FINANCIAL AID

GUIDEaward letter

2015–2016

CALIFORNIA COLLEGE of the ARTS

printed on 60 percent recycled paperDesign: CCA Sputnik Student/Caitlin Deering

CCA provides financial aid and other assistance programs to make its arts education affordable for admitted students. The type and amount of financial aid that students are offered is based on their—and, when applicable, their parents’—financial circumstances and the strength of their applications for admis-sion. CCA is committed to awarding financial aid to each student who demonstrates financial need and, as a general rule, main-taining a consistent level of aid during the student’s enrollment at the college.

This guide is designed to help you understand your financial aid award letter, with specifics about each financial aid program as well as general information. It will also help you understand the next steps: the process for accepting financial aid and the responsibilities involved.

Financing a CCA education requires a partnership among you, your parents (for dependent undergraduate students), state and federal government programs, and the college. Families are asked to contribute based on their financial resources, and stu-dents may be offered student loans and work-study.

CCA pulls together all federal and state financial aid for which you are eligible and also provides scholarship support, as it can, to cover the difference between your educational costs and what your family is expected to contribute.

Additional loan funding—including federal parent PLUS Loans, federal graduate PLUS Loans, and alternative educational loans—may be available to some students. Contact us or visit cca.edu/financialaid for more information.

THIS GUIDE THIS GUIDE IS DESIGNED TO HELP YOU UNDERSTAND YOUR FINANCIAL AID AWARD LETTER

PRESIDENT’S CREATIVE ACHIEVEMENT AWARDAwarded to entering first-year students. Recipients must be enrolled full time. May be renewed for up to four years if the recipient maintains good academic standing.

CREATIVE SCHOLARSHIPAwarded to entering first-year students based on the strength of their portfolios and academic achievements. Recipients must be enrolled full time. May be renewed for up to four years if the recipient maintains good academic standing.

FACULTY HONORS AWARDAwarded to entering community-college transfer students based on the strength of their portfolios and academic achievements. Recipients must be enrolled full time. May be renewed if the recipient maintains good academic standing.

GRADUATE MERIT SCHOLARSHIPAwarded by the graduate admissions committee to outstanding prospective graduate students. Recipients must be enrolled full time. Qualifying students may combine this award with need-based scholarships. May be renewed if the recipient maintains good academic standing.

DIVERSITY SCHOLARSHIPAwarded to qualified undergraduate and graduate students with demonstrated financial need who are entering in the fall semester and bring diverse experiences, ideas, and creative work to the CCA community. Recipients must be enrolled full time. May be renewed if the recipient maintains good academic standing.

CCA SCHOLARSHIPAwarded to students with demonstrated financial need. Recipients must be enrolled full time. Stu-dents in their graduating semester may request a prorated award.

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TRUSTEES’ SCHOLARSHIP ANDPRESIDENT’S SCHOLARSHIPAwarded to students with demonstrated financial need and strong grade point averages. Recipients must be enrolled full time. May be renewed if the recipient maintains good academic standing with at least a 3.0 grade point average.

NAMED AND EMERITUS SCHOLARSHIPSAwarded based on scholarship-specific eligibility criteria and a student’s total eligibility for institu-tional scholarships as determined by CCA’s award-ing policies. Recipients must be enrolled full time and in good academic standing.

ALL-COLLEGE HONORS PRIZEAwarded based on a juried portfolio review.Recipients must be in good academic standing and enrolled full time for the fall semester following the competition.

CCA SCHOLARSHIPSCCA SCHOLARSHIPSAll admitted students who file a Free Application for Federal Student Aid (FAFSA) are automatically considered for every need-based CCA scholarship for which they are eligible. No separate scholarship applications are required.

CAL GRANT BProvides a living-allowance stipend and tuition and fee assistance to undergraduate California res-idents seeking their first bachelor’s degree. Awards are based on cumulative grade point average and high financial need. Recipients are generally from disadvantaged economic or educational back-grounds. Awards for first-year students provide up to $1,648 for books and living expenses. Cal Grant eligibility is reevaluated each year, and grants can be renewed for up to a total of four years. When renewed (or applied for) beyond the first year, awards also include tuition and fee assistance. Continuing recipients must file a FAFSA each year, maintain good academic standing, and continue to demonstrate high financial need. Students are not required to resubmit verification of their grade point averages to renew an existing award.

Students who are awarded a Cal Grant after receiv-ing their initial financial aid award letter should anticipate a revised award letter with reduced institutional scholarship assistance.

NOTE: The Cal Grant information presented here is subject to change at any time based on California state funding for educational assistance programs. Changes to Cal Grant funding may affect your overall aid package. If this situation applies, you should anticipate a revised award letter that takes the new information into account.

FEDERAL & STATE GRANTSFEDERAL & STATE GRANTS

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FEDERAL PELL GRANTAwarded to low-income undergraduates who are seeking their first bachelor’s degree. Award amounts are determined by the federal government and are based on a student’s Expected Family Contribution (EFC) and enrollment status. Awards range from $602 to $5,730 for full-time students. Recipients must be in good academic standing.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTAwarded to undergraduates with demonstrated financial need who are seeking their first bachelor’s degree. Priority goes to full-time Pell Grant recipi-ents with high financial need. Recipients must be in good academic standing.

CAL GRANT AProvides tuition and fee assistance to undergradu-ate California residents seeking their first bachelor’s degree. Awarded on the basis of cumulative grade point average and financial need. Currently, qualify-ing students can receive up to $8,084 annually. Cal Grant award eligibility is evaluated each year and can be renewed for up to a total of four years. Con-tinuing Cal Grant recipients must file a FAFSA each year, maintain good academic standing, and contin-ue to demonstrate financial need. Students are not required to resubmit verification of their grade point averages to renew an existing award.

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EDUCATIONAL LOANSEDUCATIONAL LOANS

FEDERAL PERKINS LOANSPerkins Loans are awarded to students with exceptional financial need and carry an annual interest rate of 5%. Interest does not accrue while the borrower is enrolled in school at least half time, during the grace period (the time before the borrower must begin or resume repaying the loan), or during authorized deferments. The borrower is responsible for paying the interest that accrues on the loan during repayment or forbearance (a temporary postponement of payments). Loans are repayable over a period of up to 10 years and have a nine-month initial grace period. Availability is limited. You have the right to cancel your Federal Perkins Loan any time before disbursement and up to 14 days after disbursement.

FEDERAL DIRECT LOANSDirect Loans are low-interest federal educational loans available to college students who are enrolled at least half time, are pursuing a degree, and meet other basic requirements for federal aid. Subsi-dized and unsubsidized Direct Loans do not require credit approval and offer a variety of deferment and repayment options. They are financed directly by the U.S. Department of Education, so you do not need to choose a lender. All CCA students borrowing a Direct Loan must complete a Master Promissory Note (MPN) and a loan entrance counseling session prior to the disbursement of loan funds.

Although CCA may have determined that you and, if applicable, your parent(s) are eligible to borrow a Perkins Loan, subsidized and/or unsubsidized Direct Loan, or PLUS Loan, you are under no obligation to accept any loan. Declining a loan will not jeopardize other financial aid offered to you, nor will it prevent you or your parent(s) from borrowing later in the term or in the future. An educational loan is a serious financial obli-gation and must be repaid. Defaulting on any loan may damage your credit rating. Complete information on educational loan repayment is available from the Financial Aid Office

EDUCATIONAL LOANS cont.EDUCATIONAL LOANS cont.

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Direct Loans can be subsidized or unsubsidized. As of July 1, 2012, subsidized loans are only available to undergraduate students. The federal government pays the interest on subsidized loans while the borrower is enrolled at least half time and during authorized periods of deferment. The interest on un-subsidized loans begins to accrue immediately upon disbursement and is generally capitalized (added to the principal amount borrowed) before the borrow-er starts repayment. Eligibility for subsidized Direct Loans is based on financial need as demonstrated via the FAFSA. Students who do not demonstrate suffi-cient need may borrow unsubsidized Direct Loans.

The interest rate on all subsidized and unsubsidized Direct Loans for undergraduate students disbursed between July 1, 2015, and June 30, 2016, is fixed at 4.66%. The interest rate on all unsubsidized Direct Loans for graduate students disbursed between July 1, 2015, and June 30, 2016, is fixed at 6.21%. This interest rate is subject to revision based on changes in federal legislation.

Independent and dependent undergraduate students may borrow combined subsidized andunsubsidized Direct Loan amounts not to exceed an annual total of

• $5,500 for first-year students (a maximum of $3,500 may be subsidized)• $6,500 for second-year students (a maximum of $4,500 may be subsidized)• $7,500 for third-, fourth- & fifth-year students (a maximum of $5,500 may be subsidized)

Independent and dependent undergraduate students whose parents are unable to borrow PLUS Loans (see below) may borrow additional unsubsi-dized Direct Loan amounts not to exceed an annual total of

• $4,000 for first- and second-year students• $5,000 for third-, fourth-, and fifth-year students

Eligible graduate students may borrow up to $20,500 annually in unsubsidized Direct Loans.The maximum outstanding total subsidized and unsubsidized Direct Loan debt is

• $31,000 for dependent undergraduate students; no more than $23,000 of this aggregate amount may be in the form of subsidized loans.• $57,500 for independent undergraduate students (or dependent undergraduate students whose parents do not qualify for PLUS Loans); no more than $23,000 of this aggregate amount may be in the form of subsidized loans.• $138,500 for graduate or professional-degree students (including loans for undergraduate study); no more than $65,500 of this aggregate amount may be in the form of subsidized loans.

For 2015–16, subsidized and unsubsidized Direct Loans have an initial origination fee of 1.073% of the principal amount of the loan. This fee will be deducted from each disbursement of each loan. The standard repayment period under this loan program is 10 years.

FEDERAL PARENT AND GRADUATE PLUS LOANSParent PLUS Loans are available to the parents or stepparents of dependent undergraduate students. Graduate and professional students are eligible to apply for graduate PLUS Loans on their own behalf. These credit-based loans are not determined by financial need. PLUS Loans are financed directly by the U.S. Department of Education, so you do not need to select a lender. Parents and graduate students borrowing PLUS Loans must complete a PLUS or graduate PLUS Master Promissory Note (MPN), respectively. Par-ents of dependent undergraduate students must also complete a Federal Direct PLUS request. MPNs and PLUS requests can be completed on-line at studentloans.gov.

The interest rate on graduate PLUS Loans disbursed between July 1, 2015, and June 30, 2016, is fixed at 6.41%. The interest rate on parent PLUS Loans dis-bursed between July 1, 2015, and June 30, 2016, is fixed at 7.21%. There is no annual limit to the amount that can be borrowed through the PLUS Loan program. In general, parents and graduate students may borrow up to the cost of attendance less any other financial aid received. For 2015–16, all PLUS Loans have an ini-tial origination fee of 4.292% of the principal amount of the loan. This fee will be deducted from each dis-bursement of the loan.

The standard repayment period under this program is 10 years. Interest begins on the date of the first loan disbursement. Repayment of the principal and interest on a parent PLUS Loan begins within 60 days after the loan is fully disbursed. Parents may request an in-school forbearance from Direct Loan Borrower Services during which no payments, or interest-only payments, are required. Graduate PLUS Loan borrowers attending at least half time will be placed into in-school defer-ment, during which no payments are required. Please note that interest continues to accrue during periods of deferment and forbearance. You may either pay the interest as it accrues, or you may allow the interest to be capitalized (added to your loan’s principal balance). Capitalization increases the total loan amount that you must repay.

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EDUCATIONAL LOANS cont.EDUCATIONAL LOANS cont.

ALTERNATIVE LOANSIf the combination of federal loans and CCA-administered financial aid does not meet a student’s financial need, then “alternative” loan programs are a consideration. These private educational loan programs require the borrower to have a satisfac-tory credit history and in many cases may require a credit-worthy cosigner. Students are encouraged to visit cca.edu/admissions/financialaid/altloans for more information. In general, students can borrow up to the cost of attendance less any other finan-cial aid received. Students are strongly encouraged to exhaust all federal educational grant and loan options prior to borrowing alternative loan funds.

STUDENT EMPLOYMENTSTUDENT EMPLOYMENT

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A federal work-study (FWS) or institutional work-study (IWS) award represents an amount that you can earn through on-campus student employment. It is not an amount that you are guaranteed to receive. Students are encouraged to begin their employment search as early in the semester as possible to increase their chances of securing a po-sition. FWS and IWS job listings are posted at CCA’s online job board. FWS funds are awarded based on financial need to eligible students who have applied for financial aid. Any CCA student is eligible to work through the IWS program, even if he or she did not apply for financial aid. Since students with FWS awards have the greatest financial need (and the college’s FWS funding is almost five times larger than its IWS funding), FWS recipients have priority in applying for on-campus student employment.

In general, FWS and IWS allocations are $3,000 for the academic year; most students can reasonably earn that amount by working seven to eight hours per week from September through May. For FWS recipients, the allocation reflects your eligibility

(and priority) for a part-time job and authorization to earn up to the amount indicated. You will only receive what you earn, and those earnings cannot be subtracted directly from any balance that you may owe the college.

Your earnings through either FWS or IWS are con-sidered taxable income. However, because FWS is a need-based federal financial aid program, FWS earnings are excluded from your income when you apply for financial aid via the FAFSA.

tuition payment, financial aid, & living expensestuition payment, financial aid, & living expenses

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Most financial aid funds are credited directly to your student account and are applied first to institutional charges (e.g., tuition and campus housing) for the current term. Funds are credited no earlier than the first day of the current term. Aid that can be credited directly to your account will be credited when you have:

1. accepted or rejected your financial aid awards online using WebAdvisor (webadvisor.cca.edu) or returned your paper award letter

2. provided all documents required for the pro-grams named in your aid package

3. made satisfactory academic progress

4. enrolled in the minimum number of required units for the various aid programs

5. completed the Direct Loan and/or PLUS Loan MPN(s), Direct PLUS Loan request, and loan entrance counseling session

If the disbursement of your aid results in a credit balance, any aid awarded in excess of institutional charges will be paid to you after the start of the term. You can sign up for direct deposit to receive refunds directly to your checking or savings account. Information on how to sign up is on WebAdvisor (webadvisor.cca.edu).

If you do not sign up for direct deposit, refunds will be mailed via paper check. Direct deposits or checks are deposited or mailed approximately one week from the time the credit balance appears on your student account. Checks will be sent automat-ically to your billing address on file at the Student Accounts Office. You can update this address using WebAdvisor (webadvisor.cca.edu). We recommend arriving on campus with enough money to cover your living expenses (rent, food, books, supplies, etc.) for at least your first month.

You have the right to cancel your Direct Loan(s) any time before disbursement and up to 120 days after disbursement. Subsidized and unsubsidized Direct Loan, PLUS Loan, and alternative loan funds are dis-bursed in the following order to enrolled students whose financial aid files are complete:

1st week of classes: fourth-year & graduate students2nd week of classes: second- & third-year students3rd week of classes: first-year students

Budget carefully. You will most likely receive your entire financial aid amount at the beginning of the semester. It is your responsibility to manage your finances to meet your expenses for the entire term.

NEXT STEPSNEXT STEPS

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1. Accept or reject your financial aid awards via WebAdvisor (webadvisor.cca.edu) or follow the steps on the back of your award letter, sign it, and return it to the Financial Aid Office.

2. New student loan borrowers must also complete a Master Promissory Note (MPN) and loan entrance counseling session for loan funds to be disbursed. To receive parent PLUS Loan funds, parents must also complete a PLUS MPN and a Direct PLUS Loan request. To receive graduate PLUS Loan funds, graduate students must also complete a graduate PLUS MPN.

3. While CCA is in the early stages of processing prospective students’ financial aid applications, it is not uncommon for us to request additional documentation. Please respond promptly to these requests.

4. Develop a financing plan using your financial aid award letter, the sample billing worksheet, and cost of attendance information. On the award letter we have estimated your tuition, fees, and living expenses. Your actual tuition, fees, and on-campus housing charges are listed on the CCA tuition and fee schedule included in the billing packet sent to you by the Student Accounts Office. These figures are also available at cca.edu/students/fees.

The sample billing worksheet, your financial aid award letter, and the cost of attendance document will assist you in determining what you may owe CCA directly, as well as what indirect costs you should anticipate (e.g., books, supplies, transporta-tion, and campus housing if applicable) after finan-cial aid is taken into account. The living-expense estimates in the cost of attendance are based on state averages for housing, food, transportation, etc., from the California Student Aid Commission’s Student Expenses and Resources Survey (SEARS). Upper-division and graduate students are allotted a higher amount for supplies. You and your family will want to discuss how you plan to cover your

estimated expenses. Please feel free to contact us if you are interested in seeking additional loan fund-ing to help defray these costs.

For example, if you are a dependent undergraduate student whose parent(s) are eligible for a PLUS Loan, the amount indicated on your award letter is a recommended amount for which your parent(s) may apply. They may borrow up to your cost of atten-dance, less any other financial aid that you receive. If they wish to apply for an amount other than what is recommended, indicate this amount on the award letter and on the PLUS Loan request. Before making a decision about any loan, parents should carefully read the information in this award letter guide and at cca.edu/financialaid.

5. Keep us informed. Your financial aid awards are for the 2015–16 academic year and are based on current information regarding your class level; your enrollment status; federal, state, and institutional funding limitations and other regulations; CCA fi-nancial aid policies; and availability of funds. Award amounts are subject to change based on changes in any of these factors.

Your award letter is based on the assumption that you will be enrolled full time (at least 12 units per semester for undergraduate students and 9 to 15 units for graduate students, based on your program requirements) in both the fall and spring semesters. Please confirm your anticipated enrollment status on the back of your award letter.

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CCA is grateful for the generous support of private donors, state and federal financial aid programs, and past aid recipients who have repaid their loans. Regulations established by particular donating individuals, organizations, and agencies ensure that each type of financial aid is offered only to students who need and will make proper use of the funds. By accepting such support, both the college and the recipient incur responsibilities. All students should keep this award letter guide for ready reference. Visit cca.edu/financialaid for additional information about the various programs available at CCA; applying for Direct Loans, PLUS Loans, and alternative loans; maintaining your eligibility for financial aid; or petitioning for an increase in your estimated cost of attendance or a reevaluation of your award.

FINANCIAL AID RESOURCESU.S. Department of Education Student Financial AssistanceFor questions about eligibility for federal student aid:studentaid.ed.gov or fafsa.gov800.4.FEDAID

California Student Aid CommissionFor questions about California state grant programs:csac.ca.gov916.526.7590

U.S. Department of Education Direct Loan Programdirect.ed.gov

Federal Direct Loan Master Promissory Note & Entrance Counseling Sessionstudentloans.gov

Selective Service Systemsss.gov

CCA ADMINISTRATIVE OFFICES1111 Eighth Street, San Francisco CA 94107-22475212 Broadway, Oakland CA 94618-1426tel: 800.447.1ARTcca.edu

Financial Aidtel: 415.703.9528fax: 415.551.9261finaid@cca.edu

Enrollment Services (admissions)tel: 415.703.9523 or 510.594.3698fax: 415.703.9539enroll@cca.edu

Student Accounts (billing)tel: 415.703.9578 or 510.594.3646fax: 415.551.9261studentaccounts@cca.edu

Student Records (registration/address changes)tel: 415.703.9579 or 510.594.3651fax: 510.594.1941studentrecords@cca.edu

CCA administrative offices are open Monday through Friday, 8 a.m.–4:30 p.m.

SCHOLARSHIP SEARCHESCCA Guide to Additional Aid Resourcescca.edu/admissions/financialaid/otheraid

FinAidfinaid.org

Fastwebfastweb.com

College Answercollegeanswer.com

cca administrative offices, financial aid resources, scholarship searchescca administrative offices, financial aid resources, scholarship searches

FINANCIAL AID

GUIDEaward letter

2015–2016

CALIFORNIA COLLEGE of the ARTS

printed on 60 percent recycled paperDesign: CCA Sputnik Student/Caitlin Deering