Financial aid consists of scholarships, grants, loans and work-study. Scholarships and grants are considered gift aid, as these awards do not have to be paid back. Loans and work-study are considered self-help, as students must repay loans or work to earn the award. Students are considered for merit-based awards because of their academic performance and achievement while a student’s financial information is considered for need-based awards.
SVA participates in all forms of federal financial aid and requires only one form—the 2022-23 Free Application for Federal Student Aid (FAFSA). The FAFSA should be filed as soon after October 1, 2021 as possible according to the following priority filing dates:
New Students for Fall 2022 Semester: February 1, 2022
New Students for Spring 2023 Semester: December 1, 2022
SVA’s Title IV School Code is 007468 (Step 6 of the FAFSA)
Applications submitted after these dates will still be considered for aid as funding remains available. Students may also complete the FAFSA online at studentaid.gov (remember to electronically sign your application or print, sign and submit the certification page!).
New York State Residents in the undergraduate degree-granting programs may apply for the Tuition Assistance Program (TAP) grant program. An application will be mailed directly to the student from NYS Higher Education Services Corporation. The TAP School Code for SVA is 7858.
Within two weeks of submitting the FAFSA, you will receive a Student Aid Report (SAR) from the federal processor. The SAR will report the information from your original application and the resultant Expected Family Contribution (EFC). EFC is a figure determined by the federal government based on your family’s resources, and is the minimum amount you and your family are expected to contribute toward your education.
Your financial aid eligibility is based on your financial need. Financial need is calculated by subtracting your EFC from your estimated Cost of Attendance (which is also referred to as the Student Budget). The Student Budget, or Cost of Attendance, comprises the yearly cost for tuition and fees, as well as estimates for home maintenance/living expenses, personal expenses, transportation, books and supplies.
Cost of Attendance - EFC = Financial Need
Still have questions about Financial Aid?
To learn more about the Financial Aid department and get answers 24/7, check out our short video series on a wide array of topics.