Types of financial aid
There is a variety of financial aid available for students to attend college. To receive federal financial aid,
you must meet certain eligibility requirements. If you have any questions about these requirements or if you think you may not
meet one of them, contact your school's Student Financial Services Department. To receive federal aid, you must:
- Not be in default on a prior federal education loan or owe repayment on a prior federal grant
- Possess a high school diploma or GED certificate
- Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program
- Be a U.S. citizen or eligible noncitizen
- Have a valid Social Security number
- Make satisfactory academic progress if you are a continuing student, as established in your school catalog
- Be registered with Selective Service, if required
- Not have been convicted of certain drug offenses
- Sign a statement of educational purpose and certification statement on overpayment and default; both are found on the Free Application for Federal Student Aid (FAFSA) form mentioned below
Determine your dependency status: independent or dependent
If you answer "yes" to any of the questions below, you are considered an independent student for federal financial aid
purposes and your parents will NOT need to answer the parent questions on the Free Application for Federal Student Aid (FAFSA) form.
If you answer "no" to all of these questions, you are considered a dependent student for federal financial aid purposes and your parents
will need to answer the parent questions on the Free Application for Federal Student Aid (FAFSA) form.
- Will you be 24 years old before December 31 in the academic year?
- Are you married?
- Do you have children who receive more than half of their support from you?
- Do you have legal dependents who live with you and receive more than half of their support from you (other than a spouse or children)?
- Are you an orphan?
- Were you a ward of the court until age 18?
- Are you a veteran of the U.S. Armed Forces?
How federal financial aid is awarded
When you complete the Free Application for Federal Student Aid (FAFSA) form and indicate an Art Institutes location school as one of your
choices, we will be able to receive an Institutional Student Information Report (ISIR) electronically. This report will contain an Expected Family Contribution figure.
The Expected Family Contribution is determined by a set federal formula and relates to the amount that you (and your parents, if you are a dependent
student) might be expected to pay for direct and indirect costs for one academic year. The Expected Family Contribution is used by the school to determine
your eligibility for federal aid.
Application forms
Free Application for Federal Student Aid (FAFSA)
This is the standard form used to determine a student's eligibility for federal and some state aid, including:
- Federal grants
- Federal loans
- Federal work-study
- State grants
Tips for filling out the FAFSA
Get organized, gather your personal and family financial records and find a quiet location where you can work on the application.
Follow the instructions carefully. Here's a checklist of records you may need:
- Last year's* federal tax return forms 1040/1040A/1040EZ and W2 forms. If you can't find last year's return, call the Student Financial Services
Department at your school location and a staff member can help you obtain a copy from the Internal Revenue Service.
- NOTE: It is important to keep a copy of your tax return because you may be asked to provide it to the Student Financial Services Department later
- "Last year's" refers to the year 2007 if you are starting school between July 2008 and June 2009, to the year 2008 if you are starting school between July 2009 and June 2010, etc.
- Checkbook records
- Savings account and investment statements
- Installment and mortgage loan payment books
- Information relating to income, including wages, dividends, Social Security benefits, welfare payments, alimony or child support, Veterans Administration benefits and disability benefits
Other information about the FAFSA
No worries; all financial information you provide to The Art Institutes will be kept confidential. We are in compliance with the provisions of the
Family Rights and Privacy Act of 1974. This law regulates the release of any personal information.
Involve other family members who must provide information. For example, your parent(s) will need to complete the parent section of the form
if you are classified as a dependent student for federal financial aid purposes.
Remember to sign the form; if you fill out the FAFSA online you will need to print out, sign and mail the signature page. (If you do not have a printer,
the signature page will be mailed to you). A parent must also sign the page if they have contributed information to the form.
If you need assistance with the form, feel free to call the Student Financial Services Department at your location for help.
Federal loan applications for students
To apply for a Federal Stafford Loan (student loan), you can:
IMPORTANT NOTE: We suggest that you apply for your loan after you have worked with a Student Financial Services staffer at your location,
and have received your Student Financial Plan. That way, you will know the amount that the school recommends you borrow. Be sure to carefully
answer all the questions on the loan application.
If you apply online, you will need to print out, sign and mail the Promissory Note. If you do not have a printer, the lender will
mail you the Promissory Note, which you will need to sign and return. Read the Promissory Note before you sign it. It is a legal
document requiring you to pay back the money you borrow.
Before you receive your loan, you will need to participate in a loan counseling entrance interview. Likewise, before you leave school,
you will need to participate in a loan counseling exit interview.
Federal PLUS Loan for parents
An eligible parent can qualify for a Federal Parent Loan for Undergraduate Students (PLUS) while their dependent son or daughter
attends school. To apply for a PLUS Loan, one of your parents must complete the application and pass a credit check.
The parent borrower may either apply online [links to SP loan overview/start the process page] or use the application provided by
Student Financial Services at your school location. We suggest that your parent apply for this loan after you receive your Student
Financial Plan. That way you will know the recommended amount you should borrow. The maximum amount a parent may borrow is the cost of
your education minus any aid that you are receiving.
Your parent will need to complete the Borrower section of the form and you will complete the Student section. If you apply online,
you will need to print out, sign and mail the Promissory Note. Both the parent borrower and you, the student, will need to sign the
Promissory Note. If you do not have a printer, the lender will mail you the Promissory Note. You and your parent borrower will need to sign and return it.
| GRADE LEVEL |
DEPENDENT |
INDEPENDENT |
| 1 |
$5500 |
$9500 |
| 2 |
$6500 |
$10500 |
| 3 |
$7500 |
$12500 |
| 4 |
$7500 |
$12500 |
|
Supplemental data form
In addition to the loan application, students who apply for a loan will need to complete a Supplemental Data Form. This form is
available through your school's Student Financial Services Department.