The Chicago School for Piano Technolgy

Financial Aid Information

School Code 041860

 

Types of Financial Aid

(Don't forget to go to the Virtual Financial Aid Office!)

 

CSPT can provide a financial aid package, based on federal guidelines, using a combination of grants and low interest direct loans from the U.S. Department of Education. Aid is awarded in the same order as presented below. Please be aware that the amounts of financial aid available will not cover all of the costs of tuition, and you will be responsible for the difference.

Pell Grant 2011 - 2012 Award Year

Pell Eligibility

1)      The student must have a financial need

2)      Have a high school diploma, a GED, be verifiably home-schooled, or have the ability to benefit from the program or training course.

3)      The student must also be a United States Citizen, permanent resident or other eligible classification of non-citizen.  To qualify as an eligible non-citizen, a student must be able to live and attend school legally.  They must also be one of the following:

4)      Have a valid Social Security number.

5)      Make satisfactory academic progress

6)      Register with selective service, if you are a male between the age of 18 to 25

7)      Certify by signing a FAFSA that you will use any federal student aid funds awarded to you solely for educational purposes.

8)      Certify by signing a FAFSA that you are not in default of any federal student loan and that you do not owe a repayment of any federal student aid grant.

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.) Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.

How much can I get?

The maximum Pell Grant award for the 2011-12 award year (July 1, 2011 to June 30, 2012) is $5,550. The amount you get, though, will depend not only on your financial need, but also on your costs to attend school, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less. Note: The maximum award amount is given for any Pell Grant eligible student whose parent or guardian died as a result of military service in Iraq or Afghanistan after Sept.11, 2001. You must be under 24 years old or enrolled at least part-time in college at the time of your parent's or guardian's death.

If you received a Pell Grant for the first time on or after July 1, 2008, you can only receive the Pell Grant for up to 18 semesters or the equivalent.

 

If I am eligible, how will I get the Pell Grant money?

Your school can apply Pell Grant funds to your school costs, pay you directly (usually by check), or combine these methods. The school must tell you in writing how much your award will be and how and when you'll be paid. Schools must disburse funds at least once per term (semester, trimester, or quarter). Schools that do not use semesters, trimesters, or quarters must disburse funds at least twice per academic year.

 

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Direct Stafford Loans

Subsidized Direct Stafford Loan

Unsubsidized Direct Stafford Loan

If you have not previously borrowed a Federal Direct Stafford Loan, or if you have not borrowed within the last ten years, you must complete a Master Promissory Note (MPN). The MPN is an agreement between you and the federal government that you understand your responsibilities as a Federal Direct Stafford Loan borrower.

Returning borrowers, including those who have borrowed a Federal Direct Stafford Loan at another institution and whose MPN was signed in the last 10 years, do not need to sign a new MPN, but you will still need to accept your student loan by returning your award letter to the financial aid office.

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The Federal Direct Parent Plus Loan

Under the Federal Direct Parent Plus Loan program, parents of dependent students may borrow up to the difference between the annual cost of attendance and any other financial aid received. However, this eligibility is dependent upon credit approval by the Direct Loan Servicing Center.  For assistance with a credit decision, please contact the Direct Loan Servicing Center at (800) 848-0979, or visit: https://www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp

If the parent of a dependent student is denied a Plus loan for any reason, the student will become eligible to receive Direct Stafford Loans as an independent student.  The interest rate on new Plus loans is currently fixed at 7.9%.  The rate is set every July 1st, for the upcoming year.

Plus Loan terms and conditions:

Repayment begins 60 days after the funds are fully disbursed, and the repayment term is up to 10 years. Beginning July 1, 2008, parents now have the option to defer payments on the Parent PLUS loan while the undergraduate student on whose behalf they borrowed the PLUS loan is in-school and for a six-month grace period after the student graduates or drops below full-time enrollment. (Payments can also be deferred if the parents are themselves enrolled in college. They will need to submit an application for an in-school deferment.) Since the interest on the PLUS loan is not subsidized, it continues to accrue while deferred and is capitalized when the loan enters repayment. To request Parent PLUS Loan deferment, please call the Direct Loan Servicing Center at 1-800-557-7394.

You may complete the Parent Plus Loan process on-line. All first time Parent Plus Loan borrowers at CSPT must also complete a Master Promissory Note (MPN).  The Plus Loan MPN can be completed online by clicking here and selecting "Complete New MPN for Parent PLUS Loan."

 

VETERANS BENEFITS

Please note that CSPT is approved for Veterans Benefits through GI Bill Education Benefits by the Illinois State Approving Agency.

 

OTHER FINANCIAL AID RESEARCH RESOURCES

http://fastweb.com  a reliable free scholarship search

http://isac.org  the Illinois student assistance commission

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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.