Types of Financial Aid

Description: Merit-based SVA scholarship.

Available to: First-year undergraduate and transfer applicants with a minimum 3.0 GPA seeking admission to a full-time undergraduate program for the fall semester. Decisions are based on a review of portfolios and academic records. Applicants must complete the admission application at sva.edu.

Amount: Maximum $27,750 per year; half paid directly to the student’s account each semester. Amount is determined in the first year and remains constant during enrollment.

Renewal: Contingent on maintenance of a minimum 3.0 cumulative GPA.

Description: Need- and merit-based SVA scholarships.

Available to: Continuing undergraduate and graduate students.

Amount: Varies by department.

How to apply: The Visual Arts Foundation sends an informative letter/application to eligible students. Students should contact the head of their enrolled department for more information.

Description: Federal need-based grant.

Available to: Full and part-time undergraduate students (at least 6 credits per semester).

Amount: Up to $7,395 per year; half paid each semester.

Renewal: Contingent on continued demonstration of financial need, satisfactory academic progress, and timely renewal of the FAFSA. Must reapply each year.

Description: Federal need-based grant.

Available to: Full and part-time undergraduate students who are eligible for a Federal Pell Grant.

Amount: $200–$2,000 per year; half paid each semester.

Renewal: Contingent on Federal Pell Grant eligibility, satisfactory academic progress, and timely renewal of the FAFSA. Must reapply each year.

Description: New York State need-based grant.

Available to: Full-time and part-time undergraduate students who are legal residents of New York State. NYSHESC determines eligibility based on the FAFSA and Express TAP Application (ETA).

Amount: Up to $5,665 per year; half paid each semester. NYSHESC mails an award certificate to the applicant, after which SVA Financial Aid approves the award.

Additional requirement: A separate Express TAP Application must be completed and submitted to NYSHESC.

Renewal: Contingent on demonstrated financial need, satisfactory academic progress, and timely filing of renewal FAFSA and ETA. Up to 8 semesters of study.

Waiver Provisions: A one-time waiver may be granted when a student fails to complete the program or make satisfactory progress due to: death in the family, serious illness, or other mitigating circumstances. The student must initiate the request through SVA Financial Aid with documentation. More information at the NYSHESC website.

TAP Satisfactory Academic Progress — BFA (Semester Calendar):

Description: New York State award for undocumented and certain other students under the NYS Dream Act.

Available to: Full-time and part-time undergraduate and graduate students. NYS determines eligibility based on separate criteria for in-state (noncitizens, including those with DACA status) and out-of-state students (citizens, permanent residents, and noncitizens including DACA). All students must provide requested documentation and meet required NYS educational criteria.

How to apply: Apply through hesc.ny.gov.

Description: SVA need-based grant.

Available to: Beginning with the incoming class for 2025–26, full-time undergraduate students who filed a FAFSA, are Pell-eligible, and graduated from a New York City high school in the five boroughs. Students who qualify cannot receive the SVA Financial Aid Need Grant.

Amount: SVA Financial Aid determines eligibility and amounts based on individual financial need (FAFSA) and institutional funding levels.

Renewal: Contingent on continued demonstration of financial need, satisfactory academic progress, and timely renewal of the FAFSA.

Description: Need- and merit-based award.

Available to: Returning full-time undergraduate students who are eligible for a Federal Pell Grant and have maintained a minimum cumulative GPA of 3.5.

Amount: SVA Financial Aid determines eligibility and amounts based on financial need (FAFSA) and institutional funding levels.

Renewal: Contingent on Federal Pell Grant eligibility, satisfactory academic progress, full-time enrollment, minimum 3.5 cumulative GPA, and timely renewal of the FAFSA.

Description: Need-based award.

Available to: Full- and part-time undergraduate and graduate students who have filed the FAFSA and demonstrate financial need.

Amount: SVA will match 25% of an eligible outside scholarship from a qualified charitable organization payable to SVA, up to a maximum combined match of $2,500 per award year. Excludes SVA Visual Arts Foundation and departmental major scholarships.

Renewal: Students must submit a copy of the eligible outside scholarship award letter each year. Renewal is also contingent on continued financial need, satisfactory academic progress, and timely FAFSA renewal.

Description: Federal need-based (Subsidized) / non-need-based (Unsubsidized) loans.

Available to: Full and part-time undergraduate and graduate students.

Subsidized vs. Unsubsidized: For students demonstrating financial need, the federal government pays the interest during enrollment (Subsidized). Students without financial need are eligible for the Unsubsidized Stafford Loan and are responsible for accrued interest.

Annual amounts (by grade level):

• Freshman: Subsidized $3,500 / Unsubsidized $2,000
• Sophomore: Subsidized $4,500 / Unsubsidized $2,000
• Junior/Senior: Subsidized $5,500 / Unsubsidized $2,000
• Professional/Graduate: $20,500 Unsubsidized per year

Financially independent students (and those whose parents were denied a Parent Loan) may borrow an additional $4,000/year (Freshman/Sophomore) or $5,000/year (Junior/Senior) Unsubsidized.

Repayment: Begins 6 months after graduation, withdrawal, or dropping below half-time. Rate: 6.53% (undergraduate Subsidized/Unsubsidized); 8.08% (graduate Unsubsidized). See Interest Rate Comparison.

Additional requirements: Master Promissory Note (MPN) and Entrance Counseling required.

Description: Federal need-based employment award.

Available to: Full and part-time matriculated undergraduate and graduate students.

Pay rates:

• On-campus: $17/hour (undergraduate and graduate)
• Off-campus Public Service/America Reads: $17/hour (Freshman/Sophomore), $18/hour (Junior/Senior), $19/hour (Graduate)

Opportunities: On- and off-campus positions, most with professionals in the student’s field, available first-come first-served.

Renewal: Contingent on continued financial need, at least part-time enrollment, and timely FAFSA renewal.

Additional requirement: Students must attend an Entrance Interview each year an award is offered.

Description: Federal non-need-based loan for parents.

Available to: Parents of dependent full- and part-time students without an adverse credit history.

Amount: Up to the full cost of education (including living expenses) minus other financial aid.

Repayment: Begins 60 days after full disbursement unless student is enrolled at least half-time. Interest rate fixed at 9.08%. See Interest Rate Comparison.

Application: Complete a PLUS Loan application at studentaid.gov and a Master Promissory Note (MPN). Must reapply each year.

Description: Federal non-need-based loan for graduate students.

Available to: Graduate students without an adverse credit history who have borrowed a PLUS Loan prior to July 1, 2026.

Amount: Up to cost of attendance minus other aid for up to three consecutive academic years or the remainder of the degree program. This award is no longer available for the incoming class of fall 2026.

Repayment: Begins 60 days after full disbursement unless enrolled at least half-time. Interest rate fixed at 9.08%.

Application: Complete FAFSA, then a Graduate PLUS Loan application at studentaid.gov, and a Master Promissory Note (MPN). Must have applied for maximum Unsubsidized Stafford eligibility first.

Description: Non-need-based private loan.

Available to: Undergraduate or graduate students without an adverse credit history.

Amount: Up to the full cost of education minus other financial aid.

Repayment: May begin as early as six months after leaving school; rates vary by lender.

Note: SVA recommends exhausting federal loan options first. Recommended private loan lenders can be found at elmselect.com. Lenders are selected through a biannual RFP process based on best available rates and borrower benefits.

SVA evaluates students’ academic progress for Federal Student Aid purposes at the end of each completed semester, applying to both undergraduate and graduate financial aid recipients.

Minimum GPA: Undergraduate: 2.0 cumulative GPA. Graduate: 3.0 cumulative GPA.

Rate of Progress (Pace): Students must have successfully completed at least 66.67% of all coursework attempted in their program at the end of each semester.

Maximum Timeframe: Students must complete their program within 150% of its published length (in credits attempted). If a student cannot mathematically complete within this timeframe, they are found not to be making satisfactory progress and will be dismissed.

Grades: “F”, “I”, and “W” grades count as credits attempted but not completed. Only “F” counts in GPA. An “I” is counted as failing until it converts. Repeated courses are counted as attempted, with the highest grade in GPA. Transfer credits count as both attempted and completed but do not affect GPA.

Warning: A student who fails to meet CGPA or pace requirements (previously in good standing) is placed on warning status for one semester and remains eligible for aid. If minimum standards are not met by the end of the warning semester, aid is suspended.

Suspension: If standards are not met at the end of a warning or probation semester, or if the maximum timeframe is reached, aid is suspended. The student may appeal.

Appeal: A suspended student may appeal to the Director of Financial Aid based on mitigating circumstances outside their control. The written appeal must include: (1) details of the situation and when it occurred; (2) what has changed to allow a return to good standing; and (3) supporting documentation.

Probation: If an appeal is approved, the student is placed on probation for one semester and remains eligible for aid. Successful completion of probation returns the student to regular status.

Reinstatement: After one semester of suspension, a student who meets minimum CGPA and pace standards may request reinstatement for the subsequent semester.