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financial aid information |
CVA believes that every accepted student should have the opportunity to enroll at the college,
regardless of financial need. Through a program of scholarships, grants, loans, work-study, and the
Tuition Management Systems Monthly Payment Plan, CVA provides a comprehensive approach to assist students who may be in a challenging
financial situation. The Financial Aid Office works with each student to develop a financial aid package that best meets
specific financial needs.
Contact the Financial Aid Office with any questions 651.224.3416 or financialaid@cva.edu.
ELIGIBILITY REQUIREMENTS
APPLYING FOR FINANCIAL AID
FINANCIAL AID SATISFACTORY ACADEMIC PROGRESS POLICY
STUDENT RIGHTS & RESPONSIBILITIES REGARDING FINANCIAL AID
FAQ
ELIGIBILITY REQUIREMENTS
Most types of financial aid are awarded based on need. Need is essentially the difference between the cost
of education and the amount a family is expected to contribute toward those costs. A family's expected contribution
is determined by a standard federal formula.
To be eligible for financial aid, a CVA student must:
a. Be enrolled at CVA in a degree program,
b.Complete the Free Application for Federal Student Aid (FAFSA),
c. Be a U.S. citizen or permanent resident,
d. Be registered with Selective Service (if you are a male),
e. Not be in default on any educational loan or owe a refund on any federal or state grant, and
f. Maintain satisfactory academic progress towards a degree.
Some types of financial aid may require full time enrollment.
Financial aid is prorated for part-time students according to their course load. Financial aid for second degree
seeking students is limited to the CVA Grant and student loans.
A student has to reapply annually for all types of financial aid. In January, new financial aid
forms and applications are distributed for the next fall term. Returning students who wish to apply
for aid should complete their financial aid application by April 1 for priority consideration..
APPLYING FOR FINANCIAL AID
STEP 1
Complete the
CVA Application for Financial Aid.
STEP 2
Complete the Free Application for Federal Student Aid (FAFSA) online at
www.fafsa.ed.gov. CVA’s school code is 007462.
If you don’t want to submit your FAFSA online, you may request a FAFSA booklet from the Financial Aid Office.
Once your form is completed, please submit your form to the Financial Aid Office for processing.
If you already completed the FAFSA and didn’t include CVA as one of your college choices, call
(800) 433-3243 or go on-line to www.fafsa.ed.gov to have a copy of your SAR sent to the CVA Financial Aid Office.
Your FAFSA may be selected for a process called verification. One out of every three applicants is selected for this process.
If your application is selected, the CVA Financial Aid Office will contact you requesting various documents. Please note that your financial aid file will be placed
in “hold” status until all the required information is received by the Financial Aid Office.
NOTE: It is recommended that you submit the FAFSA after you and/or parents, if applicable, have completed
the current federal income tax forms (1040). If the tax forms are not complete, you may estimate the financial
portion of the application.
STEP 3
To apply for the Federal Stafford Loan, you must complete student loan entrance
counseling and complete the Federal Stafford Master Promissory Note (MPN). Both steps below can be
completed at the CVA web site. You will be required to select a lender for your Stafford Loan
application.
a. a. Complete the MPN online at the
CVA Stafford Loan Guide Page. The MPN is a continuous promissory note that needs to be
submitted only once.
b. Complete Stafford Loan entrance counseling online at the
CVA Online Student Loan Counseling Page. Please note, some lenders may include entrance counseling
as part of the MPN process.
Please print a copy of both the MPN and the Entrance Interview Confirmation for your records.
If you prefer not to complete this process online, please contact the CVA Office of Financial Aid for more information on completing the paper application.
FINANCIAL AID SATISFACTORY ACADEMIC PROGRESS POLICY
Satisfactory academic progress is defined as progressing in a positive manner towards fulfilling the requirements of a degree program. There are two components to measure academic progress. The first is a qualitative measure by use of the cumulative grade point average (GPA); the second is the quantitative measurement that is determined by the number of credits successfully completed.
QUALITATIVE REQUIREMENTS (GPA)
A student is required to maintain a minimum cumulative GPA of 2.0 for courses taken at the College of Visual Arts. Letter grades of A through F are included in the cumulative GPA. Grades of I (Incomplete), S (Passing), U (Not passing), Au (Audit) and W (Withdrawal) do not carry a numerical value and do not affect the GPA. If a course is repeated, the second grade is used in calculating the cumulative GPA.
Determination as to whether a student meets the qualitative requirements will first be made at the end of the spring
semester in the student's second academic year and will be checked at the end of each academic year thereafter.
QUALITATIVE REQUIREMENTS (COURSE COMPLETION RATE)
A student is expected to earn his or her degree within 150 percent of the published length of the program
(maximum six years). In order to meet this requirement, a student must successfully complete at least 67 percent
of attempted credits each term. This will be calculated by dividing the cumulative credits earned by the cumulative
credits attempted. Accepted transfer credits are included in the calculation of a student's course completion rate.
Determination as to whether a student meets the quantitative requirements will first be made at the end of the spring
semester in the student's first academic year and will be checked at the end of each academic year thereafter.
Full-time enrollment for financial aid purposes is 12 or more credits per term. Please note that 15 credits per semester is considered full-time enrollment for the Minnesota State Grant Program.
ACADEMIC PROGRESS REVIEW
Satisfactory academic progress is evaluated at the end of each academic year, after spring semester grades have been posted. A student who fails to meet the progress standard will be notified in writing no later than 4 weeks after the progress review.
In determining Satisfactory Progress, the Financial Aid Office defines completed credit hour and cumulative GPA in the same manner as the Registrar's Office.
Students should refer to the Registrar's section of the catalog for clarification on these items.
FINANCIAL AID SUSPENSION
A student who does not achieve the necessary requirements for satisfactory academic progress is placed on financial aid suspension and will lose eligibility for financial aid. A student may regain eligibility for assistance after demonstrating the ability to maintain the standards of this policy. A student who exceeds the maximum published length of the program (six years) is placed on financial aid suspension.
FINANCIAL AID APPEAL PROCESS
A student who fails to maintain satisfactory academic progress and is suspended from financial assistance has the opportunity to appeal based upon unusual or extenuating
circumstances beyond the student's control. A student must submit a written appeal and supporting documentation to the Director of Financial Aid within 30 days of
notification of financial aid suspension. The Financial Aid Committee will review all financial aid appeal requests and will provide a written decision to the student
within 10 business days upon receipt of the request. All decisions made by the committee are final.
STUDENT RIGHTS & RESPONSIBILITIES REGARDING FINANCIAL AID
RIGHTS
- To expect professional service;
- To know the cost of attendance and CVA’s refund policy;
- To know what criteria CVA uses to select financial aid recipients;
- To know what financial assistance is available, including information on all federal, state, and private financial aid programs;
- To know how CVA determines financial need and the process it uses to construct student budgets;
- To know how financial aid is disbursed;
- To know each type and amount of assistance in the award package;
- To know how satisfactory academic progress is determined and consequences if it is not met;
- If student loan funds are borrowed, the student has the right to know the interest rate, the total amount that must be repaid, the length of time to repay the loan, when to begin repayment, and any cancellations and deferment provisions that apply;
- To reconsider the financial aid award if the student believes a mistake has been made;
- To know the procedures and deadlines for submitting applications and other required documents; and
- To know what special services are available.
RESPONSIBILITIES
- To read, understand, and accept responsibility for all documents signed and to keep copies of them;
- To know and comply with deadlines for application for aid;
- To provide all additional documentation, verification, corrections, and/or new information
requested by the Financial Aid Office or the agency to which the application was submitted;
- To review and consider all information about CVA’s programs before enrollment;
- To inform the Financial Aid Office of changes in name, address, or school status, in addition to the lender from whom the student
loan funds were borrowed;
- To submit complete financial aid application forms correctly, clearly, accurately, and on time. Errors can delay the processing
of applications.
- To know and comply with CVA’s refund/repayment procedures; and
- To know and comply with CVA’s academic satisfactory progress policy.
FREQUENTLY ASKED QUESTIONS AND ANSWERS
1. How do I apply for financial aid?
2. Am I required to report my parents’ information on the FAFSA?
3. What if my income has decreased from the previous year or I have unexpected circumstances that affect my ability to pay for college?
4. What types of financial aid are available at CVA?
5. How is financial need determined?
6. What is EFC?
7. How will I be notified of my financial aid award?
8. How will I receive my financial aid?
1. How do I apply for financial aid?
Complete the Free Application for Student Financial Aid (FAFSA) and the CVA Financial Aid Application. Both applications are available in
the CVA Financial Aid Office. To continue receiving financial aid, students are required to reapply each year. The re-application deadline is
April 1.
2. Am I required to report my parents’ information on the FAFSA?
You are required to report parent information if you do not meet one of the following criteria:
a. You are 24 years of age by December 31 of the year you are applying
for aid.
b. You have at least one bachelor’s degree and are working on a master’s or doctorate program.
c. You are married.
d. You have children or other dependents who receive more than half of their support from you.
e. Both parents are deceased, or until the age of 18 you were a ward/dependent of the court.
f. You are a veteran of the U.S. Armed Forces.
If you are unsure of your status or have extenuating circumstances, please contact the Financial Aid Office
.
3. What if my income has decreased from the previous year or I have unexpected circumstances that affect my ability to pay for college?
If your income has decreased by a significant amount from the previous year or if you have unexpected circumstances, please see the Financial Aid Office for assistance.
4. What types of financial aid are available at CVA?
CVA offers federal, state, and institutional assistance to those who qualify. Types of financial aid are grants, scholarships, work-study, student loans, and a loan for parents. Students at CVA usually receive a combination of aid depending upon financial need.
5. How is financial need determined?
Financial need is determined from the results of your FAFSA. The formula used to determine need is the cost of attendance (tuition, fees, books, supplies, living/personal expenses) minus the Expected Family Contribution (EFC) equals financial need. Once the financial need is determined, the Financial Aid Office will know what types and the amount of aid to offer.
6. What is EFC?
The Expected Family Contribution (EFC) is the result of a federal calculation that takes into account many factors, such as household income, assets, number
in household and the number in college. The result of this calculation, the EFC, is an index number used to determine financial need and eligibility for
most sources of financial aid. Your EFC is reported on your Student Aid Report (SAR).
7. How will I be notified of my financial aid award?
An eligibility notice will be mailed to you detailing the type and amount of assistance you are eligible to receive. At this time, you have the option to refuse and/or ask for adjustments to all or a portion of your aid award. Billing information is also enclosed with the notice of aid.
8. How will I receive my financial aid?
Financial aid is disbursed on a semester basis. After financial aid has been applied against your charges and if a credit balance is the result, a refund check will be generated by the CVA Business Office after the six day drop/add period.
TIPS FOR VIEWING PAGES OUTSIDE CVA's WEBSITE
If you are having difficulty viewing links that take you outside of CVA's website, please try the following:
First, if you are using Microsoft Internet Explorer, check to be sure your browser is at least version 6. Also, check your security settings. The last two links go to secure websites. Your security settings may be blocking your access.
You may want to try accessing the pages from other browers such as Mozilla Firefox or Netscape.
Finally can also try to copy the page links, and paste them into your brower's URL bar.
Listed below are the Financial Aid links that redirect you outside CVA's site:
Free Application for Federal Student Aid (FAFSA)
http://www.fafsa.ed.gov/
Federal Student Aid
http://www.studentaid.ed.gov/" target="_blank
Federal Stafford Loan Guide
https://www.eac-easci.org/aesi/show_fees.cfm?s_id=00746200
Federal PLUS Loan Guide for Parents
https://www.eac-easci.org/plus/show_fees.cfm?s_id=00746200
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