Page 17 - Branford Academy of Hair & Cosmotology

Federal Student Aid Programs by visiting FAFSA. www.fafsa.ed.gov Branford Academy 041288

Financial Aid Information: At Branford Academy, we try to keep our costs as low as possible without
jeopardizing the quality of education and we offer many different payment methods for our students and
families.

 Interest-free payment plans for up to 12 months for Cosmetology Students while in school.
 Interest-free payment plans for up to 7 months for Esthetics Students while in school.
 Interest-free payment plans for up to 10 months for Barber Students while in school.
 Students and parents may use private loans to finance school. We do caution students that these
private loans are usually variable interest rate loans and are based on credit approval. Check
personal loan options with your local bank and/or credit union.

Our most popular option is Financial Aid for those who qualify. More information on this is below. (Only
available to 1500-hour Cosmetology, 1000-hour Barber and 600-hour, Esthetics students).

Branford Academy is approved to participate in the following Title IV programs:

1. Federal Pell Grant - (Need Based) This is gift aid that does not require the student to pay it back.
2. Subsidized Direct Loan - (Need Based) This loan requires repayment. In this loan, the US
Department of Education will subsidize or pay the interest that accrues while you are in school,
and during your grace period. Note that any subsidized loan that is disbursed after July 1, 2012
will not have the interest paid by the US Department of Education during your 6-month grace
period. Check with the Financial Aid department for the current rate. Subsidy of loan is limited to
150% of school length and takes into account previous school loans for new borrowers.
3. Unsubsidized Direct Loan – This loan requires repayment. In the loan, the student is responsible
st
for repaying all interest accrued from the date of the 1 disbursement. The student may pay the
interest while in school and/or deferment. Check with the Financial Aid Department for the
current rate.
4. Parent Plus Loan - This loan requires repayment that a parent of a dependent student may take
out to cover any costs related to the program up to the Cost of Attendance (COA). A credit check
is required. In this loan, the parent is responsible for paying all interest accrued from the date of
st
1 disbursement. The parent may pay the interest while the student is in school and/or
deferment. Check with the Financial Aid department for the current rate.

Check the financial aid office for the current rate.

All awards are based on eligibility determined by filing a Free Application for Federal Student Aid (FAFSA).
To complete the application, you can go to www.fafsa.gov. All students must be enrolled prior to any aid
being disbursed. The school code is 041288.

Upon registration to the program, Branford Academy will present students with an award package and
the financial aid officer will help the student complete an entrance counseling and master promissory
note for the loans. If the student is requesting any loan funds, they must complete the entrance
counseling and master promissory note, failure to do so will prohibit the student from receiving funds.
The entrance counseling and master promissory note may be completed at www.studentloans.gov.
Entrance counseling is extremely important because it also discusses the consequences of a failure to
make payments on your student loans (default). Default will damage your credit report, prevent you from
taking out further Title IV aid, wage garnishment, legal action, etc.

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