Elase Academy Beauty School Financial Aid Process

Elase Academy will give Beauty School Finacial Aid to all students.  If students do not qualify for private funding, Elase Academy will provide in-house financing.  Students are required to apply for all private lending prior to applying for in-house financing.

Mountain America Credit Union

MACU offers an Education Line of Credit for students seeking Beauty School Financial Aid.  An Education LOC is an interest only payment while in school.  The interest rate is variable and is based off of the prime rate.  The minimum interest rate is 6%.  Students that qualify for an Education LOC are required to submit grades every 6 months in order to maintain an open line of credit.  All applicants will automatically apply for an Education Line of Credit.

1. Log on to MACU.com
2. Click Apply Now
3. Click on Educational Line of Credit
4. If you are already a member, enter your member # and your branch #.  If not, click here.   Note: If you are not currently a member, a $25 membership fee will be added to your loan amount at the time of loan processing.
5. Click on Membership
6. Select the South Jordan branch
7. Enter your application information:
   You will need a driver’s license, along with a social security #.
8. You will need the following to qualify for a student loan:
   1. 12 months of credit history (credit cards, rent, car loans, revolving credit)
   2. No judgments, collections or charge-offs on your credit history
   3. An income of at least $18,000/year ($1,500/month)
9. If you do not meet the above criteria, you will need to have a co-signer for your education loan.
10. Complete the application information.  You will need to provide the following information from Elase Academy:
    Elase Academy
    10714 S. River Front Parkway
    South Jordan, UT 84095
    801.302.1650   theacademy@elase.com
11. Information will be sent back to Elase Academy to verify your enrollment.  You will receive your approval within 3-5 business days.

Elase Academy In-House Financing

Elase Academy will finance the remainder of any tuition due after all private loan options have been exhausted, up to $12,000.  In order to qualify for in-house financing, students must:

• Complete and submit the application form and pay the $50 non-refundable application fee.
• Meet with Elase Academy admissions to ensure that all private funding options have been exhausted.
• Provide at least $3000 down payment toward your tuition cost. $2000 down for 600 hour transfer or cosmetology students.

Short Term Financing:  Short term financing is available, at an interest rate of 3%, for those students who are able to make monthly payments and have their full tuition paid off by their graduation date.   Minimum monthly payments of $300/month are required.

Long Term Financing:  Long Term financing is available at an interest of 8%, for a term of up to 24 months.   Automatic withdrawal from a debit or credit card is required.  Minimum monthly payments of $300/month are required.

Elase Academy PELL Grant Matching Program

Elase Academy anticipates full accreditation by July 2011.  At that time, Elase Academy can accept all Title IV funding for Beauty School Financial Aid.  Until that time, Elase Academy will “match” any PELL Grant funds that are awarded to the student up to $3000.00 for the 1200 hour program and $2000 for the 600 hour program.

For example; if a student is awarded $3000 in PELL Grants, Elase Academy will deduct $3000 from the total tuition of $15,000

In order to qualify for Beauty School Financial Aid, students must first apply for a PELL Grant and have documentation of grant award.

To begin the application process, visit www.FAFSA.org.

Click here for a link to our Scholarship Application
One Scholarship will be awarded to each new starting class.