Understanding Financial Aid With Gregory Matthews

Understanding Financial Aid With Gregory Matthews

Planning to go to school can seem overwhelming in itself, and on top of that thinking about how you will financially be able to afford it can be daunting as well. We are here to share that applying for financial aid doesn’t have to be a stress.  

What Financial Aid Is Available To Me? 

Federal financial aid, specifically Federal Direct Subsidized, Unsubsidized, and PLUS Loans, as well as, Pell Grants are available to those who qualify in the Cosmetology, Barbering, Esthiology, Ayurveda Esthetic and Massage Therapy programs at The Institute of Beauty and Wellness. Additionally, The Institute of Beauty and Wellness offers interest-free payment plans for all programs.  

We also encourage our students to apply for any national scholarships that are available. Several national beauty and wellness scholarships are awarded each year through companies such as BeautyChangesLives.org and AMTA.org. These options combined can help off set the cost of tuition and make the programs even more affordable for anyone. 

We met with The Institute of Beauty and Wellness financial aid administrator, Gregory Mathews, to break down the process.

Q: Who qualifies for financial aid?

A: “Almost all of our [Cosmetology, Barbering, Esthiology, Ayurveda Esthetic and Massage Therapy] students qualify for the maximum amount in Federal Direct Subsidized/Unsubsidized Loans.”

Q: How do students know if they qualify?

A: Students must fill out the Free Application for Federal Student Aid, also known as the FAFSA. As the name indicates, there is no cost to fill out the FAFSA, and it can be filled out online at https://studentaid.ed.gov/sa/fafsa

Q: When should students apply for financial aid?

“As soon as possible. A student can add our school code, 038083, to their FAFSA before their tour or completing the Admissions Application.”   

Q: So there’s a FAFSA for each academic year. Does that mean students have to fill out the FAFSA more than once?

A: “What I always tell students is, if it’s not too much of a hardship, they should complete all the FAFSAs available to just to cover yourself and make yourself eligible for as much financial aid as you can.”

Q: So…when exactly should students apply for financial aid?

A: “Submit your FAFSA as soon as you can. It’s free. Do both the 2022-23 and 2023-24 FAFSAs.”

Q: How do I know if I’m considered an independent or a dependent applicant?

A: “With the 2022-23 FAFSA, a student is considered an independent student if they were born before January 1, 2001. With the 2023-24 FAFSA, it’s if they’re born before January 1, 2000.” 

Q: Can someone under the independent age requirement be an independent?

A: “Generally, someone under the independent age requirement can be independent if they are married or if they have a child or dependent that they provide more than 50% financial support to.”  

Q: Can a student get financial aid if they owe money from a previous federal loan for school?
A: “They should still be able to get financial aid. In that situation, I always try to tell the student, to make sure to add our school code (038083) to their FAFSA and then I can determine their eligibility.”

Q: What programs do not qualify for federal financial aid?

A: Federal financial aid is not available to shorter programs, which includes the Manicuring and Instructor programs, as well as all advanced trainings and workshops.

Q: What is available to students who do not qualify for financial aid?

A: “There’s a payment plan to the school that’s interest-free.”

Q: Can federal financial aid be combined with the payment plan?

A: “Yes, they definitely can.”

Q: How will students know if they qualify for financial aid or the payment plan?

A: “Be sure to check your email and text messages for communication from the me. If you would like more assistance with understanding financial aid and how to pay your tuition, please email me at [email protected]

Click here if you would like more information about our programs.  We would love to help you!