Can I apply for financial aid for the summer?

Generally, any matriculating student attempting six or more credits during the summer semester may be eligible for aid. We encourage all students interested in summer assistance to contact a financial aid advisor.

I am an international student, am I eligible for financial aid?

Students who are attending college on a student visa do not qualify for federal and state Financial Aid. There are some alternative loans that you can apply for with a co-signer who is a U.S. Citizen. We also recommend applying for scholarships. You may research scholarship opportunities at iefa.org, a scholarship search engine that focuses on international students.

Where can I get more information about outside scholarships?

There are many useful scholarship search engines on the web. Here are just a few we recommend:

When can I expect to receive an offer letter?

The Department of Education informed schools that the 2024-2025 FAFSA information is expected to be shared in the first half of April, our office will make every effort to send you an offer letter within two weeks (depending on the time of year) of receiving your FAFSA results.

What is the definition of an academic year for financial aid purposes?

The definition of a financial aid academic year is one in which a student completes a minimum of 30 weeks of instruction and 24 semester credit hours.

Consequently, the following apply to all federal financial aid programs for students in undergraduate programs:

Freshmen: credits 0-29 hours earned
Sophomores: credits 31-59 hours earned
Juniors: credits 60-89 hours earned
Seniors: Credits 90 or more hours earned

The Academic Year consists of a Fall semester and a Spring semester. During an Academic Year the Fall semester runs from September through December. The Spring semester runs from January through May, with one week of Spring break.

Students enrolled during the Summer session: The Academic Year is part of a larger Fiscal Year that runs from July 1 through June. This includes the Fall Semester term, the Spring Semester, and the Summer Semester (in certain instances as a trailer).

Where can I find my financial aid application processing/status?

FAFSA on the Web
FSA ID Site
New York State Higher Education Services Corporation
IRS
Social Security Administration

What is the maximum annual borrowing limit for my Direct Stafford Loans?

The maximum annual borrowing limits for direct student loans are located at the Federal Student Aid website.

What is the difference in interest rates between the Federal Loan programs?

Interest rate comparisons for student loans can be found at studentaid.gov website.

If I decide to withdraw or take a leave of absence from SVA, is there anything I need to complete with the financial aid office?

You will need to complete loan exit counseling if you have received a Perkins Loan or a Direct Loan.

Is there required disclosure information for borrowers?

In accordance with HEOA 489 Amended HEA Sec. 485B, School of Visual Arts is required to disclose to all borrowers that any loan borrowed by a student or eligible parent will be submitted to the National Student Loan Data System (NSLDS). The information reported to NSLDS will be accessible by guarantee agencies, lenders, and institutions determined to be authorized users of the data system. Borrowers may review information regarding NSLDS at any time at studentaid.gov.

How do I qualify for a Financial Aid Book Advance?

Undergraduate and graduate recipients who are receiving federal aid, have completed all financial aid requirements, and whose federal aid only is in excess of the direct charges on their student account will be eligible to receive a Financial Aid Book Advance. Any qualified Financial Aid Book Advance is issued on a semester basis. The amount for a Financial Aid Book Advance is half of the estimated student's book and supplies allotment from their Cost of Attendance (available on each student's offer letter). A student does not need to opt-in to receive a Financial Aid Book Advance.