Federal student assistance is available to students who are U.S. citizens or permanent residents. Federal student assistance can be used for educational expenses, including tuition, fees, books and supplies, room and board, transportation and personal expenses. The FAFSA form is used to determine eligibility.
Pell Grants
Pell Grants are awarded to students with very low family contributions (high-need) and can range from $400-$4731 per academic year. The amount of Pell Grant you are awarded is also based on your enrollment status (full-time, part-time). If you change your expected enrollment from what you put on your FAFSA, your Pell award will be adjusted. You may be eligible for Pell if you are enrolled less than half time.
Academic Competitiveness Grant (ACG)
Eligibility requirements for this grant are as follows: The student must
be a US citizen and a Federal Pell Grant recipient for the
same payment period or award year. Secondly, the student
must have completed a rigorous secondary school program
of study and must currently be enrolled as a full-time
student. Last of all, the student must have graduated from
secondary school after January 1, 2005.
Supplemental Educational Grants
FSEOG is awarded to high-need students who attend at least half time and have also received a Pell Grant.
Federal Work-Study Program
The Federal Work Study program pays 75% of your wages and the on-campus department pays the remaining 25%. You will receive a paycheck twice a month, provided that you have worked during the period and turned in a time sheet. If you are awarded Federal Work-study and need assistance in locating a campus job, you should contact the Human Resources office.
Federal Perkins Loan
The Federal Perkins Loan is a pool of funds originating from the federal government, the Conservatory, and the repayment of prior loans by alumni. When you are enrolled at least halftime, no interest accrues. Nine months after you graduate or cease to be enrolled at least half time, interest accrues at a rate of 5% with required minimum monthly payments and maximum repayment of ten years. If you are receiving a Perkins award, please complete and sign a separate promissory note and return it with your award letter. Perkins Loans are credited to your account as soon as the promissory note is completed and signed.
Federal Subsidized Stafford Loan
This loan is awarded to students who demonstrate financial need based on the FAFSA. The federal government pays the interest that accrues on subsidized loans during the time you are enrolled at least half-time and during the six-month grace period. Repayment starts six months after you cease to be enrolled at least half time. The interest rate is redetermined every July 1st by the Department of Education and is fixed for the life of the loan. The amounts on your award letter reflect the maximum you are eligible to borrow from this program for the award period. We strongly recommend that you borrow as little as possible and only when necessary. Please note that the amount shown on your letter reflects the maximum amount you are eligible to borrow during the academic year.
Federal Unsubsidized Stafford Loan
This loan is available to all eligible students regardless of income. The interest rate is redetermined every July 1st by the Department of Education and is fixed for the life of the loan. You are responsible to pay all interest that accrues on the loan, including interest that accrues while you are in school. The amounts on your award letter reflect the maximum you are eligible to borrow from this program for the award period. We strongly recommend that you borrow as little as possible and only when necessary. Please note that the amount shown reflects the total loan amount. Eligibility for Stafford Loans is determined for every two consecutive semesters. There will be two disbursements on each loan, typically one for each of the semesters in the loan period. For example, if your loan period starts with Fall 2008, it will end with Spring 2009 and you will receive a Fall and Spring disbursement.
Federal Regulations require that the first loan disbursement for first time freshmen be delayed 30 days.
Federal PLUS Parent Loan (PLUS)
Parents who do not have an adverse credit history may borrow up to the total cost of the student's education, minus any other aid received by the student. Parents must begin repayment immediately of both principal and interest. The interest rate is variable, up to 9 percent. A 3 to 4 percent loan origination fee and an insurance premium are charged.
All students applying for financial aid should be aware of these rights and obligations:
Students have the right to receive full information about the financial aid programs available, how to apply for aid, and the process by which aid is awarded.
Students have the right to know the costs of attendance, the tuition refund policy of the Conservatory, its academic program, faculty, and physical facilities.
Students have the right to discuss their financial aid eligibility, award, or cancellation with the Financial Aid Manager. Students have the right to appeal the financial aid decision.
Students who borrow money have the right to know what their loan obligations are.
Students are responsible for applying annually for financial aid.
Students are responsible for telling the truth in their application for financial aid. Misrepresentation is considered a serious infraction and may result in withdrawal of aid, repayment of all funds already disbursed, permanent disqualification in the future, fine, and/or imprisonment.
Students are responsible for understanding their loan obligation(s) and for repaying their loan(s) promptly.
Students on federal financial aid are required to make satisfactory academic progress as defined below in step 6.
Federal financial aid funds may be used only to meet educational costs. Any other use of funds is prohibited by law. Students must notify the Financial Aid Office of their acceptance of awards by signing the financial aid award and acceptance letter.
Students are responsible for meeting all deadline requirements and for submitting all documentation requested by the Office of Financial Aid.
After you have been accepted, the following steps need to be taken to accept your award:
- Complete and return your award letter. This packet includes two copies of your award letter. You must complete and return one copy to the Financial Aid Office and retain the other copy for your records. Please Accept or Decline awards by circling where appropriate. If you wish to lower the amount, please write in the new amount as clearly as possible in this area. Be sure to sign the bottom of the acceptance letter and insert the name of the lender that you would like to use, and return immediately to the financial aid office. For your convenience you can find our preferred lender list at: www.mylenderlist.com/sfcm. Please note: You are not required to use one of our preferred lenders. You may use any lender that participates in the Federal Stafford and/or PLUS loan programs.
- Complete your Entrance Loan Counseling Requirements. If you are receiving a Stafford loan from the Conservatory for the first time, you are required to complete an Entrance Loan Counseling session prior to receiving any loan disbursement. The easiest way to fulfill this requirement is to go online at www.edfund.org. Click on the EDTE$T Loan Counseling icon, take the quiz, and click submit. Make sure you choose the Conservatory as your school. After you complete your counseling session and submit it, we receive it electronically in our office.
- Complete a Master Promissory Note (MPN).If this is the first time you are borrowing a loan while attending the Conservatory, you are required to complete a Master Promissory Note (MPN). Once we receive your signed Award Letter, we will certify your loan. EDFUND, our guarantor, will send or email you the MPN with the instructions on how to complete it.
- If your parents are applying for a Parent Loan (PLUS). To apply for a Parent PLUS Loan for parents of Undergraduate Students, your parents are required to complete a promissory note. For their convenience they can now choose their lender and apply online at http://www.mylenderlist.com/sfcm.
- Register at least half time at the Conservatory. To be eligible for financial aid, you must first be accepted in a degree program and enrolled at least half time. If you indicated that you would attend the Conservatory full time on your FAFSA and only enroll halftime, your award will be adjusted accordingly. Please notify the Financial Aid Office if you are enrolling for more or less units than previously indicated.
- Maintain Satisfactory Academic Progress. In the Financial Aid Office, we must enforce standards of Satisfactory Academic Progress. We do this because it is a United States Department of Education requirement that qualitative and quantitative standards are kept. Here is a list of the requirements to receive federally regulated funds:
- You must maintain a 2.0 cumulative grade point average.
- You must complete 80% of units attempted.
- You must complete your degree with 125% of the time frame required for the degree.
- You must maintain at least a half-time status each semester.
- You must be enrolled in graded, degree credit courses to be considered for financial aid.
- You must be admitted to the Conservatory and accepted in a degree or eligible certificate-producing program.
- If you do not maintain a 2.0 cumulative grade point average or complete at least 80% of the units you attempt, you will be placed on financial aid probation. Financial aid probation means that if you do not keep your 2.0 GPA and complete 80% of your units attempted in one term, you will not be eligible for federal financial aid. You may become eligible again when you bring up your GPA and your completion rate.
- If you have not received your degree within 125% of the time frame required for the degree, you will have to complete your degree without financial aid.
- If you are not registered at least halftime, you will not receive either Stafford or Perkins Loans. ou may, however, be eligible for higher interest rate private loans.
- In rare instances, exceptions may be made to the Satisfactory Academic Policy, but only if you provide a written petition detailing the exceptional, unavoidable circumstances which led to the probation, information on your ability to continue your program, and supporting specific documentation.
Veterans and their eligible dependents should contact their local Veterans Administration for information about benefits available for attendance at both the undergraduate and graduate levels.
