Financial aid applicants at New York School of Esthetics are processed using the same criteria used by the US Department of Education (ED). Financial assistance is awarded based on financial need. The New York School of Esthetics’s financial aid staff has developed an institutional packaging policy to ensure consistent, equitable, and fair distribution of financial aid funds.
Students must meet the general student eligibility requirements:
- Demonstrate financial need
- Have a high school diploma, GED
- Be enrolled in an eligible program
- Be a US Citizen or eligible non citizen
- Maintain satisfactory academic progress as determined by New York School of Esthetics.
- Sign a statement of educational purpose and a certification statement that the student is not in default or owe repayment on a grant.
- Sign a statement of registration status.
Note: These may be reviewed in the ED publication Funding Your Education Beyond High School, available in the financial aid office.
New York School of Esthetics participates in the Federal Pell Grant Program, and Direct Loan (DL) Programs
- Federal Pell Grant is a grant and does not need to be paid back and must be considered before any loan funding. The student’s eligibility is based on a formula utilized when the student completes the Free Application for Federal Student Aid (FAFSA).
- DL Loans are federal loan programs with low interest rates and deferred payments until after a student graduates and is based on financial need.
- The New York School of Esthetics staff must review the National Student Loan Data System (NSLDS) prior to awarding loans to review any prior loan history or default status and Pell Grant overpayment.
New York School of Esthetics utilizes standard budgets that represent a cost of attendance which includes the student’s:
- Tuition and registration fees
- Books and Products
- Lab fees
A student’s need is determined by the following formula:
Cost of attendance (COA)
– expected family contribution (EFC) from ISIR/SAR
– estimated financial aid-EFA
= financial need
Estimated Financial Aid
- Pell Grant– Eligible amount determined by EFC from ISIR/SAR
- DL loans– Subsidized loan amounts for independent and dependent students — $2,333
- Unsubsidized loan amounts for independent students — $4,000
- Unsubsidized loan amounts for dependent students — $1,333
Note: Aggregate loan limits are $31,000 for dependent students and $57,500 for independent students with no more than $23000 in subsidized loans.
Note: Dependent students can borrow up to a $3666 unsubsidized loan if the parents were denied a PLUS loan.
- DL loans can never exceed the cost of attendance minus EFC minus EFA
- DL loans have subsidized, unsubsidized and PLUS (parent) loans
- Subsidized loans are based on financial need with the following formula:
= Financial Need
- Unsubsidized and PLUS loans are based on financial need with the following formula:
= Financial Need
- The Financial Aid Director will process the student aid utilizing the financial aid software from Fame, the institution’s third party servicer. An award letter will be generated for the student. The student must be notified of the financial aid they are eligible to receive.