Financial Aid

Roberto-Venn School of Luthiery is accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC), and participates in several Federal Student Aid programs. For your information, here is a brief overview of these programs:

PELL Grant

As the name implies, the PELL grant is direct funding from the government. It does not need to be repaid like a student loan, and carries no interest charge.

  • The student must demonstrate financial need to receive a Pell grant. The amount of the award is calculated by the government, based on the student’s financial need.
  • This program is not available to students who already have a Bachelor’s (or higher) degree.
  • For the 2016-2017 academic year, the maximum PELL Grant award available to our students is $4,473.

Federal Direct Subsidized and Unsubsidized Loans

Stafford Loans are loans made available to students by the Federal Government to pay for their education. These loans, unlike PELL grants, do accrue interest and must be paid back in full. There are two different types of Stafford Loans available, and a student may qualify for one or both. Stafford loans are subject to a 1.073% origination fee.

Subsidized Loan

  • The interest rate of 3.76% is fixed for loans 1st disbursed on or after July 1, 2016.
  • A student must demonstrate financial need to receive a subsidized Stafford loan.
  • The Federal Government pays the interest on loan until six months after the student graduates, withdraws, or drops below half-time attendance, or in times of approved deferment.
  • Repayment begins six months after the student graduates, withdraws, or drops below half time.
  • For the 2016-2017 academic year, the maximum Subsidized Federal Stafford Loan for qualified R-V students is $2,692.
  • The Subsidized Loan is subject to a 1.068% origination fee.

Unsubsidized Loan

  • The interest rate of 3.76% is fixed for loans 1st disbursed on or after July 1, 2016.
  • This loan is not need-based, but it is only available to independent students or dependent students whose parents apply for but are denied a PLUS loan to pay for their education.
  • Accrued interest could be capitalized (added to the principal of the loan). Capitalization occurs at different intervals depending on the lender’s policy.
  • Repayment: Begins six months after student graduates, withdraws, or drops below half time.
  • For the 2016-2017 academic year, the maximum Unsubsidized Federal Stafford Loan for qualified R-V students is $4,615(this amount includes additional unsubsidized Stafford loan eligibility).
  • The Unsubsidized Loan is subject to a 1.068% origination fee.

Parent Loan for Undergraduate Students (PLUS)
This is a loan taken out by the parent to pay for the a student’s education, and the parent, not the student, is responsible for repaying it.

  • Interest rate is fixed at 6.84% for the life of the loan.
  • This loan is not need based, but it cannot exceed the student’s Cost Of Attendance (COA) less other financial aid awarded during the period of enrollment.
  • Interest begins accruing immediately upon disbursement of funds.
  • Repayment begins on the date the last disbursement is made. The first payment is due within 60 days after the loan is fully disbursed.
  • The PLUS Loan is subject to a 4.272% origination fee.

Veterans benefits are available to those who qualify

How To Apply For Financial Aid

Once you have applied for and have been accepted to attend the Guitar Making and Repair Course at Roberto-Venn, you will need to complete the following steps in order to obtain federal financial aid.

STEP 1: FAFSA
Complete the FAFSA (Free Application for Federal Student Aid) online at www.fafsa.ed.gov. You will need to include Roberto-Venn’s school code when completing the FAFSA. Our school code is: 014740. During this step you will also create a PIN (Personal Identification Number). FAFSA on the web allows you to complete and submit your financial aid application electronically. The electronic form is designed to prevent you from making obvious mistakes or omitting required information, so it will speed up the processing of your application.

STEP 2: AWARD LETTER
Once you have completed the FAFSA you will receive an award letter via email from the school. This award letter will inform you of the grants and or loans you may be eligible for and will also include a student budget summary. If you are selected for verification as a result of the info you submit on your FAFSA, the worksheet and instructions needed to complete verification will be included in this award letter. There will also be info on the Parent Loan for those who may be eligible.

STEP 3: ONLINE DIRECT LOAN MASTER PROMISSORY NOTE AND ENTRANCE COUNSELING
In order to secure your loan it is required that you complete the entrance loan counseling to ensure that you understand your financial obligations as a borrower. Once this is complete you need to fill out the MPN (Master Promissory Note).

CLICK HERE for the online financial aid application and loan counseling.

STEP 4: DIRECT LOAN AND FFEL EXIT COUNSELING
You will need to complete online exit counseling prior to graduation. Click here: Exit Counseling.


NET PRICE CALCULATOR
The Net Price Calculator can assist you with calculating your “estimated” educational cost. Please be advised that the calculator is for estimating purposes only. Final eligibility for aid is subject to student completing the FAFSA. For more information on applying for Federal student aid, go to http://www.fafsa.gov.

 

If you have any questions regarding any of these steps or the financial aid process feel free to contact Bart Applewhite via email at financialaid@roberto-venn.com or toll free at 800-507-3738.

SUMMARY OF IMPORTANT LINKS AND INFO

R-V School code: 014740
FAFSA:
www.fafsa.ed.gov

Online financial aid application:
www.studentloans.gov
R-V contact (email):
financialaid@roberto-venn.com
R-V contact (phone):
800-507-3738
Exit Counseling:
NSLDS

Other Resources

 

Scholarship opportunity
http://dumonds.com/arts-scholarship/

 

 

fastWEB
This site provides a search engine for a database of many of private and public scholarships available to students in different programs. While Roberto-Venn’s program is highly specialized and is difficult to match with scholarship categories, students who do not qualify for Federal Student Aid or who are in need of additional funding might want to try this search.

Help in completing the FAFSA
This is a help page for the FAFSA sponsored by the Department of Education.