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A. A PIN allows a student to ‘sign’ their application electronically and complete the student aid process completely online – no paper is involved.
If the student is dependent and a parent has a Federal Student Aid PIN, the parent can sign the application electronically online as well. In addition, a student can make online corrections to their FAFSA and access their Student Aid Report* (SAR). A PIN allows a student to ‘sign’ a Master Promissory Note* (MPN) for a federal student loan. Additionally, a PIN provides a student access to their Federal Student Aid records online, including student loan history information on NSLDS.
A. FAFSA stands for the Free Application for Federal Student Aid. By completing this form, your are submitting your required financial information for processing, so Metro Beauty Academy can determine your eligibility for financial aid. To begin the process of completing the FAFSA for the first time (or the FAFSA Renewal in subsequent years), go to www.fafsa.ed.gov. Students and parents of dependent students must sign the FAFSA with their Federal PINs for the FAFSA to be processed. FAFSAs will remain unprocessed if they do not have the required PINs.
A. You must reapply for federal and state aid each year.
A. Cosmetology and Esthetician students must submit a FAFSA renewal every year if they wish to be considered for need-based aid (Pell or Stafford) for the next academic year. Federal regulations require new FAFSA information each year. In addition to filing the FAFSA, students and parents with extraordinary financial circumstances should explain the situation in writing, attach supporting documentation, and submit their request for review to Metro Beauty Academy’s Financial Aid Dept.
A. Many families believe that they won’t qualify for financial aid, but they are, in fact, eligible for some types of aid. It is impossible to know what aid is available to you unless you apply. In any case, the FAFSA is absolutely FREE so it should be completed so a family can know for sure what is available.
Remember, Financial Aid such as the Stafford Unsubsidized Loan and the PLUS loan for creditworthy parents is an option available to ALL students (regardless of financial need) if they complete the FAFSA. A PLUS Loan does not require a FAFSA. Regardless of how much money you or your parents make, you should still apply for Federal Financial Aid since some sources of aid are not need based and you or your parents may qualify regardless of income.
A. There are several websites online and printed resources in our Financial Aid Dept. that discuss the differences and benefits of different types of loans. If you have questions regarding loans, please contact our office to make an appointment with our Financial Aid Representative.
A. No, not if you obtain a Federal Stafford Loan, which is a student loan where you, the borrower, are responsible for paying it back. Only if a parent borrows from the Parent PLUS Loan Program, or is a cosigner for a private loan for you, is your parent responsible for repayment.
A. While both are legitimate forms of financial aid, a grant does not require repayment. A loan requires repayment over time.
A. You can read the information provided with your Financial Aid Package for an explanation of each type of aid. You may also contact the Financial Aid Dept. at Metro Beauty Academy for additional information or clarification about your Financial Aid.
A. You can “Request a duplicate PIN” at www.pin.ed.gov. You should be able to easily access your PIN number after you have submitted the required information.
A. Students (and parents of dependent students) will need to refer to a copy of their most recent tax return (1040) when applying for financial aid. In addition, documentation on other sources of income including social security benefits, unemployment compensation, veteran’s benefits, etc., will also be needed. Information on the value of assets is also required. Examples of assets include checking and savings accounts, stocks, bonds, certificates of deposits, mutual funds, real estate (other than the family home), businesses and farms.
If you need assistance during your Application Process, you will find the following contact info useful…
Contact Metro Beauty Academy’s Financial Aid Department – Toll Free at 1.888.782.7221
Call the FAFSA Hotline at 1.800.433.3243
Click on the ‘Help’ or ‘Help Live’ buttons at www.fafsa.ed.gov.
Visit online resources listed in our ‘Important and Helpful Links‘ section.
Visit www.finaid.org – a useful website for understanding Financial Aid.