Financial Aid
Financial Aid Eligibility
Financial aid is awarded to students who are eligible for federal student aid programs (for requirements, visit www.studentaid.ed.gov). Students must file the Free Application for Student Aid (FAFSA) in order to be considered for financial aid at Cranbrook Academy of Art. Types of federal aid available to students include Federal Direct Unsubsidized Loans, Federal Work Study, and Federal Direct Graduate PLUS Loans. In addition, Cranbrook need-based grants assist eligible students demonstrating financial need; awards depend on individual student need and available funds. Students applying for financial aid are considered automatically for all aid programs for which they are eligible. Second semester students are eligible to apply for merit scholarships for the second year of study. These are awarded on a competitive basis and are not need-based. In addition, any student nominated and selected by a Department Head is eligible to act as a paid Department Assistant for the following year.
International Applicants:
Unfortunately, the Academy cannot provide need-based aid for foreign nationals. International students are eligible in their second semester to compete for merit scholarships for the following year. In addition, if nominated and selected during their second semester, international students are eligible to act as Department Assistants for the following year.
International students can search for financial assistance to study in the United States through the International Institute of Education, http://www.studyabroadfunding.org/
U.S. Citizens and Permanent Resident Aliens:
1. File the Free Application for Federal Student Aid (FAFSA) online ( www.fafsa.gov) by February 15. Cranbrook’s school code is G02248. Be sure to file the 2013-2014 FAFSA.
2. Once your FAFSA is processed, a multi-page Student Aid Report (SAR) is returned to you by email. Please review the SAR; if there are any issues, please contact Leslie Tobakos for guidance.
3. If your FAFSA has been selected for verification by the federal processor, you will be contacted by Cranbrook for additional information and must comply with requests in order to receive financial aid.
Procedures and Deadlines:
Cranbrook Academy of Art’s preferred filing deadline is February 15, 2013. Applicants who are admitted and have filed the FAFSA by the preferred filing deadline will receive a financial aid award letter with their admissions packets. Students who file the FAFSA after February 15 will receive their financial aid award letters a few weeks after the FAFSA has been received. April 1, 2013 is the deadline to file the FAFSA in order to be considered for Cranbrook need-based grants.
Forms of Aid Available:
Note: Cranbrook Academy of Art offers graduate programs only; therefore, Teaching Assistantships or Teaching Fellowships are not available. Second year students have an opportunity, if selected, to work directly with their Department Heads as a Department Assistant (#5).
1. CAA Need-Based Grant (FAFSA required). Tuition assistance, based upon the applicant’s timely application and demonstrated financial need, will be credited to the student’s account in equal semester installments. Awards vary and are limited by availability of institutional funds.
2. Federal Direct Unsubsidized Loans (FAFSA required). Unsubsidized loans are available to all students who are eligible for federal aid and who file the FAFSA – demonstrated financial need is not required. Graduate students are eligible to borrow up to $20,500 per year, dependent upon the costs of study and other financial aid received. Student loans are disbursed in equal semester installments (less a 1% origination fee).
3. Federal Direct Graduate PLUS Loans (FAFSA required). After exhausting all other forms of aid and student loans, students may choose to borrow a Graduate PLUS loan to cover their costs. PLUS loans are credit based and as such are not guaranteed; students whose credit is denied may choose to secure a credit-worthy endorser. Student loans are disbursed in equal semester installments.
4. Federal Work-Study (FAFSA required). All students eligible for federal financial assistance and who have demonstrated need may apply and interview for work-study positions on campus and in off-campus tutoring positions. Earnings are paid bi-weekly, based on hours worked, via Cranbrook payroll check.
5. Department Assistants. Each year, Artists-in-Residence in each department select students to assist them with tasks during the following year. There is no separate application process. Awards are based upon level of responsibility and skill, and students are paid the award in the form of biweekly wages, via Cranbrook payroll check.
6. Competitive Merit Scholarships. In their second semester at Cranbrook, students are eligible to compete for Cranbrook merit scholarships. Students submit slides and a statement of their work at the announced deadline each spring, and awards are made following review by the scholarship committee comprised of the Artists-in-Residence and other selected participants. Awards are for the following academic year and are credited to the student’s account in equal semester installments.
How Can Students Manage These Costs?
Each student’s financial situation is unique. Students who are eligible for need-based aid generally find that the Cranbrook need-based grant and full Direct Unsubsidized Loan cover the majority of their tuition costs. Students who are not eligible for need-based aid are still able to borrow an Unsubsidized loan, providing they are eligible for federal aid. Students manage the remainder of their costs through savings, Graduate PLUS Loans, part time work, and assistance from their families.
Need More Information About Borrowing?
Please refer to www.studentaid.ed.gov for detailed information regarding federal loan programs. Cranbrook students are encouraged to use federal loan programs if they need to borrow.
FINANCIAL AID ADMINISTRATOR
All accepted students who have applied for aid are given appropriate financial aid information and instructions. Questions may be directed to Leslie Tobakos at ltobakos@cranbrook.edu.
Estimate of Average First-Year Student Costs and Financial Aid
(Individual financial situations will vary)
Cost of Study:
Fixed Fees
Tuition |
$29,100 |
Fees |
$1,025 |
Insurance |
$1100 |
Estimated Fees |
|
Meals + Housing |
$7,300 |
Supplies |
$2,500 |
Transportation |
$2,480 |
Personal Expenses |
$2,475 |
TOTAL COST |
$45,980 |
Financial Aid:
Cranbrook Need-based Grant |
-$9,000 |
Work-Study or other Employment |
-$3,500 |
Unsubsidized loans |
-$20,500 |
PLUS Loans, Work, |
-$12,980 |
Total Resources |
$45,980 |
Veterans’ Benefits
Cranbrook Academy of Art is approved for participation in veterans’ training programs. Please contact Leslie Tobakos with questions regarding Veterans’ educational benefits.
Artist-in-Residence (Painting) Beverly Fishman discussing work with ceramist Brian Ginewski during fourth semester reviews, December 2009.
