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2011-2013 CATALOG - The Art Institutes

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62<br />

GRANTS:<br />

THE ART INSTITUTE OF PHOENIX<br />

INSTITUTIONAL GRANT PROGRAM<br />

Institutional need grant is available for students who<br />

demonstrate high financial need after financial aid<br />

is awarded and alternative loan funding has been<br />

exhausted. <strong>The</strong>se funds are awarded on a first come,<br />

first serve basis to be used for direct education costs<br />

only, not to exceed $300 per student, per quarter.<br />

Contact:<br />

<strong>The</strong> <strong>Art</strong> Institute of Phoenix<br />

Student Financial Services Office Department<br />

2233 West Dunlap Avenue Phoenix, AZ 85021<br />

602.331.7500 or 800.474.2479<br />

Eligibility: Must apply for federal aid and other<br />

financial aid and register for full time status.<br />

Deadline: Prior to beginning of academic year.<br />

THE ART INSTITUTES NEED-BASED<br />

GRANT PROGRAM<br />

<strong>The</strong> <strong>Art</strong> <strong>Institutes</strong> Need-Based Grant Program<br />

provides grants to students who show evidence of<br />

need and the motivation to complete the program.<br />

<strong>The</strong> amount of the grant varies according to the<br />

individual financial need of each student receiving<br />

the assistance, as determined by the Student<br />

Financial Services Office. <strong>The</strong> amounts are awarded<br />

for the current academic year, up to $300 per student<br />

per quarter.<br />

Contact:<br />

<strong>The</strong> <strong>Art</strong> Institute of Phoenix<br />

Student Financial Services Office Department<br />

2233 West Dunlap Avenue Phoenix, AZ 85021<br />

602.331.7500 or 800.474.2479<br />

Eligibility: Financial need basis.<br />

Deadline: Prior to end of academic year.<br />

ACADEMIC COMPETITIVE<br />

GRANT (ACG)<br />

Description: <strong>The</strong> Academic Competitive Grant<br />

is available to students who are US citizens and<br />

Permanent Residents receiving a Pell Grant, are full<br />

time in their first or second year of college in a degree<br />

program, graduated from high school in 2005 or later,<br />

and took a program of study in high school that was<br />

considered to be rigorous. Each eligible student may<br />

receive two years of ACG. <strong>The</strong> award is up to $750 the<br />

first year and up to $1,300 the second year. To receive<br />

a second year grant, the student must have a 3.0 GPA<br />

at the end of the first year.<br />

How to apply: Applying for a Pell Grant (see<br />

above) allows a student to be considered for an ACG.<br />

In addition, the student must provide an official<br />

high school transcript. <strong>The</strong> Academic Affairs office<br />

at <strong>The</strong> <strong>Art</strong> <strong>Institutes</strong> will evaluate the transcript to<br />

determine if it meets the “rigorous program of study”<br />

requirement.<br />

How payments are made: If <strong>The</strong> <strong>Art</strong> Institute<br />

has a valid ISIR and a valid High School transcript that<br />

meets requirements, payments are credited directly<br />

to the student’s account in each quarter in which the<br />

student meets eligibility requirements.<br />

NATIONAL SCIENCE AND<br />

MATHEMATICS ACCESS TO RETAIN<br />

TALENT (SMART) GRANTS<br />

Description: SMART Grants are available to eligible<br />

students in the third and fourth years of certain<br />

bachelor’s degree programs. Students receiving<br />

a Pell Grant, must be a U.S. Citizen or Permanent<br />

Residents, and have a 3.0 GPA. If transferring from<br />

another school, the student must have a 3.0 in classes<br />

for which credits are being transferred. <strong>The</strong> admissions<br />

office can provide the student with a list of eligible<br />

programs. Awards are up to $4,000 per year.<br />

How to apply: Applying for a Pell Grant (see<br />

above) allows a student to be considered for a<br />

National SMART Grant.<br />

How payments are made: If <strong>The</strong> <strong>Art</strong> Institute<br />

has have a valid ISIR, payments are credited directly<br />

to the student’s account in each quarter in which the<br />

student meets eligibility requirements.<br />

FEDERAL SUPPLEMENTAL<br />

EDUCATIONAL OPPORTUNITY GRANT<br />

(FSEOG)<br />

Description: FSEOGs are “gifts” of assistance<br />

to students. <strong>The</strong>y are available to students who<br />

demonstrate exceptional financial need and who<br />

have not already received a bachelor’s degree. <strong>The</strong><br />

amount available varies and program funds are<br />

limited. Eligible students generally receive from $300<br />

to $1,200 for each academic year (three quarters or<br />

two semesters). Grants through this program do not<br />

have to be repaid.<br />

How to apply: Complete the Free Application<br />

for Federal Student Aid (FAFSA). <strong>The</strong> school will<br />

receive an Institutional Student Information Report<br />

(ISIR) from the Federal Financial Aid Processor when<br />

you indicate the school as a choice on your FAFSA.<br />

<strong>The</strong> school will use the information from the ISIR to<br />

determine whether you are eligible for an FSEOG.<br />

If you bring or mail the FAFSA to the school, we can<br />

tell you if you will be eligible for an FSEOG and the<br />

approximate amount that you will receive. If you are<br />

eligible, you will be notified on your Student Financial<br />

Plan.<br />

How payments are made: If <strong>The</strong> <strong>Art</strong> Institute has<br />

a valid ISIR for you, we can receive your FSEOG funds<br />

directly from the federal government. Your account<br />

is then credited with your grant funds about 10 days<br />

before the first day of class each term. <strong>The</strong> credit<br />

is automatic as long as your financial paperwork is<br />

complete each year, you remain eligible for aid, and<br />

you officially register for classes each term.<br />

FEDERAL DIRECT STAFFORD STUDENT<br />

LOAN<br />

Description: Subsidized Federal Direct Student<br />

Loans carry a fixed interest rate. Contact the Student<br />

Financial Services Department for the most current<br />

interest rates. Eligibility is based on financial need. If<br />

you are eligible, you may borrow once per academic<br />

year as long as all of the required paperwork has<br />

been completed. <strong>The</strong> federal government pays the<br />

interest on a Subsidized Federal Stafford Loan while<br />

the student attends school, during the grace period,<br />

and during periods of deferment. <strong>The</strong> student is<br />

responsible for interest on an Unsubsidized Federal<br />

Stafford Loan.<br />

Amount: Dependent students may borrow<br />

combinations of Subsidized and Unsubsidized<br />

Federal Loans up to a maximum of $3,500 during<br />

the first grade level, $4,500 during the second<br />

grade level, and $5,500 for the third and fourth<br />

grade levels. Independent students and dependent<br />

students whose parents cannot borrow under the<br />

Federal PLUS Loan program (see next section) may<br />

borrow the maximum annual amounts stated above,<br />

plus an annual maximum of $6,000 in Unsubsidized<br />

Federal Loans for the first and second grade levels,<br />

and $7,000 in Unsubsidized Federal Loans for the<br />

third and fourth grade levels. A variable origination<br />

fee (up to 3%) and a variable insurance fee (up to 1%)<br />

are deducted from the amount borrowed for both<br />

Subsidized and Unsubsidized Direct Loans. Maximum<br />

loan amounts may be reduced for loan periods less<br />

than an academic year and if the student has previous<br />

loans. Amounts are accurate as of this printing.<br />

Please contact the Student Financial Services<br />

Department for the most current amounts.<br />

Repayment for Subsidized Loans: Repayment<br />

begins six months after you leave school or drop<br />

below half-time status.While you are in school in at<br />

least a half-time status and during the six-month<br />

grace period, the interest is “subsidized” by the<br />

federal government.<br />

Repayment for Unsubsidized Loans: Your<br />

first payment of principal is due six months after you<br />

leave school or drop below half-time status. Interest<br />

is paid quarterly while you are attending school or<br />

can be accrued during the in-school and six-month<br />

grace periods. If it accrues, it is added to the<br />

principal when you begin to repay the loan. See your<br />

Student Financial Aid Officer to obtain a sample loan<br />

repayment schedule.<br />

How payments are made: Federal Loans are<br />

usually sent directly to the school electronically. This<br />

process is called Electronic Funds Transfer (EFT).<br />

With your authorization, the EFT loan funds are<br />

usually automatically credited to your tuition account<br />

prior to the beginning of each term. See the Student<br />

Financial Services Department for details. If your loan<br />

funds have not been received when you start class,<br />

we will defer payment of the school charges until the<br />

funds are received, as long as all of the paperwork<br />

has been completed.<br />

FEDERAL DIRECT PARENT LOAN FOR<br />

UNDERGRADUATE STUDENTS (FPLUS)<br />

Description: <strong>The</strong>se loans are made directly to<br />

parents of dependent students. FPLUS Loans have<br />

a fixed interest rate. Contact the Student Financial<br />

Services Department for the most current interest<br />

rates. A credit evaluation is required to determine<br />

the parent’s eligibility for this loan. A parent may<br />

borrow up to the difference between the student’s<br />

educational costs and other financial aid the student<br />

receives for each academic year. A variable insurance<br />

fee (up to 1%) and a variable origination fee (up to 3%)<br />

are deducted from the amount borrowed.<br />

Repayment: Repayment begins within 60 days after<br />

the loan is fully disbursed. See your Student Financial<br />

Aid Officer to obtain a sample repayment plan.<br />

How payments are made: Most loan funds<br />

are electronically transmited to the school by a<br />

process called Electronic Funds Transfer (EFT).With<br />

the borrower’s permission, the loan proceeds will<br />

automatically be transferred to the student’s account;<br />

this usually occurs prior to the beginning of each term.<br />

THE ART INSTITUTE OF PHOENIX <strong>2011</strong>-<strong>2013</strong> COURSE <strong>CATALOG</strong>

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