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Financial
FINANCIAL SUPPORT

Financial Aid

FINANCIAL AID DEPARTMENT

The financial office is open Tuesday through Friday from 10a.m to 5p.m.Students and prospective students may obtain forms and information during these hours.

POLICES AND PROCEDURES ON FEDERAL AID RECIPENTS
A student wishing to apply for federal financial aid may pick up a free application for federal student aid (FAFSA) FROM Trend Barber College financial aid office. Students are required to bring there social security card, driver license, high school diploma or transcript showing completion of 12th grade, a GED certificate or if any of the above is not present, the student must take an ability to benefit test administered by am independent tester a fee is required based on the independent tester charge.
Signed, completed applications with supporting documentation are forwarded to the financial aid office. The FAO will review all applications submitted and then enter the data into the computer for submission to the department of education. The original signed and dated application will be retained in the student financial aid file.
In the process described earlier, student will receive a paper student aid report (SAR) that is mailed to their home address. In the electronic process, the school receives electronic information via computer and print a document known as institutional student information record (ISIR). The two documents are almost the same; except the recipient and the speed of completion. Either the SAR or the ISIR is required for all eligible students wishing to receive financial aid.
When the ISIR is printed in the financial Aid office, the student is notified through telephone, e-mail, or regular mail through the United States post office. The students are asked to review the ISIR or SAR for accuracy of information. Some ISIRS are flapped for verification, selective service registration, and drug conviction, for selling or possession of drugs and at some instances some applicants are in default of a federal student's loan. After the prospective student have reviewed his/her ISIR and find a fault, then the corrections are made to reflect the correct information.

VERIFICATION POLICY
The US Department of education requires Trend Barber College to verify any student and application flagged for verification under the 100% verification policy. Therefore in the event that a student is selected for verification, the department of education has provided a verification worksheet, to be completed by the student, spouse, and the student's parents for dependant students. The verification process may take up to one month in some cases and a
few days for less complicated cases. Trend Barber College request that students and spouse or parents bring in the appropriate paper work, complete verification work sheet with signatures and provide proof of support for low income students.
All financial paper work needed is the responsibility of the student to furnish to the financial aid office and all statement of income to be signed by the student, or spouse or parent.
Selective service flag means that you the student need to register for selective services. You can register at any United States post office, through the internet at www.sss.gov. pick up registration packet at Trend Barber College, Financial Aid Office.
You can also call 1-847-688-6888 for inquiries.

DRUG CONVICTION: if you the student have been convicted for illegal possession or selling of drugs. You must complete a drug worksheet with the financial aid office at Trend Barber College, to ascertain eligibility. If you the student have completed a drug rehabilitation class and has certificate to prove to the financial aid office that a class was completed after conviction, that over rides the conviction. However, if while you are in school and happen to get rearrested for drug possession or selling of drugs your financial aid will be dropped until rehabilitation program is completed by the student with proper documentation as
evidence.
For student who is in default, on a federal student loan, is not eligible for financial aid until the loan is paid off and the proof of payment brought to the office of the financial aid.
Professional Judgment may be used to alter the data elements used to calculate EFC. Also professional judgment may be used to adjust the students' cost of attendance. The reason for the adjustment must be documented in the students file. Any conflicting information or consistency must be resolved on the output document before making any adjustment.

Award Process: The financial aid officer will calculate the students' award using the expected family contribution (EFC) from ISIR, the financial aid officer will generate award letter stating the amount of the award, dates of payment to the student tuition account. The student will sign the award letter that will be filled in the students' financial aid file. Payment of federal pell grant fund is through electronic payment and the students' account credited. Award disbursement is done in two- payment periods - the first payment is made after the receipt or a valid ISIR and verification process (if applicable) has been completed. The remaining payment is done after the student has satisfactorily completed 450 clock hours. Federal financial aid does not automatically continue from one award year to the next (July 1 to June
30). Funds not used in one award year WILL NOT be carried forward into the following award year. If the student has completed and mailed an application without using the electronic process available at Trend Barber College, Inc. the student must present a valid paper SAR to the FAO. The award letter and payment process is the same for students with either paper or electronic ISIR.

RELEASE OF FEDERAL STUDENT AID DATA
Before any institution can receive student information electronically the student must complete the “College Release Certificate” section of the FAFSA. The FAFSA allows student to enter names and addresses of six post secondary schools that will be allowed to receive information.
A student transferring to Trend Barber College from another school must complete paperwork to add Trend Barber College school code, with DRN number to the ISIR and the student will in turn receive a SAR and will also receive an ISIR with student’s information.
If a student who received an electronic SAR is transferring from Trend Barber College to another institution, the student will follow the same procedure. The student will be required to give the Pell code to the Dept .of Education of the new school.

ELIGIBILITY FOR TITLE IV ASSISTANCE AT TREND

Student must have an high school diploma or General Education Development (GED) certificate or must pass an independently administered test approved by the U.S. Dept. of Education.
Be enrolled as a regular student in an eligible program
Be a U.S. citizen or an eligible non-citizen.
Have a social security number.
Make satisfactory academic progress.
Sign a statement of education purpose.
Sign a statement of updated information.

FINANCIAL NEED: Federal student aid awards are based on financial need. Need is the difference between your cost of education (expenses such as tuition, fees, room, board, books, supplies, and other related expenses) and the amount you and your family are expected to contribute towards your education.

GRANTS: Grants are an award of federal student aid, which do not have to be paid back. Trend Barber College does participate in Title IV program.

A federal Pell Grant is entitlement, which means it does not have to be repaid. If a student qualifies for an award, they will receive it. The amount of awards is based on the U.S. Dept. of education determination of students need.

LOAN- SUB AND UNSUBSIDIZED: Available to all students, maximum $3500 for 1st year students, beginning in 2007-2010 award year, additional unsubsidized Loan available to independent students maximum $6000 for 1st year students. 2nd year students may qualify for additional loans based on C.O.A. (cost of attendance) and peroration of remaining hour. Dependent students $2000.00 unsubsidized and may also qualify for a grade level 2 loan.
A Stafford loan usually must be disbursed in two or more installments, with no disbursement or exceeding half the loan amount. The earliest a school may  disburse a Stafford loan directly to an enrolled student or credit his or her account is 30 days before the first day of the period of enrollment.
Similarly, the school may make a subsequent disbursement no earlier than 10days before the period of enrollment for which that disbursement is intended.

When ever a school credits federal student aid funds to a student’s account and determines that a portion of those funds exceed the amount of the student allowance charges, the school must pay that credit balance directly to the student (or parent, in case of a plus loan) as soon as possible or as a specified in federal student aid regulations. If the credit balance occurred after the first day of class, the school must pay the balance to the student or parent no later than 14 days after the balance occurred. If the credit balance occurred on or before the first day of class, the school must pay the balance within 14days after the first day of class for the payment period.

FSEOG FUNDS: Awards of FSEOG funds are first awarded to students with the lowest EFC (Expected family contribution). FSEOG funds are available throughout the academic year and are awarded to students who are Pell eligible. (Revised: July 19, 2007)

RETURN OF TITLE IV FUNDS
If a student (parent/guardian in the case of a student under legal age). Cancel his/her contract, the cancellation date will be determined by the postmark on written notification or the date said information is delivered to the school’s Financial Aid Director/Owner in person. This policy applies regardless of whether or not the student has actually started training.

Good attendance is one of the keys to your success as a student in a vocational program. As of 02/04, the Department of Education released its “14 Day Rule”. This rule states that the date of the institution’s determination that a student withdrew would be no later than a week (calendar week) after the student’s last date of academic attendance for 14 days. If the student does not notify the school that he/she is withdrawing, formal termination shall be based on monitoring of participation determined by the institution. i.e academic advising, class, examinations, tutorials, computer-assisted instruction, other academically related activities.

For student who do not return from a Leave of Absence last date of attendance will be actual withdrawal date. The date the student was due back will be used as the date school determines student is withdrawn.

If a student withdraws officially and/or unofficially the school or the student may be required to return some of the federal funds awarded to the student. The federal formula requires a return of Title IV aid if the student received federal assistance in the form of Pell Grant, supplemental Educational Opportunity Grant (SEOG), and Federal Family Educational Loan Program and withdrew on or before completing 60% of the payment period. The percentage of Title IV aid to be returned is calculated by dividing the students scheduled hours by the total scheduled hours in that payment period if the withdrawal date is on or after July 1, 2006.

Funds that are to be returned to the federal government are used to reduce the outstanding balances in individual federal programs. Financial aid returned must be allocated in the following order:

1. Federal Unsubsidized Stafford Loan

2. Federal Subsidized Stafford Loan

3. Federal Plus (Parent) Loan

4. Federal Pell Grant

5. Federal Supplemental Educational Opportunity Grant (SEOG)

6. Other Federal Loan and/or Grant Assistance

The school must return any Title IV funds they are responsible for within 45 days after the school determines the student withdrew. Copies of all calculations and checks will be supplied to the student upon finalization of the file.

Note: If funds are released to a student because of a credit balance on a student’s account, then the student may be required to repay some of the federal funds after withdrawal.

There are certain instances in which a student is eligible for a post – withdrawal disbursement. The institution’s may make any post withdrawal disbursement up to 120 days from the date of the institution’s determination that the student withdrew. Post withdrawal disbursements are first made from the Federal Pell Grant & SEOG. Within 30 days of withdrawal determination a written notice will be sent to the student and/or parent for approval to credit any outstanding tuition balance.

CREDIT BALANCE: Credit balance occurs after a student Ledger show a balance of zero ($00.00). All Credits are given to students after Mid-Point Review of Clock Hours in the payment period. SAP (Satisfactory Academic Progress) report must be Yes on Genesis School Management Software.

EXAMPLE:    1ST PAYMENT PERIOD IS 0-450 CLOCK HOURS
2ND PAYMENT PERIOD IS 451- 900 CLOCK HOURS
3RD PAYMENT PERIOD IS 901-1200 CLOCK HOURS
4THPAYMENT PERIOD IS 1201-1500 CLOCK HOURS