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Financial Aid Grants, Loans & Scholarships

Grants, Loans & Scholarships

Our Student Financial Services department is here to help those students who require financial assistance.

A CRAS student meets with a CRAS Financial Aid representative at the Gilbert satellite campus.
A CRAS student meets with a CRAS Financial Aid representative at the Gilbert satellite campus.
Students work on class projects in the CRAS student lounge area.
Students work on class projects in the CRAS student lounge area.

Most of our students do utilize some kind of financial aid. The CRAS Student Financial Services department provides a tremendous amount of assistance and planning for students who choose to utilize various types of financial aid. We have a number of different means to help our students attend. Federal financial aid is available to those who qualify. This is the same kind of financial aid that is available at other universities and colleges (e.g. Stafford Loans and Pell Grants).

There are also several kinds of private financial resources available to our students as well. Many students like to use eCashier (formerly FACTS Management) to pay for tuition with no interest attached. The Conservatory of Recording Arts & Sciences is also approved for Veteran’s Administration and Montgomery G.I. Bill benefits. As a result of all that is offered, finances should not be an issue that deters a person from applying and ultimately attending CRAS. There is a way for nearly everyone to be able to finance his or her education.

Standard Eligibility Examples for the 2018/2019 FAFSA

This information provides basic scenarios of how Federal Aid may be applied towards tuition. The FAFSA (Free Application for Federal Student Aid) must be completed and all eligibility requirements must be met to receive Federal Aid. Below are examples of standard eligibility.


Maximum Federal Aid Eligibility for Master Recording Program II

(Includes both Academic Years)

Maximum Pell Grant for 2018/2019: $6,095.00

Dependent Student Eligibility:

Independent Student Eligibility:

With Maximum Federal Pell Grant

With Maximum Federal Pell Grant

$5,469 Federal Direct Subsidized Loan

$5,469 Federal Direct Subsidized Loan

$2,875 Federal Direct Unsubsidized Loan

$8,625 Federal Direct Unsubsidized Loan

$6,095 Federal Pell Grant

$6,095 Federal Pell Grant

$ Federal PLUS Loan

Without Federal Pell Grant

Without Federal Pell Grant

$5,469 Federal Direct Subsidized Loan

$5,469 Federal Direct Subsidized Loan

$2,875 Federal Direct Unsubsidized Loan

$8,625 Federal Direct Unsubsidized Loan

$ Federal PLUS Loan

  • Federal Pell Grants do not have to be paid back; they are awarded based on financial need.
  • Federal PLUS loans are available to eligible parent borrowers to assist with the cost of attendance and if approved, the balance may be fully covered (must reapply for second academic year funding).
  • All Loans must be repaid. Federal Direct Loans are not based on credit and have a standard 10 year repayment term.
  • All loan amounts listed are gross amounts. Federal Direct Loans with a first disbursement date on or after 10/1/2018 will have a 1.062% origination fee charged prior to disbursement. Federal PLUS loans with a first disbursement date on or after 10/1/2018 will have a 4.248% origination fee charged prior to disbursement.
  • The Conservatory’s Master Recording Program II spans two academic years, and determines how Federal Aid is earned and applied towards tuition charges.
  • Students are required to pass all classes to maintain Federal Aid eligibility.

NASFAA Statement of Ethical Principles

Financial Aid at the Conservatory of Recording Arts and Sciences follows NASFAA’s Statement of Ethical Principles, which provides that the primary goal of the institutional financial aid professional is to help students achieve their educational potential by providing appropriate financial resources. To this end, this Statement provides that the financial aid professional shall:

  1. Be committed to removing financial barriers for those who wish to pursue postsecondary learning.
  2. Make every effort to assist students with financial need.
  3. Be aware of the issues affecting students and advocate their interests at the institutional, state, and federal levels.
  4. Support efforts to encourage students, as early as the elementary grades, to aspire to and plan for education beyond high school.
  5. Educate students and families through quality consumer information.
  6. Respect the dignity and protect the privacy of students, and ensure the confidentiality of student records and personal circumstances.
  7. Ensure equity by applying all need analysis formulas consistently across the institution’s full population of student financial aid applicants.
  8. Provide services that do not discriminate on the basis of race, gender, ethnicity, sexual orientation, religion, disability, age, or economic status.
  9. Recognize the need for professional development and continuing education opportunities.
  10. Promote the free expression of ideas and opinions, and foster respect for diverse viewpoints within the profession.
  11. Commit to the highest level of ethical behavior and refrain from conflict of interest or the perception thereof.
  12. Maintain the highest level of professionalism, reflecting a commitment to the goals of the National Association of Student Financial Aid Administrators.

Scholarships

Scholarships are forms of aid to help students pay for a portion of their education. Scholarship research should be completed well in advance of your start date. Below is a list to help you get started.

Based on “America’s Best College Scholarships”, John Cueller — Sons, March 1998



Additional Finance Options

In addition to Federal Financial aid many other types of aid are available. Students are encouraged to search for scholarships online and through their community to assist in tuition payment.

Additional funding may be necessary after your Federal Financial Aid is calculated. Please visit the sites below to research and inquire regarding Private Educational Loans that could help with any balance owing.



Preferred Tuition Payment Method

Students who choose to set up a monthly cash payment must utilize the Nelnet Business Solution Link.

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