Consumer information

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1 Consumer information 2014-2015

Table of Contents

• Consumer Information Message to Students • Contact Personnel

• Annual Notice • Academy Facilities

• Faculty and Administrative Staff

• State Licensing / Accreditation Agencies • Educational Requirements

• Home Schooling

• Pre-Enrollment Information

• Graduation / Completion / Transfer-out Rates / Placement / Pre-Enrollment Information • IPEDS Statistics / College Navigator Website

• Internet Course Availability

• Telecommunications and Correspondence Courses • Study Abroad Programs

• Transfers

• Vaccination Policy • Voter Registration • Crime Prevention

• Campus Security Disclosure / Annual Report Statistics • Admissions Policy

• Prior to Enrollment • Non-Discrimination

• Request for Reasonable Accommodations • Readmission Requirements for Service Members • Incarcerated Students

• Enrollment Status • Code of Conduct

• Private Consumer Educational Loans • Preferred Lenders

• Programs Offered / Hours to Completion / Tuition Cost / Textbooks and Kit Cost • Textbook and Kit Information

• Textbook and Kit Disbursement Policy • Incentive Compensation

• Net Price Calculator • State Grant Availability

• Types of Aid Available to Those who Qualify • Title IV Interest Rates

• Cost of Attendance • Effects of Student Loans

• Eligibility Requirements for Title IV Funding • Title IV Aid – Determining Eligibility

• Satisfactory Academic Progress (SAP) • General Information for Title IV Funding

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2 • Loan Eligibility

• Loan Fees

• Terms and Conditions of Loans

• Procedures when Applying for Title IV Aid • Entrance Loan Counseling

• Disbursing Federal Aid

• Principles of Excellence for Educational Institutions Serving Service Members, Veterans, Spouses, and other Family Members

• Deferment on Previous Loans

• Official / Unofficial Withdrawal Procedures Prior to Graduation • Return to Title IV Policy (R2T4)

• Academy Refund Policy • Exit Loan Counseling

• Sample of Standard Repayment Schedule • Constitution Day

• Copyright Infringement Policy • Drug Convictions / Student Eligibility • Drug Offenses Related to Title IV Aid

• Standards for Qualified Drug Rehabilitation Program • Federal Drug Trafficking Penalties

• Drug and Alcohol Abuse Prevention • Drug Free Campus

• Family Educational Rights and Privacy Act (FERPA)

• Safe Guarding Consumer Information-Identity Theft Prevention • Red Flags

• Risk Assessment Plan (RAP)

• Whistleblower Protection and Anti Retaliation Policy • Misrepresentation Policy of Truth and Candor • Gainful Employment (GE)

Office Responsible for Consumer Information:

Anna Geleske / Owner

Area Information is Located: Academy website / paper copy upon request

Date Document was Last Updated: 7/2014 Date Policies and Procedures Updated: 7/2014

CONSUMER INFORMATION MESSAGE TO STUDENTS

• The Salon Professional Academy (herein after known as “The Academy”) is providing consumer information about The Academy to all current and incoming students through the means of this Consumer Information document.

• It is the responsibility for students to understand all aspects of this Consumer Information and their relation to any Federal student aid and any consequences in relation to the aid applied for in relation to early withdrawal from The Academy.

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3 • Federal aid students must carefully read the information provided in this document to understand the

rights and responsibilities as a recipient of Federal student aid.

• For cash paying students, please draw your attention to all aspects of this document minus the Title IV funding for which you have chosen to not participate.

CONTACT PERSONNEL TO ASSIST WITH CONSUMER INFORMATION / FINANCIAL INFORMATION • Each Financial Aid Administrator (FAA) and is knowledgeable of the information contained within this

document and are readily available to assist prospective/enrolled students and/ or their parents during normal business hours.

• Our business hours are Monday-Saturday 9:00 am to 8:00 PM.

• Students may contact Tamessia Green, The Financial Aid Administrator, at (972)420-7036 for additional consumer information questions.

• For general Academy questions please contact Anna Geleske, President (972) 420-7036. ANNUAL NOTICE

• Annually, all staff and enrolled students will be given a copy of The Academy’s Annual Notice.

• Information contained within the Annual Notice document will include the name of the document, a brief description of the document, where to find the document and if the document is housed on The

Academy’s website, an exact electronic address will be provided.

• A paper copy of any of the documents listed within The Annual Notice is provided upon request.

ACADEMY FACILITES

• The Academy is located at 2440 B S Stemmons Freeway, Lewisville, TX 75067.

• Information concerning classroom and salon area instructional facilities can be found in The Academy Catalog.

o The Catalog is available upon request from the admissions department of The Academy. o The Catalog is given to all students prior to enrollment.

• The Academy building is handicap accessible. FACULTY AND ADMINISTRATIVE STAFF

• A complete list of Academy administrative staff and faculty is provided on Insert # 4 of The Academy Catalog.

STATE LICENSING / ACCREDITATION AGENCIES

• Contact information for the State Licensing Agency and Accreditation Agency are listed in The Academy’s Catalog.

• Upon request, The Academy will make available for review copies of the documents describing The Academy’s accreditation and approval of state licensure.

EDUCATIONAL REQUIREMENTS

• All students must have a valid high school diploma or G.E.D. certificate or equivalent. HOME SCHOOLING

• Home-schooled students, are self-certified and for eligibility purposes.

• If the state requires home schools to be registered, The Academy will only accept diplomas from state certified home school environments.

• The Salon Professional Academy considers home-schooled students to be beyond the compulsory age if the state in which the student was home schooled does not consider the student truant once he or she has completed the home-schooled program.

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4 PRE-ENROLLMENT INFORMATION

• The Academy prepares the graduation rate of its certificate, first-time, full-time undergraduate students annually.

o The reporting time frame includes September 1-August 31 during which 150% of normal time for completion from that program has lapsed.

o The information will be available no later than July 1 immediately following the 12-month period ending August 31 during which 150% of the normal time for completion or graduation has elapsed for all of the students in the group on which The Academy bases its completion or graduation rate, and if applicable, transfer-out rate calculations.

• Pre-enrollment information, including graduation, licensure and placement rates are made available to every student prior to signing their enrollment agreement and before any financial aid obligation with The Academy is executed.

• The Annual Notice, distributed yearly, contains the availability of updated information and where that information can be found.

GRADUATION /COMPLETION AND TRANSFER-OUT RATES / PLACEMENT

• The Academy provides means to this information in-house through the Pre-Enrollment Information document (including but not limited to graduation licensure and placement rates), which is provided to all students at the time of contract signing, prior to the signing of the enrollment agreement (contract). • Under certain circumstances, schools are allowed to exclude from the completion/graduation or

transfer-out rate calculations those students who leave school to serve in the Armed Forces, on an official church mission, or with a federal foreign aid service, or are deceased or totally and permanently disabled.

• Transfer-out rates are not disclosed since The Academy transfer-out rates are so low and therefore not sufficient to yield statistically reliable information and additionally, so as not to reveal personally

identifiable information about an individual student.

• Job Placement assistance is provided at The Academy at any time upon or after graduation. o Information on types of employment for our graduates is found in The Academy admissions

office and in The Academy catalog. • Job Placement rates are obtained:

o from graduate surveys, employer surveys and;

o during the graduate’s exit interview process and during follow up calls with our graduates and; o State data systems

• These statistics are kept within The Academy grouped by calendar year of those graduating. IPEDS STATISTICS / COLLEGE NAVIGATOR WEBSITE

• The College Navigator website (http://nces.ed.gov/collegenavigator/) provides current and prospective students information about student body diversity, including the percentage of enrolled, full-time students as provided in the IPEDS Reports and is available in the following categories:

o Male / Female

o Self-identified members of a major racial or ethnic group o Federal Pell Grant recipients

• Graduation rates disaggregated by gender, by each major racial and ethnic subgroups, by recipients of a Federal Pell Grant, by recipients of a Federal Direct Loan (other than Unsubsidized) who did not receive a Federal Pell Grant, and by recipients of neither a Federal Pell Grant nor a Federal Direct Loan, will not be disclosed unless there is sufficient numbers of students to yield statistically reliable information with confidence and confidentiality and the reporting will not disclose personally identifiable information.

• The College Navigator website also gives information concerning student services, student activities, students with disabilities, career placement during and after enrollment and transfer of credit from other schools, retention, licensure, graduation and placement rates.

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5 • The retention rate of first-time, undergraduate students as reported in the IPEDS Fall Enrollments

Survey can be requested by a current or prospective student prior to the student enrolling or entering into a financial obligation with The Academy.

INTERNET COURSE AVAILABILITY

• The Academy does not offer any Internet course schedules. TELECOMMUNICATIONS AND CORRESPONDENCE COURSES

• The Academy does not offer telecommunications or correspondence courses / programs of study. STUDY ABROAD PROGRAMS

• The Academy does not offer any study abroad programs. TRANSFERS

• A Cosmetology student wishing to transfer may be accepted to an educational course / program after carefully evaluating the student’s academic records. Each transfer is evaluated on an individual basis. All accepted transfer hours will be credited at the end of the program. Students transferring from another location of The Salon Professional Academy Franchise will be placed into an existing class based on level of completion recorded on their transcript. Courses with an 85% or higher grade will be eligible for transfer hour’s credit. Students transferring from franchised locations can be granted up to 100% of hours transferred. Student transfer hours from Redken Premier Schools will be based on transcripts and testing out of Redken curriculum. Courses with an 85% or higher grade will be eligible for transfer hour’s credit. Students from Redken Premier Schools can be granted up to 50% hours transferred. Students transferring from other Cosmetology Schools will be granted transfer hours based on transcripts. Courses with an 85% or higher grade will be eligible for transfer hour’s credit with a maximum of 20% of the student’s completed hours allowable for transfer. We do not recruit students who are attending or have been admitted to other similar programs. A possibility exists that no transfer credit will be granted. Transfer students will pay $11.00 per hour for the remaining hours to fulfill graduation requirements. Tuition balances do not transfer from one school to another. Transfer students will still be subject to over contract fees if applicable.

• An Esthetics student wishing to transfer may be accepted to an educational course / program after carefully evaluating the student’s academic records. Each transfer is evaluated on an individual basis. All accepted transfer hours will be credited at the end of the program. Students transferring from another location of The Salon Professional Academy Franchise will be placed into an existing class based on level of completion recorded on their transcript. Courses with an 85% or higher grade will be eligible for transfer hour’s credit. Students transferring from franchised locations can be granted up to 100% of hours transferred. Student transfer hours from all other schools will be based on completed transcripts. Courses with an 85% or higher grade will be eligible for transfer hour’s credit with a maximum of 20% of the student’s completed hours allowable for transfer. We do not recruit students who are attending or have been admitted to other similar programs. A possibility exists that no transfer credit will be granted. Esthetics transfer students will pay $13.32 per hour for the remaining hours to fulfill graduation requirements. Tuition balances do not transfer from one school to another. Transfer students will be subject to over contract fees if applicable.

VACCINATION POLICY

• The Academy does not require vaccination records for admittance to The Academy.

o Because we respect the rights and decisions of all parties concerning childhood vaccines, we do not require these records for admittance.

VOTER REGISTRATION

• An electronic voter registration link will be distributed to incoming students via an email message in which the content will be devoted solely to voter registration.

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6 CRIME PREVENTION

• All crime prevention policies and procedures can be found in the Campus Security Disclosure / Annual Report Statistics, in the Student Handbook, located in the admissions office.

CAMPUS SECURITY DISCLOSURE / ANNUAL REPORT STATISTICS

• Under the Crime Awareness Campus Security Act of 1990, we are required to provide you with the safety information about our campus.

• The entire Campus Security Disclosure /Annual Report Statistics regarding campus safety and crimes can be found in the admissions office and in the Student Handbook.

• All students are given this information prior to enrollment for any educational course / program and both staff and students receive an updated copy of this document during the Annual Notice, before October 1st_{of each year however; a student or employee may request a paper copy at any time.}

• The Campus Crime Report / Campus Security Disclosure contains any Academy occurrences, both attempted and completed, as reported regarding statistics for criminal homicide, sex offenses, robbery, aggravated assault, simple assault, intimidation, burglary, motor vehicle theft, larceny-theft, destruction or damage or vandalism to property motivated by bias, any other crime involving bodily injury, arson, liquor/drug/illegal weapons violations, hate crimes and violence against women.

• The Campus Security Disclosure / Annual Report Statistics includes emergency response / procedures / evacuation information as well as The Academy’s Timely Warning Policy.

• The Academy is committed to providing a violence-free campus and to providing safety to all of its students, staff, and student salon area guests.

• The Academy’s Timely Warning Policy is contained within the Campus Security Disclosure.

• The emergency response and evacuation information is included in The Academy’s Campus Security Disclosure and in The Academy’s annual security report.

ADMISSIONS POLICY

• The full Admissions Policy outlining enrollment requirements, enrollment procedures and all

requirements to remain enrolled in The Academy can be found in The Academy admissions office. • A paper copy is available upon request.

• All courses are taught in English. PRIOR TO ENROLLMENT

• Before enrolling a prospective student for admission, The Academy provides the prospective student a copy of The Academy Catalog, Student Handbook, all required consumer pre-enrollment information, knowledge that accurately reports the certification or licensing requirements of the jurisdiction for which it is preparing graduates and provides access to materials that accurately reflect the most recent accreditation annual report statistics.

• The prospective student’s educational background is considered prior to enrolling a student. • The Academy does not admit ability-to-benefit students.

• All students admitted are beyond the compulsory age of attendance for the State of Texas. • All students must be enrolled as a regular student in an eligible program.

NON-DISCRIMINATION

• The Academy does not discriminate on the basis of sex, age, race, color, religion, or ethnic origin in admitting students nor does it recruit students already attending or admitted to another school offering similar programs of study.

• All service members of the armed services will not be denied admissions based on reasons related to their service.

REQUEST FOR REASONABLE ACCOMMODATIONS

• The Academy Admissions Director has been designated to handle inquiries regarding non-discrimination policies and services for disabilities, including intellectual disabilities.

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7 • Individuals with disabilities are afforded an equal opportunity to participate in The Academy’s programs

and activities, along with equal employment opportunities in the industry, but note that The Academy and future potential employers may only be required to make reasonable modifications or

accommodations for such individuals, as required by law. RE-ADMISSION REQUIREMENTS FOR SERVICE MEMBERS

• An institution may not deny readmission to a person who is a member of, applies to be a member of, performs, has performed, applies to perform, or has an obligation to perform, service in the uniformed services on the basis of that membership, application for membership, performance of service,

application for service, or obligation to perform service.

• The Academy will promptly re-admit any service member with the same academic status as the student had when the student last attended The Academy or was last admitted to The Academy, but did not begin attendance because of that service membership, application for membership, performance of military service, application for service, or obligation to perform service.

• “Promptly re-admit” means that the institution must re-admit the student into the next class or classes in the student's program beginning after the student provides notice of his or her intent to re-enroll, unless the student requests a later date of re-admission or unusual circumstances require The Academy to admit the student at a later date.

INCARCERATED STUDENTS

• Incarcerated students are not eligible for enrollment as all classes and student salon area education are conducted at the physical location.

• A student is not considered incarcerated if the student is in a halfway house, has home detention, or is serving a sentence on weekends only.

ENROLLMENT STATUS

• Students must be enrolled at least halftime to qualify for available Direct Subsidized / Unsubsidized and Direct Plus Loan programs.

• Part–time enrollment of at least halftime does not reduce the students Pell award.

o However, if the program is less than an academic year in clock hours or weeks of instructional time, students enrolled in that program won’t receive a full scheduled award.

• Length of the program as defined in clock hours and weeks affects the amount of aid a student can qualify for.

• Students must complete the required hours and weeks in the payment period to receive the Pell awarded for that payment period.

• Halftime status is determined by the number of clock hours the students is attending. CODE OF CONDUCT

• The Academy’s Code of Conduct outlines the prohibition of conflict of interest with the responsibilities of an agent of The Academy with respect to educational loans.

• The Code of Conduct is found on our website

http://www.thesalonprofessionalacademydallas.com/Dallas%20Code%20of%20Conduct%2012-13.pdf • All staff members associated with student loans are informed annually of the provisions of the code. PRIVATE CONSUMER EDUCATIONAL LOANS (if applicable)

• It is recommended that all Title IV aid be exhausted first as typically, Title IV has a lower interest / better repayment rate than consumer loans.

• Information presented regarding private loans, if applicable, will be presented in a manner that makes it distinct from information regarding Title IV, HEA program Loans.

• Truth in Lending documents will come directly from the private lender.

• The name of the lender will be prominently displayed in all information and documentation related to private education loans.

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8 • Students who need or desire additional funding beyond Title IV or who are ineligible for Federal aid

may need to utilize alternative private consumer credit loan funding. o A FAFSA is not required to apply for alternative forms of lending.

o Private loans / payment plans typically have higher and variable interest rates. o Private loans may have more fees invoked and less flexible repayment options.

o Upon request, The Academy will provide a written or electronic private loan self-certification form for any available, applicable private loans to the extent The Academy possesses the information.

PROGRAMS OFFERED HOURS TO COMPLETION TUITION COST BOOK/KIT COST

• Cosmetology 1500 hours $16,500 $2,306

• Esthetics 750 hours $ 9,990 $1,358

TEXTBOOK AND KIT INFORMATION

• All textbook and kit itemized costs are provided to the student prior to enrolling for classes.

• All textbook and kit items are obtained through suppliers that sell only to licensed beauty professionals / cosmetology colleges.

• Students are required to purchase from The Academy books and kit items, required for the Educational Program because they are only available through suppliers that sell to licensed beauty professionals / cosmetology colleges.

• The Academy sells textbook and kit items to the Student at the same cost (for these items) incurred by The Academy.

o IPADs are used for each student’s text book. If they are lost, stolen or broken, it is the student’s responsibility to replace them. Apple Care insurance is HIGHLY recommended and can be obtained within 30 days of receiving the IPAD at a reduced rate.

• The textbook and kit items are non-refundable.

• In order to keep learning materials relatively current with changes in the industry and regulatory changes, The Academy, from time to time, may change the selection of textbook and kit items and it reserves the right to do so at its discretion.

TEXTBOOK AND KIT DISBURSEMENT POLICY

The Salon Professional Academy has payment options available for the purchase of textbooks and kit items. • For those students using Title IV funds, the charge for textbooks and kit items can be added to the

institution charges.

o Title IV Funds used for these costs will be disbursed by the payment period. • The textbook and kit costs are due and payable in the first payment period.

• Students that use the Title IV option are considered to have authorized the use of Title IV funds to cover the cost of textbooks and kit items and will not need to give further written authorization for this purpose.

o NOTE: The Student using Title IV funds (Pell Grants, Stafford Direct Subsidized and

Unsubsidized Loans and Direct Parent Plus Loans) must meet Satisfactory Academic Progress

Policy requirements, including provisions pertaining to Financial Aid Warning / Financial Aid Probation, pursuant to The Academy Satisfactory Academic Progress (SAP) Policy, in order to remain eligible for Title IV funding.

o The SAP Policy is provided to the student prior to signing this Agreement.

o For those students that are on a 0% cash payment plan, a down payment of the total cost (tuition, textbooks, and kit combined) is paid before classes begin and the remaining balance is divided out over the number of months in the program or 11 months, whichever is the lesser, with payment due the 1st_{of each month.}

o The Salon Professional Academy reserves the right for students to opt out of the Textbooks and Kit Disbursement Policy payment options if the student has paid in full for the charges of

textbooks and kit items prior to the students’ contractual start date. o The textbook and kit items are non-refundable.

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9 INCENTIVE COMPENSATION

• The Salon Professional Academy will not provide a commission/bonus or other incentive payment based in any part, directly or indirectly on success in securing enrollments or financial aid to any person or entity engaged in any student recruiting or admission activities or in making decisions regarding awarding Title IV funds.

• Salaries for staff associated with Admissions or Financial Aid will be based on job responsibilities, length of employment, and standard evaluative factors.

NET PRICE CALCULATOR

• The Net Price Calculator is posted on The Academy website in accordance with the Higher Education Opportunity Act of 2008.

• The Net Price Calculator allows prospective students to calculate an estimated net price at an institution based on a student’s individual circumstances using the following basic formula: price of attendance minus grant aid.

• Based on the information entered by the student, an average net price of attendance is generated based on what similar students paid in the previous year.

• This calculator is designed to help you estimate your educational expenses after grants and will be used when determining Title IV loan eligibility when working with The Academy Financial Aid Administrator (FAA) to calculate your remaining educational expenses.

• Results of the Net Price Calculator will be dependent on the accuracy and completeness of the information entered and is intended to provide only a general guide to your eligibility for financial aid.

• Any result of this Calculator is not guaranteed by The Academy and is meant to be an indication of the

aid you may be eligible to receive.

• This is not an application for financial aid.

• Students must complete the Free Application for Federal Student Aid (FAFSA) to be eligible for Title IV

funds.

• For more information on applying for Federal student aid, please go to www.fafsa.ed.gov

• Note: The estimate provided using this net price calculator does not represent a final determination, or actual award, of financial assistance. It is not binding as it is subject to change based on additional information needed to package the student’s aid.

• The price of attendance and financial aid availability may change.

• This estimate shall not be binding on the Secretary of Education, this institution of higher education or

the State in which this institution of higher education is located.

• Completing the calculator should take no more than 20 minutes of your time.

o You will need to answer some basic questions about your parents' financial situation so it might be helpful to have recent tax forms or pay stubs on hand before you begin.

• To access The Academy’s Net Price Calculator, please log on to The Academy website at www.tspadallas.com go to the Consumer Information page at

TYPES OF AID AVAILABLE TO THOSE WHO QUALIFY

• A student or prospective student can contact The Academy’s Financial Aid Administrator for assistance in obtaining information regarding both Title IV funding and any available consumer loans, if applicable. • Need Based Aid: Pell Grants and Direct Subsidized Loans

• Non-need Based Aid: Direct Unsubsidized Loans, Direct Parent Plus Loans and Consumer Loans, if applicable

• Direct Loan borrowers who previously signed Master Promissory Notes (MPN’s) that contain

information about the interest rates that were in effect prior to July 1, 2014 are not required to sign new MPN’s to receive the new interest rates on loans first disbursed on or after July 1, 2014.

• Moving forward, interest rates will be established each year for Direct Subsidized and Unsubsidized and Direct Plus loans that will apply to the first disbursement made on or after July 1st of the current calendar year.

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10 o As a result, it is likely that many borrowers will have a set of fixed-rate loans, each with a

different interest rate, depending on when each loan incurred its first disbursement.

• The Direct Loan Program interest rates are identical for Direct Subsidized and Direct Unsubsidized loans and apply to undergraduate students for which the first disbursement of a loan is made on or after July 1, 2013.

TITLE IV INTEREST RATES

• The interest rates for undergraduate Subsidized and Unsubsidized Loans disbursed on or after July 1, 2014 through June 30, 2015 are fixed at 4.66%

• The interest rates on Direct Plus Loans disbursed on or after July 1, 2014 through June 30, 2015 are fixed at 7.21%

COST OF ATTENDANCE

• Cost of Attendance (COA) falls into two categories: o “Dependent” students living at home with parents o “All Others”

! Dependent students living in an apartment, or elsewhere ! Independent students

• The COA is based on the length of the program, tuition and fees, loan fees, as well as average national room and board, personal expenses, and transportation costs.

• Listed below is the COA Budget for each program (including all FT/PT) that has qualified for Title IV, HEA funding.

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11 2014/2015 Pell Grant Cost of Attendance Worksheet

For Institutions which charge by the Payment Period

School: Dallas-TSPA

Course Hours Hrs WK # of WKS # of Months

Program: Cosmetology 1500 30 50 12

AY Length: 900 30 30 7

Effective Date: 7/1/2014

Step 1: Fees listed below are the Academic Year Single without dependents living with parents:

Tuition $9,900.00

Books and supplies $2,306.00

Registration Fees $100.00

Other___________ $25.00

Room and Board* $2,898.00

Personal Expenses** $1,715.00

Transportation*** $1,113.00

TOTAL $18,057.00

All others:

Tuition $9,900.00

Other___________ $25.00

Room and Board* $5,726.00 *R&B $414/Mth for Dependent

Personal Expenses** $1,715.00 $818/Mth for all others

Transportation*** $1,113.00 **Personal Expenses $245/Month

Total $20,885.00 ***Transportation $159/Month

Step 2:

# of Weeks in AY for Program = 30 = 1.0000

# of Weeks fir which costs apply 30

# of hours in AY for Program = 900 = 1.0000

# of Clock Hours for which cost applies 900 Step 3:

The lesser of the about two fractions is the multiplier for the total of the COA components Single without dependents living at home:

COA – Above $18,057.00 x 1.000 $18,057.00

All others:

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12 Calculating Direct Loan Budgets 07/03/2014

2014-2015

School Name: Dallas-TSPA Program: Cosmetology Effective Date: 07/01/2014

Section 1 Program AY

No. of hours: 1500 900

Hours per Week 30 30

Number of weeks; 50 30

NUMBER OF MONTHS 12 7

Section II 1AY 2AY

Number of months 7 5 Tuition $9,900 $6,600 Books/Supplies $2306 0 Reg Fee $100 0 Other Fees $25 0 Loan Fees $102 $75

Section III Dependent Dependent

1AY 2AY Tuition $9,900 $6,600 Books/Supplies $2,306 0 Reg fees $ 100 0 Other $ 25 0 Loan fees $ 102 $ 75 R/B $2,898 $2,070 Personal $1,715 $1,225 Transportation $1,113 $ 795 TOTAL $18159 $10765

All others All others 1AY 2Ay Tuition $9,900 $6,600 Books/Supplies $2,306 0 Reg fees $ 100 0 Other $ 25 0 Loan fees $ 102 $ 75 R/B $2,898 $4,090 Personal $1,715 $1,225 Transportation $1,113 $ 795 TOTAL $20987 $12785

Room & Board $414/Month Dependent Living at Home $818/Month All Others

Personal Expenses $245/Month Transportation Expenses $157/Month

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2014-2015

School Name: Dallas-TSPA

Program: Cosmetology - Night Effective Date: 07/01/2014

No. of hours: 1500 900

Number of weeks; 100 60 NUMBER OF MONTHS 23 14

Number of months 14 9 Tuition $9,900 $6,600 Books/Supplies $2306 0 Reg Fee $100 0 Other Fees $25 0 Loan Fees $102 $75

1AY 2AY Tuition $ 9,900 $ 6,600 Books/Supplies $ 2,306 0 Reg fees $ 100 0 Other $ 25 0 Loan fees $ 102 $ 75 R/B $ 5,796 $ 3,726 Personal $ 3,430 $ 2,205 Transportation $ 2,226 $ 1,431 TOTAL $23,885 $14,037

All others All others 1AY 2Ay Tuition $ 9,900 $6,600 Books/Supplies $ 2,306 0 Reg fees $ 100 0 Other $ 25 0 Loan fees $ 102 $ 75 R/B $11,452 $7,362 Personal $ 3,430 $2,205 Transportation $ 2,226 $1,431 TOTAL $29541 $17,673

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14 2014/2015 Pell Grant Cost of Attendance Worksheet

For Institutions which charge by the Payment Period

School: Dallas-TSPA

Course Hours Hrs WK # of WKS # of Months

Program: Esthetics 750 30 25 6

AY Length: 900 30 26 6

Effective Date: 7/1/2014

Step 1: Fees listed below are the Academic Year Single without dependents living with parents:

Tuition $9,990.00

Other___________ $25.00

Room and Board* $2,484.00

Personal Expenses** $1,470.00

Transportation*** $954.00

TOTAL $16,381.00

All others:

Tuition $9,990.00

Other___________ $25.00

Room and Board* $4,908.00 *R&B $414/Mth for Dependent

Personal Expenses** $1,470.00 $818/Mth for all others

Transportation*** $954.00 **Personal Expenses $245/Month

Total $20,885.00 ***Transportation $159/Month

Step 2:

# of Weeks in AY for Program = 26 = 1.0000

# of Weeks fir which costs apply 25

# of hours in AY for Program = 900 = 1.0000

# of Clock Hours for which cost applies 750 Step 3:

The lesser of the about two fractions is the multiplier for the total of the COA components Single without dependents living at home:

COA – Above $16,381.00 x 1.000 $16,381.00

All others:

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2014-2015

School Name: Dallas-TSPA Program: Esthetics Effective Date: 07/01/2014

No. of hours: 750 900

Number of weeks; 25 26

NUMBER OF MONTHS 6 6

Number of months 6 5 Tuition $9,990 0 Books/Supplies $1,358 0 Reg Fee $ 100 0 Other Fees $ 25 0 Loan Fees $ 85 0

1AY 2AY Tuition $ 9,990 0 Books/Supplies $ 1,358 0 Reg fees $ 100 0 Other $ 25 0 Loan fees $ 85 0 R/B $ 2,484 0 Personal $ 1,470 0 Transportation $ 954 0 TOTAL $16,466 0

All others All others 1AY 2Ay Tuition $ 9,990 0 Books/Supplies $ 1,358 0 Reg fees $ 100 0 Other $ 25 0 Loan fees $ 85 0 R/B $ 4,908 0 Personal $ 1,470 0 Transportation $ 954 0 TOTAL $18,890 0

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2014-2015

School Name: Dallas-TSPA Program: Esthetics - Night Effective Date: 07/01/2014

No. of hours: 750 900

Hours per Week 15 15 Number of weeks; 50 26 NUMBER OF MONTHS 12 6

Number of months 6 5 Tuition $9,990 0 Books/Supplies $1,358 0 Reg Fee $ 100 0 Other Fees $ 25 0 Loan Fees $ 85 0

1AY 2AY Tuition $9,990 0 Books/Supplies $1,358 0 Reg fees $ 100 0 Other $ 25 0 Loan fees $ 85 0 R/B $2,484 0 Personal $1,470 0 Transportation $ 954 0 TOTAL $16,466 0

All others All others 1AY 2Ay Tuition $9,990 0 Books/Supplies $1,358 0 Reg fees $ 100 0 Other $ 25 0 Loan fees $ 85 0 R/B $4,908 0 Personal $1,470 0 Transportation $ 954 0 TOTAL $18,890 0

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17 EFFECTS OF STUDENT LOANS

• If the student receives other forms of financial assistance such as scholarships it may reduce the student or the student’s parent eligibility for Federal Aid.

• Loans must be repaid, even if the student does not finish their education.

o More information regarding loan repayment can be found in the “ Terms and Conditions of the

Loan” section of this document.

• Federal Loan repayment begins 6 months from the student’s last day of attendance.

• If a student does not return from a Leave of Absence (LOA) within the maximum 180 calendar days in a 12-month period, the student’s Federal Loans immediately enter repayment.

• Failure to repay a student loan will leave a negative mar on the borrower’s credit.

• Over borrowing of student loans may cause a borrower, when entering repayment, to incur larger payments than their earning potential can handle, especially during the early years of repayment. ELIGIBILITY REQUIREMENTS FOR TITLE IV FUNDING

o Have a valid High School Diploma or GED

! Enrollment in a program of study abroad approved for credit by the home school may be considered enrollment in the home school for the purposes of applying for Title IV funding.

o Complete the FAFSA for each financial aid year in which the student is eligible for aid

o Comply with The Academy Satisfactory Academic Progress Policy regarding SAP evaluations, Financial Aid Warning, Financial Aid Probation, if applicable

o Currently, not be in default on previous student loans o Not owe repayment on an adjusted /over award Pell Grant

o Have remaining eligibility for Pell Grants / Subsidized or Unsubsidized Loans

o Have not exceeded the annual and aggregate Direct Loan limits and complies with the 150% Direct Subsidized Loan rule / Pell Lifetime Award limits

o Have remaining eligibility if the student is a transfer student o Be enrolled in an eligible program

o Be enrolled and maintain at least half time attendance

o Have a successful ISIR Social Security match or comment code indicating successful INS match

o If male, ages 18-25 has registered with the Selective Service o Be a citizen or eligible non-citizen

o Have resolved any drug conviction issues

o Not have an Unusual Enrollment History (UEH) that prevents eligibility TITLE IV AID

DETERMINING ELIGIBILITY FOR TITLE IV AID

• Eligibility is determined based on information the student and /or parent(s), if applicable provide on the Free Application for Federal Student Aid (FAFSA).

• The Federal need analysis formula is evaluated and calculated taking into account all relevant information provided on the FAFSA including your family’s ability to contribute towards educational expenses.

• Title IV Funding can include lower-interest Direct Subsidized and Unsubsidized Loans, Direct Parent Plus Loans, as well as free Pell Grants for those who qualify.

• Qualifying loan or Pell Grant amounts are the result of utilizing a valid ISIR in conjunction with calculating the student’s Cost of Attendance Worksheet.

o Once a determination of the qualified loan(s) and /or Pell Grant has been achieved, the student will be asked to decide and sign for the the qualifying awarded aid they desire to fund their educational costs.

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18 SATISFACTORY ACADEMIC PROGRESS (SAP)

The Academy’s full version of the SAP Policy can be found in the Student Handbook, located in admissions office of The Academy.

• All students (cash and Title IV aid) attending The Salon Professional Academy must maintain Satisfactory Academic Progress (SAP).

• This policy complies with the guidelines established by the National Accrediting Commission of Career Arts and Sciences (NACCAS) and the Federal regulations established by the United States Department of Education.

• The SAP Policy is given to all students prior to signing the enrollment agreement and is applied with consistency, regardless of part time / full time status.

• SAP is defined as reaching each checkpoint of training with a cumulative 85% theory and practical grade average, as well as attended a minimum of 85% of the scheduled hours at their designated checkpoints.

• Students who meet these requirements are considered to be making SAP until the next scheduled evaluation.

• 85% equates to 117% maximum time frame for completion of the program.

o Maximum time frame in hours to complete divided by the hours in the program=117%

• All students will be notified of any evaluation that impacts the student’s eligibility for financial aid, if applicable, through means of their Report Card, which is signed at each checkpoint of training.

o A copy of the Report Card is given to the student and one placed in their academic file. • If at any time new/ conflicting information is made available that affects the student’s SAP, The

Academy will go back and re-evaluate SAP for the payment period in question.

• If the newly presented information changes the student’s SAP level from satisfactory to unsatisfactory or from unsatisfactory to satisfactory, adjustments will be made to any affected Title IV aid pending the results of the newly found conflicting information.

• If a student fails to maintain Satisfactory Academic Progress (SAP) according to the SAP Policy and subsequently loses aid eligibility, she / he must follow the criteria outlined in this policy to re-establish SAP before re-gaining eligibility for Title IV Aid.

GENERAL INFORMATION FOR TITLE IV FUNDING

• The Academy complies with state approval and licensure requirements to be legally authorized to provide postsecondary education in the state of Texas and therefore is eligible to participate in Title IV and HEA programs.

• The Academy has a Direct Loan quality assurance process in place that documents the reporting loan records; disbursements and adjustments to disbursements correctly to the Common Origination and Disbursement (COD) System; disbursing and returning loan funds in accordance with regulatory requirements; disbursing the correct loan amount to the correct student; and completing monthly reconciliation and Program Year Closeout.

• The Academy FAA educates students and / or parents in all options of aid available to those who qualify.

• When available, students receive copies of information regarding loan availability as provided and published by the U.S. Department of Education.

o These publications also include information regarding the rights and responsibilities of students and schools.

• To continue to receive Title IV aid, the student must meet applicable SAP requirements or qualify for Financial Aid Warning / Financial Aid Probation prior to disbursing aid.

• We understand that all student’s / family’s needs are unique.

• We are committed to the student’s educational success, a part of which includes securing the appropriate funding.

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19 State / Federal regulations and including the National Student Loan Data System (NSLDS), determines the student’s eligibility for available programs.

o The student’s awarded loan information will be submitted to the NSLDS and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.

• Any student who was / is a first time borrower on or after July 1, 2013 is subject to the Federal regulations regarding the 150% Direct Loan rules.

o A first time borrower is anyone who had either paid off all student loan debt prior to July 1, 2013 and is now reapplying for Direct Loans or; anyone who is a first time post-secondary education attendee on or after July 1, 2013 and is seeking to borrow Direct Loans.

• Many parents of dependent students borrow money to help cover educational costs and living expenses for their daughter / son.

o The Academy offers qualifying parents of eligible dependent students the ability to apply for the Federal Direct Parent Plus Loan to aid in covering educational costs.

• Loan Availability- Information regarding loan availability and student loan eligibility published by the U. S. Department of Education can be found at www.studentloans.gov.

o This publication includes information about the rights and responsibilities of students and schools under the Title IV, HEA loan programs

LOAN ELIGIBILITY

• Subsidized Direct Loans are available to undergraduate students and is interest-free during the student’s enrollment of at least half time.

o Interest will begin to accrue if the student drops below half time status or after the student’s last day of attendance.

o The Unsubsidized loan interest begins to accrue upon the first disbursement of the loan. • ***Subsidized Federal Direct Loan Eligibility offsets unsubsidized Loan amounts listed below:

Subsidized Federal Direct Loan

Unsubsidized Federal Direct Loan

Dependent Independent

1st_{Academic Year} _$3500 _***$2000 _***$6000

2nd_{Academic Year} _$3000 _***$1333 _***$4000

LOAN FEES

• Subsidized and Unsubsidized Loans disbursed on or after December 1, 2013 through September 30, 2014 have a 1.072% origination fee.

• Subsidized and Unsubsidized Loans disbursed on or after October 1, 2014 through September 30, 2015 have a 1.073% origination fee.

• Parent Plus Loan fees on or after December 1, 2013 to September 30, 2014 have a 4.288% origination fee.

• Parent Plus Loan fees on or after October 1, 2014 through September 30, 2015 have a 4.292% origination fee.

TERMS OF CONDITIONS OF LOANS

• Terms and Conditions of the Direct Subsidized and Direct Unsubsidized Loans are found on pages 2 and 3 of the Direct Loan Master Promissory Note (E-MPN) found at

http://www.direct.ed.gov/pubs/dlmpn.pdf

• The applicable terms of any consumer loan received as part of the financial aid package can be found in conjunction with the original signed loan paperwork.

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20 • The Academy aids in job placement at any time after graduation, however; The Academy does not

guarantee job placement.

• It is the obligation of the borrower to repay the full amount of any loans even if the student does not complete the program or secure employment.

• Delay in employment is not in any way connected to the terms and conditions of the loan(s). Borrower’s Rights and Responsibilities of a Student Loan

• All rights and responsibilities of Direct Student Loans are found on the paper application of the Master Promissory Note.

PROCEDURES WHEN APPLYING FOR TITLE IV AID

The student will complete the applicable award year FAFSA for each award year necessary in order for the student to receive eligible Title IV aid.

• The Department of Education prefers students complete an online FAFSA. o Upon request, the student will be given a paper FAFSA.

o To complete a web FAFSA, the student will need an electronic pin number. ! This can be obtained at www.pin.ed.gov

o Follow all written instructions when completing the FAFSA.

o On the FAFSA, list the School Code for The Salon Professional Academy, Lewisville, Texas to allow The Academy to receive this information.

! The Academy’s School Code for FAFSA purposes is: 041658.

o Step Three of the FAFSA determines a student’s dependent or independent status.

• Parents of dependent students will need to provide information on the FAFSA in order for a student to be eligible for a Pell Grant and for the FAA to determine unmet need.

• Unmet need determines the student’s eligibility for a Subsidized Loan.

• If the parents of a dependent student refuse to provide information on the FAFSA, o The student will not be eligible for Pell Grants.

o The student will only be eligible for Direct Unsubsidized Loan funding as no unmet need can be calculated without an EFC.

• Once the FAFSA is complete, the student will receive a SAR (Student Aid Report).

• Any student who has an Unusual Enrollment History (UEH) Code may be asked to provide additional documentation to resolve the UEH code.

o All UEH flags must be resolved before a student is eligible for Title IV funding.

• The Academy will be sent an ISIR (Institutional Student Information Record) for all students who list The Academy School Code.

• All Central Processing Systems selected ISIR verification and/or corrections must be completed prior to a student qualifying for aid.

o If the student is selected for verification, the student will receive The Academy verification policy and verification worksheet from the financial aid office.

o The Verification Worksheet must be completed and returned to the Financial Aid office within the specified timelines.

o The student may also need to verify income through the IRS Data Retrieval System or by using an IRS Tax Transcript.

o If selected, this verification process must be completed before a student can receive Title IV aid. o The verification process could result in a corrected ISIR and new EFC (Expected Family

Income) that could affect the type of aid the student can qualify for (Subsidized / Unsubsidized) and the amount of an awarded Pell Grant.

• The Primary EFC provided on the student’s ISIR will be used to calculate need and unmet need analysis through the Cost of Attendance Worksheet.

o This Primary EFC number corresponds with the number of months in the academic year in which the aid is being packaged.

o The Cost of Attendance Budget for each academic year includes the student’s Career Investment Costs per academic year.

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21 ! These costs include tuition, applicable fees, textbooks and kit items (per the academic

year in which the costs are incurred), allowances for room and board, personal expenses and transportation costs.

• The Salon Professional Academy utilizes the information presented on the student’s

ISIR, or corrected ISIR, if applicable, and the NSLDS (National Student Loan Data System) to determine the student’s eligibility and to calculate the student’s need or unmet need for each grade level.

• This is done in compliance with the Cost of Attendance Budget grade level limits based on hours /weeks of scheduled attendance in the academic year.

• Students desiring low interest Federal Direct Student Loans must complete a Master Promissory Note or E-MPN through the Direct Loan Consolidation process for all new applicants at

www.studentloans.gov

o Students who desire a paper copy will be able to download and print a paper application from StudentLoans.gov for submission by U.S. mail.

• Parents desiring to take out a Federal Direct Parent Plus Loan on behalf of their dependent daughter or son must complete a Parent Plus Loan application.

o If a parent of a dependent student refuses to put their personal information on the student’s FAFSA, the parent will not be eligible for a Direct Parent Plus Loan.

• Students will need to accept or decline eligible aid through means of the Student Financial Aid Eligibility Statement.

o Aid is packaged by the Academic Year

• Accepted aid will be listed on the student’s award letter.

• Students must complete the Entrance Loan Counseling prior to the student receiving the first disbursement of federal loans.

o For Direct Loans, students may access Entrance Loan Counseling at www.studentloans.gov. • Students are required to notify The Academy Financial Aid Administrator if they receive any additional

financial assistance before or after an award letter has been issued.

o If additional aid is received after the award letter has been provided, the FAA will refigure the student’s Cost of Attendance Worksheet to determine if there are any necessary changes to the student’s aid package.

o All applicable changes will be reported to the Third Party Servicer.

• Scholarships or other types of financial aid could be reported throughout the year.

o If additional awarded aid causes the student to exceed the cost of attendance, it may be necessary to reduce the amount of previously awarded aid.

• The student and / or parent, if applicable, will be asked to sign an Affirmative Confirmation regarding their right(s) to cancel a loan.

• When each student’s loan period has been completed, The Academy FAA will notify the Third Party Servicer of the ending date of each loan period in conjunction with the regulations outlined in the 150% Direct Loan rule.

ENTRANCE LOAN COUNSELING

• All students applying for Title IV Aid must complete the Entrance Loan Counseling prior to the first disbursement of any Federal Direct Loans.

o Entrance Loan Counseling for Direct Loans can be found at www.studentloans.gov. o The Academy collects the Entrance Loan Counseling sign off to be placed in the student’s

admissions / financial aid file.

• The Academy FAA discusses elements of the Title IV loan entrance counseling and any available consumer loan information with a student and / or parent(s) as they begin working with them privately, prior to the student’s class start date.

o The Academy will share the differences between these two types of loans, if applicable, and the interest rates charged for each type of loan.

• Loan rights and responsibilities are discussed again during the financial aid review as part of the student’s financial aid orientation.

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22 Elements of Entrance Loan Counseling/ Entrance Review include but may not be limited to:

• Financial Aid Literacy

• The seriousness and importance of the loan repayment obligation regardless of whether the borrower completes the program or is unable to obtain employment or otherwise dissatisfied or does not receive all the services the borrower purchased from The Academy

• Obligation of the borrower to repay the full amount of any loans even if the student does not complete the program or secure employment

• Deferment and Forbearance

• Importance of keeping financial aid papers

• Borrowers of Direct Unsubsidized Loans have the option to pay the interest while in school • Definition of half time enrollment status

o Title IV aid consequences of falling below half time status, including how it relates to SAP and over contract fees

• 150% Direct Loan rule and how it affects Subsidized loan eligibility. • Default and its consequences

• How to use the MPN or E-MPN

• Terms and Conditions and acceptance of the Federal loans-rights and responsibilities

o Name and contact information of the loan servicer if the borrower has questions concerning the terms and responsibilities

• Accrual and capitalization of interest

• Information about the NSLDS and how the borrower can access their records • Sample monthly repayment amounts and the importance of not over borrowing

o Repayment schedule on www.nslds.ed.gov

! Repayment Estimator found at www.studentaid.ed.gov

! Average indebtedness of past graduates can be found on The Academy’s website under Gainful Employment Disclosures

• How accepting loan disbursements can affect the borrowers eligibility of other forms of student aid • Contact information for financial aid or loan questions including borrower’s rights and responsibilities

and the terms and conditions of the loan

• Importance of contacting appropriate offices if the student withdraws prior to completion of the program of study

• Notification for change of name or address • Withdrawal from the program

o How the withdrawal will affect the student

o Importance of contacting The Academy FAA of this decision DISBURSING FEDERAL AID

• Disbursements for Grade Level 1 in the full time Cosmetology program occur at: o 120 hours (30 days) and 450 hours

• Disbursements for Grade Level 2 occur at 900 hours and 1200 hours. • Disbursements for short courses approved for Title IV must be listed here.

• A staff member not involved in packaging and / or awarding aid will disburse aid through The Academy financial aid office.

o At the time of disbursement, students will sign the Direct Loan / Pell Disbursement Sheet to acknowledge how aid is applied.

o The student’s Report Card for SAP (checkpoint / evaluation requirements) will be attached to the Direct Loan / Pell Disbursement Sheet for applicable disbursements and will need to be signed by the student to verify SAP requirements.

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23 ! In order to be eligible for a disbursement, the student must be maintaining Satisfactory

Academic Progress or be eligible to be placed on Financial Aid Warning or Financial Aid Probation.

• Disbursement Credit Balance Refund Summary

o Credit balances occur once all payment period’s tuition and fees have been paid.

o A refund from a credit balance will be issued to the student unless the financial aid authorization is signed.

! When the student has been disbursed financial aid that exceeds his or her tuition and fees charged for the payment period a credit balance will result due to the excess. ! The student can elect to receive the credit balance or elect to have The Academy hold a

credit balance only if the student signs the Financial Aid Authorization section of the Direct Loan / Pell Disbursement Sheet.

o No credit balances will be carried over from one academic year to the next.

o If there is a credit balance at the end of an academic year, the student will receive a refund prior to the end of the academic year or will be given the option to pay back on the principal balance of their Direct Loan, unless the credit balance was the result of a Pell Grant.

! In the case of a Pell Grant, any credit balance funds must be returned to the student. o All credit balance refunds will be issued by check within 10 calendar days of the date on the

disbursement roster unless the student gives written permission to hold the credit balance. o A credit balance refund will be given to the parent if the amount of the Direct Plus Loan is

greater than the student's tuition and fee charges for the payment period in which the disbursement occurred.

PRINCIPLES OF EXCELLENCE FOR EDUCATIONAL INSTITUTIONS SERVING SERVICE MEMBERS, VETERANS, SPOUSES, AND OTHER FAMILY MEMBERS

• The “Shopping Sheet”, provided by DJA and Associates will be given to all military related prospective students who are eligible to receive Federal military or veteran’s education benefits.

DEFERRMENT OF PREVIOUS LOANS

• Students who are enrolled at least half time can apply for deferment of previous students loans while in attendance at The Salon Professional Academy.

• A deferment form is available in the financial aid office of The Academy. OFFICIAL / UNOFFICIAL WITHDRAWAL PROCEDUES PRIOR TO GRADUATION

• If the student initiates an early withdrawal or if it is determined that a student must discontinue her/his education at The Salon Professional Academy, the following steps must be taken:

o The student is encouraged to first consult with her/his team leader to discuss the reason for the withdrawal.

! If the withdrawal is imminent and the student had an awarded Title IV aid package to fund their educational costs, The Academy FAA will calculate The Return to Title IV Funds (R2T4) worksheet to determine if any / all aid disbursed for the payment period in which the student withdrew is to be sent back to the Dept. of Education or if /and what percentage of disbursed aid can be retained.

o If the student’s aid package included Federal loans or grants, all or part of the Federal Aid, if already disbursed, could be required to be returned, based on the results of The Department of Education’s Return to Title IV Funds (R2T4) calculation.

o The Return to Title IV Funds (R2T4) Worksheet is based on the payment period the student was in when the official (or unofficial) withdrawal began.

o The R2T4 is based on class scheduled hours within this same payment period. o If the R2T4 calculation results in a post withdrawal disbursement, the post withdrawal

disbursement can only be requested or applied to a student’s ledger balance if the student had satisfactory progress at the time of the withdrawal.

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24 ! Additionally, the student and /or parent, in the case of a Plus loan, must give written

permission for the post withdrawal disbursement.

o Once the R2T4 calculation has been completed, the results may reflect an adjustment to the student’s ledger.

• The Academy Refund Worksheet will be calculated once all elements resulting from the calculation of the R2T4 have been completed; taking into account any returned unearned Federal Aid.

• The Academy Refund Worksheet is based on the entire program.

• Based on results of both the R2T4 and The Academy Refund Policy, the student could incur a debt to The Academy for unpaid tuition or fees in addition to the obligation to repay Federal Stafford Loans / private loans.

• Cash paying student: The Academy FAA will calculate the Academy Refund Worksheet to determine if the student owes The Academy for tuition and /or fees or if The Academy owes the student a refund. • For all students: If The Academy Refund Worksheet calculation indicates the student still owes

tuition/fee debt, The Academy will issue an Official Transcript of Hours to students who withdraw prior to program completion when the student has successfully completed the required exit paperwork; attended an exit interview; and made final payment of debts owed The Academy.

o If the calculation shows a refund is due to the student, the refund check will be issued to the student as soon as possible but no later than 30 days from the date of determination of the withdrawal from the program.

• All students need to set up an appointment with the admissions/financial aid office to complete the exit interview.

o During the exit interview, the student’s file will be checked for inclusive documentation. o Financial aid students who had Direct Loans packaged in their awarded aid must complete the

Exit Loan Counseling on www.studentloans.gov

• A withdrawal may result in the student owing The Salon Professional Academy tuition and / or fees. • If a student does not officially withdraw, the student will be dropped from the program when the student

ceases to call in to report an absence and / or ceases to attend after 10 days have elapsed.

• If an extenuating circumstance arises resulting in the student’s inability to attend the exit interview, an exit letter will be sent to the student outlining the results of the refund calculation(s) indicating:

o A link to the Direct Loan Exit Loan Counseling

o The student’s responsibilities of repaying their student loan(s) o A sample repayment schedule

o Direct Loan Servicing Center contact information for loan repayment (if applicable) o Any contact information regarding the student’s private loan (if applicable)

o The Academy will include in the exit letter all contact information for The Academy Financial Aid Administer for any questions that may arise or for explanation of the exit letter.

• Any student who expresses a desire to withdraw prior to graduation will be made aware of the possible consequences of withdrawing prior to completing the program.

o Students utilizing Title IV aid will begin repayment on Federal loans 6 months from their last date of attendance.

! Interest for Subsidized loans begins once the student ceases attendance at The Academy.

o Students, who had Direct Loans and took a full 180-calendar day Leave of Absence (LOA) and did not return from the LOA, must be aware their Direct Loans will go into immediate loan repayment.

RETURN TO TITLE IV POLICY (R2T4)

• The full Return to Title IV Funds Policy is available in the Financial Aid Office. o A paper copy is available upon request.

• This Return to Title IV Funds Policy outlines all requirements for the Return of Title IV, HEA grant or loan aid when a student officially or unofficially withdraws before completion of the program.

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25 • Information regarding Title IV aid can be found at www.studentaid.ed.gov or can be directed to

Tamessia Green in The Academy financial aid office at (972)-420-7036 or The Federal Student Aid Information Center at 1-800-433-3243.

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26

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27 ACADEMY REFUND POLICY

• The Academy Refund Policy can be found in The Academy Admissions office or in The Academy Catalog.