PLEASE READ the contents of this page as it contains important information pertaining to your program. Note: it is 100% the student’s responsibility to determine how to cover the cost of tuition BEFORE starting their program. This is part of the enrollment process.
What is Financial Aid?
Financial aid refers to funding that helps students pay for their education expenses, including tuition, fees, books, and living costs. It can come in various forms, such as:
- Grants: Typically need-based funds that don’t have to be repaid. Federal grants, such as Pell Grants, are only available for APE Combo and Cosmetology.
- Loans: Borrowed money that must be repaid with interest.
- Scholarships: Awards based on academic achievement, talent, or other criteria, also not requiring repayment. These typically come from institutions outside of Nova. For example, a small business or other salons may offer scholarships.
How Do I Apply For Financial Aid?
To apply for Financial Aid you must fill out a FAFSA.
Filling out the FAFSA (Free Application for Federal Student Aid) is an important step in securing financial aid for school. The FAFSA helps you qualify for federal grants, loans, work-study, and possibly state and school-based aid. Visit studentaid.gov to fill out the application online.
FAFSA Requirements by Program
For most programs, you’ll need to complete both the 2024-2025 and 2025-2026 applications until March 2025:
- Cosmetology: Complete both the 2024-2025 and 2025-2026 FAFSA applications until March 2025.
- Esthiology: Complete both the 2024-2025 and 2025-2026 FAFSA applications until March 2025.
- Advanced Practice Esthetics & APE Combined: Complete both the 2024-2025 and 2025-2026 FAFSA applications until March 2025.
- Nail Technician: Complete only the 2024-2025 FAFSA until March 2025; after that, complete the 2025-2026 application.
Completing both applications ensures you’re fully covered for aid throughout your program. Submit your FAFSA early to increase your chances of receiving the maximum available aid.
After you’ve completed your FAFSA/S you will need to compete the two items below.
1.) Entrance Counseling
Entrance counseling is a mandatory session that first-time federal student loan borrowers must complete before receiving their loans. It helps ensure that students understand their loan responsibilities. The counseling is typically done online and takes about 20-30 minutes.
Complete your Entrance Counseling here.
Please complete your entrance counseling before your meeting with Financial Aid.
2.) Master Promissory Note (MPN)
The MPN is a legal document in which the borrower agrees to repay the loan and any accrued interest and fees. It serves as a contract between the borrower and the lender (typically the U.S. Department of Education).
Please complete your entrance counseling before your meeting with Financial Aid.
Both Entrance Counseling and signing the MPN are crucial steps in the federal student loan process to ensure borrowers are informed and prepared for their financial commitments.
How Much Does Financial Aid Cover?
Financial aid can significantly reduce tuition costs, but it often doesn’t cover all expenses. The amount of aid you receive depends on factors such as your financial need, the cost of attendance, and the type of aid available.
Grants, scholarships, and loans can reduce up-front tuition costs. For remaining expenses, additional loans may help but must be repaid.
Below are the most common ways students are Nova Academy of Cosmetology choose to pay for the remaining balance that Gift Aid does not cover.
What Are Some Other Loan Options That Can Cover The Portions Not Covered By Financial Aid?
The Federal Parent Plus Loan is a federal loan program designed to help parents of dependent undergraduate students finance their child’s education. Below are its key features:
Eligibility:
- Available to biological or adoptive parents (and, in some cases, stepparents) of dependent undergraduate students enrolled at least half-time at eligible institutions.
- Applicants must meet basic eligibility criteria for federal student aid and undergo a credit check.
Loan Amount:
- Parents can borrow up to the full cost of attendance minus any other financial aid received by the student.
Interest Rate:
- For loans disbursed between July 1, 2024, and June 30, 2025, the interest rate is fixed at 9.08%.
Repayment:
- Repayment begins 60 days after the loan is fully disbursed.
- Parents may request to defer payments while the student is enrolled at least half-time and for an additional six months after the student graduates or drops below half-time enrollment.
- Interest accrues during deferment periods and is capitalized if not paid.
- Repayment plans include Standard, Graduated, and Extended options.
Application:
- Parents must complete the Free Application for Federal Student Aid (FAFSA) and a Direct PLUS Loan application, which includes a credit check.
- A Master Promissory Note (MPN) must be signed, agreeing to the loan’s terms.
It’s important to note that Parent PLUS Loans are the financial responsibility of the parent borrower, not the student. Before borrowing, consider the loan’s terms, interest rates, and repayment obligations.
The Minnesota SELF (Student Educational Loan Fund) Loan is a state-specific program designed to assist students in covering educational expenses not met by other financial aid. Here’s a breakdown of the key features:
Eligibility:
- Available to Minnesota residents attending eligible institutions nationwide and non-residents attending eligible institutions in Minnesota.
- Applicants must be enrolled at least half-time in a certificate, associate, bachelor’s, or graduate degree program and making satisfactory academic progress.
- A creditworthy co-signer is required for all SELF Loans.
Loan Amount:
- Loan limits are determined based on the program the student is enrolled in. Depending on the program, the maximum limits are $3,500, $10,000, or $20,000. The minimum loan amount is $500.
Interest Rate:
- Borrowers can choose either a fixed or variable rate. The current SELF 7 interest rates (effective October 1, 2024) are can be found here:
Repayment:
- Monthly payments of at least $15 per loan are required while in school.
- After leaving school, borrowers enter a transition period of up to 12 months with similar payment requirements.
- Following the transition period, borrowers enter the repayment period, where principal and interest payments are required.
Application:
- Applications can be submitted through the Minnesota Office of Higher Education’s SELF Loan website.
Loan Calculator:
- A loan repayment calculator is available on the SELF Loan website to help estimate potential payments.
Please note that the SELF Loan is not free money; it’s a loan that must be repaid. It’s important to borrow only what you need and to understand the terms and conditions before applying.
Monthly Payment Plan Option
All programs, except for Eyelash Extensions, are eligible for a Nova payment plan. Here’s how it works:
- Setup: Payment plans can be arranged with your Campus Financial Aid Leader.
- Payment Methods: You can make payments using a credit card, bank account, or check.
- Payment Schedule: Monthly payments will be determined based on the length of your program.
While some may choose this route, we understand it may not be feasible for everyone. Below are additional options for handling portions not covered by financial aid.
You have questions, we have answers.
Woodbury
Angie Banovetz
Financial Aid Specialist
Mobile: 507-901-5303
Email: abanovetz@novaacademy.edu
Address: 1750 Weir Dr, Woodbury, MN 55125
Mankato
Brenda Janikowski-Rhines
Financial Aid Manager
Mobile: 507-901-3002
Email: bjr@novaacademy.edu
Address: 500 Raintree Rd, Mankato, MN 56001
Rochester
Bre Meyer
Financial Aid Specialist
Mobile: 651-240-6605
Email: bmeyer@novaacademy.edu
Address: 5979 Bandel Rd NW, Rochester, MN 55901