A: Financial Aid Options:

• Pell Grant
• Scholarships
• Federal Plus Loan
• Subsidized Stafford Loan
• Unsubsidized Stafford Loan
• Sallie Mae Financial Loan – www.slmfinancial.com

 

 
A: A Pell grant is money provided to you by the federal government which is applied to your tuition. Anyone applying for a Pell grant must complete a Free Application for Federal Student Aid (FAFSA) form. You can request the FASFA application from the Financial Aid Office or apply online at www.fafsa.ed.gov. The FCI’s school code is 025754. In order to complete this form, each applicant must be able to provide the following documentation:

1. Proof of citizenship (Birth certificate, US Passport, or Alien registration card)
2. Social Security Card
3. Tax Return (1040, 1040A, 1040EZ, or 1722)
4. Verification Worksheet (Provided by The FCI)

 
A: For financial aid purposes the federal government has put together seven questions to determine whether a student is independent or dependent. If you are able to answer “yes” to one or more of the following questions, you are considered independent; if not, you are considered dependant.

1. Were you born before January 1, 1982?
2. At the beginning of the 2005-2006 school year, will you be working on a master’s or doctorate program?
3. As of today, are you married (Answer “Yes” if you are separated but not divorced)?
4. Do you have children who receive more than half of their support from you?
5. Do you have dependents (other than your children or spouse) who live with you and receive more than half of their support from you, now and through June 30, 2006?
6. Are both parents deceased, or are you (or were you until age 18) a ward/dependent of the court?
7. Are you a veteran of the U.S. Armed Forces?

If you answered “NO” to all of the questions above, you are considered to be a dependent student and will need to provide your parent(s) tax information.

   

 
A: If you are a dependent you do not have sufficient tax information of your own. Dependency status is determined by answering Step three on the FASFA application.  

 
A: The Federal Stafford Loans serve as a helpful tool to assist students with covering the cost of tuition. The benefits are as follows:

Subsidized Stafford Loan

• $1,750 – 3% processing fee = $1,697.50
• 10 yrs to repay
• Repayment begins six months after graduation or termination from school
• Government pays for interest while attending school
• $50 minimum monthly payment
• Interest rates are variable, but will not exceed 8.25%. (Can be as low as 4.7% for first time borrowers while in school and 5.3% during repayment)

Unsubsidized Stafford Loan

• $2,667 – 3% processing fee = $2,586.99
• Benefits are the same as the Subsidized Stafford loan except the government does not pay the interest while you are in school, and the loan begins to accrue interest 30 days after the 1st disbursement.

 

 
A: The Federal PLUS Loan (Parent Loan for Undergraduate Students) is an affordable, low-interest loan designed for parents. With the PLUS Loan, you can borrow up to your child's total cost of education minus other financial aid awarded to the student. This total cost can include tuition, books, food, housing, transportation, and more.

Great Benefits:

• Cover 100% of education costs
• No income or asset requirements
• Pre-approval in minutes
• Low interest rate of 6.10%
• Flexible repayment options including zero payments for up to four years
• Variable Rate – rate changes annually, but will never exceed 9%

The PLUS loan applies to dependent students only. Click here to apply www.parentanswer.com or call Parent Answer Services at 1-800-891-1410. You may also call The FCI’s Financial Aid department at 1-888-FCI-CHEF for more information.

 

 
A: The Alternative Loan program is designed to aid our students with financing options that will adequately meet their needs for help with education costs. This loan allows you to borrow up to your Cost of Attendance, which means tuition, books, fees, transportation and housing costs may be included within your loan.

Requirements (for all applicants)

1. Approval is based on applicant’s credit history. (applicants may need to provide a co-borrower)
2. Applicant must be permanent resident or US citizen (or have a co-borrower that is)
3. Applicant must have 2 years working in the same field (if employed)
4. Applicant must earn an $18,000 yearly income (minimum)

Alternative loans are available through:

Sallie Mae Career Training Loan Program (www.slmfinancial.com)

• 0-4% processing fee (Depending on credit history of the borrower and the co-borrower)
• Up to 15 years to repay the loan
• There are 3 repayment options:
   Immediate Repayment—Make principal and interest payments beginning 30 days after the 1 st disbursement of the loan.
   Interest Only—Make interest only payments while in school. Payments begin 30 days after the 1 st disbursement of the loan.
   Deferred Interest—Make only a payment of $10 per month while in school. Payments will begin 30 days after the 1 st disbursement of the loan.
• Interest rates can vary and range from Prime + 0% to Prime + 5%. (Depending on the credit history of the borrower and the co-borrower, the rate will fluctuate throughout the life of the loan as the prime rate goes up or down)
• Borrowers can apply to defer up to two monthly payments per year after making 6 consecutive on time payments.
• Borrowers can apply to release a co-borrower after 24 consecutive on time payments providing that they meet the minimum co-borrower release credit requirements.

 

 
A: YES! The Alternative and PLUS Loan programs provide the option to include living expenses as a part of your loan.  

 
A: As soon as possible. Traditionally, we recommend for our students to have their financial aid package completed two months before the program begins.  

 
A: The Pell grant and the Federal Stafford loans only apply to The FCI’s career programs. However, the alternative loans apply to all programs.  

 
A: Good news! With the help of a Financial Aid Advisor this process can be completed within one week.  

 
A: The Financial Aid Department is here to assist you. Please email us at finaid@frenchculinary.com or call 1-888-324-CHEF. We look forward to hearing from you!