Exit Counseling at Innovations Design Academy

innovationsdd-hairUpon a student’s exit from the school, they are required to complete exit counseling. Exit counseling goes over repayment options, budget planning, forbearance and deferment of loans. Exit counseling is completed in the financial aid office by all exiting students. If a student withdraws or is terminated from any program in the school and do not complete exit counseling they are mailed an exit counseling packet from the Financial Aid Office. The packet is sent by certified mail and the return receipt is kept in the student file to prove exit counseling.

Additional loan information may be found at:
http://studentaid.ed.gov

LOAN REPAYMENT REQUIREMENTS
All loans (Direct and PLUS programs) require repayment by the borrower according to the terms of the promissory note. Repayment options may include deferment and forbearance options. Borrowers should contact their lender as needed. There is no pre-payment penalty for Direct and/or PLUS Loans. Repayment suggestions – Students are encouraged to contact their lender to set up electronic debiting when possible to assist with timely repayment. Pay more and more frequently to assure rapid repayment of student loans.

REINSTATEMENT OF FINANCIAL AID
Students may re-establish satisfactory progress and Title IV aid, as applicable, by meeting minimum attendance and academic requirements by the end of the probationary period.

COST OF ATTENDANCE (COA)

The following amounts are used to determine the Cost Of Attendance (COA) budget for Title IV eligibility.

Cosmetology: 1500 Hour   Cosmetology Instructor: 1000 Hour

Tuition                   15,000.00                                                               Tuition                   10,000.00

Kit                           1000.00                                                                    Kit/Book               400.00

Books                    300.00                                                                      Reg Fee                  100.00

Lab fee                  225.00                                                                     Lab Fee                 250.00

Reg Fee                  100.00                                                                    Total                      10,750.00

Total                      16,625.00

 

The school does NOT charge for any of the following expenses. It is estimated only to determine the COA, which determines eligibility for Title IV funds.  Additional funds may be assessed to the COA budget on a case by case basis. Requests for additional funds must be presented to the Financial Aid office in writing and presented with supporting documentation.

 

It is estimated that a student not living with parents will spend the following amounts per month:

 

Room & Board (Rent & Reasonable living expenses)                 600.00 per month

Miscellaneous (Travel & School supplies)                      200.00 per month

 

It is estimated that a student living with parents will spend the following amounts per month:

 

Room & Board (Rent & Reasonable living expenses) 300.00 per month

Miscellaneous (Travel & School supplies)                      100.00 per month

The COA budget is based on a 900 hour/ 30 week academic year (AY). It is estimated that students will attend school for 12 Months.  Students at the school will attend for two (2) academic years.  For Cosmetology students, AY 1 will consist of the 0 – 900 hours, AY 2 will consist of the 901 -1500 hours.  For Cosmetology Instructor student, AY 1 will consist of the 0 – 900 hours, AY 2 will consist of the 901- 1000 hours. The following budgets will be used for each program and living situation.  All educational expenses are assessed during the AY

 

Cosmetology – W/ Parent

AY 1 = 900 hr/30 wks

͌7 months

AY 2 = 600 hours/ 20 wks

͌5 Months

Tuition*

15000.00

0

Kit, Books, Fees*

1625.00

0

Room & Board

2100.00

1500.00

Miscellanious

700.00

500.00

Other

0

0

Total COA Budget

19,425.00

2000.00

 

* These are the ONLY charges assessed by the school; Room & Board and miscellaneous charges are estimated that a student will pay out of pocket while attending school. The school does NOT charge for room & board or miscellaneous fees.

 

Cosmetology – W/ out Parent

AY 1 = 900 hr/30 wks

͌7 months

AY 2 = 600 hours/ 20 wks

͌5 Months

Tuition*

15,000.00

0

Kit, Books, Fees*

1625.00

0

Room & Board

4200.00

3000.00

Miscellanious

1400.00

1000.00

Other

0

0

Total COA Budget

22,225.00

4000.00

 

* These are the ONLY charges assessed by the school; Room & Board and miscellaneous charges are estimated that a student will pay out of pocket while attending school. The school does NOT charge for room & board or miscellaneous fees.

 

 

Cosmetology  Instructor – W/ Parent

AY 1 = 900 hr/30 wks

͌7 months

AY 2 = 100 hours/ 3 wks

͌1 Months

Tuition*

10,000.00

0

Kit, Books, Fees*

750.00

0

Room & Board

2100.00

300.00

Miscellanious

700.00

100.00

Other

0

0

Total COA Budget

13,550.00

400.00

 

* These are the ONLY charges assessed by the school; Room & Board and miscellaneous charges are estimated that a student will pay out of pocket while attending school. The school does NOT charge for room & board or miscellaneous fees.

 

 

Cosmetology Instructor – W/ out Parent

AY 1 = 900 hr/30 wks

͌7 months

AY 2 = 100 hours/ 3 wks

͌1Months

Tuition*

10,000.00

0

Kit, Books, Fees*

750.00

0

Room & Board

4200.00

600.00

Miscellanious

1400.00

200.00

Other

0

0

Total COA Budget

16,350.00

800.00

 

* These are the ONLY charges assessed by the school; Room & Board and miscellaneous charges are estimated that a student will pay out of pocket while attending school. The school does NOT charge for room & board or miscellaneous fees.

 

*Transfer and re-entry students cost of schooling will be assessed and cost will be prorated, based on hours needed, on an individual basis.