Financial
Aid

Federal Direct Student Loans – Please be informed that all federal financial aid services on the internet are FREE: To Apply: https://fafsa.ed.gov/

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What is the Federal Direct Student Loan Program (FDSLP)?
The U.S. Department of Education’s federal student loan program is the William D. Ford Federal Direct Loan (Direct Loan) Program.  Under this program, the U.S. Department of Education is your lender.  The following loans are available:

• Federal Direct Subsidized Loans:  Are for students that have demonstrated financial need by federal regulations. No interest is charged while students are enrolled in school and during the first 6 month grace period after graduation and during any deferment periods.
• Federal Direct Unsubsidized Loans  Are not based on the student’s financial need.  Interest will accrue on this loan once funds are disbursed. You may have the interest accrue until repayment begins at which time the interest will become capitalized.
• Direct Plus Loans:  Are available to parents of dependent undergraduate students to help pay for education expenses not covered by financial aid.  Eligibility is not based on financial need.

How much can I borrow? Below is a chart with the Maximum Annual Loan and Pell Grants that a student may be eligible for at Sage School of Massage & Esthetics, LLC according to federal regulations.

What are the interest rates? Direct Loans for undergraduates with a disbursement date between July 1, 2021 and June 30, 2022, the interest rate is a fixed 3.75% and  Parent Plus Loans are a fixed 6.28%.

What are loan fees? As of October, 2021, the Department of Education will charge a 1.057% loan origination fee deducted from each loan disbursement for the processing of the loan.  Parent Plus Loan origination fees are 4.228%.

Do Direct Loans have to be paid back? Yes.  After students graduate or drop out of school, the 6 month grace period will begins.  During this 6 month grace period students will receive repayment information and the due date of the first payment.  At any time during the grace period or after the student drops the program, he/she may be eligible for a deferment of payments.  Students are encouraged to contact the U.S. Department of Education Servicer for deferment options.