Financial Aid
Financial Aid Eligibility
The Academy’s financial aid programs assist eligible students demonstrating financial need. Financial awards are competitive upon the student’s need and available funds. Students applying for financial aid are considered automatically for all aid programs for which they are eligible.Students who are accepted or enrolled at the Academy may be considered for financial aid based upon need, merit, or both. All students are eligible for merit aid. Prospective students must apply for financial aid when they apply for admission. Financial aid requests will not be processed before admissions applications.
Procedures and Deadlines:
Because only Student Aid Reports received in our office by April 1 will receive consideration for priority awards, applicants MUST NOT WAIT until notification of acceptance to submit complete financial aid applications. To meet this deadline, you must file the FAFSA by February 15.
International Applicants:
International students are eligible in their second year to compete for merit scholarships and, if nominated and selected, to act as Department Assistants. There is no separate application for merit scholarships or assistantships. Unfortunately, the Academy cannot provide need-based aid for foreign nationals.
International students can search for financial assistance to study in the United States through the International Institute of Education, http://www.studyabroadfunding.org/
Given that Cranbrook Academy of Art offers a graduate education only, Teaching Assistantships or Teaching Fellowships are not available. Department Assistantships are available (see #5) and financial aid is available in the following forms:
U.S. Citizens and Permanent Resident Aliens:
1. File the Free Application for Federal Student Aid (FAFSA) by February 15. FAFSAs should be filed on the Web - search under www.fafsa.ed.gov. Be sure to select the correct filing year! Under Section H, Title IV Code, be sure to use Cranbrook’s code of G02248. No other financial aid form is accepted by Cranbrook.
2. When your FAFSA is processed, a multi-page Student Aid Report (SAR) is returned to you. Review it and make corrections as necessary. If you provided Cranbrook’s code correctly, the Academy will receive your SAR electronically. The SAR must be received at Cranbrook by the April 1 deadline, or your eligibility for institutional aid may be jeopardized. You may be required to submit a SIGNED copy of your federal income tax return, including all schedules and attachments.Be sure to retain these items in your records.
Aid and merit awards are credited to students’ accounts and are not available in cash. Assistantships and Work-Study are paid to students directly.
Forms of Aid Available:
1. CAA Need-Based Gift Aid. 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. Subsidized and Unsubsidized Federal Education Loans. Graduate students are eligible to borrow up to $20,500 per year, dependent upon the costs of study and other
financial aid received. Students demonstrating financial need may borrow up to $8,500 for a Subsidized Stafford
Loan, and up to an additional $12,000 maximum in an Unsubsidized Stafford Loan. Students who do not qualify
for the benefits of Subsidized Loans may borrow the entire amount under the Unsubsidized program. Questions about each student’s eligibility should be directed to the Financial Aid administrator. Student loans are disbursed in equal semester installments.
3. Graduate PLUS Loans.
After exhausting all other forms of aid and student loans, students use the Graduate PLUS loans to cover their need. PLUS loans are credit based. The financial aid award letter announces how much a student pay borrow under this program.
4. Competitive Merit Scholarships. After being in attendance two semesters, students are eligible to compete for merit scholarships managed by the Academy. Students submit slides and a statement of their work at the announced deadline in May of each year, and awards are made following review by the scholarship committee comprised of the Artists-in-Residence. Awards are credited to the student’s account in equal semester installments.
5. Department Assistants. Each year, Artists-in-Residence select students to assume tasks within each department. Students may indicate their interest in writing to the department head. There is no separate application process. Awards are based upon level of responsibility and skill, and students are paid directly via Cranbrook payroll check.
6. Federal and State Work-Study Programs. All students eligible for federal financial assistance may apply for work-study positions on campus. Awards are made on a competitive basis. Earnings are paid bi-weekly.
How Can Students Manage These Costs?
Generally speaking, some help from Cranbrook and full Stafford Loans will cover the tuition and fees. A student would need to have savings, apply for an additional private loan, or work part-time to cover living expenses and art supplies.
Need More Information About Borrowing?
Many lender web sites offer helpful definitions and information about the various student loan programs. Try going to www.nelliemae.com and www.nelnet.net; Cranbrook has a list of recommended lenders available upon request.
FINANCIAL AID ADMINISTRATOR
All accepted students who have applied for aid are given appropriate financial aid information and instructions. Questions may be directed to Katharine (Kathy) Willman at kwillman@cranbrook.edu.
Estimate of Average First-Year Student Costs and Financial Aid
(Individual financial situations will vary. Merit scholarships are not included.)
Cost of Study:
Fixed Fees
| Tuition | $25,958 |
| Fees | $800 |
| Insurance | $705 (may be waived) |
| Estimated Fees | |
| Food | $2,970 |
| Housing | $4,000 |
| Supplies | $2,200 |
| Transportation | $2,000 |
| Personal Expenses | $2,200 |
| TOTAL COST | $40,833 |
Financial Aid:
| Cranbrook Gift Aid | -$8,000 |
| Work-Study or other Employment | -$3,500 |
| Stafford loans | -$20,500 |
| PLUS Loans, Work, Savings |
-$8,833 |
| Total Resources | -$40,833 |
Veterans’ Benefits
Cranbrook Academy of Art is approved for participation in veterans’ training programs. The Dean of Admissions will assist students who wish to file for veterans’ educational benefits.
Artist-in-Residence (Painting) Beverly Fishman discussing work with ceramist Brian Ginewski during fourth semester reviews, December 2009.
