Financial Aid

TYPES OF FEDERAL FUNDING

Federal Funding Options

Federal Pell Grant

Federal Pell Grants are usually awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor’s, graduate, or professional degree. A Federal Pell Grant, unlike a loan, does not have to be repaid, except under certain circumstances.

Federal Supplemental Opportunity Grant (FSEOG)

A Federal Supplemental Educational Opportunity Grant (FSEOG) is a grant for undergraduate students with exceptional financial need. The FSEOG program is administered directly by the financial aid office at each participating school.

Federal Work Study

Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study.

Albany Beauty Academy Recommendations

Federal Subsidized Loans

This need based direct loan allows students to borrow (must be paid back) money based on their grade level and dependency status as determined by FAFSA. Interest is not accrued at the time of disbursement, if you meet certain requirements.

Federal Unsubsidized Loans

This non-need based direct loan allows students to borrow (must be paid back) money based on their grade level and dependency status as determined by the FAFSA. Interest is accrued at the time of disbursement.

Federal PLUS Loans

PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay for college or career school. PLUS loans can help pay for education expenses not covered by other financial aid.

How to apply for Federal Aid

Step 1: Log into and create a Studentaid.gov account (if you do not already have one)

Step 2: Complete the Free Application for Federal Student Aid (FAFSA) or add our school code 043062, if you have already completed the FAFSA.

Step 3: It will take 3-5 business days for ABA to process your FAFSA (we may ask for additional documentation)

Step 4: Complete a Master Promissory Note and/or Entrance Counseling (if you would like federal student loans)

Step 5: ABA will notify you of your Federal Aid Offer.