Guide to Financial Aid
In 2015 over two-thirds of students in America used some sort of financial aid to help them pay for school. Fast forward to now, and the need has only increased, so you’re not alone in looking for ways to supplement your tuition. But where do you begin? That’s where Minnesota School of Cosmetology comes in.
To make it a little easier to understand, we broke financial aid down into three stages: Prepare, Apply, and Await. See below for a step-by-step guide. If at any time you want to talk with a human, call Minnesota School of Cosmetology at 877-541-8777and we’ll help you get everything straightened out.
It wouldn’t be the government if there weren’t acronyms, right?
Here’s the financial aid acronym cheat sheet.
FAFSA (Free Application for Federal Student Aid)
This is the application you’ll use for both federal and state aid. Everyone always calls it the FAFSA, so don’t worry if you forget what the letters stand for.
FSA ID (Federal Student Aid Identification)
This is a unique username and password you choose. You’ll use it when filling out the FAFSA, signing documents, and so on
SAR (Student Aid Report)
A couple weeks after you apply, you’ll get a report telling you what aid you’re eligible for and what amount your family is responsible for contributing. You don’t have to accept all the aid listed; the SAR just tells you what you qualify for.
EFC (Expected Family Contribution)
If you’re a “dependent student” (typically age 24 or younger), the government considers it your family’s responsibility to help you go to college. The EFC is the dollar amount the Department of Education expects your family to chip in to meet the costs of sending you to school