Student Financial Aid Information
Federal, State, Local, and Private financial Assistance Available to Students Who Enroll
The Chrysm Institute of Esthetics offers Pell Grant, Direct Subsidized Loans, and Direct Unsubsidized Loans to enrolled students who qualify.
Pell Grant is need-based gift aid that does not require repayment. Direct Subsidized Loans are also calculated on a need-based basis, but require repayment. Direct Unsubsidized Loans are non-need based aid and are loans for which all students may qualify.
The Chrysm Institute of Esthetics offers Pell Grant, Direct Subsidized Loans, and Direct Unsubsidized Loans to enrolled students who qualify.
Pell Grant is need-based gift aid that does not require repayment. Direct Subsidized Loans are also calculated on a need-based basis, but require repayment. Direct Unsubsidized Loans are non-need based aid and are loans for which all students may qualify.
Terms and Conditions of Title IV and HEA Loans
NSLDS Loan Information
Student loan information will be provided to NSLDS and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
Subsidized Loans Terms and Conditions
Loans must be repaid with an interest rate of 2.75% for loans disbursed in the 2020/2021 Award Year. The U.S. Department of Education is the lender and pays interest on the loan while the student is in school at least half time (12 clock hours/week) and during grace and deferment periods. The student has between 10 and 25 years to repay depending on amount owed and type of repayment plan selected.
Unsubsidized Loans Terms and Conditions
Loans must be repaid with an interest rate of 2.75% for loans disbursed in the 2020/2021 Award Year. The U.S. Department of Education is the lender. The borrower is responsible for paying all interest on the loan, starting on the date the loan is first disbursed. The student has between 10 and 25 years to repay depending on amount owed and type of repayment plan selected. Loan limits differ depending on student’s dependency.
Loan origination fees of 1.057% apply to subsidized and unsubsidized loans first disbursed on or after 10/1/2020 and before 10/1/2021.
NSLDS Loan Information
Student loan information will be provided to NSLDS and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
Subsidized Loans Terms and Conditions
Loans must be repaid with an interest rate of 2.75% for loans disbursed in the 2020/2021 Award Year. The U.S. Department of Education is the lender and pays interest on the loan while the student is in school at least half time (12 clock hours/week) and during grace and deferment periods. The student has between 10 and 25 years to repay depending on amount owed and type of repayment plan selected.
Unsubsidized Loans Terms and Conditions
Loans must be repaid with an interest rate of 2.75% for loans disbursed in the 2020/2021 Award Year. The U.S. Department of Education is the lender. The borrower is responsible for paying all interest on the loan, starting on the date the loan is first disbursed. The student has between 10 and 25 years to repay depending on amount owed and type of repayment plan selected. Loan limits differ depending on student’s dependency.
Loan origination fees of 1.057% apply to subsidized and unsubsidized loans first disbursed on or after 10/1/2020 and before 10/1/2021.
Criteria for Selecting Recipients and Determining Award Amount
Recipients of financial aid are those who have submitted a FAFSA Application (Free Application for Financial Student Aid) and have signed an award letter formally accepting federal financial assistance.
Award amounts are determined per federal regulations. Pell Grants are calculated using the “Payment Schedule for Determining Full Time Scheduled Awards” for the appropriate award year.
Subsidized Loans and Unsubsidized Loans are calculated per federal regulations and with consideration of maximum annual loan limits.
Recipients of financial aid are those who have submitted a FAFSA Application (Free Application for Financial Student Aid) and have signed an award letter formally accepting federal financial assistance.
Award amounts are determined per federal regulations. Pell Grants are calculated using the “Payment Schedule for Determining Full Time Scheduled Awards” for the appropriate award year.
Subsidized Loans and Unsubsidized Loans are calculated per federal regulations and with consideration of maximum annual loan limits.
Eligibility Requirements and Procedures for Applying for Aid
– High school diploma
– U.S. citizenship or eligible non-citizenship status
– Valid Social Security Number
– Comply with Selective Service Registration
– Certify that aid is for educational purposes only
– Not in default on federal student loan or owe a refund on a grant
– Meet Satisfactory Academic Progress standards
– Limited eligibility while incarcerated
– Ineligible for a period of time based on the type and number of convictions for possession or sale of illegal drugs while receiving federal student aid
Federal Pell Grant is available almost exclusively to undergraduates with a maximum EFC of 5486 for the 2018/2019 award year.
Direct Subsidized Loans are available to students enrolled at least half-time and must demonstrate financial need.
Direct Unsubsidized Loans are available to undergraduate and graduate students enrolled at least half-time. Financial need is not required.
Students may apply for financial aid either by electronic submission or mailing the FAFSA (Free Application for Federal Student Aid).
– High school diploma
– U.S. citizenship or eligible non-citizenship status
– Valid Social Security Number
– Comply with Selective Service Registration
– Certify that aid is for educational purposes only
– Not in default on federal student loan or owe a refund on a grant
– Meet Satisfactory Academic Progress standards
– Limited eligibility while incarcerated
– Ineligible for a period of time based on the type and number of convictions for possession or sale of illegal drugs while receiving federal student aid
Federal Pell Grant is available almost exclusively to undergraduates with a maximum EFC of 5486 for the 2018/2019 award year.
Direct Subsidized Loans are available to students enrolled at least half-time and must demonstrate financial need.
Direct Unsubsidized Loans are available to undergraduate and graduate students enrolled at least half-time. Financial need is not required.
Students may apply for financial aid either by electronic submission or mailing the FAFSA (Free Application for Federal Student Aid).
Methods and Frequency of Disbursements of Aid
Upon deposit of funds from the Department of Education, disbursements are applied to student accounts. Generally for Esthetics students, disbursements are made in two payments. The first payment is at the beginning of the program. The second at mid-term. Note: the second disbursement can only be released to the student is the student has successfully completed half the number of weeks in the program, 300 hours, and be maintaining satisfactory academic progress. The disbursement dates listed on the award letter are approximate and subject to change. Any monies due the student will be paid by check directly to the student within 14 days of disbursement from the Department of Education once the student has a zero balance with the school.
For Master Esthetics students and students who received financial aid at another institution in the same award year: amount of aid available, frequency of disbursements, and disbursement hour/weeks requirements for financial aid varies from student to student due to overlap periods.
Upon deposit of funds from the Department of Education, disbursements are applied to student accounts. Generally for Esthetics students, disbursements are made in two payments. The first payment is at the beginning of the program. The second at mid-term. Note: the second disbursement can only be released to the student is the student has successfully completed half the number of weeks in the program, 300 hours, and be maintaining satisfactory academic progress. The disbursement dates listed on the award letter are approximate and subject to change. Any monies due the student will be paid by check directly to the student within 14 days of disbursement from the Department of Education once the student has a zero balance with the school.
For Master Esthetics students and students who received financial aid at another institution in the same award year: amount of aid available, frequency of disbursements, and disbursement hour/weeks requirements for financial aid varies from student to student due to overlap periods.
Rights and Responsibilities of Students Receiving Financial Aid and Criteria for Student Eligibility
Students’ Right to Know:
– Available financial aid programs and how to apply for those programs
– Financial Aid application procedures and deadlines
– Cost of attendance and how financial need is determined;
– The type and amount of assistance you will receive, and how and when you will be paid;
– That all application information is treated with the highest level of confidentiality;
– The eligibility criteria for awarding aid;
– The conditions of any loan you accept;
– How the Standard of Academic Progress is determined;
– Requirements in the case of withdrawal, refunds, and repayment of financial aid;
– The contents of your financial aid file, in accordance with the Family Educational Rights and Privacy Act (FERPA), and to request an appeal if you believe a
mistake has been made;
– Your financial aid package will be reviewed upon your request if family and/or financial circumstances have changed;
– Campus security and crime statistics.
Students’ Responsibilities:
– Establish plans to meet your educational and living expenses;
– Submit all forms required to complete the application process in a timely and accurate manner;
– Read, understand, and retain copies of all information and/or forms that are sent to you and all other documents you sign;
– Comply with the provisions of any aid received, as well as any promissory note(s) and all other agreements you sign;
– Notify Financial Aid Office of all resources (especially outside resources) you receive that are not listed on your award letter;
– Keep Financial Aid Office informed of any change of address, name or marital status while you are a student, and until all loans have been repaid in full;
– Use aid only for educational expenses related to attending the University;
– Maintain satisfactory progress;
– Register and attend classes for the number of hours required for your aid disbursement;
– Supply Financial Aid Office with any required documentation
Students’ Right to Know:
– Available financial aid programs and how to apply for those programs
– Financial Aid application procedures and deadlines
– Cost of attendance and how financial need is determined;
– The type and amount of assistance you will receive, and how and when you will be paid;
– That all application information is treated with the highest level of confidentiality;
– The eligibility criteria for awarding aid;
– The conditions of any loan you accept;
– How the Standard of Academic Progress is determined;
– Requirements in the case of withdrawal, refunds, and repayment of financial aid;
– The contents of your financial aid file, in accordance with the Family Educational Rights and Privacy Act (FERPA), and to request an appeal if you believe a
mistake has been made;
– Your financial aid package will be reviewed upon your request if family and/or financial circumstances have changed;
– Campus security and crime statistics.
Students’ Responsibilities:
– Establish plans to meet your educational and living expenses;
– Submit all forms required to complete the application process in a timely and accurate manner;
– Read, understand, and retain copies of all information and/or forms that are sent to you and all other documents you sign;
– Comply with the provisions of any aid received, as well as any promissory note(s) and all other agreements you sign;
– Notify Financial Aid Office of all resources (especially outside resources) you receive that are not listed on your award letter;
– Keep Financial Aid Office informed of any change of address, name or marital status while you are a student, and until all loans have been repaid in full;
– Use aid only for educational expenses related to attending the University;
– Maintain satisfactory progress;
– Register and attend classes for the number of hours required for your aid disbursement;
– Supply Financial Aid Office with any required documentation
Sample Loan Repayment Schedule and Necessity of Repaying Loans
Students may calculate repayment by visiting http://www.studentaid.ed.gov/repay-loans/understand/plans/standard/comparison-calculator
For example, if you received the total amount available of subsidized and unsubsidized loans of $6333, a Standard Repayment Plan would be 120 monthly payments of $67.
If you don’t make your loan payments, you risk going into default. Defaulting on your loan has serious consequences. Your school, the financial institution that made or owns your loan, your loan guarantor, and the federal government all can take action to recover the money you owe.
Your loan becomes delinquent the first day after you miss a payment. The delinquency will continue until all payments are made to bring your loan current. Loan servicers report all delinquencies of at least 90 days to the three major credit bureaus. A negative credit rating may make it difficult for you to borrow money to buy a car or a house (you will be charged much higher interest rates). You also may have trouble
– Signing up for utilities,
– Getting home owner's insurance,
– Getting a cellphone plan, or
– Getting approval to rent an apartment (credit checks usually are required for renters).
It is important to begin repaying as soon as you receive a bill. Keep track of your student loan and learn how to manage your loan repayments.
Students may calculate repayment by visiting http://www.studentaid.ed.gov/repay-loans/understand/plans/standard/comparison-calculator
For example, if you received the total amount available of subsidized and unsubsidized loans of $6333, a Standard Repayment Plan would be 120 monthly payments of $67.
If you don’t make your loan payments, you risk going into default. Defaulting on your loan has serious consequences. Your school, the financial institution that made or owns your loan, your loan guarantor, and the federal government all can take action to recover the money you owe.
Your loan becomes delinquent the first day after you miss a payment. The delinquency will continue until all payments are made to bring your loan current. Loan servicers report all delinquencies of at least 90 days to the three major credit bureaus. A negative credit rating may make it difficult for you to borrow money to buy a car or a house (you will be charged much higher interest rates). You also may have trouble
– Signing up for utilities,
– Getting home owner's insurance,
– Getting a cellphone plan, or
– Getting approval to rent an apartment (credit checks usually are required for renters).
It is important to begin repaying as soon as you receive a bill. Keep track of your student loan and learn how to manage your loan repayments.
Procedures and Forms
In order to begin the process for applying for financial assistance, students must complete the FAFSA (Free Application for Federal Student Aid) at www.fafsa.ed.gov. The correct FAFSA website will not request payment information. If the student is selected for Verification, the Financial Aid Office will provide the necessary forms and request applicable documents needed from the student.
In order to begin the process for applying for financial assistance, students must complete the FAFSA (Free Application for Federal Student Aid) at www.fafsa.ed.gov. The correct FAFSA website will not request payment information. If the student is selected for Verification, the Financial Aid Office will provide the necessary forms and request applicable documents needed from the student.
Exit Counseling
All students who accepted and retained Title IV loan funds must complete exit counseling. The Financial Aid Office will retain the Exit Counseling Summary in the student's file.
All students who accepted and retained Title IV loan funds must complete exit counseling. The Financial Aid Office will retain the Exit Counseling Summary in the student's file.
Financial Aid Description
The Chrysm Institute of Esthetics offers Pell Grant, Direct Subsidized Loans, and Direct Unsubsidized Loans to enrolled students who qualify. Pell Grant is need-based gift aid that does not require repayment. Direct Subsidized Loans are also calculated on a need-based basis, but require repayment. Direct Unsubsidized Loans are non-need based aid and are loans for which all students may qualify. The Department of Education provides is the source of these funds. In order to continue participation in the financial aid program, students must maintain a 75% academic grade average and 80% attendance average.
