Tuition Assistance

 

There are several different payment options once the student is approved (see above).The Cayce/Reilly School is now approved to offer Federal Financial Aid to those who qualify. Additionally, the Cayce/Reilly School has had students sponsored by a number of private and government agencies, such as:

 

  • The Department of Rehabilitative Services

  • The Department of the Visually Handicapped

  • Various state employment commissions

  • The Economic Dislocation and Worker Adjustment Assistance Act (EDWAA); information on this program is available by contacting the U.S. Department of Labor, Office of Worker Retraining

  • Veterans' Assistance: Students who enroll and have their tuition reimbursed by Veterans' Assistance are ultimately responsible for the payment of all tuition. Students who are enrolled under VA are required to pay in one of two ways: (1) full tuition at the start of the program, or (2) half tuition at the beginning of the first semester and the remaining half at the beginning of the second semester. Inability to meet financial arrangements will result in financial probation and possible termination from the program. In the case of termination, any monies still owed to the school may be turned over to our collection agency, at which time their fee will be added to the balance due, in addition to the possibility of court costs, attorney's fees, etc., should the balance remain unpaid.

 

Financial Aid Programs

 
School Code: 041373

The Cayce/Reilly School is approved to offer the Pell Grant, Unsubsidized Direct Loan, Subsidized Direct Loan, and Parent PLUS Loans to those who qualify.

  • Students applying for the October 2019 term should complete the 2019-2020 FAFSA form. 

  • Students applying for the February 2020 term should complete both the 2019-2020 and the 2020-2021 FAFSA forms.

 

Federal Pell Grant

 

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to students who have not earned a bachelor's or a professional degree. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.

 

Eligibility

The College Cost Reduction and Access Act (CCRAA) states that a student whose EFC does not exceed 5576, is eligible to receive a Pell Grant.

 

Maximum Pell Grant Award

The maximum Pell Grant award for the 2019-20 award year (July 1, 2019 - June 30, 2020) is $6195. This amount is pro-rated for a 700-hour diploma program. The maximum amount can change each award year and depends on program funding. The amount you get, though, will depend not only on your financial need, but also on your costs to attend school, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.

 

How Pell Grants are Disbursed/Paid 

The school will apply Pell Grant funds to your school costs (tuition, fees, etc.) and pay you directly (usually by check), any remaining funds. The school will tell you in writing how much your award will be and how and when you'll be paid. Funds will be disbursed at least once per term (semester/full-time, half-way point/part-time).

 

Federal Direct Loans

 

Federal Direct Loans are funded by the federal government, as opposed to a bank or lending agency, and are available to students and parents of dependent students who qualify. Students will have to sign a promissory note, a binding legal document that lists the conditions under which you're borrowing and the terms under which you agree to repay your loan.

 

Subsidized Loan

 

A subsidized loan is awarded on the basis of financial need. Students eligible for a subsidized loan, the government will pay (subsidize) the interest on your loan while you're in school, and if you qualify to have your payments deferred. The current interest rate for 2019-2020 is 4.53%.

 

Maximum Subsidized Loan Amount

Students at the Cayce/Reilly® School receive a pro-rated loan amount, based on a 700– hour diploma program.

Dependent Student

(Excluding students whose parents cannot borrow PLUS Loan) The maximum amount that a student can borrow for the current award year is $2,722.

 

Independent Student

(Including a Dependent student whose parents have applied for but were unable to get a PLUS Loan) The maximum amount a student can borrow for the current award year is: $2,722. 

 

 

Unsubsidized Loan

 

Unsubsidized Loans are not based on a student’s level of financial need and may help cover costs that Pell Grants and Subsidized Loans do not. The school will subtract the total amount of your other financial aid from your cost of  attendance to determine whether you're eligible for an  unsubsidized loan. Unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it's paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay. The current interest rate for 2019-2020 is 6.08%.

 

Maximum Unsubsidized Loan Amount

Students at the Cayce/Reilly® School receive a pro-rated loan amount, based on a  700-hour diploma program.

 

Dependent Student

(Excluding students whose parents cannot borrow PLUS Loan) The maximum amount that a student can borrow for the current award year is $1,556.

 

Independent Student

(including a Dependent student whose parents have applied for but were unable to get a PLUS Loan). The maximum amount a student can borrow for the current award year is: $4,667.

*Generally, if you're a first-year undergraduate student and a first-time borrower, the school cannot disburse your first payment until 30 days after the first day of your enrollment period. This practice ensures you won't have a loan to repay if you don't begin classes or if you withdraw during the first 30 days of classes.

 

How Direct Loans are Disbursed/Paid

Direct Loan amounts will be dispersed electronically to the student’s tuition account at the school in at least two installments. No installment may exceed one-half of your loan amount. Your loan money must first be applied to pay for tuition, books and any other fees that may apply.

 

The student will be issued a check for any remaining funds. The student must sign a certification statement located in the Appendix section that allows the Cayce/Reilly School to apply Federal Title IV funds and other funds to tuition fee and book charges.

 

*Generally, if you're a first-year undergraduate student and a first-time borrower, the school cannot disburse your first payment until 30 days after the first day of your enrollment period. This practice ensures you won't have a loan to repay if you don't begin classes or if you withdraw during the first 30 days of classes.

 

Parent PLUS Loan

 

Parents can borrow a PLUS Loan to help pay your education expenses if you are a dependent undergraduate student enrolled at least half time. For a Direct PLUS Loan, your parents must complete a Direct PLUS Loan application and promissory note, found on www.studentloans.gov. The current interest rate for the Parent PLUS loan for the 2019-2020 year is 7.08%

 

Both parents may get a PLUS Loan, as long as the total aid package does not exceed your cost of attendance. For financial aid purposes, a parent must be the student’s biological or adoptive mother or father; a legal guardian is not considered a parent for FSA purposes.

 

Parents will be required to pass a credit check. If they don't pass the credit check, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan.

 

 
Maximum Loan Amount

The yearly limit on a PLUS Loan is equal to your cost of attendance minus any other financial aid you receive. If your cost of attendance is $6,000, for example, and you receive $4,000 in other financial aid, your parents can borrow up to $2,000.

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