Financial Aid for Cosmetology Students
Financial Aid for Cosmetology is awarded based on Clock Hours and the number of weeks completed. Understanding this type financial aid disbursement will help students plan and budget for their courses.
Financial Aid Information for Cosmetology Students
Cosmetology - Diploma Program (D55140)
Regulations governing the payment of Title IV Federal funds (including but not limited to the Federal Pell Grant, FSEOG, and Federal Direct Loans) changed for students enrolling in the Cosmetology diploma program after July 1, 2011. Students enrolling in Cosmetology will have their federal financial aid, and possibly state financial aid, disbursed based on clock hours (actual time in class/lab/salon), not on semester hour credit.
For Federal financial aid purposes, an award year consists of a minimum of 900 clock hours and 26 weeks of instruction. Catawba Valley Community College defines an award year for the Cosmetology program as 900 hours and 32 weeks of instruction. Students will be notified through postal mail via their award letter as to the amount of aid that they are eligible for. Aid will be disbursed based on the clock hours and weeks completed.
Payments of Title IV funds based on clock hours are student driven, not semester driven. Payment of tuition and fees, grading and all other aspects of enrollment are based on semester hour credit. Payment dates may vary for students due to enrollment in the diploma program and absences from class/lab/salon.
Students who return to the program after withdrawing, and students with transfer credits, will have their award year and payment periods calculated individually which will exclude previous credit and hours completed that count toward the Cosmetology diploma.
Please note: Students cannot be paid for courses that are not required in the Cosmetology program.
Title IV funds are awarded under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, they may no longer be eligible for the full amount of Title IV funds that they were was originally scheduled to receive. If a recipient of Title IV grant or loan funds withdraws from school after beginning classes, the amount of Title IV grant or loan assistance earned by the student must be determined. If the amount disbursed to the student is greater than the amount the student earned, the unearned funds must be returned. If a Cosmetology student withdraws prior to the 60% point of the semester, the return of Title IV funds will be calculated based on the clock hour system.
IMPORTANT REMINDERS: Students should remember that they must reapply after January 1 each year if they plan to continue enrollment in the next academic year. As with all financial aid programs, students must maintain satisfactory academic progress if they plan to continue to receive financial aid in future semesters. Students who return to the program after withdrawing, and students with transfer credit, will have their Award Year/Payment Periods calculated individually which excludes previous credit and hours completed toward the diploma.
Students beginning the Cosmetology Diploma must complete 1632 clock hours and 58 weeks of instruction.
Note: The payments for clock hour programs are not semester-driven, but rather student-driven on each student’s rate of progression.
All clock hour programs must have a defined Academic Year. The academic year determines the period of time for which Title IV aid will be awarded and disbursed. The Cosmetology Diploma program at CVCC, has defined an Academic Year as 900 clock hours and 32 weeks of instruction.
Award Year 1: 900 hours and 32 weeks of instruction with two payment periods at 0.50 of the annual award
First payment period or disbursement will be equal to 50% times the annual award.
Students will receive their first disbursement (payment period 1) at the beginning of their enrollment into Cosmetology. Students will not be awarded funds for the 2nd payment period until 450 hours and 16 weeks of instructional time are completed.
Second payment period or disbursement will be equal to 50% times the annual award.
After 450 hours and 16 weeks of instructional time have been completed and confirmation has been received from the Cosmetology department, students will receive their second disbursement. This disbursement may not coincide with the beginning of the next enrollment period. Therefore, students should be prepared to pay tuition/fees by the payment deadline. Students may use the College’s payment plan by logging onto their Web Advisor account and following the outlined steps. The student should also be prepared to pay any bookstore charges.
Award Year 2: 732 hours and 26 weeks remaining in the program with two payments periods at 0.4062
Third payment period or disbursement will be equal to 40.62% times the annual award.
Students will be eligible to receive their 3rd disbursement after 900 hours and 32 weeks are completed. However, students that attended full time the preceding Fall and Spring semesters will have used their full Federal Pell Grant eligibility for the fiscal year (July 1 – June 30). Students may be eligible for Federal Direct Loans and should meet with someone in the Financial Aid Office to submit a loan request. The 3rd Payment Period may or may not coincide with the next period of enrollment. Therefore, students should be prepared to pay tuition/fees by the payment deadline. Students may use the College’s payment plan by logging onto their Web Advisor account and following the outlined steps. The student should also be prepared to pay any bookstore charges.
Fourth payment period or disbursement will be equal to 40.62% times the annual award. This is the student’s final disbursement.
Students will receive their 4th disbursement after 1266 hours and 45 weeks of instructional time has been completed. The 4th Payment Period may not coincide with the next period of enrollment. Therefore, students should be prepared to pay tuition/fees by the payment deadline. Students may use the College’s payment plan by logging onto their Web Advisor account and following the outlined steps. The student should also prepared to pay any bookstore charges.