FEDERAL STUDENT AID / FINANCIAL POLICY

Financial Aid

 

Financial Aid is available to those who qualify. The first step in getting student aid is completing the Free Application for Federal Student Aid. To complete the FAFSA, students (and most likely parents) will need to have filed an income tax return. MBI recommends you use the IRS Retrieval Data tool.

 

Financial Aid options include:

 

  • Federal Pell Grant

  • Direct Subsidized Loan

  • Direct Unsubsidized Loan 

  • Direct Parent Plus Loan

 

You may apply for Financial Aid at https://fafsa.ed.gov

 

Our School code is: 042784

 

For, Direct loan information visit www.studentloans.gov

 

You may retrieve your federal student loan information from the National Student Loan Data System (NSLDS)

 

Code of Conduct for Education Loans

 

 

                                                                       Net Price Calculator

 

The net price calculator provides an estimate of costs and financial aid eligibility based on historical averages. It is not a guarantee on the amount of funding available but is a guide for what the average student at MBI receives. 

 

 

 

 

 

 

Veterans

 

Veterans Administration (VA) Tuition Supplementation: Education benefits paid to qualified students, or the family members of qualified individuals, who have served in the armed forces.

 

 

COST OF ATTENDANCE 

The cost of attendance (COA) is an estimate of what it costs the typical student to attend Montana Barber Institute. Your COA covers both your tuition and kit. Students are not allowed to receive aid that exceeds their COA.

 

Financial Requirements

 

A student is required to pay the appropriate program fees and purchase supporting program books, tools, uniforms, and other required items. The following are the financial requirements to be made by the student to complete the enrollment process:

 

A student must pay the fee:

 

1.  $18,653.00 for the Class A Barber Program

 

2.  $14,300.00 for the Barber Instructor Program 

 

3.  $7,553.00 for the Cosmetology Operator to Class A Barber Program 

 

MYCAA FUNDING IS AVAILABLE FOR QUALIFYING APPLICANTS

 

                                                   Maintaining Eligibility

 

To remain eligible for federal, state, and some institutional financial aid, students must comply with Dept. of Education and Montana Barber Institutes standards for Satisfactory Academic Progress (SAP). All undergraduate students will be evaluated for SAP at the end of each payment period.

 

 

The fee is for tuition only, kit, and books will be charged separately.

 

A student must pay their tuition and fees in full at the time of enrollment (or otherwise make payment arrangements with the Director).

 

If the student has been previously enrolled at MBI and has purchased tools for any course, they will not need to repurchase tools, unless the student has misplaced or lost toolkit. If a student has some of the tools, that student will still need to purchase the rest of the required tools in order for the kit to be complete.

 

 

Tuition Waivers

 

Tuition waivers and/or deferred payments for disadvantaged students shall be considered on individual merit at the discretion of the institute's director. In the event of a waiver of tuition, all other costs must be met by the student enrolled.

 

 

 

              What happens to you and         your Financial Aid Funding

 

 

 1. Determination of the withdrawal date:  For official withdrawals or unofficial withdrawals date, is always the last day of attendance taken by the Administration Office.

  • Official Withdrawal: When a student notifies the administration office that they're withdrawing from the institute.

  • Unofficial Withdrawal: When a student is absent for 10 consecutive days (14) calendar days and has not made positive contact of their return. 

  • Determining Date: The date the Financial Aid Officer is informed the student has missed 10 consecutive days. 

 

 2.  Determination of the amount of aid the student earned:  The student percentage of aid earned is based on the percentage of aid scheduled for the clock hour (payment period).

 

  • The percentage of the payment period completed is calculated by dividing the total number of calendar days completed by the total number of calendar days in the payment period. Scheduled breaks of five or more days are excluded.

  • The amount of aid the student has earned is calculated by multiplying this percentage by the total amount of Title IV aid disbursed (and that which could have been disbursed) to the student.

  • For example, if a student completes 35 days of a 118-day, the percentage completed is 29.7% (35 completed days / 118 total days). If $2000 has been disbursed, the student is entitled to only $594, or 29.7% of that aid.

  • A student who did not receive all of the funds earned may be due a post-withdrawal disbursement.

  • Once 60% of the payment period is completed, the student is considered to have earned all federal aid, and the return of federal funds is not necessary.

 

 3. Determination of the amount of aid the student did not earn:  The amount of Title IV aid that must be returned is based on the percentage of unearned aid. That percentage is computed by subtracting the earned aid percentage from 100%. For example, if the earned aid percentage is 29.7%, the unearned aid percentage is 70.3% (100% - 29.7% earned = 70.3% unearned).

 

Montana Barber Institute is a clock hour program that determines the amount of return for a student and institution is based on the R2T4 example as followed:

 

                        number of clock hours the student was scheduled to complete in the period

                                       

                                                     total number of clock hours in the period

 4. Determination of the amount of aid the Institute must return:  The Institute will remit the percentage of the unearned Title IV funds that were disbursed or that could have been disbursed to the federal programs. The funds will be returned no more than 45 days from the last date of attendance. The Institute will return the lesser of the total of unearned aid or an amount equal to institutional charges multiplied by the percentage of unearned aid. Unearned aid will be returned to the federal programs in the following order:

 

  • Unsubsidized Federal Stafford loans (other than PLUS loans)

  • Subsidized Federal Stafford loans

  • Unsubsidized Federal Direct Stafford loans

  • Subsidized Federal Direct Stafford Loans

  • Federal Perkins loans

  • Federal plus loans received on behalf of the student

  • Federal Direct Plus received on behalf of the student

  • Federal Pell Grants

  • Iraq and Afghanistan Service Grant for which a Return is required

  • Academic Competitiveness Grant

  • National SMART Grants

  • Federal Supplemental Educational Opportunity Grant

  • TEACH Grant

  • Other Title IV, HEA assistance

 

 

 5. Determination of the amount of aid the student must return:  The student will be responsible for repaying any remaining unearned portion that was disbursed to them. If a student’s portion of unearned Title IV funds is a loan, no action by the institution is necessary. Regular loan terms and conditions apply. If a student’s portion of unearned Title IV funds is a federal grant, the student will be required to return no more than 50% of the amount received for the payment period.

 

What happens when a student has been overpaid?

 

How do I prevent losing my Title IV eligibility?

 

What happens when I can't make my payment?

Return of Title IV Funds Process

The last date the student physically attended school would be the date of withdrawal. If the student officially withdrawals from school by contacting the administration office, then that date will be the date of withdrawal.

 

At which time the school will determine the amount of Title IV aid that the student has earned during a payment period up to which point is determined by a specific formula. If the student has received (or your school or parents received on your behalf) less assistance than the amount that you earn, you may be able to receive those additional funds period. If a student received more assistance then a student earned, the excess funds must be return by the school and/or the student.

 

If a student did not receive all the funds that the student earn you may be due a post-withdrawal disbursement. The institution may automatically use all or a portion of your post-withdrawal disbursement of grant funds for tuition, fees, as agreed upon with the school. The institution needs the student’s permission to use the post-withdrawal grant disbursement for all the institutional charges. If the student doesn’t give his/her permission (some institution as for this when you enroll) the student will be offered the funds. However, it may be in the student's best interest to allow the institution to keep the fund to reduce your debt at the institution.

 

If the post-withdrawal disbursement includes loan funds, the institution must get the student permission before it can disburse the loan. A student may decline some or all the loan funds so that he/she does not incur additional debt. A notice will be sent out to the student, and the signed, original document must be returned to the institution within 14 days.

 

Any amount of unearned grant funds that the student must return is called an overpayment. The student must make an arrangement with the institution or the Dept. of ED to return the unearned grant funds.

 

The requirement for Title IV program funds when a student withdraws are separate for any institution refund policy that Our institution may have.  Therefore, the student may still owe funds to the institution to cover unpaid institutional charges. The institution may also charge the student for any program funds that the institution was required to return.