The Chicago School for Piano Technolgy
Financial Aid Information
School Code 041860
- General Information
- Completing the FAFSA and PIN
- Types of Available Financial Aid
- Grants: Pell
- Loans: Direct Stafford and MPN
- CSPT Policy
- Title IV Policy--Refunds and Returns
General Financial Aid Information for Students at CSPT
Financial Assistance is federal student aid for students enrolled in eligible programs at participating schools. This federal aid is designed to cover portions of school expenses (tuition and fees), books and supplies, room and board, transportation, some personal expenses, and various other costs. The federal aid available does not cover the entire cost of tuition for CSPT, and the applicant is responsible for the difference (not including Parent Plus Loans). Most federal aid is need based.
In order to apply for financial assistance, you must follow the steps below:
- complete the Free Application for Federal Student Aid (FAFSA). The FAFSA online can be found at www.fafsa.ed.gov.
- Go to our Virtual Financial Aid Office and complete the registration and interviews (the link is also found on the main menu of the home page under Financial Aid)
- Read all of the material provided on these pages so that you are familiar with the procedures and policies of The Chicago School for Piano Technology and the U.S. Department of Education.
What Type of Aid is Available?
A student’s federal financial aid award will typically consist of the following:
- Non-repayable grants
- Scholarships (outside agencies)
- Repayable loans
Who Receives Federal Student Aid?
Financial eligibility is determined by the information you provide on the FAFSA. To meet the other basic eligibility requirements you must:
- Be a U.S. citizen or eligible non-citizen
- Be working (enrolled), at least half-time, toward a certificate program
- If male, have documented Selective Service registration
- Not owe a federal Pell or SEOG over-award (or have satisfactory arrangements for repayment)
- Matriculate in a program that leads to obtainment of a new occupation
- Maintain standards of satisfactory academic progress
- Satisfy other eligibility requirements regarding past convictions and incarcerations
If you are a dependent student, additional family financial information will be required. For financial-aid purposes, students are considered dependent until the age of 24, unless they meet certain other criteria.
How Financial Aid Awards Are Calculated and the Net Price Calculator
The Cost of Attendance (COA) is tuition, books, fees, supplies, transportation, and dependent care. Federal student aid is first applied to tuition, tools and books, and fees which totals, at CSPT, for the Basic Curriculum, approximately $20,900.00, and for the Advanced Curriculum, approximately $18,800.00. If there are remaining funds, they can then be used to cover other costs. Be aware that there are Federally mandated maximum allowances which may not cover the entire cost of attendance or even the entire tuition cost. The Net Price Calculator (Cost of Attendance or COA) for the Basic Curriculum is available here.The Net Price Calculator (Cost of Attendance or COA) for the Advanced Curriculum is available here.
The Expected Family Contribution (EFC) is a number calculated by the federal government using information from your FAFSA. It represents your family’s share of annual expenses. The lower the EFC, the higher the amount awarded. The amount of aid you are eligible to receive depends on the difference between your cost of attendance for the year and you and your family's ability to contribute to those expenses. In other words, your need is determined by the following formula:
Financial Need = COA minus EFC minus other funding sources.
Your enrollment status affects the amount of grants you are eligible to receive. Please see CSPT school policy on enrollment status, satisfactory academic progress, and withdrawals. Also see CSPT’s policy on return of Title IV funds as a result of withdrawal, probation or other issues relating to enrollment status.
If a situation arises which causes your family to have substantially less income than anticipated we will work with you to adjust your FAFSA, which may increase the amount of aid you can receive.
REFERENCES:
Downloadable forms
Student Loan Deferment Request (link to the pdf on the federal loan site)
Family Educational Rights and Privacy Act Release Form (FERPA)
If you have any questions regarding your loans you can contact any of the following resources:
- Online account information, electronic services, and commonly used forms as above, including deferment and forbearance requests
- Borrower loan history
- Any financial aid related questions or concerns
- CSPT Office at 312/666-7440
Other sources of financial aid
In addition to federal student aid, you may be eligible for a state, local, or institutional grant, or for Veteran's benefits through the GI Bill. Speak with a counselor or financial aid specialist for more information.
The Chicago School for Piano Technology admits students of any age, race, color, national and ethnic origin, gender or gender-preference or orientation, to all the rights, privileges, programs, and activities generally accorded or made available to students at the school. It does not discriminate on the basis of age, race, color, national and ethnic origin, gender or gender-preference or orientation, in the administration of its educational policies, admissions policies, scholarship and loan programs, and other school-administered programs.