Financial Aid

i. General Information

Recipients of federal and/or Corcoran financial aid must be enrolled or accepted for enrollment in a degree-seeking program. Institutional grants and scholarships are limited to degree students. Graduate students are also eligible for certain Graduate fellowships. The Corcoran utilizes the Federal Methodology (FM) needs analysis formula developed by the U.S. Department of Education to determine student eligibility, based on the financial information reported on the Free Application for Federal Student Aid (FAFSA). Student eligibility is evaluated each academic year but can be evaluated during the year if circumstances warrant. Once enrolled, students must maintain Satisfactory Academic Progress (SAP) towards degree requirements (see Academic Standing) in order to be eligible to receive or continue receiving federal student financial aid. A minimum of half-time enrollment (six credits) is required for eligibility to receive federal and Corcoran financial aid, and to maintain financial aid eligibility.

Students moving within the Corcoran from undergraduate to graduate status should be advised that their financial aid status and options will change immediately and in the longer term. For example, previous undergraduate financial aid awards are not applicable at the graduate level.

Applicants interested in financial aid must submit the Free Application for Federal Student Aid (FAFSA) for consideration. Priority application filing date for these forms is February 1.

ii. Free Application for Federal Student Aid (FAFSA)

A completed FAFSA is required for all students interested in need-based aid, including Corcoran grants and scholarships, graduate fellowships, and federal and state loan and grant programs. The FAFSA is required for many private scholarships. It is used to calculate the student’s Expected Family Contribution (EFC). Complete the FAFSA online at www.fafsa.ed.gov. The Corcoran’s Title IV School Code is 011950. Students are encouraged to complete the FAFSA as soon as possible after January 1 to ensure adequate processing time. Please feel free to estimate the parent and/or student income on the FAFSA in order to meet the specified priority dates.

iii. Corcoran Scholarships and Grants

Undergraduate and graduate students enrolled full-time are eligible to receive Corcoran scholarships and grants. Priority consideration is given to students who complete the financial aid application process by the specified priority dates. The President’s Undergraduate and Deans Graduate Scholarships are non-need-based awards funded by the Corcoran that recognizes academic achievement and artistic talent. Corcoran grants are need-based awards based on the student’s financial need as demonstrated by the FAFSA and availability of funds. In some cases scholarship recipients will be asked to personally acknowledge and thank the donors whose contributions have made their scholarships possible.

iv. State and Federal Programs for Undergraduate Students

The Corcoran participates in all major financial aid programs offered by the U.S. Department of Education. Recipients must be U.S. Citizens or eligible non-citizens. Recipients must not be in default on a Federal Perkins, Stafford, or PLUS Loan, or owe a refund on a Federal Pell, SEOG, or the SSIG Grant. Male recipients must also certify compliance with the Selective Service System’s registration requirements.

District of Columbia residents interested in the DC LEAP or DC TAG programs may complete the DC OneApp. For more information visit www.seo.dc.gov.

State Student Incentive Grants are federal funds that are allocated to states and matched with state funds to provide additional grants to eligible undergraduate students. SSIG regulations vary from state to state, and students should contact the State Student Assistance Agency in their state of residence for information and application materials. Some states allow grants to be used for attendance at colleges outside of the state.

Federal Pell Grants are awarded by the U.S. Department of Education. Eligible students may receive grants up to $5,550 for the 2012-2013 academic year. FAFSA applications must be completed to be eligible for consideration. These grants are not available to students who have already received a Bachelor’s degree.

The Federal Supplemental Education Opportunity Grants (SEOG) are awarded by the Office of Financial Aid. Eligible students can receive grants up to $ 1,500 for the 2012-2013 academic year. These grants are not available to students who have already received a Bachelor’s degree.

Federal Perkins Loan

Federal Perkins Loans are awarded to a select number of needy students by the Office of Financial Aid. A 5 percent fixed-interest rate is charged on these loans. Repayment starts nine months following the recipient’s graduation, completion of an approved deferment period or change in enrollment status to less than half-time.

Federal Subsidized Loans

Eligible dependent undergraduate students may borrow federal subsidized loans up to:

• $3,500/year as a first-year student (undergraduate)
• $4,500/year as a second-year student
• $5,500/year as a third- or fourth-year student

The interest rate for all undergraduate subsidized Stafford loans is fixed at 4.5% (3.4% for loans disbursed after July 1, 2011). The aggregate loan limit for dependent undergraduate students is $31,000 and the aggregate loan limit for independent undergraduate students is $57,000. The maximum subsidized loan limit for both dependent and independent undergraduate students is $23,000.

Federal Unsubsidized Loans

Dependent undergraduate students are eligible to borrow an Unsubsidized Stafford loan of up to $2,000 per year. Eligible independent undergraduate students and students whose parents have been declined for the PLUS loan may borrow up to the following amounts in unsubsidized loans:

• $6,000/year as a first-or second-year student
• $7,000/year as third-or fourth-year student
• The interest rate for all undergraduate unsubsidized Stafford loans is fixed at 6.8%

Federal PLUS Loan

Federal Parent Loans for Undergraduate Students (PLUS) Loans are credit-based. They are available to parents of dependent undergraduate students regardless of need. Parents may submit PLUS loan applications and PLUS Loan Master Promissory Note online at www.studentloans.gov. Parents may borrow up to the cost of attendance minus any other financial aid the student has received.

v. State and Federal Programs for Graduate Students

Federal Stafford Loans for Graduate Students

Eligible graduate students may borrow up to $20,500 per year toward Federal Stafford Loans; of which a maximum of $8,500 may be subsidized. The cumulative maximum amount that graduate students may borrow, which includes undergraduate and graduate studies, is $138,500, not more than $65,500 can be subsidized. The interest rate for all graduate Stafford loans is fixed at 6.8%.

Federal Graduate PLUS Loan

Graduate student PLUS loans are credit-based. They are available to graduate students regardless of need. Graduate students may borrow up to the cost of attendance minus any other financial aid received. The GRAD PLUS loan application and PLUS loan Master Promissory Note are also available online at www.studentloans.gov.

vi. Private (Non-federal) Education Loans

Private loans are credit-based loans available to all students enrolled at least half time in a qualifying degree program. A student’s eligibility and loan amount cannot exceed the cost of attendance. These loans generally have a higher interest rate than federal loans.

vii. Preferred Lender List

The Corcoran College of Art + Design Preferred Lender List (PLL) includes the following lenders:

• Sallie Mae (www.salliemae.com)
• Wells Fargo (www.wellsfargo.com/student/loan)

The Corcoran College of Art + Design is unaffiliated with any of the above lenders and does not receive benefits or compensation by placing any particular lender on the list. Corcoran student borrowers are not required to use the lenders on the list and are free to use any FFELP lender of their choice.

VIII. William D. Ford Federal Direct Loan Program

Due to the recent enactment of a new federal law, the Health Care and Education Reconciliation Act of 2010, all colleges and universities were mandated to use the William D. Ford Federal Direct Loan Program for all new federal student loans as of July 1, 2010.

The student and his or her legal guardian(s), if applying for PLUS loan funds, must sign a new Master Promissory Note with the federal government valid for 10 years. To sign a Direct Loan Program MPN, log on to the following website www.studentloans.gov.

To complete a Direct Loan MPN electronically, students must have a Federal Student Aid PIN. The Federal Student Aid PIN is the same PIN used to complete the Free Application for Federal Student Aid (FAFSA). To apply for a PIN or for customer service regarding a previously assigned personal identification number, visit www.pin.ed.gov.

IX. Federal Work Study (FWS)

The Federal Work Study program provides eligible undergraduate students with part-time employment opportunities of 5–20 hours per week in the College or Gallery or with an approved non-profit organization. Most jobs are on campus with an hourly wage above the federal minimum wage standard.

x. Corcoran Graduate Fellowships

The Corcoran Graduate Fellowship Program awards excellence in a particular field of study. Fellowships are awarded to talented incoming students based on the graduate application and academic merit. Students must be enrolled in at least nine credits per semester, maintain a minimum 3.5 cumulative grade point average and work 10 hours per week over the course of 15 weeks with the College or the Gallery.

xI. Other Forms of Aid

Other forms of aid, including additional grants and scholarships, are often available through private organizations, including clubs, churches and employers. Students are encouraged to investigate sources from all affiliations. Students may also wish to use an online scholarship search service such as www.fastweb.com. Veterans and members of the armed forces are encouraged to explore all available educational resources. Undergraduate and graduate programs meet the program requirements for most external agencies.

xiI. Awards

Each year during the spring semester, a number of awards and scholarships are presented to outstanding and exemplary students at the Corcoran Student Awards Ceremonies. Faculty and department chair or program director selects the award recipients in accordance with the criteria specified for each award or scholarship.

xiiI. Non-Need Based Financing Options

Monthly Payment Plan

The Corcoran offers Sallie Mae’s TuitionPay program, which is an interest-free payment option that spreads costs over a ten-month period for an annual fee of $55. Visit www.tuitionpay.salliemae.com for additional information.

Kurtz Student Loan

The Kurtz student loan, a short-term, interest-free emergency loan, is available to Corcoran degree seeking students through the kind generosity of the Evelyn Stefansson Nef Foundation. It is intended for students facing temporary personal, financial, or medical emergencies. Students may borrow up to $1,000 at a time, and the loan must be repaid within 90 days of receipt. A late payment fee of $50 may be assessed if unpaid by the deadline. In addition, a hold may be placed on the student’s account. Any excess financial aid will be applied towards any outstanding Kurtz loan balance of the current academic year, even if prior to the 90 day deadline. Financial aid received in the current term may not be applied towards repayment of a Kurtz loan received in a prior academic year. Students wishing to apply for a Kurtz Loan may contact the Office of Student Accounts at (202) 639-1818 to apply for the loan.