NMU Financial Aid Information for Cosmetology Students - Financial Aid

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 Pell grant, Board of Trustees Grant, and your federal Direct Student loans.

Second semester (winter) – Your 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 bill. If you’re expecting an overage check, you won’t receive it until you’ve earned your clock hours.

Your 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, your second-year federal loans cannot be more than $4,333 for dependent students. ($6,500 x .66667 = $4,333)

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.

• Have your instructor notify the Financial Aid Office when you have reached 450, 900, and 1,200 clock hours!