA form.

Loans

Loans require repayment. There are different types of loans available to a student, depending on whether a student is considered a dependent or independent student. Information provided on the FAFSA form will determine a students’ dependency status.

If I am considered a dependent student, which loans are available to me?

William D. Ford Federal Direct Loans – a loan in the students name. Based on information provided on the AFSA form, the loan will either be subsidized and/or unsubsidized. A subsidized loan does not accrue interest while the student is in school. An unsubsidized loan does accrue interest while a student is in school. However, the student has the option to defer payment of the interest while attending their program. The student will begin repayment on their loan approximately six months after they graduate and will continue repayment until the loan is completely paid off within a ten year timeframe. Other repayment plans are available. Please see your Financial Aid office for more info. The interest rate changes annually but is fixed and will never exceed 6.8%.

Parent Plus Loan

A Parent Plus Loan is in the student’s parent name. In order to be eligible for funds, the parent applying must have a positive credit standing. The interest rate is variable and will never exceed 9.00%.

If I am considered an independent student, which loans are available to me?

William D. Ford Federal Direct Loans – This is a loan in the student’s name. Based on information provided on the FAFSA form, the loan will either be subsidized and/or unsubsidized. A subsidized loan does not accrue interest while the student is in school. An unsubsidized loan does accrue interest while a student is in school. However, the student has the option to defer payment of the interest while attending their program. The student will begin repayment on their loan approximately six months after they graduate and will continue repayment until the loan is completely paid off within a ten year time-frame. Other repayment plans are available. Please see you Financial Aid office for more info. The interest rate changes annually but is fixed and will never exceed 6.8%. A cosmetology student is eligible for $9,500.00 in Stafford student loans.

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