Types of Financial Aid Available at CIM

Federal

Federal financial aid is available only to US citizens and eligible non-citizens with a valid FAFSA (Free Application for Federal Student Aid) on file for the academic year. Individual types of federal aid have specific criteria for eligibility.

Please see this link for more details on Federal Student Aid: http://studentaid.ed.gov/PORTALSWebApp/students/english/publications.jsp

Federal Pell Grant - Pell is a need-based federal award that does not have to be repaid. Eligibility and award amount is determined by the U.S. Department of Education to eligible first time bachelor degree students. Eligibility is strictly based on EFC as determined by a valid FAFSA. For 07-08, the maximum EFC to be eligible is 4110 and award amounts range from $400 to $4,310.

*Federal Supplemental Educational Opportunity Grant (FSEOG) - Does not have to be repaid. This a need-based Campus Based Federal grant administered by CIM. Priority is given to students eligible for the Federal Pell Grant. Federal funding is extremely limited for this award.

The Academic Competitiveness Grant (ACG) will provide up to $750 for the first year of undergraduate study and up to $1,300 for the second year of undergraduate study to full-time students who are U.S citizens, eligible for a Federal Pell Grant, and who had successfully completed a rigorous high school program, as determined by the state or local education agency and recognized by the Secretary of Education. Second year students must also have maintained a cumulative grade point average (GPA) of at least 3.0. The program will be available for the first time for the 2006-07 school year for first year students who graduated from high school after January 1, 2006 and for second year students who graduated from high school after January 1, 2005. The Academic Competitiveness Grant award is in addition to the student's Pell Grant award. If you can answer YES to all of the following questions, you may potentially be eligible to receive an Academic Competitiveness Grant. Until your final high school transcript is received, we cannot determine eligibility.

Are you a U.S. citizen?
Did you graduate from high school after January 1, 2005?
Are you eligible to receive a Pell Grant?
Will you be enrolled as a full-time first or second year student in a two-year or four-year degree program?

*Federal Perkins Loan - is available to students with demonstrated financial need, through limited federal funding administered by CIM. The interest rate on the Perkins Loan is a fixed rate of 5%. Interest accrual and repayment begins 9 months after graduation (or after the student ceases to be enrolled at least half time). A Master Promissory Note is required before the loan is credited to the student's account. Repayment of this loan program at CIM is serviced by Campus Partners (www.campuspartners.com). Funding is limited and may vary year to year, based on FAFSA results. There are no origination fees for this loan. Maximum annual awards are $4,000 for undergraduates and $6,000 for graduate students, although CIM rarely awards these maximums, due to limited funding. Maximum aggregate (lifetime) Perkins Loans are $20,000 for undergraduates and $40,000 graduates (includes Perkins borrowed as undergraduate). Loan borrowers have the right to cancel or reduce the amount of their loans within 14 calendar days of the date the loan funds are credited (disbursed) to their student account. Borrowers that wish to cancel or reduce their loans must submit a written request within the 14 day period to the Financial Aid Office at CIM. If the Loan funds have been applied to current student account charges due, the borrower must make arrangements to pay CIM the amount applied toward charges before funds may be returned. After the 14 day period has expired, any cancellation or reduction of loans takes place directly between the borrower and the loan servicer, Campus Partners.

*Federal Work Study (FWS) - Work related aid available to undergraduate and graduate students, based on financial need. This program encourages community service work as well as employment within CIM. You are paid by the hour on a semi-monthly basis via paychecks or direct deposit. Work Study does NOT get credited towards your tuition bill. You only get paid if you work. Job assignments are made during the summer. These awards are taxable income subject to withholding and require a US Social Security number and applicable tax/new hire forms.

*FSEOG, Perkins, and FWS are campus-based federal awards and are subject to institutional funding levels from the government. How much aid CIM awards from these three programs will depend on your EFC (Expected Family Contribution), other financial aid resources, and annual funding levels. CIM cannot guarantee to award the maximum allowable amounts, even if the student is otherwise eligible.

Federal Direct Stafford Loans - are either *SUBSIDIZED and/or UNSUBSIDIZED. Subsidized loans are need-based, unsubsidized loans are not. Subsidized means the federal government pays the interest while the student is enrolled at least half time, and during the 6 months grace period after the student graduates or ceases to be enrolled at least half time. Unsubsidized requires the borrower to be responsible for interest that accrues from the time the funds are disbursed. The interest rate may vary annually, but caps at 8.25%. Repayment of the loan begins 6 months after graduation or the student ceases to be enrolled at least half time. Eligibility is determined by need analysis from FAFSA results. Loans are made directly through CIM. Generally, CIM packages these loans to all eligible students. If you wish to decline or reduce the amount of the loan, students have that option on the Award Letter. Entrance Counseling and a completed Master Promissory Note are required prior to disbursement the first year receiving this loan. Origination fees are associated with this loan. For 07-08, the fee is 2.5% of loan amount, but is offset by a 1.5% rebate (which assumes on time payments when repayment begins). The in-school, grace and deferment interest rate is a fixed 6.8% for loans disbursed after 7/1/06. It is a 6.62% in-school (7.22% in repayment) variable rate for loans disbursed prior to 7/1/06. Loan borrowers have the right to cancel or reduce the amount of their loans within 14 calendar days of the date the loan funds are credited (disbursed) to their student account and have any associated origination fees reversed. Borrowers that wish to cancel or reduce their loans must submit a written request within the 14 day period to the Financial Aid Office at CIM. After the 14 day period has expired, any cancellation or reduction of loans takes place directly between the borrower and the lender, Direct Loan Servicing Center, and lender origination fees are not reversed.

Aggregate (lifetime) limits:

Subsidized - Is awarded based on financial need. Interest is not charged before you begin repayment or while you are in periods of deferment. The government "subsidizes" the interest during these periods.

Unsubsidized - Is NOT need based. Interest is charged from the time the loan is disbursed until it's paid in full.

PLUS Loans (Parent Loans) Parents can borrow a PLUS Loan to help pay your education expenses if you are a dependent undergraduate student enrolled at least half time in an eligible program at an eligible school. CIM is a Direct Loan school, so all PLUS loans are done through the William D. Ford Federal Direct Loan (Direct Loan) Program. For a Direct PLUS Loan, your parents must complete a Direct PLUS Loan application and promissory note you get from the CIM financial aid office (application) and the Direct Loan Servicing Center (Prom Note). Also, your parents generally will be required to pass a credit check. If your parents don't pass the credit check, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan. An endorser promises to repay the loan if your parents fail to do so. The yearly limit on a PLUS Loan is equal to your cost of attendance minus any other financial aid you receive. For PLUS Loans disbursed on or after July 1, 2006, the interest rate is fixed (at 7.90 for Direct PLUS Loans and 8.50 percent for FFEL PLUS Loans). For PLUS Loans disbursed between July 1, 1998 and June 30, 2006, the interest rate is variable and is determined on July 1 of every year. Interest is charged on a PLUS Loan from the date of the first disbursement until the loan is paid in full. Your parents will pay a fee of up to 4 percent of the loan, deducted proportionately each time a loan disbursement is made. There is currently a rebate of 1.5% on this fee, so the net fee is really 2.5%. For a Direct PLUS Loan, the entire fee goes to the government to help reduce the cost of the loans. Generally, the first payment is due within 60 days after the loan is fully disbursed. There is no grace period for these loans. Interest begins to accumulate at the time the first disbursement is made. Your parents must begin repaying both principal and interest while you're in school.

PLUS Loans for Graduate Students Graduate or professional students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance in both the FFEL and Direct Loan Program. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent in the FFEL program and 7.9 percent in the Direct Loan program. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan. Click here for more information about Direct PLUS Loans for graduate or professional Students.

FEDERAL WORK-STUDY (FWS) is a limited, need-based program that provides on-campus jobs for students. Most jobs are in CIM Offices or are Community Service related. Students must indicate their interest on the FAFSA and if awarded, complete the WS Application and Contract. WS awards are not applied to the student tuition account. WS is paid via payroll on a semi-monthly basis as submitted hours worked are approved by the supervisor. Before a student may begin WS, new hire tax forms must be on file with Payroll in the Business Office. This is taxable income and the student will receive a W-2 at year-end for tax return purposes. There is no guarantee award amounts will be earned by the student. Not all students that would be otherwise eligible will be awarded WS, due to limited funding.

Institutional

CIM INSTITUTIONAL SCHOLARSHIPS - - are awarded by the CIM Financial Aid Committee on the basis of both demonstrated financial need and merit. There is no special application for individual scholarships. The scholarship is renewed at the same dollar amount each year providing the student has a minimum 3.0 cumulative grade point average (award is reduced $250 each semester GPA is below 3.0), maintains satisfactory academic and artistic progress, and submits a CIM Renewal Aid form, tuition deposit each year by February 1 (renewal FAFSA is due by March 1 for US citizens and Permanent Residents.

CIM PRESIDENTIAL MERIT INSTITUTIONAL SCHOLARSHIP - is available for those who are not seeking need-based aid. The FAFSA requirement is waived. The maximum award amount is $10,000 per year beginning with newly admitted students for the 08-09 year. Recipients of this award are not eligible for any other institutional aid, and may be considered for federal or state need-based aid only if a FAFSA is submitted. The scholarship is renewed at the same amount each year providing the student has a minimum 3.0 cumulative grade point average (award is reduced $250 each semester GPA is below 3.0), maintains satisfactory academic and artistic progress, and submits a CIM Renewal Aid form and tuition deposit each year by February 1.

CIM INSTITUTIONAL WORK-STUDY (CIMWS) - is a limited, need-based program that provides on-campus jobs for international students. Most jobs are in CIM Offices or are Community Service related. If awarded, a WS Application and Contract is required. WS awards are not applied to the student tuition account. Instead, these funds are paid to students on a semi-monthly basis via payroll as they submit their hours worked and have been approved by the supervisor. Before a student may begin a WS job, all new hire tax forms must be on file with the Payroll Manager in the Business Office. This is taxable income and the student will receive a W-2 at year-end for tax return purposes. If the student does not have a US Social Security Number, one must be applied for upon arrival at CIM. There is no guarantee that award amount will be.

CIM INSTITUTIONAL LOAN - is very limited and offered only to international students (as they are not eligible for federal aid) on the basis of demonstrated financial need and merit. Repayment of these loans begins 12 months after the student leaves CIM or is no longer at least ½ time enrolled, and continues over a five-year period. These loans require a Promissory Note and a co-signer. Interest rate on CIM Loans is 7%. Loan amounts typically range from $1,000 to $2,000 per year. Repayment of this loan program is serviced by Campus Partners (www.campuspartners.com). There are no origination fees for this loan. Loan borrowers have the right to cancel or reduce the amount of their loans within 14 calendar days of the date the loan funds are credited to their student account and have any associated origination fees reversed. Borrowers that wish to cancel or reduce their loans must submit a written request within the 14 day period to the Financial Aid Office at CIM. If the Loan funds have been applied to current student account charges due, the borrower must make arrangements to pay CIM the amount applied toward charges before funds may be returned. After the 14 day period has expired, any cancellation or reduction of loans takes place directly between the borrower and the loan servicer, Campus Partners. This loan typically does not exceed $2,000 per year.

SERVICE AWARDS, FELLOWSHIPS, GRADUATE ASSISTANTSHIPS - are awarded institutionally to students in exchange for work responsibilities within CIM. These awards are extremely limited and are only given to students in specific areas, i.e. Accompanying, Orchestral Conducting. Service Awards and Fellowships are applied to the student tuition account as soon as the student is on payroll (has submitted appropriate new hire tax forms). The amount on the Award Letter is the Gross pay amount. The Net pay, after tax withholding, is what will be posted as a credit to the student tuition account. This is taxable income and the student will receive a W-2 at year-end for tax return purposes. If the student does not have a US Social Security Number, one must be applied for upon arrival at CIM. You are expected to arrange a satisfactory work schedule with your supervisor to fulfill the requirements of the award.

State

For a complete list of Ohio aid, please see regents.ohio.gov/sgs/index.php.

OHIO INSTRUCTIONAL GRANT (OIG) is need-based and is awarded to eligible Ohio residents pursuing a first bachelor degree. Award amounts and eligibility are determined by the Ohio Board of Regents. The Financial Aid Office may request proof of Ohio residency. Awards range from $174 to $5,466. FAFSA is required. For more info see www.regents.state.oh.us/sgs/oig.htm.

OHIO STUDENT CHOICE GRANT (OSCG) is available to all first time bachelor degree-seeking Ohio residents enrolled in a private post-secondary institution. It is not need-based. The Financial Aid Office may request proof of Ohio residency. No separate application is required to receive this grant, and any Ohio resident who enrolls at The Cleveland Institute of Music meeting the above criteria will be eligible for this grant. Award amounts are determined by the Ohio Board of Regents. The award amount of the Student Choice Grant for the 07-08 is $330 per semester. For more info see www.regents.state.oh.us/sgs/choicegrant.htm.

Pennsylvania Higher Education Assistance Agency Grants (PHEAA) - Awarded to eligible Pennsylvania residents enrolled in an undergraduate program. PA residents should check with PHEAA on the application process and eligibility criteria at www.pheaa.org.

OTHER STATE GRANT AID - Many states have established state grant and/or scholarship programs that may be available to eligible students. Students must apply for these state programs individually, however most are linked to the FAFSA results. Please see this link to all other state higher education agencies. www.ed.gov/about/contacts/state/index.html Your state may offer grants and/or have prepaid or tuition savings plans available for study at CIM. .

Link to all other states - Please see this link to all other state higher education agencies. Your state may offer grants and/or have prepaid or tuition savings plans available for study at CIM. http://bcol02.ed.gov/Programs/EROD/org_list.cfm?category_ID=SHE.

Other

Alternative or Private Loans - These are an option for those who have unmet need remaining above and beyond what CIM can offer. Most banks offer educational loans. International students will generally need to have a US citizen as a co-signer on these loans. CIM is not affiliated with and does not endorse any particular lender.

Click here to read 'Private/Alternative Loan Rate and Terms Comparison' (PDF)

www.finaid.org - Good site to explain private loans with a large list comparing interest rates and costs for many private lenders.

www.IEFC.com – Loans specific for International Students (Canadian students do not need co-signer).

What to ask when evaluating Alternative Loan Programs article (PDF)

OUTSIDE / PRIVATE SCHOLARSHIPS may or may not be need-based. Generally they do not reduce CIM Institutional Scholarships, but may reduce federal aid if an "over-award" occurs, per federal regulations. Students are required to notify the CIM Financial Aid Office of any outside awards received. These may be from high school, religious or local organizations, parent employer, etc. Combined total aid (including outside awards) may not exceed the Cost of Attendance budget. Overawards are corrected by first reducing loans, work study, FSEOG and if still overawarded, then scholarship is the last item reduced.

There are many online search tools available to help you find outside scholarships for which you may be eligible. Also, you may want to research any possibilities in your hometown. Local businesses, foundations, civic groups, rotary clubs, religious organizations and parent employers may have scholarships for which you can apply. High school guidance counselors are also a good source of information about these awards.

If you receive any outside scholarships, we ask that you submit an "Outside Scholarship Information Form" (see forms section) so the award may be included as a resource on your award letter, as required by law.

Here are some links for scholarship searches online:

• www.fastweb.com
• www.srnexpress.com
• www.collegenet.com
• www.college-scholarships.com
• www.theoldschool.org
• www.scholarships.com
• www.collegequest.com
• www.wiredscholar.com
• www.scholarshipamerica.org

CIM Payment Plan - While this isn't really financial aid, it is another option to help you pay your tuition and fees. CIM has an in-house interest-free plan for you to spread out payment of your annual fees to CIM each semester. There is a $25 fee per semester to enroll. You can use the payment plan by itself, or as a supplement to other financial aid you may receive. Payment Plan details are sent with tuition bills and are administered by the CIM Business Office (216-791-5000, ext. 235).