This webpage is for parents of Escoffier students. Review the links below for more information.
Using the Student Finance Website
Parents new to financial aid should first visit the Important Links listed on the left side of this page. These links will provide basic information on applying for college funding including information about scholarships, financial aid, and other resources. In addition, you will find step-by-step instructions on how to apply for financial aid. These steps should help make the process of applying for financial aid easer!
Student and Parent Responsibilities
At The Escoffier School of Culinary Arts the student is primarily responsible for researching and pursuing as many financial aid opportunities as possible. Parental guidance is often needed for new college students.
Please use our website to find information and to access the financial aid resources that can help pay for college. Students applying for financial aid often require parental assistance and financial information when completing the Free Application for Federal Student Aid (FAFSA). The FAFSA application includes specific questions to determine a students’ dependency status and whether parent financial information is required. When parent information is required on the FAFSA and is not included the application “rejects”. The student may not be eligible for federal student aid (and most other types of aid requiring the FAFSA) unless this is corrected. Review the FAFSA instructions carefully when completing the application to determine whether parental information is required.
Typically, Escoffier parents are extensively involved with the students’ financial aid application process. Use this opportunity to involve your student in the process by giving them a head start on college and personal financial planning.
As the student progresses through college, our students take on a greater responsibility for their financial aid and personal finances. Most importantly, be sure to guide your student through the financial aid application (FAFSA) process annually. You may even want to mark your calendar now, to apply for financial aid using the FAFSA each year between January 1 and March 1 for the following fall/spring semesters. Be sure to clearly communicate your expectations for completing the FAFSA on time.
Students who have been involved in the financial aid process and the decisions impacting their education often feel a greater commitment to their studies. Discussing personal money management with your student is a wise choice. For more information on personal finance for students visit Escoffier’s Cash Course personal money management website! This site includes setting up a budget, debit and credit card information, protecting your credit, identity theft and ways to reduce spending and save while in college.
Parent PLUS Loan Information
Parents may be interested in borrowing a loan to help meet the costs of attending Escoffier. Parents of dependent students may apply for a Federal Parent PLUS Loan. This loan may be used for tuition, fees, books, housing & food, and the student’s personal expenses, such as laundry and miscellaneous expenses.
The PLUS Loan is not based on “financial need” so parents of any income level may apply. The PLUS Loan requires a credit check and repayment begins shortly after the loan is disbursed. The student must be making Satisfactory Academic Progress with Student Finance. The Free Application for Financial Aid (FAFSA) is needed to process the PLUS Loan.
Federal Parent Direct PLUS Loan Information
The Escoffier School of Culinary Arts participates in the William D. Ford Federal Direct Loan Program. This is a parent loan for dependent undergraduate students which the parent repays.
Applying for the Federal Direct PLUS Loan
Who Can Borrow?
- Parents (biological, adoptive, step) of dependent students. A dependent student is required to include parent information on the Free Application for Federal Student Aid (FAFSA). Stepparents are only eligible if their income information appears on the FAFSA.
- Parent must be a U.S. citizen or eligible non-citizen. Eligible non-citizens must submit copies of immigration documentation (front and back) to Escoffier Student Finance Services. More information can be found in The Guide to Federal Student Aid or within the PLUS Loan application website.
Student Eligibility Requirements
- Must be a U.S. citizen or eligible non-citizen (see definition in The Guide to Federal Student Aid or within the PLUS Loan application website). Eligible non-citizens must submit copies of immigration documentation (front and back) to Escoffier Student Finance Services.
- Must be making Satisfactory Academic Progress.
- Must be enrolled and attending at least half time.
- Additional information will be on the direct loan website.
Interest Rates and Loan Limits
- You can borrow no more than the student’s Cost of Attendance (link to each school’s COA budget) minus any other aid received. The school will certify and originate your loan for the amount requested on the application OR up to remaining cost of attendance, whichever is lower.
- The fixed interest rate for Federal Direct PLUS loan is 7.90%.
- Interest is charged from the date of the first disbursement until the loan is paid in full.
- More information will be listed on the loan application website.
Credit Criteria for Federal Direct PLUS
- You must pass a credit review to qualify for the Federal Direct PLUS loan.
- If you do not meet the credit criteria, you may consider applying with a credit-worthy endorser.
- Federal Direct PLUS loan credit decisions are valid for 180 days.
- If the Parent PLUS Loan is denied, the student will be offered a Dependent Unsubsidized Stafford Loan if there is remaining loan eligibility. A complete financial aid application must be on file including the FAFSA.
- You may begin the 2011-12 PLUS application process by going to studentloans.gov.
How to Apply for the PLUS Loan
- The student and parent complete the Free Application for Federal Student Aid (FAFSA). Escoffier Student Finance recommends the student complete the FAFSA to be considered for most financial aid programs including some scholarships before a loan is borrowed. Parents who do not wish to file the FAFSA will be required to sign a form that will be sent from our office.
- The parent borrower requests a U.S. Department of Education PIN number at http://www.pin.ed.gov
- The parent borrower completes a Federal Direct Parent Loan application online and the MPN (Master Promissory Note) at StudentLoans.gov.
- Additional information may be required from the parent before the loan can be processed.
PLUS Application Processing Time
- After your PLUS loan application and MPN are received at Escoffier Student Finance , processing takes 1-2 weeks.
- Additional information may be needed from you for processing and disbursement.
- The PLUS loan is disbursed through the Escoffier Business Office. Disbursement normally occurs within fourteen (14) day upon receipt of the loan funds at Escoffier. Parent PLUS Loans are disbursed based on the option selected by the parent when completing the Parent PLUS Application online. Disbursement may be made to the student or the parent.
Disbursements approved for the student will go to the student’s business office account. If there is a refund due, the refund will only be released to the student with the parent borrower’s permission. PLUS Loan disbursements to the parent will be mailed to the parent after being processed by the Business Office. This may take up to 1-2 weeks after funds become available.
- Repayment of the Direct Loan PLUS begins 60 days after the full amount borrowed for that loan period has been disbursed. Repayment will normally begin while the student is still in school. For additional information regarding repayment options for the Direct PLUS Loans visit http://www.dl.ed.gov or contact Direct Loan Servicing toll free at 1-800-848-0979.