What financial aid is available at CCS?

This session is being recorded, and we will send out the recording at a later date for your reference.

Thank you, Olivia. My name is Matthew Kony, and I am the Director of Financial Aid at the College for Creative Studies. I have been with the college for approximately five years. Joining me today is Allison Molesworth, our Financial Aid Counselor, who will be answering all financial aid-related questions in the chat. Please feel free to ask questions as I go through the presentation; don’t wait until later, as you might forget them.

Today, we will discuss several key topics. We will define financial aid, touch on the cost of attendance, and cover the Student Aid Index (SAI), which is the new figure from FAFSA. We will also talk about financial need, the different categories of financial aid, the types and sources of aid, and the FAFSA application for those who have not yet completed it. Finally, we will address special and unusual circumstances.

This discussion is primarily geared toward students applying for Fall 2024 and Winter 2025, so please keep in mind that details may change from year to year. It is mainly directed toward undergraduate students, although graduate students may still find some of this information helpful.

So, what is financial aid? The burning question for all students and parents is that financial aid is any form of funding that helps pay for postsecondary education and does not come from family, personal savings, or earnings. It helps cover costs such as tuition, mandatory fees, housing, meal plans, and necessities like books and supplies.

Some common financial aid terms you’ll hear, whether at CCS, through admissions, or at another school, are quite straightforward. The cost of attendance is the school’s estimated total yearly cost, essentially the sticker price. It includes both billable and non-billable costs. Non-billable costs are built into the cost of attendance because students will incur these educational expenses to some degree. You will find that the cost of attendance varies from institution to institution as you navigate through CCS, a community college, or a public institution.

The Student Aid Index (SAI) is the number that results from evaluating a student’s and family’s approximate financial resources for postsecondary education. This number comes from filling out your annual FAFSA application. Financial need is determined by subtracting the SAI from the cost of attendance. This calculation helps institutions determine need-based aid, such as grants and scholarships.

Grants and scholarships, often referred to as gift aid, are funds that do not need to be repaid. They can be need-based or merit-based. Work-study programs offer on-campus student job opportunities that are federally or institutionally funded. Loans, on the other hand, are funds that can be borrowed to assist with financial costs, and these funds must be repaid. Students are eligible to borrow direct subsidized and unsubsidized loans, and dependent students’ parents can apply for a Direct Parent PLUS Loan to help with costs.

Now you might ask, how much will college cost? Tuition and fees make up the bulk of college expenses. When looking at the overall picture, it’s essential to factor in living expenses, whether you’re living on or off campus or with your parents. Understanding these costs will help you develop a budget and determine how much you will spend throughout the semester and the academic year.

It’s crucial to look at the big picture to understand the overall cost of a four-year degree. You can compare costs among different schools, and by understanding your expenses, you can better determine estimated out-of-pocket costs. This information could help you leverage additional scholarships, grants, or loans to assist with those expenses.

The cost of attendance is made up of several components. It includes tuition and fees, housing, and a meal plan, which are considered billable costs. All students attending college will incur tuition and fees, and those staying on campus will also incur housing and food costs. Non-billable costs include books and supplies, transportation, and miscellaneous expenses. These are also included in the overall cost of attendance because students will incur these expenses to some degree, which helps in determining financial aid packages.

At the College for Creative Studies, the 2023-2024 cost of attendance for on-campus or off-campus housing shows a total sticker price of $67,865. However, this is not necessarily the amount you will pay. For students staying on campus, you will be responsible for all direct costs, including tuition, resource fees, registration fees, accident insurance, tuition insurance, and room and board. Room and board costs can vary depending on your chosen housing option.

For students living at home, the total cost of attendance is $6,850, which differs from the costs incurred by on-campus students. After factoring in the average grant and scholarship package funding from all sources that do not need to be repaid, which includes federal, state, and institutional resources, CCS students received an average of $30,091 in grant and scholarship aid.

What does this mean for you? For on-campus students, if you are a full-time student living in the Toddman Center with the largest meal plan, your estimated cost would be around $62,700. The estimated average grant and scholarship award reduces that balance to approximately $32,550.

To clarify, the question in the chat was whether these estimates are per semester or per academic year. These figures are for the academic year, which includes both fall and winter semester charges. So, we are not talking about a total of $124,000 a year. That was a great question, Sarah.

For students living off-campus or with their parents, the total tuition and fees amount to $5,171. When we add in the average grant and scholarship, this reduces the cost to about $2,510. You may want to consider additional grants and scholarships or student loans if you’re a dependent student. You could also discuss with your parents the possibility of applying for the Federal Parent PLUS Loan. There are various options available to help with your estimated costs, and if you’re fortunate enough, you could set up a payment plan for the remaining balance.

The Student Aid Index (SAI) has replaced the Expected Family Contribution (EFC) number beginning with the 2024-2025 FAFSA application. Many of you may have already attempted to complete it. There was a soft launch starting December 31, and the Department of Education has since said that the application is now open 24 hours a day without interruptions. However, I am still hearing reports of occasional interruptions.

It is not required that you complete the FAFSA application, but it is highly recommended. The Student Aid Index is an eligibility index number that a college or career school’s financial aid office uses to determine how much federal student aid a student would receive if they attended that school. The SAI will remain the same across all schools. When you fill out the FAFSA application and list up to 20 schools, your SAI will be identical whether you attend CCS, a community college, or another university. This number helps determine need-based aid, so the cost of attendance is relevant when calculating financial need.

In terms of types of financial aid, there are generally four categories: gift aid and self-help aid. Gift aid includes grants and scholarships that do not need to be repaid. Self-help aid consists of loans and work-study opportunities. Scholarships, as previously mentioned, do not need to be repaid. These awards are based on merit, skill, or unique characteristics and are generally awarded by schools or private organizations. At CCS, all students are considered for merit-based scholarships. In fact, 98% of our incoming freshman class this year received a merit-based scholarship.

Applicants are automatically considered for financial aid once they complete their admissions requirements. Awards are based on the portfolio review and academic achievement, which includes high school GPA for first-time students and college GPA for transfer students. Both the portfolio review and academic achievement are weighed equally, at 50% each, rather than in percentages like 60/40 or 70/30.

To maintain a CCS merit award, students must keep a cumulative GPA of 2.5 or higher. We also offer Scholastic Art Scholarships for high school students who win gold or silver medals at the national level. Gold medal recipients receive $2,000 per year for four years, totaling $8,000, in addition to any other awards. Silver medal recipients receive $1,000 per year for four years, totaling $4,000, also in addition to any CCS funding received.

Regarding grants, these generally do not need to be repaid; however, if a student unexpectedly withdraws from a semester, the school may need to recalculate financial aid eligibility, which could result in some grant repayment. Grants are awarded based on financial need, which is where completing the FAFSA becomes important. They are generally funded by the school, state, or federal programs. Some need-based grants available include the Michigan Tuition Grant, the Competitive Scholarship, the Michigan Achievement Scholarship, the Federal Pell Grant, and the Federal Supplemental Educational Opportunity Grant (SEOG). CCS also reviews all FAFSA filers for institutional grants.

Work-study employment is another form of self-help aid that allows students to earn money for educational expenses through on-campus employment. Students must fill out the FAFSA to be eligible for work-study positions. Job postings can be found on the financial aid page. At CCS, all students are eligible for federal work-study positions, but we cannot guarantee employment. Last year, we had nearly 275 work-study positions available.

Loans are another source of funding, allowing students and parents to borrow money to cover college expenses. Repayment typically begins after education is completed, provided the student stays enrolled at least half-time (six credits or more). Loans include subsidized and unsubsidized options; the only difference is that unsubsidized loans accrue interest while the loan is disbursed. The current interest rate for these loans is 5.5%. Additionally, dependent students can request a Parent PLUS loan if they have additional costs not covered by financial aid. This is an interest-bearing loan, and if approved by the Department of Education, the interest rate is 8.05%.

For international students or non-eligible U.S. citizens, CCS provides institutional financial aid, including the CCS Merit Scholarship and the International Student Grant. These students can also seek work-study positions.

Financial aid sources can come from various places, including the federal government, states, colleges, universities, private resources, and employers. Other financing options for college costs include private scholarships, private educational loans, college savings plans (such as the Michigan Education Trust or 529 plans), and employer tuition reimbursement. Parents should check with their HR departments for any dependent tuition reimbursement benefits available. Additionally, veterans and their families may inquire about VA educational benefits.

CCS offers institutional payment plans that allow students to enroll in monthly payment plans each semester. The largest option is a five-month payment plan, which splits the remaining semester balance into five monthly payments, ensuring that the balance is paid off before the next semester begins.

Completing the annual FAFSA is essential for several reasons. First, it’s free and comes with no obligation to accept the financial aid offer. It helps determine eligibility for all federal, state, and institutional aid, providing a full picture of what a student may qualify for. Although the initial application can be time-consuming, subsequent applications are easier, as they involve verifying and updating information. Many families worry that they may not qualify due to income levels, grades, or age, but these concerns are unfounded. The financial aid opportunities available at CCS might differ from those at community colleges or public universities, which may not offer the same need-based grant eligibility.

The FAFSA application collects demographic and financial information from both the student and their parents (if the student is dependent). This information is used to calculate the Student Aid Index (SAI), which colleges use to offer financial aid. The FAFSA is available in English and Spanish and can be filled out any time during the academic year, but typically no earlier than October 1st of the preceding academic year. Michigan residents should note that the deadline for state grants and scholarships is May 1st, and our office recommends submitting by April 1st to allow time for processing.

Eligibility requirements for the FAFSA include enrollment in a degree-granting program, possession of a high school diploma or equivalent, and valid citizenship (U.S. citizens, permanent residents, residents of freely associated states, or other eligible non-citizens). Before completing the FAFSA, students must create an FSA ID, and each parent is also required to create an FSA ID and password. This is a new requirement for the current year, and it’s important that each individual creates their own account to avoid complications with recovery later.

Once the FSA ID is created, students can begin filling out the FAFSA on the official website, studentAid.gov. After selecting the 2024-25 FAFSA form, the student or parent can start a new application. The process allows for the IRS to transfer tax information directly to the FAFSA, simplifying data entry and reducing errors.

The FAFSA requires demographic information, citizenship status, and educational background, along with tax information from the prior year. It will also ask for asset information, including cash savings and investments. Students can now list up to 20 schools on the FAFSA, allowing each institution to receive a copy of the application to determine financial aid eligibility.

Once the student completes their section, they will submit it, prompting an email invitation for parents to complete their section. Parents must use their FSA ID and password to access the application and provide their financial information, including marital status, legal residency, and tax information. It’s essential to understand that marital status is determined as of the date of filling out the FAFSA.

The household size reported on the FAFSA should include the student, their parents, and any siblings or dependents for whom the parents provide more than 50% support. For independent students, the household includes themselves, their spouse, and any dependents. There have been questions regarding the need to report multiple children in college; this information is used to assess financial aid offers.

If there are special circumstances that affect financial situation since filing the FAFSA, students should contact the financial aid office for guidance. Examples of these circumstances include job loss, underemployment, or significant changes in family situations.

After submitting the FAFSA, it is sent to the central processing center for review, and then forwarded to the schools for evaluation and awarding. Due to recent changes, schools may not receive FAFSA applications until late January or even mid-February. At CCS, we anticipate sending out comprehensive financial aid offers by March, though this timeline is subject to change based on when we receive the FAFSA data from the Department of Education.

Thank you for your attention, and I, along with Allison and Olivia, am here to answer any questions you may have. No question is too small or unimportant.