Is there a separate form for CIM Financial Aid?
No - CIM's application process is online and does NOT involve a separate CIM financial aid application. By submitting the online application for admission to CIM, you have done all you need to begin the financial aid process. The next step requires that by 2/15, all applicants complete the CSS PROFILE. In addition, U.S. citizens and eligible non-citizens (green card holders) must also submit the FAFSA (Free Application for Federal Student Aid) by February 15. CIM does not make any merit only aid offers. The PROFILE and/or PROFILE are required for any aid (scholarship included) consideration. You can find them both in our Links & Forms section. Also see the "How to Apply" tab for more details.
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Does CIM require the CSS Profile Form?
Yes, for the 13-14 award year, CIM requires the CSS PROFILE for ALL applicants, both undergraduate and graduate, as well as either U.S./Green Card or international status. Only if the student is not seeking any financial aid, including CIM Scholarship, does CIM waive this requirement. The PROFILE is not required for students returning for subsequent year(s) of study in the same program.
The due date for the 13-14 CSS PROFILE is February 15, 2013, the same due date as the 13-14 FAFSA (also required for all U.S./Permanent Resident aid applicants). Applicants will be emailed from the CIM Financial Aid Office in late December/early January with student specific details about what is needed individually to process their financial aid requests. More information about the PROFILE will be included at that time.
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Is the likelihood of being admitted to CIM greater if I do not apply for Financial Aid?
No. Admission is need-blind at CIM. A decision regarding your admission will be made without regard to, and without knowledge of, financial circumstances. Financial aid is offered only to students that are admitted and is generally communicated to the applicant within a week of being admitted.
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I haven't prepared my taxes yet, can I file my FAFSA?
Yes. You may file a FAFSA with estimated figures. Keep in mind that you are REQUIRED to submit a corrected FAFSA when the actual numbers are known, if they are different at all from what you had previously estimated. If a corrected FAFSA results in a different EFC, your financial aid package may be adjusted to remain within Federal guidelines.
DO NOT wait until after February 15 to submit your FAFSA just because your taxes are not prepared. While it may take a little more time if you need to estimate first, then correct later, that is much better than submitting the FAFSA late just to have the return completed first. Failure to have forms completed by the due dates posted gives the impression that your financial aid award is not a priority.
We strongly urge all FAFSA filers to have their tax return data updated with the IRS Data Retrieval option on the FAFSA. This will assure the correct values are entered for the tax return fields and will make the Verification process much simpler for both student (and parent, if applicable) for all the FAFSAs selected for the Verification Process.
All aid offered is subject to change until finalized tax return data has been submitted on the student FAFSA. The FAFSA due date for new applicants is February 15; for returning students, March 1.
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What is the IRS Data Retrieval Tool and should I use it?
Beginning February 1, 2013, students and parents who have submitted their 2012 IRS tax return will be able to select the IRS Data Retrieval option on the 13-14 FAFSA to transfer tax information there. We strongly encourage you to select this option during the initial filing or when subsequent corrections are made to your 13-14 FAFSA. This option will expedite the processing of your financial aid application and improve the accuracy of your aid eligibility in a timely fashion. Until final tax information is documented via an official federal option listed above, disbursement of all need-based federal aid for all students will be on hold.
To successfully use this option you must:
- Have a federal tax return filed with the IRS.
- Have a valid social security number.
- Have a Federal Aid Personal Identification Number (PIN).
*You will be unable to use this option if:
- Your marital status changes after December 31, 2012.
- You filed married filing separately.
- You filed an amended return.
- You filed a foreign tax return.
*For any of these scenarios, filers will need to request an IRS Tax Return Transcript via IRS Form 4506-T, www.irs.gov/Individuals/Order-a-Transcript or by calling 1-800-908-9946.
If on the FAFSA you listed your tax filing status as "Will File" because you had not yet filed a return, please remember to change this status to "Already Filed," update all relevant income fields to your FAFSA, and select the IRS Data Retrieval option once you have actually submitted a federal tax return to the IRS.
According to the IRS, electronically filed tax return information will be available online from the IRS site in 1-2 weeks after the return has been filed. Data from paper tax returns will be available in 6-8 weeks.
If your FAFSA is selected for verification, and you chose not to use this option or you changed the IRS data, you will be required to request an official tax transcript from the IRS and submit it to the Financial Aid Office. CIM will verify the tax return filing data for ALL students (and parents, as applicable for undergraduates) before any federal need-based aid will be disbursed, regardless of the Verification selection (or not) by the Dept. of Education.
Personal copies of tax returns can no longer be accepted.Federal Register (75 FR 66832)
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What is EFC?
The EFC, or Expected Family Contribution, is the Department of Education's (DOE) calculated measure of your family's financial strength and is the "result" of the FAFSA. The EFC is the dollar amount the DOE calculates you and your family can afford to contribute to your educational costs for that year. The EFC is used to determine your eligibility for Federal (and some state) student aid. CIM also references the EFC when CIM Institutional Scholarships are awarded.
The formula for the EFC calculation is established by law. The lower the EFC, the more financial need exists for the student. The EFC may change if corrections are later made to the FAFSA (from Verification, perhaps). If the EFC changes, your aid package may change as well, if the difference impacts aid eligibility.
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Will CIM expect me to pay the amount of my EFC?
Maybe. Many students and parents are astonished by the amount calculated as the EFC. Many do not feel they could actually afford to pay that much each year for college costs. The EFC is used to determine Federal aid eligibility, as required. CIM awards as much need-based aid as possible, but we must balance our own budget which means we cannot always match your need. In some cases, parent or private loans will be needed to offset unmet need that CIM is unable to award to the student. For institutional aid purposes, you should view the EFC in actuality more as an index by which schools are able to compare financial need across their entire population of students/applicants.
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What is the SAR?
The SAR, or Student Aid Report, is the student's version of the data sent to schools from your submitted FAFSA. It is normally emailed to you 1-3 days after the online FAFSA is submitted. It is very important to review the SAR immediately to make sure the FAFSA was successfully processed and there are no errors or missing information that needs to be resolved. Until the processed FAFSA generates a valid EFC, the FAFSA process is not complete. The EFC may be any number from 0 to 99999, but if blank, there is an issue that requires attention.
If the FAFSA is missing signatures, either student or parent, it will not process. If the SAR has an asterisk next to the EFC, that means the FAFSA was selected for Verification by the Department of Education. If this occurs, your school is required to collect additional documentation from you, including signed, completed tax returns to verify the data submitted on the FAFSA is accurate.
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Do I need to send CIM my tax returns?
Schools may no longer accept personal copies of tax returns to verify FAFSA data. Now, we can only use official IRS Data Retrieval that as selected on your FAFSA or an official IRS Tax Return Transcript (NOT tax account) of the required tax return(s). IRS Tax Transcripts may be requested by calling 1-800-908-9946, online at www.irs.gov/Individuals/Order-a-Transcript or by sending IRS Form 4506-T to the IRS. CIM will require either the IRS Data Retrieval Tool or the official Tax Return Transcript before any federal need based aid is disbursed. No exceptions. If you are a late filer or plan to file an extension, you may need to make alternate arrangements to pay your bill if we are not able to process the federal aid in a timely manner to satisfy the semester billing due date.
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How is CIM financial aid determined?
CIM institutional scholarships are based on both need and merit. We take into account all of the following: financial need as determined by FAFSA and/or CSS Profile, as applicable, audition results, academic record, letters of recommendation, test scores, etc. Federal aid eligibility is solely determined by student eligibility from FAFSA results. Timeliness of required documents is also a factor. We do NOT offer merit only scholarships.
Scholarship decisions are determined by the CIM Financial Aid Committee which includes the Financial Aid Director, Vice President, Admission Director, Registrar, Dean and Comptroller.
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Can I increase my Work Study, or have it reinstated later, if I originally declined it?
Generally, no. CIM has limited Federal funding for Work Study and we typically award it all at the beginning of the year. You may apply for Work Study the next year. There is always a waiting list of students seeking Work Study, as funding limits for the program never cover all of the students who wish to participate, who would otherwise be eligible.
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I said I wanted Work Study on my FAFSA, but it wasn't offered to me. Why not?
Limited funding levels for many types of aid, including Work Study, do not allow CIM to offer Work Study to all students who would otherwise be eligible. Work Study is a need-based program, so it is awarded first to the students with the highest financial need first. If you are not awarded Work Study, you may request to be put on the waiting list, in the event funds may become available later. Eligibility is year specific, so if it is awarded one year, do not assume it can be offered the next, if your eligibility changes or CIM funding fluctuates, as is common. Likewise, you may not be offered it your first year, but are eligible in later years.
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I am a parent, and am paying my child's tuition. Why can't I get information sent to ME?
There is a Federal law pertaining to student privacy, FERPA (Family Educational Rights and Privacy Act). Tuition bills, financial aid information, loan refunds, etc. are always addressed to the student for this reason. Parent PLUS loan refunds are the only exception, since this loan is taken out by the parent, not the student. It is the student's responsibility to notify the parent(s) if the student expects a parent to take care of paying tuition or filling out forms, etc. The student may fill out a FERPA release form, so that if a parent calls with specific questions, we are allowed to discuss them with the parent. However, mailings will always go to the address provided by the student.
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I don't want to disclose my income or assets to CIM. Can my son/daughter get any financial aid?
All U.S. citizens and permanent residents must submit a FAFSA if seeking any financial aid from CIM (including scholarship consideration). All applicants must also complete the CSS Profile. These requirements are mandatory for any student seeking any kind of financial assistance from CIM, including those who see only merit aid. CIM does not have a merit-only scholarship, rather we take into account both need and merit. Only students who are not seeking any assistance from CIM may have these items waived.
Note that all graduate students are automatically classified as independent for federal student aid purposes, whether or not the student is claimed by a parent on their tax return. As they have this independent status, the FAFSA for graduate students does NOT require any parental information at all. Only undergraduate FAFSA filers must include parental data.
Neither the PROFILE nor the FAFSA are required to renew CIM Scholarship in subsequent years, however the FAFSA is required annually for those seeking federal student aid, including loans, work study and federal/state grants, as eligibility for those funds is year-specific. Students awarded any federal need-based aid will require student (and parent, as applicable) tax return information verified via either IRS Data Retrieval Tool or an official IRS Tax Return Transcript, before such funds may be disbursed to the student billing account.
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When will I get my financial aid offer?
Award information is provided by April 1 to admitted students, assuming all forms and required documents are submitted on time. This process is entirely online, via the student NetPartner account.
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If I run out of money, can my scholarship be increased?
Generally, no. We explain upfront that CIM Scholarships are renewed at the same level each year for the normal duration of enrollment, given satisfactory grades (3.0 cumulative GPA), academic and artistic progress. It is customary for tuition and fees to increase each year, the amount of increase varies depending on the CIM budget and Board of Trustee decisions. CIM should not be expected to cover a funding shortfall by a student. An appeal form may be filed with documentation if there are extreme special circumstances. CIM cannot supply financial aid to cover an unexpected loss of financial resources while enrolled for study. In such circumstances, the student may need to pursue additional private scholarships or PLUS or alternative loans. If that is not possible, a leave of absence or withdrawal from CIM is sometimes required.
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If I get an outside scholarship will it lower my CIM Scholarship?
Usually, no. If Federal need-based aid has been awarded and demonstrated need has been met, then loans, work- study and/or grant aid will be reduced in that order to prevent an "over-award," which Federal law prohibits. No matter what, total aid from all sources may not exceed cost of attendance. Grants and Scholarship funds would always be the last type of aid adjusted.
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I have no money or resources to pay my tuition. Will my CIM financial aid package fully cover my tuition?
CIM cannot guarantee to meet your full financial need. CIM's admission philosophy is to encourage students and parents to find a school that is "the best fit." "Best fit" includes financial affordability.
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Will my scholarship increase while I'm in school?
No. CIM Scholarships are renewed each year at the same fixed amount for the normal duration of your program as long as satisfactory academic and artistic progress is maintained and renewal application deadlines are met. Students must maintain a 3.0 cumulative GPA to retain CIM scholarship at the same level. If there are extenuating financial circumstances that occur after a student is enrolled (parents divorce, loss of job, major medical illness in the family, etc.) the student may submit a "Special Circumstance Appeal" and have the aid package re-evaluated. Otherwise, the scholarship amount is expected to remain constant throughout the student's enrollment at CIM. Federal and/or State need based aid may fluctuate year to year, based on that year's FAFSA and Federal and State funding levels issued to CIM. It is also expected that tuition and fees will increase annually with the new fees available in March each year.
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Is any financial aid taxable?
Maybe. If you receive CIM scholarship, grants (Pell, SEOG, etc.), and/or outside scholarships and those combined types of aid exceed the cost of tuition and other qualified fees as defined by the IRS, the amount exceeding qualified tuition and fees is taxable to the student, and must be reported on the student tax return. Whether or not any tax liability will occur can vary from student to student based on total income the student may have. Any grant aid that covers room and board expenses, specifically IS taxable. CIM is only required to report to the IRS these taxable situations for nonresident alien students, but U.S. citizens and Green Card holders are still liable to report on their own. To see if you have taxable aid, please consult a tax accountant or the IRS web page. CIM does not provide tax advice.
All types of work-related financial aid, such as Work Study, Service Awards, Fellowships, etc. are taxed prior to the disbursement of the award. These types of aid require the student to complete new hire tax forms to get on the CIM payroll before funds will be disbursed. The gross pay (award amount) and net pay (amount after taxes) are detailed on the annual W-2 which is provided to the student for use in preparing the tax return.
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I am a parent interested in taking out a PLUS Loan - what do I need to do?
If you are a parent of a dependent undergraduate student (must be U.S. citizen or green card holder) you may apply for a PLUS Loan for any amount up to the Cost of Attendance minus any other aid/resources the student has. The parent will complete the PLUS Application and sign a Direct PLUS Loan Master Promissory Note (MPN) online at studentloans.gov.
PLUS Loans are subject to credit approval from the Direct Loan Servicing Center. If the PLUS Loan is denied due to credit check, the student will automatically become eligible for an additional $4000 Unsubsidized Direct Loan ($5000 if Junior or Senior student), or the parent may add a creditworthy endorser (cosigner) to the loan.
If you are a parent that has taken out a PLUS Loan in the past year, you do not need to do the Master Promissory Note again. Only the PLUS Loan Application is required annually.
For additional information about PLUS Loans, please see these government pages:
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Can I appeal my aid offer?
CIM makes its best offer of financial assistance in the initial award made to students prior to the first semester of study. CIM understands that certain circumstances may present your family with unique financial challenges and therefore newly admitted students may request reconsideration of our aid offer through a formal appeal process. Email your request to the Director of Financial Aid, at kxg26@case.edu and the appropriate Appeal Form will be provided. Newly admitted student appeals will not begin the review process until all admitted students have received an aid offer, or by April 1, whichever is first.
Current student appeals may be completed for events such as parent loss of job, major illness or death of family member, one-time extraordinary non-voluntary expenses, separation or divorce of student or parent, etc. The event must be recent and/or involuntary. Receipts, canceled checks, letters from employers or doctors may be required to verify your claim. If you have completed a FAFSA, and the claim is warranted, the CIM Financial Aid office may consider processing a "Professional Judgment" adjustment to your FAFSA to account for income or expense amounts applicable for tax year 2011, which may result in a lower EFC. For all such special circumstance appeals to be considered, completion of the Verification process (if not already selected by Department of Education), which requires signed copies of student (and parent, if dependent) 2011 tax returns in addition to the Appeal Form must take place before your review will occur. Please allow 2 weeks for the results of this appeal. This Appeal Form is available upon request from the Financial Aid Office for admitted or current students only. Email your request to the Director of Financial Aid, at kxg26@case.edu, and the appropriate required Appeal Form will be provided to you.
Not all appeals will result in increased aid. Nor should CIM be expected to provide institutional financial aid to cover an unexpected loss of financial resources while enrolled for study. In such circumstances, the student may need to take out additional loans privately, take a leave of absence or withdraw from school. Ability to pay is a consideration that must be made when deciding which school to attend. CIM's admission philosophy is to encourage students and parents to find a school that is "the best fit"; "best fit" includes financial affordability. All appeals are considered on a case by case basis. Once we receive your tuition deposit and other applicable items to confirm your intent to enroll, we are unable to accept further appeals unless the triggering event that warrants an appeal occurs after the date of confirmation of Intent to Enroll.
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