Your education may be the most valuable investment you make in your life. Often, determining how to fund your education and manage your finances during that time can create a sense of confusion and uncertainty.

The Financial Aid Department at the Elizabeth Grady School offers assistance in going through the process with the greatest amount of ease possible. Prior to beginning the process there a few things potential students need to know:

What is financial aid?

Financial Aid includes different forms of monetary assistance to students. These include:

  • Federal Direct Subsidized Loans
  • Federal Direct Unsubsidized Loans
  • Federal Direct Parent PLUS Loans
  • Pell Grants

What is the difference between a loan and a grant?

Loans are monies that are lent to U.S. citizens and eligible non-citizens by the United States Government. Loans are monies that are borrowed and paid back.

A grant is gift aid that is given to U.S. citizens and eligible non-citizens, are based on need, and do not have to be paid back.

A FAFSA (Free Application for Federal Student Aid) must be completed to determine eligibility and amounts. Please continue reading to learn more information about filling out a FAFSA.

What is the difference between a Subsidized Loan, Unsubsidized Loan, and PLUS Loan?

Subsidized Loans:

  • A Subsidized Loan is a low interest loan, based on need. There is no interest or payments while in school and for six months after (grace period) on a Federal Subsidized Loan.
  • There is no credit check required.
  • Loans can range from $0 - $2,917.00 per program based on eligibility.
  • 300 Hour Esthetian Programs are not eligible for loans.

Unsubsidized Loans:

  • An Unsubsidized loan is a low interest loan, not based on need, in which interest accrues immediately. Payments can be deferred until 6 months after graduation.
  • There is no credit check required.
  • Loans can range from $0 - $5,000.00 per program based on eligibility.
  • 300 Hour Esthetician Programs do not qualify for loans.

PLUS Loans:

  • A PLUS Loan is a loan the parents of dependent students can take out to assist their child in funding his/her education.
  • PLUS loans are based on credit.

You can find out more about these loan options at studentloans.gov 

What types of Grants are available?

  • Students who have not been awarded a Bachelor’s Degree may qualify for a federal Pell Grant.
  • Pell Grants are grants based on need as determined by U.S. government standards.
  • Pell Grant eligibility ranges from $0 -$4,933.00 per program eligibility.
  • 300 Hour Esthetician programs are not grant eligible.

How do I know if I’m eligible for Financial Aid?

To be eligible for Financial Aid, you must be:

  • Enrolled in an eligible certificate or degree-seeking program
  • Enrolled at least half-time as defined by the Office of the Registrar
  • Not in default on a Federal Stafford, Direct, or Perkins Loan or need to repay a Federal Grant overpayment
  • Maintaining Satisfactory Academic Progress in the areas of Academics and Attendance
  • A U.S. Citizen or eligible non-citizen
  • Financial aid is based on income, household size, and household members in college

How do I know if I am considered an Independent Student or a Dependent Student?

If you answer yes to the following question you are considered a dependent student and a parent must apply for a pin number as well.

  • Were you born after January 1, 1994, single, and have no children?

If you answer yes to any of the following questions you are considered an independent student.

  • Were you born before January 1,1994?
  • Do you have dependent children?
  • Are you married?

What do I do next?

The next step is to complete your online financial aid application. This will help to determine what type(s) of financial aid you qualify for and how much.

Complete the following steps to apply for Financial Aid:

STEP ONE
Apply for a Federal Student Aid (FSA) ID  https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid

If student is a dependent student, the student's parent is required to also apply for and obtain a FSA ID.

STEP TWO
Once your receive your FSA ID, complete your 2017-2018 Free Application for Federal Student Aid (FAFSA) at: http://www.fafsa.ed.gov

Remember to enter Elizabeth Grady School of Esthetics and Massage Therapy federal school code number, 017080.

Use your FSA ID to electronically sign your FAFSA.

STEP THREE
Contact the Elizabeth Grady School Financial Aid Department at 781-960-0114 to confirm your completion and receipt of your FAFSA.

Please note: It may take up to 3-4 business days for your FAFSA to process. At this time, the Financial Aid Department can determine your Financial Aid Award Package.

STEP FOUR:
Once your Financial Aid Award has been provided to you, you will be prompted to go to studentloans.gov and complete your Entrance Counseling and Master Promissory Note (MPN) if applicable.

What is the interest rate on federal student loans?

The current interest rate for subsidized and unsubsidized loans is 4.45%. Parent PLUS loan interest rate is 7%.

What other options are available other than federal loans and grants?

  1. Payment Plan Options: Payment plans can be arranged by contacting the school. 50% of program costs are due on or before the midpoint. All balances due must be paid in full in order to receive your diploma and all graduation materials.
  2. Funding Available through State and Veteran’s Agencies: The Elizabeth Grady School is affiliated with various agencies that may offer financial assistance to those who qualify.

You can search online at www.mass.gov or contact individual agencies to determine if you qualify for assistance.

Can I continue to collect unemployment benefits while I’m in school?

The Elizabeth Grady School is Section 30 approved by the Department of Unemployment and Training. A student enrolled in a full-time program may qualify to collect unemployment while attending school. A student should consult with their employment counselor at the Department of Unemployment and Training.

What do I do if I have questions or need help?

If you should have any questions or need further assistance please contact Melissa Sandberg, Financial Aid Representative. Melissa can be reached by email at msandberg@elizabethgrady.com or by telephone, 781-960-0114.

Do other institutional or state regulations or requirements impact my eligibility for Title IV H.E.A. assistance?

No. No other application or information is required for consideration by the institution of the student's eligibility for assistance under the Title IV, H.E.A. program.

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