Apply early:   You also may want to check out FAFSA4caster. This product is an online tool designed to help provide awareness of federal student aid eligibility before officially applying for federal student aid. It helps estimate the cost of an education after high school. FAFSA4caster will serve to estimate the user‘s eligibility for federal aid and allows users to factor in other aid sources. For more information, go to

Applying for Federal Student Aid is free, that is why the application is called the Free Application for Federal Student Aid (FAFSA). Students applying for financial assistance from Federal Student Aid Title IV programs must complete the Free Application for Federal Student Aid. Applications can be completed online at Our Federal School Code is 04202800. For assistance with completing a FAFSA or for answers to questions about financial aid, please contact our Financial Aid office at (608) 253-1476 or by email at Our Financial Aid office will assist every student that needs help with their applications. It is also suggested to review The Guide to Student Federal Aid which can be obtained from the Admissions Office or at

What information do I need to complete a FAFSA?

You will need your Social Security number and your parents’ numbers, if you’re a dependent student; your driver’s license number (if any); previous years: W-2 forms & federal income tax returns; bank statements; alien registration number (if you are not a U.S. citizen), and other records. For a detailed list, visit Note: If you have not filed taxes, you must do so to apply for financial aid.

Tips for filling out your FAFSA (Free Application for Federal Student Aid) This determines if you are eligible for Federal Pell grants and/or Direct Student Loans.

 Before you begin, you will need the following information about you and your spouse if you are married. You will need your parents’ information if you will be considered a DEPENDENT STUDENT (for FAFSA, this generally means you are under age 24 and single with no dependents).

Name(as it appears on your Social Security Card)

Address and email

Social Security Number

Date of Birth


Previous Years W-2 Forms for all employment

Print out from the employment office

 1. Complete the Free Application for Federal Student Aid (FAFSA). For FAFSA on the Web, go to Using FAFSA on the Web is faster and easier than using paper. If you need a paper FAFSA, you can download a PDF from or obtain from the Academy’s Admission Office. But you need to apply early! The Academy highly recommends that you utilize our experienced Financial Aid staff to assist you with this process. The Academy’s Financial Aid Office can provide the deadlines.

 2. Review your Student Aid Report (SAR).

After you apply, you’ll receive a Student Aid Report, or SAR. Your SAR contains the information reported on your FAFSA and usually includes your Expected Family Contribution (EFC). The EFC is an index used to determine your eligibility for federal student aid. Review your SAR information and make any corrections or changes, if necessary. The Academy will get your SAR data electronically.

3. Contact the Academy.

Make sure the Financial Aid Office has all the information needed to determine your eligibility. If you’re eligible, the Financial Aid Office will provide you with an award letter showing the amount and types of aid (from all sources) the Academy will offer you.


Failure to meet the deadline and/or not submitting all required financial documentation could result in a delay or not receiving Financial Aid. To prevent delays in awarding aid, it is important that you respond in a timely manner. If student FAFSA is selected for verification, the student will be notified of the required correction procedures by phone and in writing within fifteen (15) business days. The student would be required to submit all documentation outlined in the letter within fifteen (15) business days of the date of the letter.


In addition to making satisfactory progress in your program, you also have the responsibility to meet all deadlines in reapplying for financial aid funds. If you have eligibility for Pell Grants funds, you may have to apply twice in order to receive your full award. While this seems like a complicated process, it really is not.

The Financial Aid office will notify you when and if a new application is to be made. If you do not submit the new application, you will not receive the grant amount originally estimated for you. In this case, you will need to make other arrangements for meeting tuition obligations.



Federal Student Aid Programs For Those Who Qualify


Panache Academy of Beauty Institution OPEID:   04202800


Panache Academy of Beauty participates in Federal Student Aid Programs (FSA)  There are numerous FSA programs to help students pay for their educational needs. Each FSA program has specific eligibility requirements that must be met in order to qualify for assistance. Since the primary financial responsibility for the education of a student belongs to the individual, it is presupposed that the student and/or the family will make the maximum effort to provide for the expenses of a post-secondary education. Financial aid should always be considered as a supplement and not a substitute. Whether a student is eligible for assistance, and how much, is determined by the need of the particular student. Each case is different. Each FSA program has specific eligibility requirements that must be met in order to qualify for assistance. Two separate categories of financial assistance are available to students: grants, which do not require repayment, and loans, which students must repay. The following is a list of FSA programs which the Academy makes available: Pell Grant and Direct Stafford Loan Program.


 Federal Pell Grant

A Federal Pell Grant, unlike a loan, does not have to be repaid, unless you are awarded funds incorrectly or you withdraw or are terminated from the Academy. Pell Grants generally awarded to undergraduate students with exceptional financial need, and the grant amount is based on income, assets, family size, cost of education, and enrollment status (full or part-time).   Pell grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added. Eligibility is sought by using the Free Application for Federal Student Aid (FAFSA). Amounts can change yearly and vary depending on the student’s need.

Federal Direct Stafford Student Loan Programs (Subsidized/Unsubsidized)

Federal Direct Stafford Loans are low-interest student loans that are borrowed money and must be repaid with interest. They are originated and guaranteed by the federal government.   Depending on the need of the student, which is calculated by the U.S. Department of Education, the Stafford Loans are awarded on a subsidized basis (financial need is required and the federal government pays the interest during enrollment and deferment periods) or an unsubsidized basis (financial need is not a requirement and the student is responsible for such accruing interest). Maximum loan eligibility is based upon a student academic level and federal dependency status (dependent or independent). Effective July 1, 2014 the interest rate for Federal Stafford Loans is 4.66% for subsidized and unsubsidized loans. A loan fee of 1.072%, is deducted from the loan before it is disbursed. Effective July 1, 2015 the interest rate for Federal Stafford Loans is to be determined for subsidized and unsubsidized loans, and a loan fee of 1.072%.( loan fee are subject to change as of October 1) Repayment of these loans begin on an installment basis six months after the student completes the program, Termination or withdrawal from the Academy, or ceases to be enrolled at least half time. The amount of your monthly repayment is calculated based upon the total amount that you have borrowed, as well as the repayment plan that you choose.

To determine the amount of your unsubsidized loan, the Academy considers:

Cost of Attendance

– Federal Pell Grant (if eligible)

– Subsidized Stafford Loan amount (if eligible)

– Any other financial aid you receive

= Amount of unsubsidized loan you receive

(up to the annual maximum loan amount)

Depending on your financial need, you may receive both subsidized and unsubsidized loans for the same enrollment period, but the total amount of these loans may not exceed the annual loan limit.

 Federal Direct Parent Loan for Undergraduate Students (PLUS)

The Federal Direct Parent Loans (PLUS) are available to parents of eligible dependent children who want to borrow to help pay for their children’s education. This loan provides additional funds for educational expenses and, like Direct Subsidized/Unsubsidized Stafford Student Loan Programs, is made by the federal government.   A parent may borrow up to the cost of attendance, minus any other financial aid the student receives, each academic year. Credit worthiness is a factor in obtaining this type of loan and a credit check will be performed at the time of application to assess eligibility. In the event that a PLUS application is denied, the student will be awarded the maximum unsubsidized Stafford loan amount for which they are eligible. The interest rate for PLUS loans as of July 1, 2014, is 7.21%. The repayment period for a Direct PLUS Loan begins when the loan is fully disbursed. Student loans, unlike grants, are borrowed money and must be repaid with interest. These loans cannot be canceled because you didn’t like the education you received, didn’t get a job in your field of study, or you’re having financial difficulty. Loans are legal obligations, so before you take out a student loan, think about the amount you’ll have to repay over the years. For additional information regarding your student loan debt you can contact our financial aid office and/or reference Your Federal Student Loans: Learn the Basics and Manage Your Debt can help you learn more about federal student loan programs and repayment options. You can find this publication at


In general, you are eligible for Federal Aid if you meet the following requirements and you must complete a FAFSA:

    • Must be enrolled as a regular student in an eligible program. A regular student is someone who is enrolled or accepted for enrollment at an eligible institution for the purpose of obtaining a certificate upon completion of an eligible program offered by the Academy.
    • You show that you have financial need.
    • Cannot be enrolled simultaneously at an elementary or secondary school.
  • Must have a high school diploma or equivalent (GED) Academy does not participate in Ability to Benefit.

    • Must be a U.S. citizen or eligible non-citizen (proof of citizenship or Alien Registration number required from foreign students) and have a valid Social Security Number (SSN).
    • Must make satisfactory academic progress. (See Satisfactory Progress Policy)
    • Must meet enrollment status requirements. A student must be enrolled at least half time to receive aid from the Direct and PLUS loan programs. The Pell Grant program doesn’t require half-time enrollment, but the student’s enrollment status does affect the amount of Pell a student receives.
  • You must comply with Selective Service registration (If you’re a male aged 18 through 26 Born after 1965)

  • You are not in default on a Direct or PLUS Loan.*
  • You do not owe a refund on a Pell Grant *
  • Must have resolved any drug conviction issues. A federal or state drug conviction can disqualify a student for FSA funds if the conviction was for an offense that occurred during a period of enrollment for which the student was receiving Title IV aid. *If the student applying for aid to attend this Academy is either delinquent or in default on repayment of a previous student loan or owes a refund of an overpayment of any grant aid, then that student is ineligible to receive any further aid until those matters have been satisfied.


Aid for most of our programs is awarded based on financial need (except for unsubsidized Stafford Loans and PLUS Loans). The EFC is the number used to determine your eligibility for federal student aid. The EFC is calculated from the information you report on the FAFSA and according to a formula established by law, and is applied consistently to all applicants. In order to perform this evaluation, it is necessary to request confidential financial facts about your family’s income (taxable and untaxed) and assets, the size of your family, the number of persons attending post secondary school, and any unusual circumstances or expenses you face. These facts are considered in determining your EFC. Your EFC will appear on the Student Aid Report (SAR) you receive from the Department after you file your FAFSA. This EFC number is not a dollar figure, but is used along with the total cost of attending this Academy and your enrollment time status (full or part-time) to determine the actual amount of your grant and/or loan. To determine your financial need for federal student aid programs (except for an unsubsidized Stafford Loan), your school subtracts the Expected Family Contribution (EFC) from your cost of attendance.

    Cost of Attendance

– Expected Family Contribution (EFC)

= Financial Need


The EFC formula is basically the same for all applicants; however, if your family has unusual circumstances, our director of financial aid can use professional judgment authority to adjust the cost of attendance or the information used to calculate your EFC. These circumstances could include your family’s unusual medical expenses, tuition expenses, or unemployment. Our director of financial aid must have good reasons to use professional judgment to make adjustments because of unusual circumstances. You will have to provide documentation to support any adjustments. Our director of financial aid’s decision as to whether to make changes is final and can’t be appealed to the Department.

Additional examples of unusual circumstances that our director of financial aid may consider as factors in making an adjustment in the expected family contribution calculation or to the cost of attendance are: nursing home expenses not covered by insurance; dependent care costs; astudent or family member who is a dislocated worker; and a change in housing status that results in homelessness.

Federal Student Aid Title IV    Verification Policy

Verification is a process, which enables the Academy to confirm the accuracy of information used to determine a student’s eligibility for federal student assistance. A student’s file may be selected for verification by either the Academy or by the U.S. Department of Education. If a student’s file has been selected for review under the verification process, the following documents will be requested from the student:

1.   A completed Verification Worksheet, signed by the student (and parent when applicable)

2.   If you were unable to utilize the IRS Data Retrieval Tool (DRT), then you must provide a copy of the U.S. Income Tax Return transcript for the base year filed by the student. Married students must also provide their spouse’s tax return transcripts. Dependent students must also provide their parent’s return transcripts..

3.Any other information deemed necessary by the institution including, but not limited to social security benefit documentation, divorce decrees, or W-2 forms.

The student will receive a written notification that provides a clear explanation of the documents required and the student must provide these to the Academy within 15 business days of the Academy’s request as dated on the written statement. If additional time is needed, the student may request an extension to submit the information. The Academy will review the student’s request and determine whether additional time will be granted.

The student will be required to correct any information that is found to be inconsistent as a result of the verification process. The verification process is not considered to be completed during periods of corrective action. Corrections generally include a recalculation of the student’s EFC and resubmission through the Central processor.

If a student’s award changes as a result of the verification process, the student will be counseled and informed of how the change affects his/her packaging and financial obligations to the Academy. To protect the integrity of federal student assistance programs, the Academy must enforce verification policies. It is the student’s responsibility to comply with any and all requests by the Academy for verification material, within prescribed deadlines. The Academy will withhold financial aid payments from any student who has not completed the verification requirements within the prescribed deadlines. Students will forfeit their right to federal assistance for non-compliance with verification policies.

 Disbursement of Funds:   How Funds will be Disbursed

A student is required to a Satisfactory Academic Progress (SAP) average of 75% in order to receive their Pell Grant/Direct Loan Disbursements. See Satisfactory Academic Progress Policy for SAP calculation. Students receive monthly report cards indicating hours completed and grades achieved in each of the categories described above. Students may request a personal review of grades with an instructor and may appeal a failing grade.

The hourly disbursement schedule for the Cosmetology student is as follows:

1. First disbursement is scheduled for the first day of classes for Pell and thirty days after class begins for direct loans.

2. Second disbursement after successful completion of 450 clock hours.

3. Third disbursement after successful completion of 900 clock hours.

4. Fourth disbursement after successful completion of 1225 clock hours.

At the time of disbursement, the student will sign a line receipt acknowledging the disbursement and the status of their account.

The hourly disbursement schedule for the Aesthetician student is as follows:

1. First disbursement is scheduled for the first day of classes for Pell and thirty days after class begins for direct loans.

2. Second disbursement after successful completion of 300 clock hours.

At the time of disbursement, the student will sign a line receipt acknowledging the disbursement and the status of their account.

 Disbursement of Credit Balance Refund Summary

If the student has financial aid that exceeds his or her tuition and fee charges for the academic year in which the disbursement occurred, the student will have a credit balance. All credit balance refunds will be issued by check within 14 calendar days of the date funds were requested by the borrower.

A credit balance refund will be given to the parent if:

The amount of the PLUS loan is greater than the student’s tuition and fees charges for the academic year in which the disbursement occurred. All credit balance refunds will be issued by check within 14 calendar days of the date funds were requested by the borrower.

Code Of Conduct For Educational Loans

Academy expects the highest levels of professionalism and ethical behavior from all of its officers and, employees, whose responsibilities include student financial aid matters. Our Financial Aid Code of Conduct prohibits conflicts of interest on the part of both the Academy and individual employees regarding Title IV loans.

  • Refusing to certify or delaying the certification of an education loan based on a borrower’s choice of lender.
  • Assigning a first-time borrower to a particular private education loan lender through the student’s financial aid award or another means.
  • Packaging a private education loan in a student’s financial aid award, except when the student is ineligible for other financial aid, has exhausted his or her federal student aid eligibility, has not filed a Free Application for Federal Student Aid, or refuses to apply for a federal student loan.
  • Accepting impermissible gifts, goods, or services from a lender, lender servicer, or guarantor. The Academy may accept default prevention, financial literacy, or student aid-related educational services or materials, or other items of a nominal value.
  • Accepting philanthropic contributions from a lender, lender servicer, or guarantor that are related to the educational loans provided by the entity that is making the contribution.
  • Serving on or otherwise participating as a member of an advisory council for a lender, lender affiliate, or lender servicer.
  • Accepting from a lender or its affiliate any fee, payment, or other financial benefit (including benefits that may accrue from a revenue sharing agreement) as compensation for any type of consulting arrangement or other contract to provide education loan-related services to or on behalf of the lender.
  • Accepting fees or other benefits in exchange for endorsing a lender or the lender’s loan products.
  • Requesting or accepting an offer of funds for private education loans from a lender, in exchange for our promise to provide the lender with placement on a preferred lender list, or a certain number of volumes of private education loans.
  • Accepting call center or financial aid staffing assistance from a lender.

Academy of Beauty is committed to providing the information and resources necessary to help every student achieve educational success. To accomplish this goal the financial aid staff will consider each student’s individual needs.