Below is a list of frequently asked questions for SVA Financial Aid.
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How do I apply for financial aid?
All students must submit a Free Application for Federal Student Aid (FAFSA) as the first step in the application process. The fastest way to apply is online at studentaid.gov. You can electronically sign your application using your federal pin or download, sign and mail the certification page when you have finished the online application.
How is the FAFSA filed?
You can file your paper FAFSA by mailing it to the Central Processing System however the fastest way is to file on-line at studentaid.gov
When should I file the 2023-24 FAFSA?
The optimal filing date for new students to submit their FAFSA is February 1; transfer students by February 15; and returning students by March 1. Applications are processed and reviewed for eligibility on a first-come, first-serve basis. We encourage all students to file as early as possible.
What are SVA’s codes for federal and state aid programs?
The federal school code for SVA is 007468 and should be listed when filing your FAFSA.
Our school code for New York State’s Tuition Assistance Program (TAP) is 7858 for undergraduate programs. This code should be listed when you file the NYS Express TAP Application.
Do I have to apply for financial aid every year?
Yes, a new application is required every year. You will receive a FAFSA renewal application, either in the mail or if you filed on-line by way of an e-mail from the Department of Education. You may also complete a new FAFSA on-line at studentaid.gov or by picking one up in our office.
When can I expect to receive an Offer Letter?
Our office will make every effort to send you an offer letter within 2-3 weeks (depending on the time of year) of receiving your FAFSA results. The fastest way is to log on to MyServices Financial Aid to view your online offer letter.
How do the awards affect my tuition bill?
Except for Federal Work Study, all awards will be considered valid and deducted from your tuition bill. Awards listed as “Accepted” on your tuition bill have been approved and require no further action from you. Awards listed as “Estimated” or “Pending” require additional information and form(s) from you before they are finalized. If you do not comply with this additional request within the given timeframe the award will “Expire” and you will be billed for any remaining semester balance. Students may renew expired awards by complying with the outstanding requirement before the end of each semester.
What other requirements are there?
Depending on the awards listed in your Offer Letter, you may be asked to complete additional forms or attend information sessions such as Entrance Counseling. For example, a Master Promissory Note (MPN) and the “Informed Borrower Confirmation” are required if you’re interested in borrowing a Federal Stafford Loan. Additional application materials and information for each award program is provided with the award offer. Please review it carefully and notify us with any questions.
What is Entrance Counseling
Federal regulations require students to attend Entrance Counseling before they receive funding through any of the self-help programs (Federal Stafford Loans and Federal Work-Study). Entrance Counseling is an information session explaining your rights and responsibilities regarding these award programs. Entrance Counseling can be completed at studentaid.gov.
How and when is financial aid paid?
Once approved, awards are paid to your tuition account as funds are received from each source of aid. Typically, funds begin to be received and paid the second week of the semester. Any funds received in excess of your directly billed charges (tuition, fees, and residence costs) will be refunded to you approximately 10 business days after those funds are received. Please note that refunds of financial aid are made after the course adjustment period for each semester ends.
When will my financial aid be disbursed?
I am interested in outside scholarships where can I get more information about them?
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.
How can I check on the status of my application(s)?
Will my financial aid eligibility change if I drop below full-time registration status?
Yes. Students who drop below full-time registration status (minimum 12 credits) will have their financial aid eligibility affected as a result. Please contact your financial aid advisor for additional information.