Financial Aid

at Latin Beauty Academy

Basic Eligibility Requirements for Receiving and Maintain Federal Student Financial Assistance Programs (Title IV, HEA Programs)

Basic eligibility requirements for federal student aid include citizenship requirements and requirements relating to the student’s ability to benefit from a postsecondary education. The student must:

Demonstrate financial need
Be a U.S. Citizen, permanent resident or eligible non-citizen
Have a valid Social Security number (SSN), except for students from the Freely Associated States (e.g., Marshall Islands, Federated States of Micronesia and the Republic of Palau).
Have a high school diploma, the recognized equivalent of a high school diploma (including a General Educational Development (GED) certificate), or have completed a high school curriculum in a homeschool setting that satisfies the state’s requirements for homeschooling. (Students who first enrolled in an accredited college or university before July 1, 2012, may qualify by satisfying alternate criteria, such as passing an approved ability-to-benefit (ATB) test or completing six credit hours or equivalent course work toward a degree or certificate.)
Be enrolled, or accepted for enrollment, as a regular student in an eligible degree or certificate program at a college or university that is eligible for Title IV federal student aid. Students who are simultaneously enrolled in elementary or secondary school are not eligible.
All students under 18, including those who have already graduated, must have parental or guardian signature on the enrollment agreement.
Students who are still in high school must obtain written permission from high school to enroll. The documentation must be provided.

Application Requirements

To qualify for federal student aid, students must:

Complete the Free Application for Federal Student Aid (FAFSA).
Comply with verification requirements, if the student’s FAFSA is selected for verification by the college or university the student plans to attend or the federal government.
Demonstrate financial need, if applicable. Some federal grant, work and loan programs require the student to demonstrate financial need. The unsubsidized Federal Stafford loan and Federal PLUS loan do not depend on financial need.
Sign a Statement of Educational Purpose, certifying that he or she will use Title IV federal student aid only to pay for educational costs. (Students may not be enrolled in multiple academic institutions solely to obtain Title IV federal student aid refunds (credit balances) to pay for non-educationally related expenses.)
Male students must have registered with Selective Service between the ages of 18 and 25 to be eligible for federal student aid. A failure to register must not be knowing and willful. Male students between the ages of 18 and 25 may check a box on the FAFSA to register with Selective Service.

Latin Beauty Academy is able to cooperate with the verification process, which is determined by the Central Processing System (CPS). In this process, any of the students enrolled could be selected for verification for reasons such as the application information is incorrect or contains conflicting information. Applications may be reviewed based on the DE’s current required data elements and any specific predetermined criteria set by the institution. Latin Beauty Academy chooses to verify all data elements in all verification cases. Substantial supporting documentation must be obtained and circumstances carefully documented.

Department of Education selects students to be verified based on information submitted or under their discretion. Students who have submitted a FAFSA are selected for an official review in a process called Federal Verification. For example:

Incomplete or conflicting information on a FAFSA may lead to Verification, or
FAFSA may be chosen at random.

However, under the advance payment method, FSA allows that actual disbursement information can be submitted no earlier than 7 calendar days prior to the disbursement date. Latin Beauty Academy provides each enrolled FSA eligible student with an award letter, which provides details on the total funds expected to be received from each FSA program. LBA credits students’ accounts for allowable charges, to include tuition cost and fees. Additionally, through Passive Confirmation notification, Latin Beauty Academy notifies (via U.S. Mail) all loan recipients (or their parents) prior to crediting their account. Loan disbursement notification must include:

Type of loans received (subsidized, unsubsidized, PLUS)
Anticipated date and amount of the disbursement (gross and estimate net)
Student (or parents’) right to cancel all or part of the loan or disbursement
Procedure and the time by which the student (or parents) must notify the school that he/she wishes to cancel the loan/disbursement.

If FSA funds credited to a student’s account exceeds the student’s allowable charges, the credit balance must be paid directly to student or parent as soon as possible, but no later than 14 days after:

The date the balance occurred on student’s account, if the balance occurred after the first day of class of the payment period, or;
the first day of classes of the payment period, if the credit balance occurred on or before the first day of class of that payment period.

The law requires that any excess PLUS loan funds be returned to the parent; however, the parent can direct the funds to be transferred to the student’s account by providing the school with written authorization. Before disbursing FSA funds, the school must determine and document that a student remains eligible to receive funds and the following must be confirmed:

student is enrolled for classes for the period
student enrolled in a non-term program has competed the previous period (credit and weeks of instruction)
disbursement occurs on or after the first day of classes that the student has begun attendance
for a Direct Loan, the student is enrolled at least half time
for the second Pell award within an award year, the student is enrolled at least half time
for second Pell within an award year, the student is taking hours attributable to a second academic year within the same award year
for year-round Pell awards, the student is enrolled in a payment period that is scheduled to occur in two award years, the entire payment period is considered to occur within one award year, and the school has assigned the payment period to the award year in which the student receives the greater payment for the period.

Incomplete or conflicting information on a FAFSA may lead to Verification, or
FAFSA may be chosen at random.

Federal Verification Process Follows for the School

Our Financial Aid Office must compare FAFSA data with Verification information received from students (and parents). We must complete Verification before we can process Federal Direct Loans, any federal grants, Federal Work-Study, or private alternative loans. That means no federal aid or private loans will be applied toward the student’s eBill until Verification is finalized.

If the student FAFSA is selected for Federal Verification, the Financial Aid Office meets with the students and/or parents to inform what he/she (and parents) need to do the verification. The institution also sends a letter via mail with a list of the document requested. The Verification process is becoming more and more ‘customized,’ so not all students and parents are required to provide the same information.

Using the IRS Data Retrieval Tool (DRT) on every FAFSA makes the Verification process. The DRT allows taxpayers (student or parent) to transfer key financial data from their IRS Tax Return directly to a FAFSA. Students and parents who use the DRT and did not change any of the transferred items will, with very few exceptions, not have to provide us with any financial documents for Verification. Taxpayers who were unable to (or chose not to) use the DRT will, in most cases, need to provide us with signed copies of IRS Tax Return Transcripts ordered directly from the IRS. The student/parents can request a Tax Return Transcript online, by phone, or by mail. Wage earners who don’t need to submit tax returns will need to provide us with copies of all of their W-2 Forms for the calendar year stated on their Verification Form.

Once we have everything we need from the student (and parents) we compare your FAFSA data with Verification information received and, if needed, we will adjust your FAFSA information. In some cases, we may require additional information. From late winter into the summer, we receive a large number of Verifications and we cannot process them as quickly as we would like to. If your FAFSA is chosen for Verification, we appreciate your patience. Promptly providing us with all of the information we request and, if eligible, using the DRT, will allow us to complete your Verification more quickly. Note that you can check on your Verification status using the 'View Financial Aid Information' section of SIS.

Refund Policy and Requirements for Withdrawal and Return of Federal Financial Aid

Latin Beauty Academy provides students with details of all refund policies applicable to the school, as well as information on the Title IV Program requirements for the treatment of Title IV funds when a student withdraws.

Latin Beauty Academy recognizes that the Federal Student Aid (Title IV) funds are processed when a recipient of those funds ceases to be enrolled prior to the end of a payment period or period of enrollment. These requirements do not apply to a student who does not actually cease attendance at the school. The Return of Title IV Funds (Return) regulations do not dictate an institutional refund policy. Instead, a Latin Beauty Academy is required to determine the earned and unearned Title IV aid a student has earned as of the date the student ceased attendance based on the amount of time the student spent in attendance, or, in the case of a clock-hour program, was scheduled to be in attendance. The calculation of Title IV funds earned by the student has no relationship to the student’s incurred institutional charges.

Latin Beauty Academy Financial Aid Department is knowledgeable that by law:

When a student who receives financial aid withdraws before the end of the payment period of enrollment and ceases to continue enrollment in the program, a calculation may be required to determine if the student retains in full, or returns all or a portion of, Title IV funds received.
The Return of Title IV funds (Return) regulations do not dictate Latin Beauty Academy return policy.
Latin Beauty Academy is required to determine earned and unearned portions of Title IV aid as of the date a student ceased attendance.
The Financial Aid Department makes the calculation of Title IV funds earned by a student has no bearing on a student’s incurred tuition charges.

Important: A withdrawal student after the 50% point in the payment period of enrollment, a student has earned 100% of financial aid funds received during the period. A determination must still be made as to whether a student is eligible for a post-withdrawal disbursement.

Latin Beauty Academy publishes, complies and implements a mandated refund policy and it applies to all students. This policy applies to all terminations or withdrawals for any reason, by either party, including student decision, course or program cancellation, or school closure. A student’s enrollment could be terminated or cancelled for any reason; all refunds will be made according to the following refund schedule:

Cancellation must be made in person or by Certified Mail, for official withdrawals, the cancellation date will be either the postmark on written notification, or the date said information is delivered to the school in person.
All monies will be refunded if the school does not accept the applicant or if the student cancels within three (3) business days after signing the enrollment agreement and making initial payment. It means, in instances where students cancel within three (3) days of signing the enrollment agreement all monies collected will be refunded by the school, regardless of whether the students have actually started training, except a non- refundable registration fee.
Cancellation after the third (3rd) business day, but before the first class, will result in a refund of all monies paid, with the exception of the registration fee.
Cancellation after attendance has begun, through 40% completion of the program, will result in a Pro Rata refund computed on the number of hours schedule to the total program hours.
Cancellation after completing more than 40% of the program will result in no refund.
Termination Date: The termination date for refund computation purposes is the last date of actual attendance by the student unless written notice is received.
Cancellation of classes or programs by the institution before or after attendance has begun will result in 100% refund after the return’s calculations.
Refunds will be made for: All students who are not using Title IV Funding, the refunds must be given within 30 days and, for student receiving Title IV within forty-five (45) days of the date of determination or receipt of cancellation notice. Date of determination will be within maximum time of 14 days from last date of attendance. Then, any monies due a student using Title IV Funding, who withdraws from the institution shall be refunded within forty-five (45) days of a determination that a student has withdrawn, whether officially or unofficially.
The students’ rights under this agreement may not be assigned to any other person.
If the school is permanently closed, and no longer has offers instruction after a student enrolled, the student shall be entitled to a 100% refund.
If a student on an approved leave of absence notifies the school that he or she will not be returning, the date of withdrawal determination shall be the earlier of the scheduled date of return from the leave of absence or the date the student notifies the institution that the student will not be returning.
The student must pay any outstanding balance before any of the student’s records will be released.
Collection Policy: All past due accounts will be referred to a collection agency. The name of the National Accrediting Commission of Career Arts and Sciences is not used in the institution’s refund policy or in any of its collection efforts.
Latin Beauty Academy will review corresponding clock hours or credits for any student who wishes to transfer those from another institution. There must be a signed letter from the Director of Education and/or