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Financial Aid
Programs
How to Apply
Other Resources
Roberto-Venn School of Luthiery is accredited
by the Accrediting Commission of Career Schools and Colleges of
Technology (ACCSCT), 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.
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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.
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This program is not available to students who already have a Bachelor's (or higher) degree.
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For the 2007-2008 academic year, the maximum PELL Grant award available to
our students is $3,242.
Federal Stafford 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:
Subsidized Federal Stafford Loan
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The interest rate of 6.8% is fixed for loans 1st disbursed on or after July
1, 2006.
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A student must demonstrate financial need to receive a subsidized Stafford
loan.
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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.
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Repayment begins six months after the student graduates, withdraws, or drops
below half time.
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For the 2007-2008 academic year, the maximum Subsidized Federal Stafford
Loan for qualified students is $2,695.
Unsubsidized Federal Stafford Loan
- The interest rate of 6.8% is fixed for loans 1st disbursed on or after
July 1, 2006.
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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.
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Accrued interest could be capitalized (added to the principal of the loan). Capitalization occurs at different intervals depending on the lender's
policy.
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Repayment: Begins six months after student graduates, withdraws, or drops
below half time.
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For the 2007-2008 academic year, the maximum Unsubsidized Federal Stafford
Loan for qualified students is $3,080.
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.
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Interest rate is fixed at 8.5% for the life of the loan.
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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.
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Interest begins accruing immediately upon disbursement of funds.
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Repayment begins on the date the last disbursement is made. The first
payment is due within 60 days after the loan is fully disbursed.
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The PLUS Loan is subject to a 4% origination fee.
How To
Apply
Financial Aid
Programs
Other Resources
To apply for financial aid, you must fill out and submit a Free
Application for Federal Student
Aid, or FAFSA. You can obtain a free FAFSA:
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Online, via the Department of Education's website, at
www.fafsa.ed.gov.
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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.
You will need to include Roberto-Venn's
school code when completing the FAFSA. Our school code is:
014740. This will allow the Department of Education to send
us an electronic report indicating your eligibility for financial aid.
Once we have received this aid report and you have officially been accepted into
a class, we will send you an Estimated Tuition Payment Letter detailing any financial
aid that may be available to you. If you would like to know your financial
aid eligibility before applying to the school, and have already submitted
your FAFSA to the government or the school, contact our Admissions
Director.
Other
Resources
Financial Aid Programs
How to Apply
Veterans benefits are available to those who qualify. Roberto-Venn
participates in the Federal Family Education Loan Program. The lenders listed
have been chosen by our institution because of customer service and outstanding
savings. Please note that you are not
required to use one of these lenders. The office of Financial Aid will process
your loan with any lender you choose. LENDERS
Southwest Student Services
Corporation
Benefit Description: -Zero
Origination Fees -Zero
Default Fees -1
percentage point interest rate reduction after the first on time payment -.25
percentage point interest rate reduction for automatic debit These
Southwest Student Services borrower benefits apply to Stafford loans first
disbursed July 1, 2007 - June 30, 2008. Interest
Rate 6.8%, 1% Default Fee Paid by lender
Student Funding Group Benefit
Description: -Zero
Origination Fees -Zero
Default Fees -3.3%
loan credit/cash back after 33 on time payments. -.50
percentage point interest rate reduction for automatic debit Interest
Rate 6.8%, 1% Default Fee Paid by lender. Sun
Trust Bank Benefit
Description: -Zero
Origination Fees -Zero
Default Fees -3.3%
loan credit/cash back after 33 on time payments. Interest
Rate 6.8%, 1% Default Fee Paid by lender.
Tuition
Answer Loan Sallie
Mae's additional educational funding source for students and parents.
TERI Educational Loans
TERI is an alternative educational lender. Many students access this
organization if additional financial aid is required.
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.
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