undergraduate
FINANCIAL AID
VanderCook College's Department of Education Code for FAFSA application: 001778.
COMPLETE YOUR LOAN ENTRANCE COUNSELING NOW.
Undergraduate Tuition and Fees
VanderCook College of Music is committed to providing opportunities in higher education.
VanderCook College of Music awards financial assistance to 99% of its undergraduate students in a combination of institutional, state, and federal student assistance programs. Our Financial Aid Office will work with you to make your education at VanderCook College affordable. We know that a VanderCook College of Music education will pay life-long dividends and is worth a long-term investment in your potential. At VanderCook College of Music, we realize that no two families are the same, and our Financial Aid Office will work with you to create a financial assistance plan and payment plan to meet your educational expenses.
VanderCook recognizes that many students need financial assistance beyond family resources to meet college expenses. Meeting the cost of a college education requires a partnership among federal, state, private, and institutional student assistance programs.
Applying
To apply for financial aid at VanderCook, all students must complete a Free Application for Financial Student Aid (FAFSA). We encourage applicants to file the FAFSA online at www.fafsa.ed.gov using a PIN for their electronic signature. Students and parents who need a PIN may apply at www.pin.ed.gov. VanderCook’s Title IV code is 001778. Applications for financial aid should be completed by May 1st for the following fall term.
Verification
Students may be randomly selected by the Department of Education for verification. Students selected for verification may be asked to submit additional information including signed tax returns for the parent(s) and student, a verification worksheet, and other financial documents.
Award Notifications
After the financial aid process has been completed, students will receive an award letter detailing their eligibility. This letter is an estimate of the available assistance that a student can expect to receive during the academic year.
FEDERAL, STATE & PRIVATE ASSISTANCE
Federal Pell Grant - Federal Pell Grant is gift assistance awarded to undergraduate students. This award may be used toward any educational expenses including tuition, room and board, books, and transportation. Federal Pell Grants are calculated based on the student's level of enrollment.
Illinois Monetary Award Program (MAP) Grant - Granted to undergraduate students enrolled at least half-time who are Illinois residents. This grant can only be used for tuition and fees.
Illinois Incentive for Access (IIA) Grant - One-time award of $500 to freshman undergraduate students enrolled at least half-time who have a zero Expected Family Contribution (EFC).
Illinois Future Teacher Corp (IFTC) Scholarship - IFTC Scholarships are awarded to Illinois residents enrolled as a junior or above on at least a half-time. A teaching commitment is required.
Minority Teachers of Illinois (MTI) Scholarship - MTI Scholarships are awarded to minority Illinois residents enrolled at least half-time. A teaching commitment is required.
Golden Apple Scholars of Illinois Scholarship - Awards of $2,500 (subject to state funding) are given to Illinois students in exchange for a commitment to teach for five years in an Illinois school of need.
Federal Stafford Loans - A loan with fixed interest awarded for undergraduate and graduate students enrolled at least half-time. Repayment of principal and interest begins six months after the student drops below half-time enrollment.
Federal PLUS Loan - A loan with a fixed interest rate for parents of dependent undergraduate students enrolled at least half-time. Parent borrowers must have credit approved. Repayment of principal and interest begins within 60 days of the disbursement of the loan funds.
Alternative Student Loan - Offered to students by private lenders. Eligibility for these programs is based on the creditworthiness of the borrower or co-signer, if applicable.
INSTITUTIONAL ASSISTANCE
Talent Scholarship
Future Teacher Grant
H.E. Nutt Academic Excellence Grant
Dean’s List Grant
VCM Need Grant
VCM Work
VCM Alumni Association Scholarship
Esprit de Corps
James E. Clark Scholarship
Lew and Gerry Schmidt Scholarship
Wisconsin Music Educators Scholarship
(Refer to VCM Guide to Grants, Scholarships and Loans below for more complete information on these assistance programs.)
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 and is generally provided by the federal government, state government or VanderCook College of Music.
Type
|
Amount
|
Who is eligible?
|
How to Apply
|
Other information
|
VCM Future Teacher Grant
|
$500 for one year
|
Transfer or new undergraduate students.
|
Referral by your high school music director and referral forms
submitted with application to VCM. Referral cards available from
the VCM Admissions Office.
|
Grant is given for the first year of attendance. It is not renewable.
|
VCM H.E. Nutt Academic Excellence Grant
|
$1,000 annually
|
First time undergraduate students who
are in the top 15% of their graduating class and have a cumulative
high school GPA of 3.5 or higher on a 4.0 scale.
|
Transcripts will be evaluated as part of your admissions process.
|
This grant is renewable and is reviewed annually. Students must
maintain a minimum cumulative 3.0 GPA to maintain this grant aid.
|
VCM Need Grants
|
$250-$2,000 annually
|
Undergraduate student demonstrating
financial need.
|
Submit a FAFSA by March 1.
|
Based on need according to the VCM financial aid office. Awards
are reviewed annually.
|
VCM Dean's List
|
$200 per semester
|
Undergraduate students with a semester
GPA of 3.5 or higher
|
Grade reports are automatically evaluated at the end of each term.
|
The award is applied to the following semester's tuition and fees.
|
Illinois Monetary Award Program (MAP) Grant
|
$4,968 maximum award for 2007-2008
|
Illinois residents who are U.S. citizens
or permanent residents demonstrating financial need
|
Submit a FAFSA by May 1.
|
Based on need according to a state formula
|
Illinois Incentive for Access Grant (IIA)
|
$500 for one year
|
Illinois residents who are first time
college freshmen and are U.S. Citizens or permanent residents with
an estimated family contribution (EFC) of $0
|
Submit a FAFSA by May 1.
|
Grant is given for the first year of attendance and not renewable.
|
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.
Type
|
Amount
|
Who is eligible?
|
How to Apply
|
Other information
|
VCM Talent Scholarship
|
Up to $2,500 annually
|
All VCM undergraduate students. Award amounts are based on
merit.
|
Play an audition as part of your application to the college. A completed application to VCM is required to receive an award.
|
This grant is renewable and is reviewed annually.
|
VCM Apprentice Scholarship
|
$1,050- $1,1000 annually
|
Undergraduate students who demonstrate financial need.
|
Submit a FAFSA by May 1.
|
Based on need according to the VCM financial aid office. Awards
are reviewed annually. Students who receive this scholarship work
up to six hours a week with faculty and staff members as a non-instructional
assistant.
|
VCM James E. Clark Scholarship
|
Up to $1,000 annually
|
Students residing in the state of Georgia
who demonstrate talent, financial need and a desire to become a
music educator.
|
Submit a FAFSA by May 1.
Play an audition as part of your application to the college. A completed application to VCM is required to receive an award.
|
This scholarship is renewable and is reviewed annually.
|
VCM Lew and Gerry Schmidt Instrumental Music Education Scholarship
|
Up to $500
|
Awarded to aspiring band directors
who merit special assistance. Preference is given to Wisconsin residents.
|
Submit a FAFSA by May 1.
Play an audition as part of your application to the college. A completed application to VCM is required to receive an award.
|
This scholarship is given for the first year of attendance. It
is not renewable.
|
VCM Alumni Association Award
|
$250
|
This scholarship is awarded each spring
to a junior level student.
|
Nominations are made by faculty and staff members and are based
on merit.
|
This is a one-time award and is not renewable.
|
VCM Esprit de Corps Award
|
$225
|
This scholarship is awarded each spring
to four students; one each at the freshman, sophomore, junior and
senior level.
|
Nominations are made by faculty and staff members and are based
on merit.
|
This is a one-time award and is not renewable.
|
Wisconsin Music Educators Association Scholarship
|
$250-$500
|
Awarded to aspiring music directors
who merit special assistance. Preference is given to Wisconsin residents.
|
Submit a FAFSA by May 1.
Play an audition as part of your application to the college. A completed application to VCM is required to receive an award.
|
This scholarship is given for the first year of attendance. It
is not renewable.
|
Minority Teachers of Illinois (MTI) Scholarship Program
|
$5,000 annually
|
Illinois residents who are U.S. citizens
or permanent residents or accepted for
enrollment, on at least a half-time basis in a teacher education
program. Applicants
must be a minority student of either African American/Black, Hispanic
American, Asian American or Native American origin. Priority is
given to individuals making a commitment to teach in a hard-to-staff
school.
|
Submit a Teacher Education Scholarship Programs application by March 1. |
By receiving this scholarship, you must teach in Illinois. If
this teaching commitment is not fulfilled, the scholarship converts
to a loan, and you must repay the entire amount plus interest.
This scholarship is renewable annually. Recipients must maintain
a cumulative grade point average (GPA) of 2.5 on a 4.0 scale.
|
Illinois Future Teacher Corp (IFTC)
Scholarship Program
|
$5,000 annually
|
Illinois residents who are U.S. Citizens
or permanent residents enrolled, or accepted
for enrollment as a junior or above, on at least a half-time basis
in a Teacher Education Program. Priority is given to individuals
pursuing a teacher shortage discipline and/or making a commitment
to teach in a hard-to-staff school, and minority students.
|
Submit a FAFSA by May 1.
Submit a Teacher Education Scholarship Programs Application by March 1. |
By receiving this scholarship, you must teach in Illinois. If
this teaching commitment is not fulfilled, the scholarship converts
to a loan, and you must repay the entire amount plus interest.
This scholarship is renewable annually. Recipients must maintain
a cumulative grade point average (GPA) of 2.5 on a 4.0 scale.
|
Golden Apple Scholars of Illinois (Illinois Scholars Program)
|
$2,500 annually
|
Any Illinois high school student is eligible for consideration
for the Golden Apple Scholars of Illinois program. The Golden
Apple Foundation makes and announces Golden Apple Scholar awards
during the spring of each year.
A limited number of positions
in the program are also open to college sophomores in attendance
at one of the colleges and universities that partner in the program
|
Students must be nominated to be a Golden Apple Scholar of Illinois
by a teacher, counselor, principal, or other non-family adult. Students
may also nominate themselves. For Golden Apple Scholar of Illinois
applications, contact Golden Apple Foundation staff member Pat Kilduff,
Director of Recruitment and Placement, at 312-407-0433, extension
105
|
In exchange for successful completion of undergraduate college
and a commitment to teach for five years in an Illinois school of
need.
|
Loan
A loan is a type of self-help aid that lets you borrow money from banks or other lending institutions. Since it's self-help aid, it must be paid back with added interest. Loans can be awarded based on financial need (subsidized loans) or not on financial need (unsubsidized loans, PLUS loans and alternative loans). Your loan eligibility will be determined after your grants and scholarships have been considered.
Type
|
Amount
|
Who is eligible?
|
How to Apply
|
Other information
|
Federal Subsidized Stafford
Loan
|
Up to $3,500 for your first year, $4,500 your second year and $5,500
each year after
Up to $8,500 annually for graduate students.
|
U.S. Citizens or permanent residents accepted for enrollment as a full time
student, or at least a half-time basis in a degree program.
|
Submit a FAFSA by Complete an application online.
|
Interest rates vary annually. The annual interest rate
for the 2007-08 year is 6.8%.
Repayment begins six months after leaving school. Repayment
can be extended over ten years. Other extended repayment plans are available.
|
Federal Unsubsidized Stafford
Loan
|
Variable amounts; available to
students who are ineligible or partially eligible for Federal Subsidized
Stafford Loans. |
U.S. Citizens or permanent residents accepted for enrollment as a full
time student, or at least a half-time basis in a degree program
|
Submit a FAFSA by May 1. Request a Stafford Loan application from the VCM Financial Aid
Office.
|
Interest rates vary annually. The annual interest rate
for the 2007-2008 year is 6.8%.
Repayment begins six months after leaving school. Repayment can
be extended over ten years. Other extended repayment plans are available.
|
PLUS Loan
|
The annual maximum amount that can be borrowed under the Federal PLUS Loan Program is equal to the Cost of Attendance minus financial aid received. |
Parents must be U.S. Citizens or permanent residents. The student must be a U.S. Citizen or permanent resident, and
accepted for enrollment as a full time student, or at least a half-time
basis in a degree program.
Borrowers are subject to a credit check by the lending institution
(loans will be denied to parents with adverse credit, as defined
by federal regulations).
|
Submit a FAFSA by Complete an online application. |
Interest rates vary annually. The variable annual interest rates
for the 2007-2008 year is 8.5%.
Repayment of principal and interest begins within 60 days
after the funds are disbursed, with no grace period. Under the Federal
PLUS Loan Program, borrowers may defer the payment of principal
under certain circumstances.
|
Alternative Loan
|
The annual maximum amount that can be borrowed is equal to the
Cost of Attendance minus (-) financial aid received. Your lender
may determine an aggregate maximum loan amount.
|
Undergraduate students
enrolled at least half-time in a degree program may apply for an
alternative loan.
Borrowers are subject to a credit check by the lending institution (loans will be denied to borrowers with adverse credit).
|
Complete an on-line loan application and sign your promissory note
(and your co-borrower, if required)
|
Interest rates and origination fees may be higher than Stafford
or PLUS loans.
Repayment plans and options vary among lenders. Generally, repayment
begins six months after you leave school. Interest payments may
be quarterly.
|
Other Helpful Links
General and specific information about all areas of VanderCook College of Music.
Sponsored by the Illinois Student Assistance Commission. Contains information on how to plan and pay for college. Specific information is provided on grants, scholarships and loans. This is an excellent resource for students and parents who are starting to explore student financial aid options.
Information on scholarship scams.
This is a basic guide to federal financial aid programs (including loans and grants). A free scholarship search is also available at this site.
Students and parents can file the Free Application for Federal Student Aid (FAFSA) on-line. A FAFSA is required to receive both federal and state grants, as well as student loans and some VanderCook aid.
Other free scholarship search sites:
www.fastweb.com
www.collegeanswer.com
www.scholarships.com
www.freschinfo.com
THE STAFFORD LOAN FORGIVENESS
PROGRAM FOR TEACHERS
The Stafford Loan Forgiveness Program grants loan forgiveness up to $5,000 for qualifying borrowers. It also allows for forbearance of repayment during the 5-year teaching period leading up to loan forgiveness. More information is available on-line at:
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying
For an application and complete information call the Federal Student Aid Information Center at 800–4-FED–AID (800-433-3243).
If you have any questions, or would like additional information about financial aid at VanderCook College of Music, contact: Director of Financial Aid, VanderCook College of Music, 3140 S. Federal St., Chicago, Illinois 60616 Ph: (312) 225-6288 Ext. 233 or send an email to finaid@vandercook.edu