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VanderCook College of Music

What's New?

FASFA Changes

  • The income threshold for an automatic zero Expected Family Contribution (EFC) increased from $26,000 to $27,000 for the 2021–22 award year.
  • When students and parents use the IRS Data Retrieval Tool (DRT), the IRS DRT will now transfer information about whether they filed a Schedule 1. The answer will be based on all current exceptions for filing a Schedule 1. The transferred data for the Schedule 1 fields will be masked.
  • For students and parents who don’t use the IRS DRT, the Schedule 1 help topics will be updated to include all current exceptions for filing a Schedule 1. “Capital Gains” has been removed as an exception and “Virtual Currency” has been added as an exception. Learn how to help students and parents with the Schedule 1 questions.
  • Many FAFSA help topics referencing financial forms now feature images of those forms with relevant line numbers highlighted.
  • Learn more about FAFSA Changes: https://financialaidtoolkit.ed.gov/tk/learn/fafsa/updates.jsp
  • If you’d like more details, please refer to the resources below:

Loan Limit Changes for New Borrowers

Please review the changes in subsidized loan limits for new borrowers.

Private Education Loan Applicant Self-Certification Form

Federal Pell Grant Program - Duration of Eligibility

You are eligible to receive a Pell Grant for up to 12 semesters or the equivalent (roughly six years). You’ll receive a notice if you’re getting close to your limit. Once you have earned a baccalaureate degree or your first professional degree or have used up all 12 terms of your eligibility, you are no longer eligible to receive a Federal Pell Grant.

Amounts can change yearly. The maximum Federal Pell Grant award is $6,495 for the 2021–22 award year (July 1, 2021, to June 30, 2022).

The amount you get, though, will depend on

  • your Expected Family Contribution,
  • the cost of attendance (determined by your school for your specific program),
  • your status as a full-time or part-time student, and
  • your plans to attend school for a full academic year or less.

Amounts can change yearly. The maximum Federal Pell Grant award is $6,495 for the 2021–22 award year (July 1, 2021, to June 30, 2022).

The amount you get, though, will depend on

  • your Expected Family Contribution,
  • the cost of attendance (determined by your school for your specific program),
  • your status as a full-time or part-time student, and
  • your plans to attend school for a full academic year or less.

Direct Student Loan Changes

Direct Subsidized Loans are not eligible for an interest subsidy during the six-month grace period.

Subsidized loans are loans for which the borrower is not responsible for the interest while the student is enrolled in college on at least half-time basis, when the loan is in the six-month grace period after the student is no longer enrolled at least half-time, or if the loan is in a deferment status. This provision eliminates the interest subsidy provided during the six-month grace period for subsidized loans for which the first disbursement is made on or after July 1, 2019, and before July 1, 2020. If you receive a subsidized loan during this time frame, you are responsible for the interest that accrues while your loan is in the grace period. You do not have to make payments during the grace period (unless you choose to), but the interest will be capitalized (added to the principal amount of your loan) when the grace period ends. This provision does not eliminate the interest subsidy while the borrower is in school or during eligible periods of deferment.

Graduate and professional students are no longer eligible to receive subsidized loans.

Graduate and professional students are no longer eligible to receive subsidized loans. However, if you are a graduate or professional student, you may still qualify for up to $20,500 in unsubsidized loans each year.

The U.S. Department of Education can no longer offer borrowers repayment incentives.

The U.S. Department of Education is prohibited from offering any repayment incentives to Direct Loan borrowers, except interest rate reductions to borrowers who agree to have payments automatically electronically debited from their bank account.

If you have any questions about how these changes, please contact the financial aid administrator or call 800.4.FED.AID (800.433.3243).

Federal Tax Transcript
Requirement‐Verification

There is a new transcript format that better protects your data. This new format partially masks your personally identifiable information. Financial data will remain fully visible to allow for tax preparation, tax representation or income verification. Learn more at About the New Tax Transcript and the Customer File Number: https://www.irs.gov/individuals/get-transcript

A tax transcript is required:

  • When the applicant (or parent) did not use the IRS Data Retrieval Process when filing the FAFSA or through the FOTW correction process.
  • When information included on the FAFSA using the IRS Data Retrieval Process was subsequently changed.
  • When a married independent applicant and spouse filed separate tax returns.
  • When the parents of a dependent student filed separate tax returns.

While encouraged, IRS Tax Return Transcripts submitted to the institution for verification need not be signed by the tax filer.

To request a federal tax return transcript:

Online

  • Available on the IRS website
  • In the search box, type “Order a Tax Return Transcript”
  • Click “Get Transcript”
  • If successfully validated, tax filers will receive a paper
  • IRS Tax Return Transcript at the address included in their online request within 5‐10 days from the request date.
  • IRS Tax Return Transcripts requested online cannot be sent directly to a third party (such as the institution) by the IRS.

Telephone

  • Available by calling IRS Telephone Assistance for Individuals at 800.829.1040 or Business at 800.829.4933, or contact your local IRS office for an appointment.
  • If successfully validated, tax filers will receive a paper IRS Tax Return Transcript at the address that was used in their telephone request within 5‐10 days from the date of request.
  • IRS Tax Return Transcripts requested by telephone cannot be sent directly to a third party (such as the institution) by the IRS.

COVID-19 Updates

  • Just Announced: Student Loan Payments to Restart After Jan. 31, 2022
  • On Aug. 6, 2021, the U.S. Department of Education announced a final extension of the student loan payment pause until Jan. 31, 2022.
    • The pause includes the following relief measures for eligible loans: a suspension of loan payments, a 0% interest rate, and stopped collections on defaulted loans
    • Alert: Don’t accept unexpected offers of financial aid or help (such as a “pandemic grant” or “Biden loan forgiveness”) without checking with your school to see if the offer is legit. Learn how to avoid scams.
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The mission of VanderCook College of Music is to enrich the lives of present and future generations by developing uniquely skilled music teachers who exhibit strong character, professionalism, and a commitment to excellence.

© 2022 VanderCook College of Music. All Rights Reserved.
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