Make-up Designory’s Institutional Aid Program is available for students who are enrolled in the Make-up II Program. This institutional program provides low-cost assistance to qualifying students. Available funding includes an institutional grant and an institutional loan for students who qualify. Maximum institutional aid available is $6,502. Students receiving institutional funds will need to further finance their remaining unmet costs through other resources such as a Sallie Mae Career Training Loan.
To apply for institutional aid, the student will need to complete a FAFSA (Free Application for Federal Student Aid) for the award year in when they are enrolled at www.fafsa.ed.gov.
Institutional aid will be approved on the basis of a Sallie Mae Career Training Loan approval. Eligibility for the institutional grant is based on the student’s Pell grant* eligibility, as determined by FAFSA results. The institutional loan program requires that the same parties that qualify for and sign the Sallie Mae Career Training Loan also sign the TFC payment agreement, including the borrower (typically the student) and cosigner (typically a parent).
The institutional loan has a fixed interest rate of 6.5%. Repayment begins 30 days after the program end date. Minimum monthly payment is $52. Repayment period is 10 years.
While outside funding will be necessary to cover remaining Make-up II Program costs, we will not require a student to use the Sallie Mae Career Training Loan for which they have been approved. Students and parents are free to use other funding sources.
*Grant award amounts are calculated based on the 2007-2008 FAFSA award year.
