The following information is about the financial aid programs and processes at the Ohio State Beauty Academy. Financial aid programs are used to support the remaining costs when the student and/or family have demonstrated the need for these resources to enable the student to attend and graduate from the institution. Actual costs of attendance include tuition and general fees, housing, meals, and an estimate for books and miscellaneous living expenses, such as laundry and transportation to and from home.
OSBA requires the Free Application for Federal Student Aid (FAFSA) to determine eligibility for financial assistance programs administered by the financial aid office. These funds are made available to students for the hours they are enrolled in.
All grant and loan information can be found on the official federal student aid website studentaid.gov
Grants are financial aid awards that do not require repayment. They are available to eligible students usually based upon financial need.
Federal Direct Loan Program
The Federal Direct Loan Program is a set of federal loans where the lender is the U.S. Department of Education (rather than a bank or other financial institution). The three types of Direct Loans are classified as Subsidized, Unsubsidized, and PLUS.
Federal Direct Subsidized Loans
Subsidized loans accrue no interest while the student is enrolled at least half-time and during a grace period or deferment period. Ohio State Beauty Academy does not currently offer less than full-time enrollment. They provide the student with a low fixed interest rate while the student is repaying the loans. To find current interest rates, please visit the Financial Aid Office.
Federal Direct Unsubsidized Loans
Unsubsidized loans begin to accrue interest with the first disbursement of the student’s loan. The student will periodically receive statements from the Direct Loan Servicer showing the interest accrued to date giving the student the opportunity to pay it while enrolled. To find current interest rates, please visit the Financial Aid Office.
*If a student chooses not to pay the interest while in school, the interest will simply capitalize and become principal when repayment begins.
Federal Direct PLUS Loans for Parents
PLUS loans are available to the parents of dependent students to meet the remaining cost of attendance not available to the student directly. PLUS loans begin to accrue interest with the first disbursement of the parent’s loan. Repayment on the PLUS loan begins 60 days after the loan has been fully disbursed. Delayed repayment and deferment options may be available by contacting your Direct Loan Servicer. To find current interest rates, please visit the Financial Aid Office.
*If a parent chooses not to pay the interest while the student is in school, the interest will simply capitalize and become principal when repayment begins.
Private Loan Programs
There are alternative loans available for students needing additional aid. An alternative loan is a loan through which the student may borrow additional money to cover any remaining educational expenses. These loans are based on creditworthiness of the borrower, and in many cases a co-borrower, and are, therefore, not guaranteed. In-school deferments of repayment, flexible repayment options, and co-borrower release options are available. For borrowers and co-borrowers with excellent credit, the rate will in most cases be lower. Ohio State Beauty Academy does not actually offer Private loans, but the Financial Aid office can provide information about them and where the student can apply for them.
Students who choose to apply and receive scholarships from outside sources are required to adhere to the requirements of that scholarship. The amount of the outside scholarship must be reported to the Financial Aid Office by Federal Law. A re-evaluation of the student's financial aid package will occur and notice will be provided if any changes are necessary to ensure the student award is correctly provided.
Lima Access -- Last Dollar Scholarship
Students graduating from Allen County (Ohio) high schools who enroll at OSBA are eligible to apply for the Lima Access -- Last Dollar Scholarship for their first year of attendance. The amount of the scholarship is $500. Applications are available from the Allen County Access Program.