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Financial Aid & Federal Assistance

Coronavirus Aid, Relief and Economic (CARE) Act

Policy and Procedure
Grant Award P425E205068

The U.S. Department of Education has awarded Fort Pierce Beauty Academy and its two campuses, Port St Lucie Beauty Academy and Beauty and Massage Institute, the Coronavirus And Relief Emergency (CARE) Grant in the amount of $221,562.00. In accordance with the federal regulations we have established a policy and procedure for the disbursement of funds to our students using one of the suggested methods of calcula­tion. This Grant allocates that 100% of the emergency financial aid grant must be exclusively for the stu­dents.

Students should set aside these funds to assist with the cost of living expenses while attending school during this pandemic.

Our institution chose the Pell Grant for means of which to preform our calculation. The following calculation has been used to determine total disbursement amount for each student using their individual weekly sched­uled hours and then the payment periods used to distribute funds:

Our institution’s total award of $221,562 was divided by our students total schedule hours per week of 2980 equaling $75.00/clock hour. This is the hourly rate used for calculation. Multiply this hourly rate by stu­dent’s current weekly schedule hours to obtain the eligibility for that student. Examples: A student with 30 clock hours per week will receive a CARE act grant In the amount of $2250 a 16 clock hours per week student will receive $1200. Each student will be eligible for only one grant, and only one application will be consid­ered per student. The grant may be issued in two separate payments to better assist with on going financial needs. All disbursements will be accounted for by means of posting directly to each student’s ledger titled as CARE (Coronavirus Aid, Relief and Economic Act). Only students who are participating in courses actively and who are in good standing will be eligible to receive a grant.

All students may fill out the request for the CARE Act Grant. Only students that qualify for assistance by means of completing the FAFSA application will be eligible to request these funds. The request application clearly states only students who are participating in courses actively and who are in good standing will be eli­gible to receive a grant. Request applications must be returned to the Financial Aid Director, Mrs. Debra Hohn as soon as possible as funds are to be distributed in an accurate and prompt fashion.

We are disbursing with complete transparency and accountability, making sure everyone knows the formula used to determine the emergency financial aid grant. We are posting this policy and procedure on our web-site to allow full disclosure to the public as well as our student body and staff.

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Accepted Federal Assistance Programs

Academies of Cosmetology, Inc. participates in the following Federal Financial assistance programs:

  • PELL Grants
  • Direct Student Loans

Federal assistance is available for those that qualify to help students pay for their education and training after high school. Additional information on financial aid is available from the Financial Aid Office during normal business hours.

Pell Grants and Loans

Pell Grants are awards of Federal Aid Funds ranging up to $6195. The amount is based on a determination by the US Department of Education of the Students’ needs. A Pell Grant is an entitlement, which means if a student qualifies for a Pell Grant and is awarded he/she will receive it. If all qualifications have been met, the method of payment for the Pell Grant is where the Department of Education issues a check to the School to assist in payment for the courses that the student decides to enroll in. Disbursements are usually made in two payments for Pell Grants. Aid from this Federal program does not automatically continue from one year to the next; students must reapply every year. Forms are available from the school’s administrative office or can be filled out online by clicking the link below.

Subsidized and unsubsidized loans are awards of financial aid ranging up to the $3500 maximum of subsidized loans, $6000 maximum unsubsidized for independent students and $2000 for dependent students.

http://www.fafsa.ed.gov/

When applying for a Pell Grant please use our School Code which is (016573).

To apply for a Federal Pell Grant, a student must first meet the following general eligibility requirements:

  • S citizen or eligible non-citizen
  • Have received a High School Diploma or GED
  • Be enrolled in classes leading to a U.S. Department of Education approved certificate or degree. Check this list for approved degrees and/or certificates for financial aid purposes.
  • Not be in default on a Federal Student Loan
  • Maintain Satisfactory Academic Progress

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