Financial Aid
| Financial Assistance Programs Available at Star Career Academy | ||
|
Your education is an investment that can repay you many times over in the years to come. Whether you decide on the Star Academy Culinary School or a Career School, the benefits are endless. Our Financial Aid Team will help you achieve your career goals. Financial aid programs offer a way to bridge the gap between what the student and family can provide and what it will cost to attend the school if you qualify. Star Career Academy uses the Free Application for Federal Student Aid application (FAFSA) to determine eligibility for Federal Financial Aid Programs. CONCEPT OF FINANCIAL NEED You do not have to be from a low-income family to qualify for financial aid, but you do have to be a person with a “financial need.” Your need is the difference between what it costs to attend any of the technical schools, culinary schools, or medical training programs at Star Academy, and what you and your family can contribute. HERE’S HOW IT WORKS: Cost of Going to School Minus (–) Equals (=) We work closely with Federal and State agencies such as:
EDUCATIONAL COSTS In addition to the costs of your tuition and fees, books and supplies (which can be found in the school catalog), most financial aid programs estimate living expenses (i.e. living at home vs. a separate dwelling). This amount is called the “student expense budget”. The Financial Aid Office measures your ability to contribute against the appropriate student expense budget. Although school costs vary, the amount you are able to pay stays the same. That is where financial aid helps. Financial aid programs offer a way to bridge the gap between what the student and family can provide and what it will cost to attend the school. Financial Aid Programs Star Career Academy participates in Title IV Federal Student Financial Assistance programs. Students who are U.S. citizens or permanent residents may qualify for one or more of the following financial assistance programs. To apply for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA) which is available through the Financial Aid Office. Star Career Academy participates in Title IV Federal Student Financial Assistance programs. Students who are U.S. citizens or permanent residents may qualify for one or more of the following financial assistance programs. To apply for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA) which is available through the Financial Aid Office or online at www.fafsa.ed.gov. Financial Aid Administrators are available at each campus to assist students with their financial aid applications and questions. Eligibility Requirements Student financial aid applicants must satisfy certain eligibility requirements in order to be able to receive and continue to use financial aid. These requirements include, but are not limited to: Fulfillment of all admission requirements; Federal Pell Grant Program The Federal Pell Grant program is the foundation of the federal government’s financial aid programs. The Pell Grant, unlike the loan, does not have to be repaid. If qualified, the Pell Grant amount will be determined by formulas established by the U.S. Department of Education. Please check with the Financial Aid Office for award minimums and maximums. Federal Supplemental Education Opportunity Grant (FSEOG) The FSEOG is awarded to eligible students using federal funds. To receive a FSEOG grant, a student must demonstrate exceptional financial need, with preference given to students who receive PELL grants. Federal Direct Stafford Loan Program (subsidized or unsubsidized) A student loan is a low-interest loan made to you by a the U.S. Department of Education. Funds are paid to the student by the federal government through a direct credit to the student’s account. The eligibility and annual maximums for the Federal Direct Student Loan (FDSL) Programs and Federal Direct PLUS Loan Programs are established by federal regulation. Federal Direct Stafford Loans are low-interest loans made to students attending school at least halftime. Federal Direct Stafford Loans, unlike grants, are borrowed money that must be repaid, with interest and payments normally beginning six months after leaving school. The amount of each payment depends on the size of the debt and the ability to pay. Students can qualify for a Federal Direct Subsidized Loan based upon financial need, as determined by the FAFSA. The need-based loan (referred to as “subsidized”) offers in-school interest subsidies by the federal government. In addition, students may qualify for a non-need Federal Direct Unsubsidized Stafford Loans (referred to as “unsubsidized”). These loans do not offer interest subsidies. It is possible for students to have both subsidized and unsubsidized Federal Direct Stafford Loans. Loan Limits: An independent undergraduate and dependent students whose parents are unable to borrow a PLUS loan can borrow up to $3,500 from the subsidized loan and up to $6,000 from the unsubsidized loan for the first academic year. Second year independent students and dependent student whose parents are unable to borrow from the Federal Direct PLUS loan may borrow up to $4,500 from the subsidized loans and up to $6,000 from the unsubsidized student loan. Dependent students may borrow up to $3,500 from the subsidized loan and an additional $2,000 from the unsubsidized student loan for their first academic year. During a dependent student’s second academic year, students may borrow up to $4,500 and an additional $2,000 from the unsubsidized student loan program. Student loan programs are also subject to total (aggregate) borrowing limits. These limits include all loans that they student has borrowed while attending any school. The maximum aggregate loan limits for dependent undergraduate students are $23,000 from the subsidized loan and $31,000 from the unsubsidized loan program. Independent undergraduate students and dependent students who are unable to borrow from the PLUS program have aggregate limits of $23,000 from the subsidized loan and $57,500 from the unsubsidized loan program. All students are required to participate in an Entrance and Exit Interview to ensure the student fully comprehends the rights and responsibilities of a borrower loans begins six months after ceasing enrollment. Repayment on unsubsidized loans including interest also begins six months after ceasing enrollment, but interest begins accruing at time of first disbursement. Students may choose to repay the accrued interest while in school which reduces the cost of borrowing. If the borrower chooses not to pay the interest on the unsubsidized loan while in school, the interest will be capitalized (added to the principal) and the new loan amount will begin to accrue interest costing the borrowing more over the life of the loan. Federal Parent Loans for Undergraduate Students (PLUS) Federal PLUS Loans are for parents to borrow to help pay for their children’s education. These loans enable parents with good credit history to borrow for each dependent. Unlike other financial aid programs, a family financial analysis is not required to be eligible for a PLUS Loan. Federal PLUS Loans must be repaid. Repayment generally begins 60 days after the loan is fully disbursed. The maximum amount that a parent can borrow on behalf of their child is the difference between the cost of attendance and other aid received. Federal Work Study (FWS) FWS is a federal funded program that assists students with costs of postsecondary education. The FWS program helps students earn financial funding through a part-time work program. FWS funding is given to institutions to provide work opportunities for students. The program is based on financial need and students must be accepted into the program to qualify. The Ombudsman Office is a final resource after individuals look for help through other customer service avenues. Before contacting the Ombudsman, borrowers concerned about student loans should contact their loan holder or visit our web site for further information. Current students should contact their financial aid office first. Trade Act or TRA — Star Career Academy is approved as an eligible institution to provide training by the Department of Labor and Industry. For additional information on eligibility requirements contact your State’s local Employment Office. Vocational Rehabilitation — Star Career Academy is approved as an eligible institution to provide training under Vocational Rehabilitation. For additional information on eligibility requirements contact your State’s local Rehabilitation Office. Adult Career and Continuing Education Services (ACCES) — Star Career Academy participates in the training of eligible students through the ACCES program. This program is designed to serve persons with disabilities that constitute or result in substantial handicap to obtaining and maintaining gainful employment. ACCES counselors refer qualified persons to Star Career Academy and sponsor them through direct payments to the institution that cover part or all of their institutional charges. Workforce Development Program (WDP)/Workforce Investment Act (WIA) — Star Career Academy has been approved for training by numerous counties under the WDP and WIA training programs. Veterans Education Benefits — Qualified veterans and dependents are eligible for educational benefits while attending certain programs at Star Career Academy. With a few exceptions, programs offered are approved for the training of veterans by each State’s Education Department. Contact the Financial Aid office for an updated listing of eligible programs. The veteran and/or dependent may be eligible to receive funding from one of the following chapters: Chapter 30 – Montgomery GI Bill (MGIB) Active Duty Education Assistance Program Chapter 31 – Vocational Rehabilitation. To apply for Vocational Rehabilitation, the veteran must have been discharged from the military with a 20% or higher disability rating. Inquires should be directed to the Department of Veterans Affairs (VA). Chapter 32 – Veterans Educational Assistance Program (VEAP) Chapter 33 – Post 9/11 GI Bill Chapter 35 – Survivors and Dependents Educational Assistance Program Chapter 1606 – MGIB Selected Reserve Educational Assistance Program Chapter 1607 – Reserve Educational Assistance Program Veterans’ eligible for educational benefits can use these benefits at any of the Star Career Academy campuses. Eligibility can be determined only by the Veterans Administration (VA). Veterans Refund Policy — In the event that veterans or their eligible dependents sponsored as students under Chapters 30, 31, 32, 33, 35 of Title 38 and Chapter 1606, 1607 of Title 10 U.S. Code fail to enter the program or withdraw or discontinue attending at any time prior to completion, the amount charged for tuition, fees and other charges shall not exceed the approximate prorata portion of the total charges for tuition, fees and other charges that the length of the non-accredited program bears to its total length. A registration fee of $10 need not be refundable; any amount beyond that is subject to proration and refund [CFR 21.4254 (c) (13)]. The prorata portion may not vary more than 10 percent of the total costs for tuition, fees, and other charges. Academic Standards Related to Federal Financial Aid In order to continue to qualify for federal financial aid programs, students must maintain satisfactory academic progress standards. These standards are outlined in the Academic Standards and Policies section of this catalog. Students not meeting these standards will be placed on Academic Probation. A student on Academic Probation is eligible to receive aid during the probationary period. If at the end of the probationary period the student has not achieved satisfactory academic progress, he/she will be ineligible to participate in Federal Aid programs. NOTE: New York — The failure of a student to immediately notify the Executive Director in writing of the student’s intent to withdraw may delay a refund of tuition to the student pursuant to Section 5002 (3) of the New York Education law. Financial Aid Officers are prohibited from:
|