Financial Aid Information

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Please select the link here to see this new information to help with your financial aid application process: Early FAFSA Filing and Prior Year Tax Update

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Financial Aid & Tuition Assistance

Cosmetology Instructor with Student 
Students attending Dorsey Schools may apply for various need and non-need based Financial Aid programs for tuition assistance as well as paying for the expenses related to attending school. Financial Aid generally consists of a combination of grants and loans which supplement the student’s (and possibly parent’s) contribution toward the Cost of Attendance.

 

For specific tuition information on the individual programs offered by Dorsey Schools, please visit the program category pages (listed below), from there, select your program of interest, and then click on the Gainful Employment Disclosures link at the bottom of the program page.

Students should also visit the Federal Student Aid website at http://studentaid.ed.gov/ for additional information. Information about Financial Aid programs available at Dorsey Schools can also be found on the Student Consumer Information page  or by visiting the Financial Aid Office at one of our campus locations.

Contact Dorsey Schools Financial Aid Offices

Each campus of Dorsey Schools has a financial aid office, staffed with Financial Aid Advisor(s) available during regular school hours. The financial aid staff is prepared to help students and their families with information on the availability of tuition assistance and additional aid, determining eligibility, and guide applicants through the entire process. To contact one of the Dorsey Schools Campuses, click here or click on your campus location below for more information.

We have also provided links to additional websites for more information; see the section on this site labeled Federal Student Aid Resources for those additional sites.)

Funding Sources

Grants

Dorsey Instructor with Students A grant is a need-based award that does not generally need to be repaid. Along with scholarships, grants are the best form of financial aid. The main difference is that scholarships typically look at academic merit or other specific criteria as well as financial need, whereas most grants are almost exclusively awarded because of financial need. There are federal, state, private and institutional grant programs.

Federal Pell Grant – The Pell grant is gift assistance which generally does not have to be repaid. Pell is awarded to students who have a financial need as determined by the U.S. Department of Education standards. Annually, the U.S. Department of Education determines student eligibility for this grant. For the 2014‐15 award year, the maximum grant is $5,730. To apply, students must complete the Free Application for Federal Student Aid at the following site: http://www.fafsa.ed.gov/.

Federal Supplementary Education Opportunity Grant (FSEOG) – The FSEOG is gift assistance which generally does not have to be repaid. FSEOG is awarded to students who have an exceptional financial need as determined by the U.S. Department of Education standards. Student with the lowest “Expected Family Contribution” (EFC) are awarded FSEOG before students with higher EFCs. The average award amount varies from school to school. FSEOG is based on the annual allocation of funds provided to the school by the U.S. Department of Education. FSEOG is awarded to all students until the funds are depleted. The school cannot guarantee every eligible student will receive an FSEOG award.

Federal Work Study

The Federal Work Study program is an award made by the school (Campus-Based Aid) from limited funds provided by the federal government. The award is given to eligible students that are employed under the Federal Work Study program by the school in which the student is enrolled (on campus). Federal Work Study recipients may also be employed off campus by federal, state, or local public agencies, or certain private nonprofit or for-profit organizations. Not all Dorsey Schools campus locations may offer the Federal Work Study program, see your campus financial aid office for more information.

Additional Funding Options

Michigan Rehabilitation Services (MRS) – This state agency provides vocational rehabilitation services to Michigan citizens that are physically or mentally impaired. MRS may arrange, provide, or purchase the services necessary to achieve an individual’s employment plan. Further information can be obtained through Dorsey Schools or Michigan Rehabilitation Services at 1-800-605-6722.
Michigan Merit Award – Eligibility for the Michigan Merit Award has now expired for all students unless they have served or are currently serving in the military. Students who have or are serving in the military should contact the Student Scholarships and Grants Division at 1-888-4-GRANTS (1-888-447-2687), for information on claiming this award. For additional information, please visit the Michigan Merit Award website at http://www.michigan.gov/mistudentaid/.

Workforce Investment Act (WIA) – If you are “unemployed” or “underemployed,” you may be eligible to receive a training fund voucher (ITA) to reduce your educational costs. For information, contact a Dorsey School for directions to your local Workforce Development Board office.

Veterans Benefits (VA) –Dorsey Schools locations with programs that have been approved to accept Veteran Education Benefits will work with the Department of Veteran’s Affairs to process benefits for students. Eligibility is determined by the Department of Veteran’s Affairs.

United Auto Workers (UAW) Tuition Assistance Plan – Dorsey Schools nationally accredited and approved to participate in tuition assistance and scholarship programs provided by UAW-Chrysler, UAW-Ford and UAW-GM for employees, retirees, and their eligible dependent children. Contact your local union to determine your eligibility.

Dorsey Schools Scholarships and Grant

Dorsey Schools offer various scholarship opportunities to students. The Financial Aid Department will assist students by processing eligible awards used to fund their educational costs. Please visit the Scholarships and Grants page for information on available programs.

Tuition Reimbursement

Dorsey Schools will accommodate any student eligible for employer or employee-related benefits to secure such benefits by completing required forms and submitting required performance reports or other documentation. The student is responsible, however, for all tuition charges incurred with training in the event reimbursement requests are not honored as expected.

Loans

StuDorsey Students in Classdent loans are a type of financial aid. Student loans are borrowed funds that must be repaid, with interest, just like car loans and mortgages. Even with the availability of other types of aid, many students must rely on loans to help cover educational expenses, as most students do not receive enough grant and scholarship funding to cover all their expenses.
Education loans from different sources have varying terms (e.g., interest rates, repayment plans, fees, and credit requirements). For example, Federal Direct Subsidized/Unsubsidized loans have no credit or cosigner requirements and the interest rates are generally lower than other types of loans. Whereas, Federal Direct PLUS loans (for parents) require the borrower to complete a credit check, and typically have a higher interest rate.

Borrowing conservatively means borrowing only the amount of money you need. Don’t get carried away. Remember that you have to repay all student loans. One of the best strategies for borrowing conservatively is to come up with a budget at the beginning of the academic year in order to determine if you need to borrow a student loan.

Direct Subsidized Stafford Loan – The Subsidized Federal Stafford Loan program provides low interest loans through the U.S. Department of Education’s Direct Loan Program. The maximum annual loan amount for the first academic year is $3,500 for undergraduate students less origination and other fees (if applicable). For loans first disbursed after July 1st 2012, interest does not accrue until the student enters their grace period after leaving school or dropping below a halftime enrollment status. Subsidized Federal Stafford loans provide many flexible repayment plans as outlined in the loan counseling materials. Payments are based on the repayment plan selected by the student.
For first time borrowers after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that a student can receive Direct Subsidized Loans. In general, students may not receive Direct Subsidized Loans for more than 150% of the published length of their program. This is called the “maximum eligibility period.” Students can find the published length of their program of study in the school’s catalog. After a student has received Direct Subsidized Loans for the maximum eligibility period, they are no longer eligible to receive additional Direct Subsidized Loans. However, the student may continue to receive Direct Unsubsidized Loans.

Direct Unsubsidized Stafford Loan – If you do not qualify for a full or partial Subsidized Stafford Loan based on your financial need, or need additional loan funding, you may qualify for an Unsubsidized Stafford Loan through the U.S. Department of Education’s Direct Loan Program. The federal government does not pay the interest on unsubsidized loans while you are in school. Student loan borrowers are responsible for all interest that accrues on the loan while enrolled, during your grace period, and any deferment periods. Students may elect to make interest payments while in school to avoid the capitalization of interest and lower the overall repayment debt. Loan repayment begins six months after leaving school or if you elect to attend less than half the time.
Independent students can borrow up to $9,500 (Subsidized and Unsubsidized combined) for the first academic year. Dependent students can borrow up to $5,500 (Subsidized and Unsubsidized combined) for the first academic year.

Direct PLUS Federal Loan (For Parents) – The Federal PLUS loan is available to parents who wish to apply for additional assistance for their dependent child’s education. A parent’s decision not to apply for a PLUS loan does not guarantee the dependent student may receive additional financial aid assistance. The amount of the PLUS Loan cannot exceed the student’s cost of attendance less other student aid awarded. The interest begins to accumulate on the date of the first disbursement. Loan repayment begins 60 days after the final loan disbursement; however parents may apply for a deferment. Payments will include both principal and the interest that accumulates.
Effective July 1 2013, interest rates will be established each year for Direct Subsidized, Direct Unsubsidized, and Direct PLUS loans for which the first disbursement is on or after July 1 through the following June 30. The rate will be the sum of a uniform “index rate” plus an “add-on” that varies, depending on the type of loan (Subsidized/Unsubsidized or PLUS) and the borrower’s grade level (undergraduate or graduate/professional). Thus, interest rates will be the same for Direct Subsidized Loans and Direct Unsubsidized Loans taken out by an undergraduate student. The interest rate for a loan, once established, will apply for the life of the loan – that is, the loan will be a fixed-rate loan. For Subsidized and Unsubsidized loans first disbursed on or after July 1, 2013, the interest rate is 3.86%. PLUS Loans through the Federal Direct Loan Program disbursed on or after July 1, 2013 will have a fixed rate of 6.41%.

Private Educational Loans – Students have a variety of options if they choose to apply for private loans. Dorsey Schools does not use a preferred lender list, we provide students with a list of private education loan lenders that have offered private loans to our students over the past four years. Students should select a private lender of their choice – they are not required to use any of the lenders we have listed. Dorsey Schools will promptly process the application for any lender that is selected by students.

Students and parents should first apply for Federal Student Aid before resorting to private educational loans.

Dorsey Schools offers a private institutional loan to eligible students that have a gap in their Federal Student Aid and the amount of their institutional tuition and fees. This loan can only be used for direct educational expenses such as tuition and fees.