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Financial Services is the business hub of the institution, and provides a variety of student and management services. Within this department are the following services and offices:

Student Financial Services
The Student Financial Services Department assists students and their families with developing a financial plan to budget for educational expenses. Student success is likely enhanced through adequate financial preparedness. Student financial aid specialists help students and parents complete the federal and state applications for grants and loans applicable to the student’s circumstances. Once the student’s eligibility for financial aid has been determined, a financial aid officer helps the student develop a plan for meeting educational expenses. Extended payment plans are available to ease the burden of college costs. Individual payment options allow students and their families to spread some costs over a longer period, in monthly or quarterly installments. Financial planning services are available to students and their families for consultation throughout the year.

Satisfactory Academic Progress
The Art Institute of Michigan is approved as an eligible Title IV funding institution. All students who receive federal or state-sponsored financial assistance must maintain satisfactory academic progress for financial assistance eligibility. Students receiving any form of financial aid are required to meet standards for academic progress and attendance. Proof of such progress on a periodic basis is verified prior to any disbursements of financial aid. Failure to make satisfactory academic progress or satisfactory attendance requirements may result in the termination or reduction of financial aid.

Suspension and Reinstatement of Financial Assistance — All Programs
Students who are suspended from a program of study or terminated from school are ineligible for financial assistance until they regain admission and comply with satisfactory academic progress requirements.

Financial Assistance Appeal
Students who are denied or suspended from financial assistance may file an appeal under appropriate federal and state guidelines with the institution’s Student Financial Assistance Review Committee.

Federal Student Financial Aid
The purpose of federal student financial aid programs is to provide students with an opportunity to obtain a college education. Central to the purpose of financial aid is the belief that students and their families, to the extent possible, have the primary responsibility to pay for the student’s college education. Financial aid is made available to assist students when family resources are not sufficient to meet college costs. All students are to be treated fairly and equitably by applying policies and procedures for determining eligibility consistently. Though applicants are encouraged to seek financial aid, students should not rely solely on these monies to support themselves throughout the academic year.

The Financial Aid Department is responsible for accurate distribution, explanation, documentation, and validation of financial aid requirements. It is the student’s responsibility to comply with all requests in a timely fashion if the student wishes to continue receiving benefits. Federal aid grants are awarded on a fiscal year basis, beginning July 1 and ending June 30, so some applicants may need to complete the application process twice during an academic or calendar year.