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 an approved need analysis 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.
Students need to be U.S. citizens or permanent residents to qualify for federal and state aid. Therefore, international students do not qualify. 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 previously earned a bachelor's or professional degree. Eligibility for a Pell Grant is determined by the successful completion of the FAFSA
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.
6. Federal Supplemental Educational Opportunity Grant (SEOG):
Schools receive funds from the federal aid programs to award to students with exceptional need. CCCA provides SEOG grants to Pell eligible students.
7. Private Student Loans
: CCCA students and their parents may be eligible for a private student loan through Wells Fargo Bank. Visit the Wells Fargo Bank
website for more information.
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.
The Financial Aid staff issues financial aid award letters directly to students. At that time, the student has the opportunity to change or decline an award via the award letter. A copy of the student’s signed award letter is kept in the student’s file. In the case of an award change, the student must acknowledge the change by signing a revised letter.