Economic assistance

The Scholarship and Satisfactory Academic Progress Committee is composed of the Dean of Student Affairs, the Director of Financial Aid, the Registrar, and a faculty representative from each academic department (elected by the departmental faculty). The Committee is available to students to analyze any discrepancies in the allocation of financial aid and to review complaints from students who did not comply with the satisfactory academic progress policy. The Committee evaluates, recommends, and approves the awarding of institutional scholarships.

Students who wish to be considered for financial aid must file a FAFSA application (Free Application for Federal Student Aid). It can be filled out online at: fafsa.ed.gov. The institutional code is 010819.

It is the student's responsibility to request on time and submit evidence of having completed the online application and all required documentation on or before May 30 of each academic year, so they can count on their Financial Aid Offer letter to validate their ticket. tuition payment. Along with the response received from FASFA, the following documents must be delivered to the Financial Aid Office, as requested:

1. Copy of the Income Tax Return for the last taxable year. If you are a dependent student, you must bring the Parent's Income Tax Return from the last taxable year.
2. If an Income Tax Return is not filed, the student will present a signed declaration. Form available in the Financial Aid Office.
3. Depending on the individual results received, the director of the Financial Aid Office may request any other document that he or she deems necessary to complete the evaluation and documentation of the application.

Students who wish to continue receiving financial aid must request it annually, by submitting the answers to the corresponding forms to the Financial Aid Office of the Puerto Rico Conservatory of Music.

Every student who enjoys an institutional scholarship upon admission must complete the Scholarship Acceptance form. With it he commits to enroll in the Conservatory once he accepts it.

Non-naturalized international students are not eligible for federal or state scholarships.

The federal Pell Grant is a financial aid program that awards funds to undergraduate students who demonstrate financial need at duly licensed and accredited institutions of higher education. The purpose of this scholarship is to help the student cover part of their expenses related to their studies such as tuition, books, transportation, food, lodging and equipment.

To apply for this scholarship, the student must fill out the Free Application for Federal Student Aid (FAFSA) form at the email address: fafsa.ed.gov. Completing the online form is a quick, easy, secure process and is available in both English and Spanish. Each student who wishes to apply for the scholarship is responsible for completing the online form and submitting it. In the request, you must include our institution code: 010819.

Before completing the FAFSA application online, both the student and a parent must create a username and select a security password that meets the Department of Education's requirements, described on that website. , with which they can sign the application electronically. From now on, the student may use it to access their application, make corrections and renew the application for the following academic years.

After having submitted the application, and once processed by the Federal Department of Education, the result will be available in a period of approximately 72 hours. The Conservatory's Financial Aid Office will receive, in electronic format.

The Financial Aid Office will calculate the amount of aid for which the student was eligible using the aid determination table provided by the Federal Department of Education according to the cost of education, academic burden and family contribution. estimated, (EFC – for its acronym in English). The maximum time to receive benefits from this program extends for a maximum of six years of full-time studies, or its equivalent (600%), or until completing your first high school degree; The thing that happens first.

The Federal Supplemental Grant Program (FSEOG) provides aid to students with exceptional financial need. Students who receive a Federal Pell Grant with a zero EFC are given priority when this aid is awarded. Funds are limited and there is no guarantee that all students will be eligible to receive this aid. These funds are administered by the Conservatory's Financial Aid Office.

Because it is a scholarship, the student will not have to pay the money awarded by this program once they finish their studies.

This program provides students with great financial need the opportunity to work to cover part of the costs of their studies. The student may also be placed to work in the institution's or community service programs. Compensation for the FWS program will be the federal minimum wage. The salary the student receives depends on the number of hours assigned and worked.

This program facilitates the granting of student loans directly with the Federal Department of Education.

There are two types of Federal Loans available to students, namely:

1. The Federal Direct Subsidized Loan – It is awarded according to the student's financial need. The Federal Government subsidizes the interest until the student completes his studies and concludes a six-month grace period from the date of graduation. After that period has ended, you must begin to pay or request a deferral, according to the rules established by the federal loan program. During deferred payment periods, the Federal Government will also pay interest at the corresponding level. Graduate level students do not qualify for the Federal Direct Subsidized Loan.
2. The Federal Direct Unsubsidized Loan – It is not awarded based on economic need. The student will pay all interest on the loan from the moment it is granted. If interest accrues, it will be capitalized and added to the principal. Additional interest will be calculated from the greater amount.

Students who are interested in more information about the Direct Loan can visit the portal: https://studentloans.gov.

1. The Federal PELL Grant will only cover the courses that are requirements as established in the Catalog for the specialty that the student is studying, up to a maximum of six cumulative years.
2. The Federal PELL Grant will only pay for one year of remedial courses for students who have been admitted under that classification. If the student continues with this classification for a third semester, he or she will have to assume the cost of said courses.
3. Repetition of remedial courses will not be paid for with federal financial aid funds.
4. The Federal PELL Grant will not cover study costs for required courses in other specialties. If the student takes courses that are not included in the curriculum of their specialty, they will have to pay for them with their own funds.
5. The Federal PELL Grant does not cover course costs for the Teacher Certification Program.
6. The Federal PELL Grant does not cover the costs of Continuing Education Program courses.
7. If a student receiving a student loan drops their academic load to less than half-time during their years of study, they will have to begin repaying their loan since this amount of credits is not acceptable to extend the grace period.

This program has the purpose of providing supplemental financial assistance to students with financial need and exceptional academic merit (as defined by the program regulations) who are enrolled in their third or fourth year of high school. It will complement the financial aid that students receive through federal, state, institutional or private programs until it covers all of the study costs not covered by other aid.

The Puerto Rico Board of Postsecondary Institutions (formerly known as the Puerto Rico Education Council) is the entity responsible for administering the BETA Program funds. Eligibility criteria are based on financial need, following the parameters established by the Federal Department of Education for Title IV programs, in addition to meeting specific program requirements. To be considered, students must:

• Be enrolled full-time in undergraduate or graduate level programs (as determined by the eligible level each fiscal year).
• Maintain a minimum academic average of 3.00.
• Have an annual household income that does not exceed 80% of the median household income, according to the parameters in force for the corresponding fiscal year.

To be eligible for the Scholarship Program, the student must demonstrate financial need using the criteria established to evaluate students applying for Title IV funds and graduate from High School with a GPA of 3.00. This scholarship corresponds to new students only and is for their first year of studies.

The Conservatory has several scholarships that are awarded on the basis of talent and academic achievement. A scholarship of this type considers both criteria, in addition to financial need. On May 1 of each year, the student receiving this type of scholarship must confirm in writing his or her intention to attend the institution and accept the institutional scholarship. This constitutes a mutual commitment that the institution will reserve a space for the student and provide the indicated financial assistance, and in turn the student accepts that he or she will attend the institution for an established period of time.
This scholarship will be subject to the availability of funds from donations received by the Conservatory.

The institution has a Scholarship Endowment Fund made possible by generous donations from the Ángel Ramos Foundation, the Banco Popular Foundation, and the U.S. Department of Education's Title V program. Only students who meet the criteria of talent, satisfactory academic performance, and financial need, as established for evaluating students applying for Title IV funds, will be eligible for these scholarships. Students receiving this scholarship must have a completed Free Application for Federal Student Aid (FAFSA) with all required documentation submitted to the Financial Aid Office. Scholarship funds will be applied directly to tuition and applicable fees. A maximum of fifty percent (50%) of the total tuition cost will be awarded, subject to the available balance in the Puerto Rico Conservatory of Music Scholarship Endowment Fund. Students receiving this scholarship are required to participate in all institutional activities and concerts.

The institution has a Scholarship Endowment Fund made possible by generous donations from the Ángel Ramos Foundation, the Banco Popular Foundation, and the U.S. Department of Education's Title V program. Only students who meet the criteria of talent, satisfactory academic performance, and financial need, as established for evaluating students applying for Title IV funds, will be eligible for these scholarships. Students receiving this scholarship must have a completed Free Application for Federal Student Aid (FAFSA) with all required documentation submitted to the Financial Aid Office. Scholarship funds will be applied directly to tuition and applicable fees. A maximum of fifty percent (50%) of the total tuition cost will be awarded, subject to the available balance in the Puerto Rico Conservatory of Music Scholarship Endowment Fund. Students receiving this scholarship are required to participate in all institutional activities and concerts.

Standards and Requirements

• Be a regular undergraduate student at the institution with an academic load of 12 credits or more (except in the graduation semester).
• Have passed the first year in the specialty to which they were admitted and have passed a minimum of between 38 and 44 credits, according to the Bachelor's degree the student is pursuing. Credits transferred from another educational institution will not be taken into consideration.
• Maintain an overall academic index of 3.80 points or above on a scale of 0.00 to 4.00 points.
• Maintain an academic index of 4.00 points in your major.
• Have passed at least two-thirds of the credits enrolled in during the previous semester.

Not Eligible for the Exemption Benefit

• Students in the remedial/preparatory student classification.
• Students with an academic load of less than 12 credits (except in the graduation semester).
• Students in debt.
• Students on academic probation.
• Students in graduate programs: Diploma and Master's in Music.
• Students in the Teacher Certification Program.
• Students of the Continuing Education Program.
• Students who have received incomplete grades or who have previously withdrawn completely from the institution.

The purpose of this fund is to assist students who wish to participate in seminars, workshops, summer camps, conferences, local and international competitions and any other activity that encourages their artistic development. This special fund will be available to all students who request it as long as funds are available. The Scholarships and Academic Progress Committee will be responsible for evaluating the applications received.

The Cancellation and Refund Policy is in effect since July 1, 2000 for all students who withdraw completely. It applies to all students who receive funds from the Title IV Student Financial Assistance programs of the Federal Department of Education.

If a student who is a beneficiary of Title IV funds completely withdraws from his studies, during the period for which he enrolled, the Conservatory must calculate the percentage and amount of aid from Title IV funds that the student student will not be entitled to receive. It is the student's responsibility to return such funds to the respective Title IV programs.

Finish date
The academic year consists of two semesters of fifteen weeks each. For purposes of calculating the amount to be refunded, the termination date will be the last day the student attended classes or their last day of academic activity. The date the student processes an official withdrawal will be taken into consideration as their last day of academic activity.

Special cases
If the Institution determines that a student did not initiate the total withdrawal process, or did not notify the institution of his or her intention to withdraw completely due to illness, accident, death in the family or other similar circumstance beyond his or her control, it will be It is the Conservatory's responsibility to determine an appropriate, fair and reasonable termination date.

Calculation of the Amount of Title IV Funds Earned

1. The percentage of Title IV funds earned will be calculated as follows:
2. If the student's last day of attendance occurs on or before the student has completed the 60% of the payment period for which he or she received Title IV funds, the amount earned by the student will be calculated as follows: multiplied the total amount of Title IV funds disbursed (and that could have been disbursed) for the period in which the student was enrolled until the day the student was fully withdrawn for the period enrolled and completed.
3. If the termination day occurs after the 60% payment period has been completed, the student will be entitled to a 100% payment.
4. The percent and unearned amount is the supplement of the percent of Title IV funds earned, multiplied by the total amount of Title IV funds disbursed (or to be disbursed) to the student for the payment period and from the day that the student withdrew completely.

Percentage of Payment Period or Enrollment Period Completed
Since study programs are measured in credit hours, this requires that the number of calendar days of the enrollment period for which Title IV funds are disbursed be divided by the number of calendar days completed through the last day of student attendance.

Differences between Amount of Money Earned and Received
If a student receives less aid from Title IV Funds than the amount to which he or she is entitled, late disbursement procedures will be followed. If the student received more Title IV aid than the amount to which he or she is entitled, the institution, the student, or both will be obligated to return the funds, as established.

Return of Unearned Title IV Funds
The institution is required to return the lesser of:

1. The amount of funds from Title IV programs to which the student is not entitled, or the amount of institutional charges that the student incurred for the enrollment period multiplied by the percent of funds that were not earned.
2. The student (or family member, in the case of PLUS loans) is obligated to return or pay, as the case may be, the Title IV and Unearned Loan funds less the amount of unearned aid that must be returned by the institution to scholarship and loan programs.
3. Exempts the student from returning the 50% of any aid that would have been required to be returned.

The return of funds required for funds credited to outstanding loan balances for the enrollment period will be in the following order:

1. Direct Unsubsidized Stafford Loans (Does not include PLUS loan)
2. Direct Subsidized Stafford Loan
3. Perkins Loan
4. Federal PLUS Loan
5. Direct PLUS Loan

If after repaying all loans there are still funds available to repay, the remaining funds will be credited in the following order:

1. Federal Pell Grant for the payment period for which repayment of funds is required.
2. Federal Supplemental Educational Opportunity Grant (FSEOG) for the payment period for which the return of funds is required.

Interruption of Studies
Those students who for non-professional reasons need to interrupt their studies will have to request it at the Registrar's Office. Up to a maximum of 15 calendar days per semester of interruption in studies will be authorized. In special circumstances, another interruption not to exceed 30 calendar days may be authorized. Interruptions for jury service or military reasons may also be approved.

During that period, the student will continue to be enrolled so no refund of federal funds will be required. If the student has to interrupt their studies, it is important that they complete the official procedure at the Registrar's Office. If the student does not return before the end of the approved period, the last day of class attendance will be used to calculate the applicable refund.

Master's and Diploma students may request participation in the following financial assistance programs:

1. Subsidized and Unsubsidized Direct Loan Programs
2. Federal Work and Study Program
3. Supplemental Aid Program administered by the Puerto Rico Education Council

The financial aid available comes from funds from the federal government or the state government, and depends on the availability of said funds each year.

Students interested in participating will have to meet the eligibility criteria for each program.

Procedure to Request Financial Assistance

Students who wish to be considered for financial aid must complete the following steps:

1. Complete and submit the Free Application for Federal Student Aid (FAFSA) online at https://fafsa.ed.gov/. The institutional code required for this process is 010819. The response to this request will provide the applicant with a basic evaluation that will be used to complete their loan application or in the granting of other funds.
2. Provide the following documentation:
• Copy of the Income Tax Return for the last taxable year. If you are a dependent student, you must bring the parents' Income Tax Return from the last taxable year.
• If an Income Tax Return is not filed, the student will present a signed declaration. Form available in the Financial Aid Office.

International students will not be eligible for these grants. In the event that they have a permanent resident or naturalized status, they must present evidence.

Federal Direct Loan
This program grants student loans directly with the Federal Department of Education.

Unsubsidized Direct Loan
It is awarded according to the student's financial need and the Federal Government subsidizes the interest while the student is studying. Upon graduation or withdrawal, the student will have a six-month grace period before having to begin repaying the loan.

You will be charged interest from the time the loan is disbursed until it is paid in full. If the student allows interest to accumulate while studying, or during other periods in which the student does not remit payments, it will be capitalized; That is, interest will be added to the principal (principal) of your loan and additional interest will be calculated based on the higher amount.

Federal Work Study Program (FWS)
The Federal Work-Study (FWS) program awards jobs to students who have financial need, allowing them to earn money to help cover the costs of their education. The program encourages community service work and work related to the recipient's program of study. FWS salary will be the current federal minimum wage. The salary that the student will receive will depend on the number of hours assigned to work.

Financial Aid Funds for Graduate Students administered by the Puerto Rico Education Council

This financial assistance program depends on the availability of funds allocated by the Puerto Rico Education Council. The financial need of the student is taken into consideration. For information on how to apply, you must contact the Financial Aid Office of the Puerto Rico Conservatory of Music.