Graduate FINANCIAL AID
IMPORTANT LOAN INFORMATION:
Students must be officially admitted to the master’s degree program to be eligible to borrow for either the summer residency term or summer MECA courses. Before your loan can be approved for disbursement you must register for class and pay the required deposit fee(s).
Federal Stafford Loans
Due to the short length of the summer term (six weeks), traditional student loans, such as Federal Stafford loans, are not available to summer graduate residency and MECA students.
Private Alternative Loans
There are several other student loan options available to students to pay for summer tuition, fees, books and housing. These loans are called private alternative loans, and their approval is primarily based upon the borrower’s credit rating. More information is available at:
https://alt.fastproducts.org/FastAlt/Welcome.do?schoolNr=00177800
Borrowing Limits
Generally, the maximum amount a student is allowed to borrow is the cost of attendance, which is determined by the school. The cost of attendance calculation includes tuition, housing, books and transportation. You will need to complete the loan worksheet to determine the maximum amount you are eligible to borrow for the summer 2008 term.
After you have submitted all required documentation to both VCM and your lender, the VCM financial aid office will certify your loan. Your loan money will be sent to VanderCook College of Music via electronic fund transfer and applied directly to your tuition and fees.
How To Apply For A Loan In Four Easy Steps
- Before contacting the financial aid office explore your options with several lenders. All loan applications need to be approved by the lender and certified by the financial aid office at VCM.
- Complete the loan worksheet. Please fill out all required information, including complete contact information, tuition and fee charges, and housing arrangements.
- Register for your summer residency and/or summer MECA classes. Be sure to send in your required tuition deposit with your registration form(s). You must register for classes and pay any required deposits before your loan can be certified.
- Complete your loan application on-line and submit all required information to your lender.
ALL ARRANGEMENTS AND APPLICATIONS FOR SUMMER 2008 FINANCIAL AID MUST BE COMPLETE AND SUBMITTED BY May 23, 2008.
How Is my loan money disbursed?
After you’ve submitted all required documentation to both VCM and your lender, the VCM financial aid office will certify your loan. The financial aid office will send you an e-mail confirming your loan certification and total loan amount. Your loan money will be sent to VanderCook College of Music via electronic fund transfer and applied directly to your tuition and fees. Any funds you have borrowed to cover books, housing, travel, and miscellaneous fees will appear as a credit balance on your account. A refund check will be made payable to you for this amount, unless you have sent a request in writing to hold excess funds on your account.
College-Based Financial Aid
College-based financial aid is not available to graduate students due to the accelerated nature of the graduate degree programs and the length of summer graduate term.
Other Resources
Student aid may also be available from foundations, community organizations, and organizations related to your field of interest. Contact the organizations directly for detailed information. Check with your employer to see whether they award scholarships or have tuition payment plans. Although funds from these sources make up a small percentage of the total aid awarded each year, it's worth doing the research–you never know what you might find.
Should I pay someone to help me find or apply for student financial aid?
The quick answer is: free help is available. If there's a fee involved, be sure you know what you're paying for. Most of the information private scholarship search companies provide can be obtained for free elsewhere. Before you pay any company or organization to find student financial aid for you, make sure you’re not paying for free information. Searching for student aid on your own can prevent your from wasting your money.
Grants: A grant is a type of gift aid that does not need to be paid back. The amount awarded is usually based on financial need.
Scholarships: A scholarship is a type of gift aid that rewards a student for grades, talent, financial need or a specific career interest. Scholarships do not typically need to be repaid, although some scholarships have program requirements and/or obligations. Make sure you understand the terms and conditions before you accept any money.
Online Resources
These are free scholarship search sites.
Information on scholarship scams
Master’s and Certification Students
Students who are enrolled during the fall or spring term may be eligible to receive Federal Stafford loans. Master’s and certification students need to meet with the director of financial aid to determine their eligibility for loan programs.