FEDERAL FINANCIAL AID

Maximum Federal Aid Eligibility for Master Recording Program II
(Includes both Academic Years)
Maximum Pell Grant for 2022/2023: $6,895.00

Dependent Student Eligibility:	Independent Student Eligibility:
With Maximum Federal Pell Grant	With Maximum Federal Pell Grant
$5,171 Federal Direct Subsidized Loan	$5,171 Federal Direct Subsidized Loan
$2,743 Federal Direct Unsubsidized Loan	$8,228 Federal Direct Unsubsidized Loan
$6,895 Federal Pell Grant	$6,895 Federal Pell Grant
$ Federal Parent PLUS Loan
—	—
Without Federal Pell Grant	Without Federal Pell Grant
$5,171 Federal Direct Subsidized Loan	$5,171 Federal Direct Subsidized Loan
$2,743 Federal Direct Unsubsidized Loan	$8,228 Federal Direct Unsubsidized Loan
$ Federal Parent PLUS Loan

• Federal Pell Grants do not have to be paid back; they are awarded based on financial need.
• Student Federal Direct Loans are not credit based and must be repaid. There is a standard 10 year repayment term.
• Federal Parent PLUS Loans are available to eligible parent borrowers to assist with the cost of attendance. There are minimal credit requirements for approval. If approved, the balance due to the school may be fully covered (must reapply for the second year of academic year funding).
• All loan amounts listed are gross amounts. Student Federal Direct Loans with a first disbursement date on or after 10/1/2020 will have a 1.057% loan fee charged prior to disbursement. Federal Parent PLUS Loans with a first disbursement date on or after 10/1/2020 will have a 4.228% loan fee charged prior to disbursement. The loan fee for students with a disbursement on or after 10/1/2021 has not been determined at this time.
• Students must have a minimum attendance of 90% and a minimum GPA of 2.0 to maintain Federal Financial Aid eligibility.

CARES Act Grants for Students

The Conservatory of Recording Arts & Sciences (CRAS) has signed and returned to the U.S. Department of Education (the Department), Recipient’s Funding Certification and Agreement Emergency Financial Aid Grants to Students under the Coronavirus Aid, Relief, and Economic Securities (CARES) Act and Recipient’s Funding Certification. CRAS intends to use no less than 50 percent of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.

Only students who are or could be eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965, as amended (HEA), may receive Emergency Financial Aid Grants. If a student has filed a Free Application for Federal Student Aid (FAFSA) and has established general eligibility to participate in programs under Section 484 of the HEA, we consider the student to be eligible. Students who have not completed a FAFSA are encouraged to do so, in order to determine eligibility.

The total amount of funds the institution is eligible to receive from the Department for emergency grants to students is $463,497. CRAS has received and distributed the following CARES Act grant funds:

• April 1 – May 15, 2020
  $312,862.50 – 405 students
• May 15 – June 30, 2020
  $14,587.50 – 15 additional students
• July 1 – August 15, 2020
  $52,800.00 – 0 additional students
• October 1 – December 31, 2020
  $83,247.00 – 74 Additional Students
• Total through December 31, 2020
  $463,497.00 – 494 students

Our initial selection and amounts were based on the current student population of 454, less 4 international students who are not eligible for the CARES Act grant. These remaining 450 students were deemed eligible to participate in programs under Section 484 of the Higher Education Act of 1965 if a completed FAFSA confirmed they met all general eligibility requirements to receive Emergency Financial Aid Grants to students under Section 18004(a)(1) of the CARES Act.  We allocated 75% of these funds to be immediately disbursed to students. This amount of $347,623 was split between the 450 students for a disbursement amount of $772.50. The remaining 25% of these funds were held in reserve for anticipated future needs of our students.

Students initially receiving the CARES Act grant acknowledged they were eligible and clicked on a link to provide their current address for mailing checks. These students were provided the following guidance concerning the Emergency Financial Aid:

The U.S. Department of Education has provided CRAS with a limited amount of grant funding for the sole and exclusive purpose of providing emergency financial aid grants to students for their expenses related to the disruption of campus operations due to coronavirus such as housing, food, and other related living expenses. These grants may not be used for any purpose other than student expenses related to the disruption of campus operations. 

In addition, the institution asked students to submit applications to request CARES Acts grant funds for any additional expenses related to the significant changes to the delivery of instruction due to the coronavirus. Based on these applications, we disbursed an additional $500 to six of the original students in the student population for a total of $3,000.

On July 15, 2020, CRAS agreed to make available an additional $99,000 of remaining CARES Act grants for students from the initial selection who were still enrolled.  These 360 students ($275 per student) were provided a link on the CRAS intranet site, to confirm the following:

I confirm that I have additional expenses equal to or greater than $275 related to the disruption of campus operations due to coronavirus, such as food, housing, course materials, technology, health care, and child-care expenses.

CRAS received acknowledgement of additional expenses from 192 students and disbursed an additional $52,800 ($275 each) to these students. 

Download the September 30, 2021 HEERF Quarterly Report (Institutional Portion)

Download the December 31, 2021 HEERF Quarterly Report (Institutional Portion)

Download the March 31, 2021 HEERF Quarterly Report (Institutional Portion)

Download the March 31, 2022 HEERF Quarterly Report

Download the June 30, 2022 HEERF Quarterly Report

Higher Education Emergency Relief Fund (HEERF II) Grants for Students

The Conservatory of Recording Arts and Sciences (CRAS) has signed and returned to the U.S. Department of Education the Certification of Funding and Agreement for the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (CRRSAA). CRAS intends to use the funds received to provide Emergency Financial Aid Grants to students, pursuant to Section 314(d)(7) of the CRRSAA.

The grant is available to all students attending CRAS during the time period in which funds remain available to disburse.

Statutory requirements indicate that the funds be used to cover expenses related to the disruption of campus operations due to coronavirus (including eligible expenses under a student’s cost of attendance; such as food, housing, course materials, technology, health care, and child care).

The total amount of funds the institution is eligible to receive from the Department of Education for emergency grants to students is $568,120. CRAS has received and distributed the following CARES Act grant funds to date:

• July 1 – July 31, 2021
  $177,300 – 204 students
• August 1 – August 31, 2021
  $97,300 – 115 Students
• September 1 – September 30, 2021
  $69,400 – 82 Students
• October 1 – October 31, 2021
  $46,100 – 56 Students
• November 1 – November 30, 2021
  $34,800 – 42 Students
• December 1 – December 31, 2021
  $21,000 – 24 Students
• January 1 – January 31, 2022
  $32,600 – 41 Students
• Total through January 31, 2022
  $478,500 – 564 Students

The award amounts were based on the current student population of 412 students.  Students that requested funds were awarded according to financial need as determined by Pell grant eligibility. Pell grant recipients were awarded at a higher rate than those that were not Pell eligible or those that had not completed a FAFSA.

Students receiving the HEERF II grant acknowledged they were eligible and clicked on a link to request funds to either be applied to tuition or to be distributed as a check. Students on internship provided their current address for mailing checks.

CRAS provided the following guidance concerning the Emergency Financial Aid:

CRAS has a limited amount of HEERF II Grant funds available for students impacted by the disruption of campus operations due to the coronavirus. We are disbursing funds to all eligible students.

Students who are eligible for the funds have the choice to receive a check sent to them, or to have the funds applied directly to their school tuition and fees.