Frequently Asked Questions

Is there a separate form for CIM Financial Aid?

CIM's application process is online and does NOT involve a separate CIM financial aid application. By submitting the online application for admission to CIM, you have done all you need to begin the financial aid process. U.S. citizens or eligible non-citizens (green card holders) will need to submit the FAFSA (Free Application for Federal Student Aid) by February 15 to continue the aid application process. Similarly, international applicants will need to submit the "International Student Declaration and Verification Form" by February 15 to complete the aid application process.

Does CIM require the CSS Profile Form?

No. We have discontinued that requirement.

Is the likelihood of being admitted to CIM greater if I do not apply for Financial Aid?

No. Admission is need-blind at CIM. A decision regarding your admission will be made without regard to, and without knowledge of, financial circumstances. Financial aid is awarded/offered only to students that are admitted.

I haven't prepared my taxes yet, can I file my FAFSA?

Yes. You may file a FAFSA with estimated figures. Keep in mind that you are REQUIRED to submit a corrected FAFSA when the actual numbers are known, if they are different at all from what you had previously estimated. If a corrected FAFSA results in a different EFC, your financial aid package may be adjusted to remain within federal guidelines.

DO NOT wait until after February 15 to submit your FAFSA just because your taxes are not prepared. While it may take a little more time if you need to estimate first, then correct later, that is much better than submitting the FAFSA late just to have the return completed first.

Failure to have forms completed by the due dates posted gives the impression that your financial aid award is not a priority.

All aid offered is subject to change until finalized tax return data has been submitted on the student FAFSA.

FAFSA due dates: Applicants – February 15; Returning Students - March 1

What is an EFC?

The EFC, or Expected Family Contribution, is the Department of Education's (DOE) calculated measure of your family's financial strength and is the "result" of the FAFSA. The EFC is the dollar amount the DOE feels you and your family can afford to contribute to your educational costs for that year. The EFC is used to determine your eligibility for federal (and some state) student aid. CIM also references the EFC when CIM Institutional Scholarships are awarded. The formula for the EFC calculation is established by law. The lower the EFC, the more financial need exists for the student. The EFC may change if corrections are later made to the FAFSA (from Verification, perhaps). If the EFC changes, your aid package may change as well, if the difference impacts aid eligibility.

Will CIM expect me to pay the amount of my EFC?

Maybe. Many students and parents are astonished by the amount calculated as the EFC. Many do not feel they could actually afford to pay that much each year for college costs. The EFC is used to determine federal aid eligibility, as required. CIM tries to award as much need-based aid as possible, but we are limited and cannot always match your need. In some cases, parent or private loans will be needed to offset unmet need that CIM is unable to award to the student.

What is the SAR?

The SAR, or Student Aid Report, is the student’s version of the data sent to schools from your submitted FAFSA. It is normally emailed to you 1-3 days after the FAFSA is submitted (assuming it was submitted online; 2-4 weeks later if done on paper). It is very important to review the SAR immediately to make sure the FAFSA was successfully processed and there are no errors or missing information that needs to be resolved. Until the processed FAFSA generates a valid EFC, the FAFSA process is not complete. The EFC may be any number from 0 to 99999, but if blank, there is an issue that requires attention.

If the FAFSA is missing signatures, either student or parent, it will not process.

If the SAR has an asterisk next to the EFC, that means the FAFSA was selected for Verification by the Department of Education. If this occurs, your school is required to collect additional documentation from you, including signed, completed tax returns to verify the data submitted on the FAFSA is accurate.

Do I need to send CIM my tax returns?

Only if asked to do so by the CIM Financial Aid Office. Some schools very all FAFSA’s, CIM generally verifies only those selected by the Department of Education.

How is CIM financial aid determined?

CIM institutional scholarships are both need and merit based, with the exception of Presidential Merit Award, which is solely merit based. We take into account all of the following: financial need as determined by FAFSA or International Verification of Financial Support Form, audition results, academic record, letters of recommendation, test scores, etc. Federal aid eligibility is solely determined by student eligibility from FAFSA results. Timeliness of required documents is also a factor.

Scholarship decisions are determined by the CIM Financial Aid Committee with includes the Financial Aid Director, Admission Director, Dean and Chief Financial Officer.

Can I increase my Work Study, or have it reinstated later, if I originally declined it?

Generally, no. CIM has limited federal funding for Work Study and we typically award it all at the beginning of the year. You may apply for Work Study the next year.

I said I wanted Work Study on my FAFSA, but it wasn’t offered to me. Why not?

Why not? Limited funding levels for many types of aid, including Work Study, do not allow CIM to offer Work Study to all students who would otherwise be eligible. Work Study is a need-based program, so we try to award it fairly to the students with the highest unmet need.

I am a parent, and am paying my child's tuition. Why can't I get information sent to ME?

There is a federal law pertaining to student privacy, FERPA (Family Educational Rights and Privacy Act). Tuition bills, award letters, loan refunds, etc. are always addressed to the student for this reason. Parent PLUS loan refunds are the only exception, since this loan is taken out by the parent, not the student. It is the student's responsibility to notify the parent(s) if the student expects a parent to take care of paying tuition or filling out forms, etc. The student may fill out a FERPA release form, so that if a parent calls with specific questions, we are allowed to discuss them with the parent. However, mailings will always go to the address provided by the student. See FORMS section.

Do I have to do the FAFSA even if applying only for merit scholarship?

No. Presidential Merit Awards of up to $10,000 per year (starting with the 08-09 year; it was a maximum of $6,000 prior) may be offered to qualified applicants who wish merit-only consideration and/or exemption from completion of the FAFSA. Applicants must inform the CIM Financial Aid Office of their interest so that the FAFSA requirement can be waived. An applicant who receives a FAFSA waiver will be eligible for no other forms of federal aid, state need-based aid, or other CIM institutional assistance.

Even if you feel you will not qualify for need based aid, it is possible to receive a larger scholarship offer if you have completed the FAFSA, as the $10,000 annual merit only cap does not pertain to FAFSA filers. You cannot be penalized for submitting the FAFSA.

I don't want to disclose my income or assets to CIM. Can my child get any financial aid?

You must submit a FAFSA if you want any financial aid from CIM, with the exception of the Presidential Merit Award, which has a maximum award amount of $10,000 per year.

When will I get my Award Letter?

Award Letters are sent around April 1 to admitted students, assuming all forms and required documents are submitted on time. Returning students will also get their Renewal Award Letters around April 1.

If I run out of money, can my scholarship be increased?

Generally, no. We explain upfront that CIM Scholarships are renewed at the same level each year for the duration of enrollment, given satisfactory grades (3.0 cumulative GPA), academic and artistic progress. Other aid may be added or increased if unmet need exists and the student is eligible. CIM should not be expected to cover a shortfall. An appeal form may be filed if there are extreme special circumstances. CIM cannot supply financial aid to cover an unexpected loss of financial resources while enrolled for study. In such circumstances, the student may need to withdraw from school or apply for additional private or PLUS loans, privately.

If I get an outside scholarship will it lower my CIM Scholarship?

Usually, no. If federal need-based aid has been awarded and demonstrated need has been met, then loans and/or work- study will be reduced to prevent an "over-award", which federal law prohibits. No matter what, total aid from all sources may not exceed cost of attendance. Grants and Scholarship funds would always be the last type of aid adjusted.

I have no money or resources to pay my tuition. Will my CIM financial aid package fully cover my tuition?

CIM cannot guarantee to meet your full financial need. CIM's admission philosophy is to encourage students and parents to find a school that is "the best fit." "Best fit" includes financial affordability.

Will my scholarship increase while I'm in school?

No. CIM Scholarships are renewed each year as long as satisfactory academic and artistic progress is maintained and renewal application deadlines are met. Students must maintain a 3.0 cumulative GPA to retain CIM scholarship at the same level. If there are extenuating financial circumstances that occur after a student is enrolled (parents divorce, loss of job, major medical illness in the family, etc.) the student may submit a “Special Circumstance Appeal” and have the aid package re-evaluated. Otherwise, the scholarship amount is expected to remain constant throughout the student’s enrollment at CIM. Federal and/or State need based aid may fluctuate year to year, based on that year’s FAFSA and federal and state funding levels issued to CIM.

Is any financial aid taxable?

Maybe. If you receive CIM scholarship, grants (Pell, SEOG, etc.), and/or outside scholarships (basically all "free" money) and those combined types of aid exceed the cost of tuition and other qualified fees as defined by the IRS, the amount exceeding qualified tuition and fees is taxable to the student, and must be reported on the student tax return. Whether or not any tax liability will occur can vary from student to student based on total income the student may have. Any "free" money that covers room and board expenses, specifically IS taxable. CIM is only required to report to the IRS these taxable situations for nonresident alien students, but U.S. citizens and Green Card holders are still liable to report on their own. To see if you have taxable aid, please consult a tax accountant or www.irs.gov/individuals/students/index.html. CIM does not provide tax advice.

All types of work-related financial aid, such as Work Study, Service Awards, Fellowships, etc. are taxed prior to the student receiving the award. These types of aid require the student to complete new hire tax forms to get on the CIM payroll before funds will be disbursed. The gross pay (award amount) and net pay (amount after taxes) are detailed on the annual W-2 which is provided to the student for use in preparing the tax return.

I am a parent interested in taking out a PLUS Loan - what do I need to do?

If you are a parent of an undergraduate student (must be U.S. citizen or green card holder) you may apply for a PLUS Loan for any amount up to the Cost of Attendance minus any other aid/resources the student has. The parent will need to sign a Direct PLUS Loan Master Promissory Note (MPN) online at dlenote.ed.gov/empn/mpnwizard.jsp and fill out the CIM form "CIM PLUS Loan Application" which is found on the FORMS page. PLUS Loans are subject to credit approval from the Direct Loan Servicing Center. If the PLUS Loan is denied due to credit check, the student will automatically become eligible for an additional $4000 Unsubsidized Direct Loan ($5000 if Junior or Senior student), or the parent may add a creditworthy endorser to the loan.

If you are a parent that has taken out a PLUS Loan in the past year, you do not need to do the Master Promissory Note again. Only the "CIM PLUS Loan Application" is required each year.

For additional information about PLUS Loans, please see:
http://studentaid.ed.gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp for Graduate PLUS Loans and
http://studentaid.ed.gov/PORTALSWebApp/students/english/parentloans.jsp?tab=funding for Parent PLUS Loans.

Note, starting with the 06-07 school year, graduate students are now eligible to take out PLUS loans in their name, with the student the borrower. Generally the Graduate PLUS has the same policies as the Parent PLUS. The same CIM application is used and the student will need to complete the Graduate PLUS Direct Loan MPN online as same link mentioned above as parent borrowers.