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Student Loan Application Process and Requirements

STUDENT LOAN APPLICATION PROCESS:

The William D. Ford Direct Student Loan is the federal student loan program utilized by Charles and Sue's School of Hair Design students. To apply for a federal student loan, you must first complete and submit a FAFSA. Based on the results of your FAFSA form, the Financial Aid Office will notify you of your eligibility via a Financial Aid Offer Letter, which may include federal student loans.

Direct Loans can be either subsidized or unsubsidized. Subsidized Loans are based on financial need and no interest is charged as long as you maintain continuous enrollment (at least half-time). Unsubsidized Loans are not need-based, and interest is charged to you from the time the loan is credited to your tuition bill. Repayment of Direct Loans begins six months after you graduate, withdraw from the school, or drop to less than half-time status.

All first-time/new student loan borrowers are required to:

Complete Entrance Counseling, a tool to ensure you understand your obligation to repay the loan; and
Sign (electronically) a Master Promissory Note, agreeing to the terms of the loan.

Please note that you will need your FSA-ID credentials (username and password) to access these federal processes.

FEDERAL PARENT PLUS LOAN:

Federal Parent PLUS Loans allow parents with good credit ratings to borrow up to the remaining cost of their child's education (Cost of Attendance minus any other financial aid the student is receiving), up to a maximum of $20,000 per academic year. These loans are not need-based, but students who have parents wishing to take a PLUS Loan must file the FAFSA.

To receive a parent PLUS loan, you (the parent borrower) must:

Be the biological or adoptive parent (or in some cases the stepparent) of a dependent undergraduate student enrolled at least half-time,
Not have an adverse credit history (unless you meet certain additional requirements or have a valid co-signer), and
Meet the general eligibility requirements for federal student aid.
Sign a Master Promissory Note (MPN) located at Federal Master Promissory Note.

A Note About Grandparents:

Grandparents or legal guardians (unless they have legally adopted the dependent student) are not eligible to receive parent PLUS loans, even if they have had primary responsibility for raising the student. If you are unable to obtain a parent PLUS loan, the student may be eligible for additional unsubsidized loans. The student should contact the Financial Aid Office for more information.

REMEMBER!

If you need additional help or clarification on any of the information above, our experienced financial aid staff can answer any questions you may have.

Financial Aid Information Consumer Information