Financial Aid Information for Cosmetology Students
Students must reach 1,500 clock hours to apply for state licensure in Michigan. Therefore, financial aid for the cosmetology program must follow federal clock hour rules for any federal student aid programs.
The federal definition of an academic year is 900 clock hours. So, the program is considered as the equivalent to 1.67-year program. This affects not only the timing of the payout of your federal financial aid (ex: Federal Pell Grant and Federal Direct Loans), but can also affect the amounts received during your second year of the program.
This process will not affect the timing or amounts of any state or institutional financial aid programs.
First Year
First semester (fall) – Your financial aid will pay out to your account at the beginning of the semester, usually the Friday before classes begin. This includes all of your federal, state, and institutional aid, such as the Federal Pell Grant, NMU’s Board of Trustees Grant, and your Federal Direct Student loans.
Second semester (winter) – Any federal financial aid will not pay out until the Cosmetology department notifies the Financial Aid Office that you have reached 450 clock hours. If you are on pace, this will happen on or around the last week of January. Your aid may not apply towards your bill until you’ve earned the necessary clock hours, so you may need to make arrangements with the Student Service Center regarding your Winter semester bill. If you’re expecting an overage check, you won’t receive it until you’ve earned your clock hours. Any exceptions to this may be discussed with NMU's Student Service Center.
Second Year
Your federal financial aid is prorated to two-thirds of the full amount according to Federal Student Aid regulations for students in a clock hour program. This means you will be eligible for 66.667% of your federal aid, such as the Pell grant and federal Direct loans.
In other words, a second-year Federal Pell Grant cannot be more than $4,930 for dependent students. ($7,395 x .66667 = $4,930)
Third semester (fall) – Your aid will pay out when your instructor notifies the Financial Aid Office that you have reached 900 clock hours. If you are on pace, this will happen on or around the last week of September.
Final semester (winter) – Your aid will pay out when your instructor notifies the Financial Aid Office that you have reached 1200 clock hours. If you are on pace, this will happen on or around the first week of the winter semester.
You may not be eligible for financial aid if you are repeating cosmetology classes. Please contact the Financial Aid Office if you are repeating classes, or are re-entering the program after some time off.