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Financial Aid Grants, Loans & Scholarships

Grants, Loans & Scholarships

Our Student Financial Services department is here to help those students who require financial assistance.

A CRAS student meets with a CRAS Financial Aid representative at the Gilbert satellite campus.
A CRAS student meets with a CRAS Financial Aid representative at the Gilbert satellite campus.
Students work on class projects in the CRAS student lounge area.
Students work on class projects in the CRAS student lounge area.

Many of our students utilize some form of financial aid and the CRAS Student Financial Services department provides you with assistance and planning.

  • Federal financial aid is available to those who qualify. (Federal Direct Loans and Federal Pell Grants).
  • Scholarships
  • Additional Finance Options: Private financial resources are available.
  • Veteran’s Administration educational benefits.
  • Preferred Tuition Payment Method: We offer an interest free payment plan to pay for tuition.

Standard Eligibility Examples for the 2020/2021 FAFSA

The FAFSA (Free Application for Federal Student Aid) must be completed at FAFSA.gov and all general eligibility requirements must be met to receive Federal Aid. Below are examples of standard eligibility.


Maximum Federal Aid Eligibility for Master Recording Program II

(Includes both Academic Years)

Maximum Pell Grant for 2020/2021: $6,345.00

Dependent Student Eligibility:

Independent Student Eligibility:

With Maximum Federal Pell Grant

With Maximum Federal Pell Grant

$5,469 Federal Direct Subsidized Loan

$5,469 Federal Direct Subsidized Loan

$2,875 Federal Direct Unsubsidized Loan

$8,625 Federal Direct Unsubsidized Loan

$6,345 Federal Pell Grant

$6,345 Federal Pell Grant

$ Federal PLUS Loan

Without Federal Pell Grant

Without Federal Pell Grant

$5,469 Federal Direct Subsidized Loan

$5,469 Federal Direct Subsidized Loan

$2,875 Federal Direct Unsubsidized Loan

$8,625 Federal Direct Unsubsidized Loan

$ Federal PLUS Loan

  • Federal Pell Grants do not have to be paid back; they are awarded based on financial need.
  • Federal PLUS loans are available to eligible parent borrowers to assist with the cost of attendance and if approved, the balance may be fully covered (must reapply for second academic year funding).
  • All Loans must be repaid. Federal Direct Loans are not based on credit and have a standard 10 year repayment term.
  • All loan amounts listed are gross amounts. Federal Direct Loans with a first disbursement date on or after 10/1/2020 will have a 1.057% loan fee charged prior to disbursement. Federal PLUS loans with a first disbursement date on or after 10/1/2020 will have a 4.228% loan fee charged prior to disbursement.
  • The Conservatory’s Master Recording Program II spans two academic years, and determines how Federal Aid is earned and applied towards tuition charges.
  • Students are required to pass all classes to maintain Federal Aid eligibility.

Scholarships

Scholarships are forms of aid to help students pay for a portion of their education. Scholarship research should be completed well in advance of your start date. Below is a list to help you get started.

  • GoCollege

  • Scholarship Guidance

  • Fastweb

  • Sallie Mae Scholarship Search
    Did you know that our Scholarship Search tool has more than five million college scholarships available? In 2016, Sallie Mae gave out almost $500,000 through scholarships and sweepstakes.



Additional Finance Options

In addition to Federal Financial aid many other types of aid are available. Students are encouraged to search for scholarships online and through their community to assist in tuition payment.

Additional funding may be necessary after your Federal Financial Aid is calculated. Please visit the sites below to research and inquire regarding Private Educational Loans that could help with any balance owing.



Preferred Tuition Payment Method

Students who choose to set up a monthly cash payment must utilize the Nelnet Business Solution Link.

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CARES Act Grants for Students

The Conservatory of Recording Arts & Sciences (CRAS) has signed and returned to the U.S. Department of Education (the Department), Recipient’s Funding Certification and Agreement Emergency Financial Aid Grants to Students under the Coronavirus Aid, Relief, and Economic Securities (CARES) Act and Recipient’s Funding Certification. CRAS intends to use no less than 50 percent of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.

Only students who are or could be eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965, as amended (HEA), may receive Emergency Financial Aid Grants. If a student has filed a Free Application for Federal Student Aid (FAFSA) and has established general eligibility to participate in programs under Section 484 of the HEA, we consider the student to be eligible. Students who have not completed a FAFSA are encouraged to do so, in order to determine eligibility.

The total amount of funds the institution is eligible to receive from the Department for emergency grants to students is $463,497. CRAS has received and distributed the following CARES Act grant funds:

  • April - May 15, 2020:
    $312,862.50 - 405 students
  • May 15 - June 30, 2020:
    $14,587.50 - 15 additional students
  • July 1 - August 15, 2020:
    $52,800.00 - 0 additional students
  • October 1 - December 31, 2020:
    $83,247.00 - 74 additional students
  • Total through August 15, 2020:
    $463,497.00 - 494 students

Our initial selection and amounts were based on the current student population of 454, less 4 international students who are not eligible for the CARES Act grant. These remaining 450 students were deemed eligible to participate in programs under Section 484 of the Higher Education Act of 1965 if a completed FAFSA confirmed they met all general eligibility requirements to receive Emergency Financial Aid Grants to students under Section 18004(a)(1) of the CARES Act. We allocated 75% of these funds to be immediately disbursed to students. This amount of $347,623 was split between the 450 students for a disbursement amount of $772.50. The remaining 25% of these funds were held in reserve for anticipated future needs of our students.

Students initially receiving the CARES Act grant acknowledged they were eligible and clicked on a link to provide their current address for mailing checks. These students were provided the following guidance concerning the Emergency Financial Aid:

The U.S. Department of Education has provided CRAS with a limited amount of grant funding for the sole and exclusive purpose of providing emergency financial aid grants to students for their expenses related to the disruption of campus operations due to coronavirus such as housing, food, and other related living expenses. These grants may not be used for any purpose other than student expenses related to the disruption of campus operations.

In addition, the institution asked students to submit applications to request CARES Acts grant funds for any additional expenses related to the significant changes to the delivery of instruction due to the coronavirus. Based on these applications, we disbursed an additional $500 to six of the original students in the student population for a total of $3,000.

On July 15, 2020, CRAS agreed to make available an additional $99,000 of remaining CARES Act grants for students from the initial selection who were still enrolled. These 360 students ($275 per student) were provided a link on the CRAS intranet site, to confirm the following:

I confirm that I have additional expenses equal to or greater than $275 related to the disruption of campus operations due to coronavirus, such as food, housing, course materials, technology, health care, and child-care expenses.

CRAS received acknowledgement of additional expenses from 192 students and disbursed an additional $52,800 ($275 each) to these students.

On December 1, 2020, CRAS agreed to make the remaining CARES Act grant funds available to students. We sent an email to all current students who we had a valid ISIR on file. These students were provided a link to confirm by December 6, 2020 that they have additional expenses related to the disruption of campus operations due to the coronavirus. The remaining funds of $83, 247 were distributed to the 205 students who confirmed valid expenses. This resulted in $406 per student. We took the remaining $17 and the $406 from one student who dropped for a total of $423 available grant funds. We received confirmation of expenses and valid ISIR’s for two additional students. We split the remaining funds between these two students for a disbursement of $211.50 to each.

This concludes our reporting of the student portion of the CARES Act Funding.

Download the 9.30.2020 HEERF Quarterly Report

Download the 12.31.2020 HEERF Quarterly Report

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