Available Types of Need-Based Aid
To be eligible for Need Based Financial Aid, students are required to maintain Financial Aid Satisfactory Academic Progress.
The 2017-2018 Free Application for Federal Aid (FAFSA) is required to evaluate eligible students for need-based aid. (Need-Based Aid is not available for those students who are not eligible to file a FAFSA).
Cranbrook Academy of Art Need-Based Grants – awarded to students who demonstrate financial need based on the information collected on the Free Application for Federal Student Aid (FAFSA); students must be eligible to file a FAFSA (U.S. citizen or U.S. Permanent Resident Alien). The amount of the grant varies from student to student and is based on the Expected Family Contribution (EFC) calculated in the FAFSA process; not all students who file a FAFSA will receive a need based grant. Eligible students who receive a need based grant in the first year of study will generally receive a grant in their second year of study. Students must file a FAFSA each year in order to be considered eligible for a need based grant. Students may receive a need based grant for a maximum of four semesters.
Federal Direct Unsubsidized Student Loans – require the completion of a FAFSA but are not awarded on the basis of need. They are guaranteed, meaning that if you are offered this loan and complete the necessary form and steps, you will receive the loan. Eligible students may borrow up to $20,500 in a Federal Direct Unsubsidized Loan each year. Borrowers are charged interest from the time the loan is disbursed until it is paid in full. Click Applying for Federal Loans for detailed instructions.
Federal Direct Graduate PLUS Loans – require the completion of a FAFSA but are not awarded on the basis of need. Eligible students may borrow a Federal Direct Graduate PLUS Loan to bridge the gap between available aid and the total cost of attendance. This loan is not “guaranteed; a credit check is involved. For information about the credit requirements, please visit www.ifap.ed.gov/dlbulletins/attachments/DLB0703Attach.pdf. Students whose Graduate PLUS loan applications are denied based on their credit may appeal or obtain a creditworthy endorser. Borrowers are charged interest from the time the loan is disbursed until it is paid in full. Click Applying for Federal Loans for detailed instructions.
Federal Work Study (FWS) – Students may apply for employment in a FWS position and earn money for hours worked. Click Applying for Federal Work Study for detailed instructions.
Need Based Financial Aid Procedures
To be evaluated for need based aid, students must file the Free Application for Federal Student Aid (FAFSA) at www. fafsa.gov (school code G02248). Those who have not filed a FAFSA in the past will first need to obtain an electronic PIN signature at www.pin.ed.gov.
The 2017-2018 FAFSA is now available; you are encouraged to file the FAFSA now (so you don’t forget!). U.S. Citizens and Permanent Residents: File your Free Application for Federal Aid (FAFSA) at www.fafsa.gov to be considered for need based aid. The 2017-2018 form uses 2015 income, and you can link to the IRS Data Retrieval Tool within the FAFSA to easily transfer your tax information directly into your FAFSA.
Students are responsible for completing all requirements to receive financial aid as communicated to them by the Academy, including complying with any requests for documentation, in order to receive financial aid.
Need Based Financial Aid Deadlines
February 15th 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 15 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.
Financial Aid Cost of Attendance and Financial Aid Awards
Students who file a FAFSA will be offered need based aid up to the Cost of Attendance (click here for the 2017-2018 Financial Aid Cost of Study). The total of all financial aid awarded may not exceed the Cost of Attendance. A Financial Aid Award Letter, which may consist of grants, scholarships, loans, Federal Work Study, and any other funding, will be provided to accepted and enrolled students who file a FAFSA. The types 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 (assumin that the student does not have other aid that meets or exceeds the Cost of Attendance).