II. Information Regarding Student Financial Aid
OVERVIEW OF FINANICAL AID PROGRAMS
Skin Institute offers financial aid to those who qualify.
Title IV programs : Pell Grant, Federal Direct PLUS Loan, Federal Direct Subsidized Loan, Federal Direct Unsubsidized Loan
Federal military or veterans educational benefits for those who qualify based on available programs
State Grant Programs : facilitated through the Missouri Career Centers. Students must apply at a Missouri Career Center for state grant funds
CONTACT INFORMATION FOR OBTAINING FINANCIAL AID ASSISTANCE
Prospective or enrolled students who have questions about obtaining Skin Institute financial aid should contact the Front Desk to request a financial aid appointment or email to email@example.com ATTN: FINANCIAL AID.
HOW TO APPLY FOR FINANCIAL AID
Skin Institute makes financial aid resources available to its students. Some funds are need-based, meaning the funds go to the most financially needy students who qualify. There are also non need-based funds which are available to any students who qualify for the programs regardless of their income or that of their parents.
HOW TO APPLY FOR FINANCIAL AID
Need-based programs include Pell Grant and subsidized student loans.
Non need-based programs include unsubsidized student loans and parent loans.
Students who would like to be considered for financial aid must apply using the Free Application for Federal Student Aid (FAFSA). See URL below. Some financial aid resources require a student to submit additional application materials.
Each year the US Department of Education designates financial aid recipients whose documentation will be verified. Skin Institute verifies every file identified by the federal government as part of its own verification process. Financial aid recipients’ files are verified using a verification worksheet.
Students, and parents of dependent students, will be required to complete and sign a Verification Worksheet.
Students, and parents of dependent students, will also be required to complete a FAFSA Correction and use the IRS Data Retrieval Link in the tax section of the FAFSA.
If you are not able to use IRS Data Retrieval Link for any reason, students, and parents of dependent students, will need to go to any IRS office in Missouri and get a 2015 Tax Transcript. The Financial Aid office is no longer able to take personal tax forms (i.e. 1040 Tax Forms). Please go to www.IRS.gov and click on contact your local IRS office to find an office closest to you.
Once a student is selected for verification, they are required to submit all documentation and FAFSA corrections immediately to avoid delays in the awarding of financial aid.
Eligibility Changes Resulting from Verification
If the verification process results in a change of a student’s financial aid eligibility, Skin Institute will notify the student of the status of the change to financial aid award.
ELIGIBILITY FOR FINANCIAL AID
The federal government is the primary source of financial aid for college students. Students must meet several requirements in order to be eligible to receive federal aid. The following requirements are common to most federal (and many other) financial aid programs:
Students must have financial need and demonstrate it through their financial aid application materials. (Note, however, that some loan programs are available to students who do not have financial need.) We strongly encourage students to apply for aid by the deadline dates if they think they may need financial assistance.
In order to receive financial aid, students must be admitted to the school and working toward a certificate of completion. (However, students may apply for aid before being accepted for admission or enrolled.)
*Students receiving Federal military or veterans educational benefits must make an appointment with the Financial Aid office to go over program information
To qualify for most aid, students must be U.S. citizens or eligible non-U.S. citizens. Federal regulations severely limit the types of financial assistance available to non-U.S. citizens.
All students must have a valid Social Security Number.
Most male students who are between the ages of 18 and 25 must be registered with the U.S. Selective Service.
Continuing students must be making satisfactory academic progress.
Students receiving federal student aid may use it only for educational purposes.
To continue to qualify for financial aid, students may not owe a refund on a federal grant or be in default on any federal educational loan.
Restrictions on Eligibility
Undergraduates who have already received a bachelor's degree may only receive loans while pursuing an additional course of study and are not eligible for federal grant assistance such as the Pell Grant.
Students who are enrolled at more than one college or university at the same time may receive Pell grant from only one institution, not both. Students may borrow a Direct Loan from more than one institution for the same term. However, students may not borrow more than their annual loan limit, and Skin Institute will determine loan eligibility by reviewing the student’s borrowing record with the National Student Loan Data System (NSLDS).
For more information, contact Mike Zubiena, Fiscal Officer, at the Skin Institute Financial Aid Office at (314)825-1460.
SATISFACTORY ACADEMIC PROGRESS POLICY
Reference: 34 Code of Federal Regulations Section 668.34
Skin Institute's Financial Aid programs stem from a belief that student aid services should facilitate and foster the successful academic participation of financially disadvantaged students. Skin Institute's Financial Aid Satisfactory Academic Progress Policy has been formulated with this belief in mind. It is designed to strengthen and reinforce the relationship that should exist between financial aid and successful academic participation.
Federal regulations require that schools establish satisfactory academic progress standards for students applying for and receiving federal aid. These regulations require that the Financial Aid Office review all periods of a student’s enrollment history regardless of whether financial aid was received, to determine if a student is making satisfactory academic progress towards an educational objective. A student’s progress will be evaluated at the course midpoint, and prior to graduation, by the standards outlined below. All periods of enrollment will be evaluated regardless of whether or not financial aid was received.
These standards apply to all students who apply for and receive financial aid from the following programs:
Students receiving financial aid at Skin Institute must be enrolled in the esthetics program and working towards the certificate of completion.
SATISFACTORY ACADEMIC PROGRESS CRITERIA
In order to satisfy Satisfactory Academic Progress requirements, financial aid recipients must: Earn a minimum70% Cumulative GPA
SATISFACTORY ACADEMIC PROGRESS POLICY
Federal regulations require that institutions measure a student’s pace toward their educational objective to ensure they complete within the maximum time length for that program.
Attendance is calculated by dividing hours completed by hours scheduled.
Attendance for a student pursuing a Certificate cannot be less than 67%.
MAXIMUM TIME LENGTH
Federal regulations require that institutions establish a maximum time period or unit total for a student to complete an educational objective (degree/certificate) if financial aid is received. Financial aid recipients will be considered to be making satisfactory academic progress if they complete their educational objective in the time frame indicated below.
SATISFACTORY ACADEMIC PROGRESS POLICY
Certificate of Completion: Skin Institute offers a Certificate of Completion for our Esthetics Program. This program requires completion of 900 clock hours. Students enrolled in the esthetics program must complete the program by the time they have attempted 150% of the scheduled hours. For example a student enrolled the program, which is a 30 weeks course, must complete the program within a 45 week timeframe.
FINANCIAL AID WARNING AND WRITTEN NOTICE
The Financial Aid Office will evaluate each financial aid recipient's academic progress each term. Each term end evaluation will include a GPA review, an attendance assessment as well as maximum time length. Students placed on financial aid warning will be so notified.
SATISFACTORY ACADEMIC PROGRESS POLICY
Financial aid recipients will also be disqualified from financial assistance if they exceed the maximum time length or fail to meet minimum requirements for satisfactory academic progress
NEED BASED AND NON NEED BASED FEDERAL AND STATE FINANCIAL AID
Skin Institute has financial aid programs. Some are need based and some are non-need based as determined by the information provided and verified on the Free Application for Federal Student Aid.
Cost for normal completion: $12,990.00
The median loan debt incurred by students who complete the program Title IV Loans (median loan debt) : $9,500.00
Information Regarding Health and Safety
CAMPUS SAFETY AND SECURITY
Campus security and safety are important issues in postsecondary education. In recognition of this fact, and in keeping with applicable federal requirements, Skin Institute publishes each year a Campus Safety and Security Report. This Report discloses information concerning campus safety and security policies and procedures, as well as statistics regarding certain types of crimes reported to the campus and local law enforcement during the prior calendar year. Among other things, each Report includes policies and procedures relating to:
This Report thus provides students, prospective students, employees, and prospective employees with key information regarding the security of the campus and surrounding areas, and ultimately, creates a safer, more secure campus environment.
The most recent Campus Safety and Security Reports is available at the Front Desk. To request a copy or for assistance with any of the information discussed therein, individuals may contact the Education Director or send their request via email to Attn: Education Director via the email address: firstname.lastname@example.org
The Annual Security Report including the school's crime statistics is available at the Front Desk before October 1st of each year. A facebook post for staff, faculty and students will proceed the report informing them where to view the report and how to request the report to be delivered by mail or email.
Timely warnings which alert staff, faculty and students whenever a serious crime takes place on campus and the suspects are at large leaving a potential risk to the college's employees, students and guests. Staff, faculty and students would be alerted by campus wide facebook post as well as notices posted on building entrance.
The Daily Crime Log is available for review at the Front Desk.
EMERGENCY RESPONSE AND EVACUATION PROCEDURES
Emergency evacuation of a building/buildings or the campus may be required due to situations such as a major fire, an explosion or a major crisis situation. An evacuation plan should be preplanned in order to move away from a threatened building or area toward an evacuation area.
The evacuation protocol shall be used under the following conditions:
AVAILABILITY OF EMPLOYEES FOR DISSEMINATION PURPOSES
Administrative Services Safety Team
The Safety Team has the primary role of assisting with the safe and orderly evacuation of the building during emergencies. The Safety Team includes School Director, Education Director and Administrative Facilitator, in conjunction with the teaching staff, each charged with the responsibility to insure that timely and accurate information is communicated in the event of an emergency or disaster.
Skin Institute Safety Team Duties:
The Skin Institute Safety Team program was developed to facilitate the safe evacuation of the building and assist in other emergency response operations.
Assisting in the safe and complete evacuation of campus.
Assisting the Law Enforcement Official or emergency response personnel in preventing entry to building by non-emergency responders until the affected area(s) are deemed safe.
Reporting injured or trapped persons to Law Enforcement or Fire Department emergency responders.
Providing emergency First Aid to victims.
*An Evacuation Plan diagram is posted on the bulletin board above the time clock. Additional copies are available at the Front Desk
|Program Tuition and Fees -|
|Total cost of program||$12,990.00|
WITHDRAWAL AND SETTLEMENT POLICY
The Skin Institute Withdrawal and Settlement Policy applies to all terminations for any reason, by either party, including student decision, program or course cancellation and school closure.
Any monies due applicant or student shall be refunded within 45 days of official cancellation or withdrawal:
Official cancellation or withdrawal shall occur on the earlier of the dates that
PROGRAM CANCELLATION POLICY
If the program is cancelled subsequent to a student’s enrollment, and before instruction in the program has begun, the school shall at its option:
TERMINATION BY INSTITUTION
Skin Institute retains the right to terminate a student should it be discovered that a student is cheating on any tests, or if the student is stealing products, supplies, or monies from the school. A student will also be terminated if the student physically assaults another student or staff member. Students will be terminated if discovered under the influence of an illegal substance, with a blood alcohol level over the legal limit of 0.08, or if on campus with any kind of weapon.
A termination fee of $150.00 will apply.
REQUIREMENTS FOR RETURN OF FEDERAL FINANCIAL AID
The policy pursuant to which the school returns federal financial aid is described in detail in the school’s Catalog.
DRUG AND ALCOHOL ABUSE
Skin Institute is committed to providing a healthy and safe learning environment for its students, faculty, staff, and guests. Abuse of alcohol and other drugs disrupts this environment, interfering with the academic and personal development of our students, and the personal and professional development of our employees. For this reason, as a matter of policy, Skin Institute prohibits the unlawful manufacture, possession, use, sale, dispensation, or distribution of controlled substances and the possession or use of alcohol by students and employees on campus.
Any violation of these policies will result in appropriate disciplinary action up to and including expulsion in the case of students and termination in the case of employees, even for a first offense. Violations of the law also will be referred to the appropriate law enforcement authorities. It is unlawful to sell, furnish or provide alcohol to a person under the age of 21. The possession of alcohol by anyone less than 21 years of age in a public place or a place open to the public is illegal.
Students or employees also may be referred to abuse help centers
All students receive a copy of the school’s Drug Prevention Program at orientation. Please stop by the Front Desk if you need another copy
DESCRIPTIONS OF ACADEMIC PROGRAM
COURSE DESCRIPTION : ESTHETICS
Skin Institute offers a Certification of Completion Esthetics Program which meets the minimum academic year definition.
INSTRUCTIONAL FACILITIES AND CLINIC
The school provides the instructional, clinical, and demonstration facilities needed to support the academic program.
FACULTY PROFESSIONAL DEVELOPMENT
Educating our Educators
Skin Institute has formed a strategic partnership with the International Dermal Institute for the ongoing advanced training of our instructor team.
Our Instructor continuing education is also supplemented by the Master Educator training offered through Milady, a leader in the education sector.
Our Educators attend the most prestigious trade shows, events and training opportunities in the country. These industry events expose our Educators to new techniques, products, equipment, and trends presented by our industry’s top educators.
The following guidelines have been developed to serve as a standard for Faculty Professional Development.
Individuals may request the names of the faculty and instructional personnel by emailing: Education Director at email@example.com
Skin Institute is nationally accredited by THE NATIONAL ACCREDITING COMMISSION OF CAREER ARTS & SCIENCES and Licensed by the Missouri State Board of Cosmetology
ILLEGAL DISTRIBUTION OF COPYRIGHTED MATERIALS
Skin Institute supports the Higher Education Opportunity Act and Digital Millennium Copyright Act, including efforts to eliminate the illegal distribution of copyrighted material. None of the proprietary material distributed through Skin Institute is approved for reproduction without prior approval. Stop by the Front Desk to make an appointment with the Education Director for further guidelines to students, faculty and staff to assist in compliance with federal copyright laws.
CONSTITUTION DAY INFORMATION
In order to comply with the new federal regulation requiring the development of educational programming to celebrate Constitution Day on September 17th of each year, Skin Institute integrates a presentation on the Constitution into its lesson plan for the day.
STANDARDS OF STUDENT CONDUCT
The Skin Institute School Directors are charged with responsibility for the governance of the school. In furtherance of that responsibility, the School Directors have the authority to adopt and enforce such rules and regulations, as it deems necessary for the operation, control, and management of the school. A copy of these policies is provided to each student at orientation, and copies are also available at the front desk. The Standards of Student Conduct adopted by the School Directors include provisions relating to the standards of conduct expected of students at Skin Institute. Faculty and administrators involved in the disciplinary process are expected to abide by the standards articulated in the Skin Institute Standards of Student Conduct.
School Conduct Standards
Interference with the school's educational objectives or community life is cause for disciplinary action. All members of the school community and visitors are expected to refrain from such interference on school premises and at school sponsored or authorized activities.
Although all staff members representing the school are concerned with the welfare and discipline of students, it is the responsibility of the School Directors to see that rules and regulations are maintained.
In the pursuit of his/her academic ends, a student should be free of unfair and improper action by any member of the academic community. A grievance may be initiated by a student when s/he believes that s/he has been subject to unjust action or denied his/her rights as stipulated in published school orientation materials, State laws or Federal laws. Such action may be instituted by a student against a faculty/staff member of an administrator. When a student believes an injustice has been done to him/her, s/he may seek redress through the published “Student Grievance Policy.”
If there are any questions regarding Student Conduct Standards of Due Process/Discipline and the Student Grievance Policy, please refer to the insert in your Orientation Packet or refer your questions to Victoria Zubiena, School Director.
STATEMENT OF NONDISCRIMINATION
Skin Institute does not discriminate on the basis of race, color, national origin, sex (including taking negative action against an individual because of the individual’s failure to conform to gender stereotypes), disability, or age in its educational programs and activities. Title IX of the Educational Amendments of 1972 (Title IX), 20 U.S.C. 1681 et seq and its implementing regulations 34 C.F.R Part 106, requires Skin Institute not to discriminate in such manners as listed above.
The following person is responsible for coordinating its Title IX efforts for nondiscrimination and handles inquiries regarding the nondiscrimination policies:
Victoria Zubiena, School Director, 25 Ronnie’s Plaza, St. Louis, MO 63126 (314) 843-2222 firstname.lastname@example.org attn.: School Director
Any inquiries concerning the application of Title IX may be referred to Ms. May at the address, phone number or e-mail address listed above.
You may also make an inquiry with the U.S. Department of Education at:
U.S. Department of Education, Office for Civil Rights, 8930 Ward Parkway, Suite 2037, Kansas City, MO 64114-3302 (816) 268-0550 OCR.KansasCity@ed.gov
In order to be eligible for Federal Student Aid at Skin Institute, a student must be enrolled in an educational program that prepares a student for gainful employment in a recognized occupation.
Gainful Employment Disclosures for Esthetics Program
Skin Institute’s esthetics program trains students to pursue the following occupations as listed on, http://www.onetonline.org/find/
SKIN CARE SPECIALIST
U.S. Department of Labor Standard Occupational Classification (SOC) code: 39-5094.00
Occupations: Medical Spa Esthetician, Resort or Destination Spa Esthetician, Educator or Corporate Trainer, Retail/Distributor/Manufacturer Sales Representative, Spa Manager, Salon Staff Esthetician, Own a Skincare Center or rent a room at a facility and offer skincare services, Laser Facility Esthetician, Wax Spa Esthetician, Manufacturer Representative, Business Consultant at Spa Management Company for the Skincare Segment, MakeUp Artist, Department Store makeup counter sales or cosmetics department manager.
Hours required for Certificate of Completion - Esthetics program: 900 hours.
*disclosure statement: Skin Institute requires more hours to graduate than the 750 hour State requirement for licensure.
On time graduation rate: The on time graduation rate for 2014-2015 is 100% for this program.
Students at Skin Institute attend full-time, with a 30 hours schedule and can complete the program in 30 weeks.
|Percentage length scheduled to
total length of program
|Amount of Tuition owed to school|
|0.01% to 5.0%||20%|
|5.1% to 10.0%||30%|
|10.1% to 15.0%||40%|
|15.1% to 25.0%||45%|
|25.1% to 50.0%||70%|
|50.1% and over||100%|
In accordance with federal regulations set forth by The Higher Education Act of 1965, as amended, below is a summary of consumer information that must be made available to all students at Skin Institute. Each topic listed gives a brief description of the information that must be disclosed and explains how it can be obtained.
If you need assistance obtaining information listed or you would like a paper copy, contact the Front Desk.
I. Information about Skin Institute
FAMILY EDUCATIONAL RIGHTS AND PRIVACY ACT (FERPA)
Skin Institute maintains student records and privacy in accordance with the Family Educational Rights and Privacy Act (FERPA).
The Family Educational Rights and Privacy Act sets forth requirements regarding the privacy of student records. FERPA protects students' rights to inspect and review their education records, to request to amend their educational records, and to limit disclosure of personally identifiable information contained in education records.
Student education records are defined as records, files, documents and other materials that contain information directly related to a student and are maintained by the institution or by a party acting for the institution. Education records are NOT: sole possession records, law enforcement unit records, employment records, medical records, or post-attendance records.
The school may disclose information without student consent to the following:
All currently enrolled and former Skin Institute students, regardless of age, are protected under FERPA.
Refer to the Orientation Packet insert for more information on FERPA and Skin Institute
Skin Institute does not generally require specific immunizations beyond those requirements that may be imposed by federal or state law. However, if we determine that a public health situation has developed that warrants the implementation of mandatory immunization requirements, those requirements will be communicated as quickly as possible. In addition, Skin Institute reserves the right to take steps to limit or restrict an individual’s access to any campus or to require medical documentation as reasonably necessary to verify that an individual does not pose a substantial risk to the community due to communicable disease. Though not required, it is strongly advised that students have the following: immunized against measles, mumps, rubella, and varicella (chickenpox), and immunized against hepatitis B.
If you have any questions regarding our Immunization policy, please do not hesitate to contact the Education Director via email at email@example.com
PROGRAMS AND SERVICES AVAILABLE TO STUDENTS WITH DISABILITIES
Skin Institute is committed to providing an accessible and supportive environment for students with disabilities, consistent with its obligations under Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990. Accordingly, Skin Institute does not discriminate on the basis of disability against otherwise-qualified individuals in any program, service, or activity offered by the school, and strives to ensure that no otherwise-qualified individual with a disability is excluded, denied services, segregated, or otherwise treated differently than other individuals because of the absence of auxiliary aids or other appropriate services. However, accommodations cannot result in an undue burden to Skin Institute or fundamentally alter the requirements essential to a program of instruction.
Individuals with any questions or concerns about this policy may contact the Education Director via email at firstname.lastname@example.org or @314-843-2222
STUDENT BODY DIVERSITY
The National Center for Education Statistics (NCES), a division of the U.S. Department of Education, is the primary federal entity responsible for collecting and analyzing data related to postsecondary education in the United States. Each year, NCES collects a broad range of information from postsecondary institutions through the Integrated Postsecondary Education Data System. Much of this information is then sorted, organized, and presented to the public on the College Navigator website, which is managed by NCES.
Skin Institute regularly reports this information to the Integrated Postsecondary Education Data System (IPEDS). Follow these steps to access this information:
Milady’s Fundamental Esthetics Textbook Bundle including the CourseMate technology package are included in the total tuition cost and the bundle is distributed on the first day of class to every incoming student.
Textbooks for Esthetics Program from the Milady Cosmetology Series: Esthetics Bundle
*The costs of all Textbooks are included in Tuition and cannot be purchased separately. Retail Value = $272.85
VOTER REGISTRATION INFORMATION
The right to vote stands as one of our greatest American freedoms. Many Americans have made the ultimate sacrifice to secure this right. Because registering to vote is the first step you can take toward a lifetime of responsible, effective citizenship, Skin Institute encourages our students and employees to register to vote. Each state has a different deadline for voter registration, but in most states, you will need to register at least 30 days before an election.
Students may visit their local post office to obtain the required Voter Registration form and necessary requirements outline by their state, or visit the U.S. Election Assistance Commission at http://www.eac.gov/voter_resources/register_to_vote.aspx to obtain a National Mail Voter Registration form. Students or employees with questions regarding voter registration may request assistance at the Front Desk.
COST OF ATTENDANCE
Standard cost budgets used for financial aid purposes are as follows: these budgets include the cost of attendance including enrollment fees, books and supplies, room and board, personal expenses and transportation for students living at home with parents or those living off campus. These budgets are based on full time enrollment at the school for 900 hours.
Living at home with parents : $14,775.00 living off campus : $19,980.00
For additional information on college fees, please request at the Front Desk.
ALL FEES ARE SUBJECT TO CHANGE WITHOUT NOTICE
NET PRICE CALCULATOR
Planning for a postsecondary education can seem like an insurmountable task, and sometimes it seems that the financial aid office has a language all its own. The purpose of the Net Price Calculator is to give first time, full-time students (and their parents) a better idea of what their “estimated” educational cost will be.
The estimates provided by the Net Price Calculator will provide you a general snapshot of what you can expect for planning purposes. The estimate provided is based on cost of attendance and financial aid provided to students for our program in the most recent award year (e.g., 2015-2016). It is important to understand, however, that cost of attendance and financial aid availability change year to year, and awards are determined on an individual basis. Moreover, not all students receive financial aid. Therefore using the information provided, while helpful for planning, may only provide a partial overview of what you can expect to receive in financial aid.
Also, please keep in mind that actually applying for financial aid is a separate process. In order to receive a federal financial aid award, for example, an eligible student must first submit the Free Application for Federal Student Aid, or “FASFA” (to learn more about the FAFSA, students may visit http://www.fafsa.ed.gov).
We have included the following glossary terms below, which may help explain the meaning of the terms used in the Net Price Calculator and how they relate to you.
To calculate the net price of our program, please use the following link: http://www.skininstitute.edu and click on the Net Price Calculator
Questions regarding the Net Price Calculator may be directed to your campus Education Director or submitted via email to email@example.com
Click HERE to visit the Net Price Calculator Information Center
HOW ELIGIBILITY FOR NEED-BASED AID IS DETERMINED AND HOW NEED-BASED AID IS AWARDED
Definition of Financial Need
Students are packaged for financial aid (given financial aid from several of the programs for which a student is eligible) based on the student’s financial need. Financial need is determined by a student’s Expected Family Contribution (EFC) (computed from information provided on the Free Application for Federal Student Aid) as compared to Skin Institute’s Cost of Attendance (COA). Those who have a positive number remaining after the EFC is subtracted from the Cost of Attendance may qualify for some need based aid sources. To meet with federal regulations, Skin Institute defines the neediest students as those whose EFC = $0.
Resources Included in Award Packaging
Financial aid packages are awarded as follows in this order:
HOW AND WHEN FINANCIAL AID WILL BE DISTRIBUTED
Skin Institute chooses to disburse all financial aid funds to eligible students in two disbursements: the first disbursement is 30 days after your scheduled start date. The second disbursement is after 450 hours have been completed, and the 451st hour has been attempted, provided it is after the midpoint date. Financial aid funds are posted to the student ledger with any excessive funds disbursed within 14 days of an account credit balance.
RIGHTS AND RESONSIBILITIES OF AID RECIPIENTS
Students at Skin Institute applying for and receiving financial aid have a right to the following:
Students at Skin Institute applying for and receiving financial aid are responsible for the following:
FINANCIAL AID FRAUD
Every year, millions of high school graduates seek creative ways to finance the markedly rising costs of a college education. In the process, they sometimes fall prey to scholarship and financial aid scams. On November 5, 2000, Congress passed the College Scholarship Fraud Prevention Act of 2000 (CSFPA). The CSFPA enhances protection against fraud in student financial assistance by establishing stricter sentencing guidelines for criminal financial aid fraud. It also charged the Department, working in conjunction with the Federal Trade Commission (FTC), with implementing national awareness activities, including a scholarship fraud awareness site on the ED Web site.
According to the FTC, perpetrators of financial aid fraud often use these telltale lines
To file a complaint, or for free information, students or parents should call 1-877-FTC-HELP (1-877-382-4357)
RETURN TO TITLE IV
Federal financial aid (“Title IV funds”) is awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount of Title IV funds that the student was originally scheduled to receive.
A recipient of Title IV grant or loan funds withdraws from Skin Institute after beginning attendance, the amount of Title IV grant or loan assistance earned by the student must be determined. If the amount disbursed to the student is greater than the amount the student earned, unearned funds must be returned.
See “Withdrawal Procedures” above for an explanation of withdrawal procedures at Skin Institute. The withdrawal date established by Skin Institute is the date used by the Financial Aid Office to determine the point in time that the student is considered to have withdrawn so the percentage of the payment period or period of enrollment scheduled for the student can be determined. The percentage of Title IV aid earned is determined by the percentage of the payment period or period of enrollment completed.
See the Financial Aid Office for additional information on the Process for Calculation of Amount of Title IV aid earned by student
Title IV aid to be returned: Skin Institute and student
If the student receives more Federal Student Aid than the amount earned, Skin Institute, the student, or both must return the unearned funds in a specified order as follows:
When a Return of Title IV funds is due, Skin Institute and the student may both have a responsibility for returning funds. Funds that are not the responsibility of Skin Institute to return must be returned by the student. Skin Institute exercises its option to collect from the student any funds Skin Institute is obligated to return, and funds required for Skin Institute to return will become a debit on the student’s account which the student will be responsible for paying. This charge is not reported to the Department of Education and simply remains as a debit on the student’s account with Skin Institute.
STUDENT LOAN INFORMATION
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education, though the entity the borrower deals with, the loan servicer, can be a private business. The Borrower Rights and Responsibilities Statement issued by the Department of Education with the Master Promissory Note includes information regarding use of the loan money, information the borrower must report to the Department of Education after the loan is received, the amount the borrower may borrow, the interest rate, payment of interest, the loan fee, repayment incentive programs, disbursement information, loan cancellation, the grace period, loan repayment information, late charges and collection costs, demand for immediate repayment, defaulting on the loan, consumer reporting agency notification, deferment and forbearance options, discharge, loan consolidation, Department of Defense and other federal agency loan repayment, and Americorps program education awards.
A Disclosure Statement is issued to the borrower by the Department of Education once the Department receives a loan origination record from the school. A Notice of Disbursement(s) Made Letter is issued to the borrower by the Department of Education once the Department receives a disbursement that was made to the borrower.
TERMS AND CONDITIONS OF DIRECT LOANS
Terms and conditions of Direct Loans are included in the Borrower’s Rights and Responsibilities Statement, which the borrower receives upon completion of a Master Promissory Note with the Department of Education. The borrower may request another copy of their Borrower’s Rights and Responsibilities Statement at any time by contacting the Direct Loan Servicing Center.
NATIONAL STUDENT LOAN DATA SYSTEM (NSLDS)
The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s central database for student financial aid records. Federal loans disbursed to students or parents will be submitted to NSLDS and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. Student and parent borrowers can track and manage their federal student loans and grants online at www.nslds.ed.gov. The secured site displays information on loans and grants, including amounts, outstanding balances and status. Student and parent borrowers can also find contact information for their loan servicer.
TERMS AND CONDITIONS OF DIRECT LOANS DEFERMENTS
Information regarding the various deferments available to student and parent loan borrowers is available at the Department of Education web site – www.studentloans.gov under “Managing Repayment” and click on “Trouble Making Payments?”
TERMS OF LOANS RECEIVED, REPAYMENT SCHEDULES AND REPAYMENT
Generally, borrowers will have 10 to 25 years to repay their loan, depending on the repayment plan they choose. The loan servicer will notify the borrower of the date the first payment is due. If a repayment plan is not chosen by the borrower, the borrower will be placed on the standard repayment plan, with fixed monthly payments for up to 10 years. Repayment plans can be changed at any time by contacting the loan servicer. Information about standard repayment, extended repayment, graduated repayment, income contingent repayment (not available for parent PLUS loans), and income-based repayment can be found at www.studentloans.gov under “Managing Repayment”. Click “Repayment Plans & Calculators”.
LOAN ENTRANCE COUNSELING
The Federal Government requires first-time student borrowers to complete loan entrance counseling to ensure that the student borrower understands the responsibilities and obligations they are assuming. In order to provide the required comprehensive information on the terms and conditions of the loan and the borrower’s responsibilities, first-time student loan borrowers at Skin Institute are required to complete online entrance counseling at www.studentloans.gov as part of their Direct Loan application with Skin Institute.
LOAN EXIT COUNSELING
Prior to program completion, students are required to go to www.studentloans.gov to complete exit counseling and to receive information on monthly repayment amounts, repayment plan options, options to prepay or pay on a shorter schedule, debt management strategies, use of the Master Promissory Note, the seriousness and importance of student’s repayment obligation, terms and conditions for forgiveness or cancellation, terms and conditions for deferment or forbearance, consequences of default, options and consequences of loan consolidation, and tax benefits available to borrowers, as well as other necessary information.
LOAN CODE OF CONDUCT POLICY
This code of conduct is applicable to all officers, employees and agents of Skin Institute with responsibilities (directly or indirectly) with respect to private student loans. Skin Institute officers, employees and agents subject to this policy are prohibited from doing any of the following, either on their own behalf or on behalf of Skin institute:
LOAN CODE OF CONDUCT POLICY
Any employee who is offered any gift or monetary compensation from a lender should contact the Financial Aid office for clarification and guidance before responding favorably to that offer.
Should an employee subject to this policy inadvertently accept a gift or other type of monetary compensation from a lender, that employee must immediately notify the Fiscal Officer. The amount received, the name of the employee or agent, a brief description of the activity and the dates of the activity for which the expenses were paid or provided must be reported to the Fiscal Officer. The Fiscal Officer is responsible for reporting this information annually to the Secretary of the Department of Education.
The Fiscal Officer is responsible for notifying all officers, employees and agents of this requirement annually.
Federal regulations require all institutions that participate in the federal Title IV student loan programs to adopt a code of conduct that meets the requirements of 34 C.F.R. § 601.21.
For additional information, please contact the Financial Aid Office @ (314)825-1460 or via email at:
Federal Direct Unsubsidized Loan
Federal Direct PLUS Loan
Federal Direct Subsidized Loan
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