Introduction to Financial Aid

Compass College of Cinematic Arts is committed to quality education for each student enrolled in the school’s program, while recognizing that the student has the primary role of successful academic progress and completion. Part of the student’s success can be measured by his or her commitment to the creative training program. This commitment includes the dedication of students and their families to the responsibility of the student’s educational costs. To aid the student and families in additional funding, Compass College of Cinematic Arts participates in several Federal Title IV financial assistance programs available to students who qualify.

What is Financial Aid?

Financial aid is comprised of numerous funding sources that a student may be able to receive when enrolled in a post-secondary educational institution. Such financial aid includes, but is not limited to: loans, grants, employment, agency funds, scholarships, and employer reimbursement. Not all students will be eligible for all types of financial aid.

Financial Aid Eligibility

Federal, State, and Compass College of Cinematic Arts financial aid are need-based aid programs with the exception of the Unsubsidized Federal Stafford Loan Program and the PLUS Loan Program. Financial need is determined through approved need analysis as provided by Congress. Compass College of Cinematic Arts utilizes the Free Application for Federal Student Aid (FAFSA). Federal regulations require all students applying for aid, including student loans, to have the results of the FAFSA application on file to be eligible for any aid.

International students are not eligible for federal or state financial aid, as they do not meet the citizenship requirement. International students may receive institutional aid, determined by need and availability.

How to Apply for Financial Aid

Students may apply for Federal Grants, Loans, and Institutional Aid by completing the FAFSA form. An additional form may also be required to apply for institutional aid.

The student must file the Free Application for Federal Student Aid (FAFSA) form any time after January 1 of the year of enrollment. The online FAFSA form is available at www.fafsa.gov. When completing the FAFSA, the student will be prompted to enter the institution’s federal school code. Compass College of Cinematic Arts' federal school code is 041633. This will generate a Student Aid Report (SAR). A copy of the SAR will be sent directly to the student and to CCCA.

Students who complete the FAFSA before May 15 will be notified of his or her total financial aid package on or before June 30. The student must then confirm this official offer in writing and submit to the Financial Aid Office. If applicable, a deposit must be received by the deadline on the student’s acceptance letter in order to hold the student’s place in the fall term.

A student may choose not to complete the FAFSA form. The school’s Financial Aid Office will then assume that the student has the available funding to pay the full cost of attendance. The student will be required to complete a FAFSA Declination Form and send it to the school if they do not plan to complete the FAFSA application. Students paying full tuition with cash or check are required to make three full payments (one at the start of each term) as invoiced.

Student's Responsibilities for Obtaining Financial Aid

• File the FAFSA (Free Application for Federal Student Aid) as soon as possible after January 1 or complete a FAFSA Declination Form provided by the school. Visit www.fafsa.gov for the online version.

• If requested by the Financial Aid Office, submit all completed and necessary verification documents in a timely manner (Federal 1040 forms, W2s, and other worksheets).

• Complete and return all aid-related paperwork, such as loan request forms and master promissory notes, in a timely manner. These documents are best completed and e-signed online at www.studentloans.gov.

• Complete loan entrance counseling at www.studentloans.gov.

• Contact the school's Financial Aid Office with any questions or concerns as soon as possible.

FERPA & Records Management

All records and conversations between a student aid applicant, his or her family, and the Financial Aid Office are confidential. Compass College of Cinematic Arts assures confidentiality in accordance with institutional rules, state and federal laws including FERPA (Family Educational Rights and Privacy Act of 1974, The Buckley Amendment – for which the primary intent is to provide students access to their educational records and to limit dissemination of personally identifiable information without the student’s written consent) as amended.

After enrollment, each student is presented with a FERPA agreement, which they may use to waive their privacy rights for certain individuals, such as parents or legal guardians. Compass College of Cinematic Arts will not disclose student information without a signed waiver.

All currently enrolled and former students have the right to review their own records to determine their content and accuracy. A student who wishes to obtain access to his or her financial aid record is able to do so in the presence of a Financial Aid staff member.

Public Information:  The following information is considered “directory information” and may be disclosed to staff, faculty, and current students:

• Name
• Local address
• Local telephone number
• Birth date and place of birth
• Program name
• Year in school
• Enrollment status
• Degrees and awards received
• Anticipated graduation date

Non-Public Information: A student’s consent is required for the disclosure or publication of any non-directory information with the following exceptions:

• Another Compass College of Cinematic Arts employee
• Representatives of federal and state agencies
• Accrediting organizations

A student must submit a written release of information for any additional information to be released to any other person or agency. The student’s release must contain:

• Date of request
• Student’s social security number
• Student’s signature
• Specific contact name or agency
• Summary of information that may be released

Compass College of Cinematic Arts keeps active student records secure and in perpetuity, or as required by federal regulations. Inactive students, those who withdrawal, are kept for a minimum of three years from the last date of enrollment. After the required time period, paper records are securely disposed.

Financial Aid Awards for which a Student may be Eligible

Compass College of Cinematic Arts participates in the following financial aid programs:

1. Federal Pell Grant: The Pell Grant is an award that does not need to be repaid. Pell Grants are awarded only to undergraduates who have not earned a bachelor’s or professional degree. Eligibility for a Pell Grant is determined by the successful completion of the FAFSA. Applying for the FAFSA is the first step of the financial aid process.
2. Federal Unsubsidized Direct Stafford Loans: This loan program provides a maximum amount per year. Interest accrues from the point the student receives the loan money, but repayment can be deferred for up to six months after graduation or withdrawal.
3. Federal Subsidized Direct Stafford Loans: This loan program provides a maximum amount per year. These loans are interest free while a student is in school and for six months after graduation or withdrawal. Eligibility for this loan is determined by the successful completion of the FAFSA.
4. Federal Parent PLUS Loan: This loan program is for parents who wish to take out a loan for their child’s education. The amount a parent can borrow is determined on an individual basis utilizing the cost of attendance and the amount of other financial aid received. Interest accrues from the point the loan money is received. Payments must begin within 60 days of the second disbursement of the loan.
5. State of Michigan Scholarships and Grants: State aid may be available to an eligible student through proper completion of the FAFSA. Deadlines are strict and include March 1 for the MI Competitive Scholarship and June 30 for the Michigan Tuition Grant. Multiple residency questions on the FAFSA must be completed for student and parents.

The total award is determined by the Financial Aid Office. The Financial Aid staff will package each student’s award manually to include Pell Grants (if eligible) and Stafford loans. The Parent PLUS loan is offered to eligible students, but requires action from the student and parent to complete.

Any outside resources for scholarship or aid that the student obtains must be reported to the Financial Aid Office. Student aid, including outside resources, may not exceed the student’s cost of attendance. Therefore, if a student’s financial aid award letter has been presented by the Financial Aid Office and the student receives an additional outside award, an adjustment to the original award letter may be necessary.

Private Student Loan

The Verification Process

Verification is a process that confirms the accuracy of student reported data on financial aid applications. Only a portion of the student population is selected for verification. Students are notified that they are selected for verification on the Student Aid Report.

Each year the U.S. Department of Education selects a percentage of financial aid applications for review. This process is called “verification.” A student who is chosen for verification must provide Compass College of Cinematic Arts’ Financial Aid Office with certain financial records for review prior to the awarding and/or disbursement of the student’s financial aid. The Financial Aid Office will provide a Verification Worksheet to the student if verification is required.

The Financial Aid Office verifies those applicants identified by the Department of Education. In addition, the financial aid administrator may select a student for verification if there is a discrepancy or a condition, which is unusual and warrants investigation. The Financial Aid Office reserves the right to verify any student.

Exclusions

Below is a list of certain circumstances where a student does not have to complete verification. The exclusion must be identified by an aid administrator and documented in the student’s file.

1. The applicant died during the award year.
2. The student is a resident of Guam, American Samoa, the Northern Mariana Islands, the Federated States of Micronesia, and the Trust Territory of the Pacific Islands (Palau).
3. A student who is incarcerated.
4. Applicants whose parents do not live in the United States and cannot be contacted.
5. A student immigrant (however, the student must meet the citizenship requirement).
6. A dependent student whose parents cannot comply because of specified reasons (i.e., parents are deceased, are physically or mentally incapacitated, or the student does not know where the parents reside).
7. A student who does not receive need-based Title IV funds.

Conflicting Information

Financial aid administrators are required to resolve any discrepancies discovered in a student’s file. The Financial Aid Office systematically verifies those data elements required by the federal government. However, the Financial Aid Office is free to ask for additional information if further investigation is needed to resolve a discrepancy. The following items are typically reviewed: adjusted gross income, U.S. income tax paid, household size, and number of family in college.

Documentation and Collection Procedures

Documentation submitted to the Financial Aid Office must be legible, appropriate, and have the student’s social security number for identification purposes. If the student submits illegible, inappropriate or unidentifiable documents, the documents will be returned to the student for resolution.

The student’s verification documentation must include signed copies of federal tax returns. A Verification Worksheet will be provided by the Financial Aid Office and must also be completed and submitted. A student must submit all documentation to the Financial Aid Office by mail or in person during business hours preferably inside of an envelope or file folder.

Processing Time Period

A student chosen for verification will be notified within 14 days by the Financial Aid Office. The notification will explain that additional processing of their financial aid file cannot take place until the required documentation is received and verification can take place. Students who submit documentation after the deadline will be awarded aid on an availability basis. Students who fail to comply and submit documentation will not be complete; therefore, financial aid will not be awarded.

Professional Judgment

The FAFSA does not provide families with an opportunity to explain special circumstances affecting their ability to pay for the student’s education. A student may request a consideration for professional judgment from the financial aid administrator by completing a Financial Aid Request for Review form available from the Financial Aid Office.

Professional judgment refers to the authority of the school’s Financial Aid Office to make adjustments to the data elements on the FAFSA and to override a student’s dependency status. The school does not have the authority to change the need analysis formula itself or to make direct adjustments to the Expected Family Contribution. Instead, the school may make adjustments to the inputs to the formula. The changes to the inputs are dictated by the impact of the special circumstances on the family’s income and assets. The standard formula is then applied to the new data elements, yielding a new Expected Family Contribution figure.

The need-analysis methodology mandated by the Federal Regulations is a rigid formula. To remedy this, Congress delegated to the school’s financial aid administrator the authority to compensate for special circumstances on a case-by-case basis with adequate documentation. As the person in the field, the school’s financial aid administrator is best able to evaluate the family’s situation and to make the appropriate adjustment. The decision of the financial aid administrator is final. There is no appeal. By law, neither the school’s president nor the U.S. Department of Education can override the financial aid administrator’s decision.

Compass College of Cinematic Arts provides students with appropriate cost of attendance data. The data is reviewed yearly and adjustments are made as needed.

Cost of Attendance Breakdown

Compass College of Cinematic Arts has no dormitory facilities; therefore, the school has no charges for room or board. However, for the calculation of financial need only, the school uses reasonable room, board, and other associated expense figures established by the school’s administration. These estimates are used solely for determining financial aid and are not intended to be exact figures.

These costs apply to all students:
Tuition and Fees                          $27,435
Computer Equipment & Software      4,000
Textbooks                                      1,000
Transportation                                1,000

For students who are not living with parents, include:
Housing                                       $5,000
Personal Expenses                          2,500

For students from outside of Michigan, include:
Additional transportation                $1,000

For students who are in need of dependent care, include:
Dependent care costs                    $5,000

Return of Title IV Funds Policy for Title IV Federal Aid Recipients

The term “Title IV Funds” refers to Federal financial aid programs authorized under the Higher Education Act (HEA) of 1965 (as amended).

Federal financial aid funds are awarded with the expectation that students will complete the entire period of enrollment. With each day of class attendance, students “earn” a percentage of their aid. When a student who has received Title IV Funds leaves school before the end of the term or period of enrollment, Federal law requires the school to calculate the percentage of “unearned” federal funds, which must be returned to the Federal government. The student’s withdrawal date is the date the student informs the school of their withdrawal by beginning Compass College of Cinematic Arts’ withdrawal process.

The percentage of the term completed is calculated by dividing the number of calendar days the student attended in the term by the total number of calendar days in the term. This percentage corresponds with the amount of aid the student has “earned.” The remaining portion of aid is considered “unearned.” However, after a student has completed more than 60% of the term, the student is considered to have earned 100% of the funding.

The responsibility to repay “unearned” Title IV Funds is shared by the institution and the student in proportion to the aid each “possesses.” (Title IV Funds are considered the first resource applied to the institutional charges and Title IV Funds are disbursed directly to a student only after institutional charges have been covered.)

The school must return the amount of “unearned” Title IV Funds aid for which it is responsible by repaying the following sources in order, up to the total net amount disbursed from each source:

1. Unsubsidized Federal Direct Stafford Loan
2. Subsidized Federal Direct Stafford Loan
3. Federal Pell Grant
4. FSEOG; and
5. Other Title IV programs

The student must return the amount of “unearned” Title IV Funds aid for which the student is responsible. Funds should be repaid in the order specified above. However, loan amounts are to be repaid by the borrower in accordance with the terms defined by the promissory note(s). Amounts to be returned to grants by the student are protected by 50% of the original Federal grant amount.

Accordingly, Compass College of Cinematic Arts will prorate institutional charges for Title IV Fund recipients based on the percentage of the term completed, calculated by dividing the number of calendar days the student attended in the term by the total number of calendar days in the term. Title IV Fund recipients will be charge for a percentage of the term equal to the percentage of the aid they “earned.” After completing over 60% of the term as calculated above, the student will have “earned” 100% of their institutional charges, as well as their Title IV financial aid.

Compass’ Financial Aid Office calculates percentages and amounts pertaining to the Return of Title IV Funds. Non-Federal aid received by Title IV recipients will be “earned” in the same manner described above for Title IV Funds. The amounts and order in which each source of non-Federal aid is refunded is determined on a case-by-case basis. Required returns of funds of all financial aid programs must be made prior to the refund to the student.

Default Prevention and Management

The law requires that schools participating in the FFEL or Direct Loan Programs to use a default prevention and management plan to participate in Title IV programs. Compass College of Cinematic Arts has adopted the Default Prevention and Management Plan provided by the U.S. Department of Education. The plan includes commitment to the following activities and implementation by the Financial Aid Office:

• Entrance Counseling
• Financial Literacy for Borrowers
• Communication Across Campus
• Exit Counseling
• Timely and Accurate Enrollment Reporting
• NSLDS Date Entered Repayment (DER) Report
• Late Stage Delinquency Assistance (LSDA)
• Loan Record Detail Report (LRDR) Data Review
• Analysis of Defaulted Loan Data to Identify Defaulter Characteristics

Full details of the Default Prevention and Management Plan are available in the Financial Aid Office.

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