Financial aid programs available for CAA students

Non-Need-Based Aid: Aid will be offered to select students based on the information contained in their admissions application and gained from interactions with Artists-in-Residence (telephone, Skype, or in-person). Non-need-based aid may include: Scholarships, fellowships, and loans (unsubsidized and Graduate PLUS loans.)

Need-Based Aid: Students who file a FAFSA and are eligible for federal financial aid will be offered financial aid up to the Cost of Attendance. Need-based aid may include need-based institutional grants and Federal Work Study.

Class of 2023 Financial Aid Cost of Attendance can be found here. Class of 2024 Financial Aid Cost of Attendance can be found here. The total of all financial aid awarded may not exceed the Cost of Attendance.

A Financial Aid Award Letter, listing the types of aid the student is offered, will be provided to accepted and enrolled students who file a FAFSA. Aid may include grants, loans, and Federal Work Study (and any non-need-based aid the student may be awarded). The type of aid a student receives depends on individual circumstances; loans are the only type of financial aid guaranteed for all students who file a FAFSA (assuming that the student does not have other aid that meets or exceeds the Cost of Attendance).

Eligibility: All students who apply and are accepted will be considered for financial aid that is not based on need. No separate application is required, and students who are offered non-need-based aid will be informed at the time of acceptance.

To be considered for Need-Based Aid, students are required to file the 2023-2024 Free Application for Federal Aid (FAFSA); Cranbrook Academy of Art’s school code is G02248. The results of the FAFSA are used to award Need-Based Aid. Federal financial aid is typically limited to students who are U.S. citizens or permanent residents; full eligibility requirements can be found at https://studentaid.gov/understand-aid/eligibility.

Students are required to maintain Financial Aid Satisfactory Academic Progress to maintain eligibility for Federal Financial Aid. 

If the student’s FAFSA is selected for verification or if the Financial Aid Administrator identifies that additional documentation is required, all requested documentation must be to be provided to receive aid. Awards are considered tentative and aid cannot be disbursed until all documentation has been received and reviewed and any necessary updates to student information have been completed. Awards may change based on the verification process. 

Scholarships, fellowships, grants and loans are paid to student accounts in two equal installments, one in fall semester and one in spring semester.

Non-need-based aid does not require a separate application. The deadlines below refer to need-based aid.

Financial Aid Deadlines:

February 1st priority deadline (prospective students): Applicants who wish to be considered for need-based aid should file a FAFSA by the priority deadline in order to receive a Financial Aid Award Letter with an admission offer in the event the student is accepted to the Academy. The FAFSA may be filed after the priority deadline; in this case, the applicant will receive a Financial Aid Award Letter within a week of the date the FAFSA is received from the federal processor. Please note that need-based aid is limited by budgetary constraints; late filers risk losing need-based aid for which they might otherwise qualify. Loans and FWS are available even for late filers.

April 30 priority deadline (current students): Students must file a FAFSA each year. Please note that need-based aid is limited by budgetary constraints; late filers risk losing need-based aid for which they might otherwise qualify. Loans and FWS are available even for late filers.

Return to Title IV Aid: Schools must calculate the amount of aid earned through the withdrawal date by students who have been awarded federal financial aid and withdraw on or after the first day of the semester. Cranbrook’s Return of Title IV Funds policy may be found here.

Return of Title IV Aid policies applies to all students who filed a FAFSA.