We are here to provide you with information and advice on student loans, repayment, and financial literacy to prepare you for the road ahead.
Request Loan Debt Management Meeting:
Financial Literacy
Managing your debt is more than just paying your student loans. It’s also learning to create budgets, save money, understand and manage credit card debt, and have the information you need to make better financial decisions.
Students are encouraged to visit SVA Financial Aid TV. On this page you’ll find over 20 videos for personal finance covering topics such as “Financial Wellness,” “Money Management & Budgeting,” and “Credit & Identity Theft.”
Federal student aid also has tools to help students manage their money. You can click on the links below for additional information.
▫ Budgeting and Budgeting Tips
Listed below are resources regarding Federal student loans.
When You’re Enrolled
Loan Terminology
▫ Loan: A sum of money that is borrowed and expected to be paid back with interest.
▫ Interest: The cost of borrowing money. Interest is calculated as a percentage of the outstanding (unpaid) principal balance.
▫ Origination Fee: An upfront amount charged by a lender for processing a new loan application.
▫ Federal Student Loan Holder: The U.S. Department of Education (ED).
▫ Loan Servicer: Organization assigned by ED to maintain your loan on behalf of the holder (administrative servicing, collect payments, and provide customer service).
Borrowing Federal Loans
If this is your first time borrowing federal loans, you will be required to complete:
▫ Sign a Master Promissory Note; a loan contract where you agree to the terms of the loan(s).
▫ Entrance Counseling: a tool to ensure you understand your obligation to repay your loan(s).
Canceling Federal Loans
Your loans can be cancelled without interest or fees if they’re cancelled within 120 days of the disbursement date. To cancel, send your request to fa@sva.edu.
Loans and Loan Servicer(s)
To see the loan(s) you’ve borrowed and who your loan servicer is, log into studentaid.gov using your FSA ID. Once logged in, you can navigate to “Dashboard.”
▫ Loans Borrowed: Under “My Aid” on the dashboard, you’ll see the total of loans borrowed. You can then click into “View Details” for a breakdown of each loan.
▫ Loan Servicer: Your servicer name and contact information will be on the right side of the screen under “My Loan Servicers.”
In-School Deferment
If you’re enrolled at least half-time in either an undergraduate or graduate program, you can complete an In-School Deferment Request and submit it to your loan servicer. This will stop your payments.
Interruption of Studies
We encourage you to watch the FATV below for a better understanding of how an IOS impacts your financial aid before making your final decision.
▫ FATV: Withdrawing or Leave of Absence
Depending on your last day of attendance, your loan amount will either remain the same or a portion may be returned to the federal government.
Once you stop attending, your loans will enter a “Grace Period” based on your last day of attendance.
You will also need to complete Exit Counseling.
Exit Counseling: a tool to ensure you understand repayment information and your rights as a loan borrower.
Once You’re No Longer Enrolled
Grace Period
A Grace Period is the first six months after you leave school or fall below half-time enrollment before you’re required to begin repayment of your loan(s).
During this time, loan payments will not be required. As you near the end of your grace period, your loan servicer will notify you regarding your repayment start date.
You can contact your loan servicer for additional information.
Income-Driven Repayment Plans
For borrowers seeking lower monthly payments, Income-driven repayment plans (IDR) can make their student loan debt more manageable. These repayment plans are based on the borrower’s income and household size.
For instructions on how to apply for an income-driven repayment plan, you can watch the video below.
▫ FATV: Direct Loan Repayment Plans
To apply directly, visit:
Loan Simulator
This tool helps borrowers estimate their monthly student loan payments, allowing them to choose the payment plan that best fits their needs.
To calculate your federal student loan repayment option,s visit:
Postponing Loan Payments
Loan payments can be postponed with either forbearance or deferment. Both are temporary and, in most cases, interest will continue to accrue. If you’re experiencing financial hardship, you should contact your servicer. They will explain the process of applying for a forbearance or a deferment and which you qualify for.
ECMC Solutions
SVA has partnered with ECMC Solutions to provide federal loan repayment counseling free of charge. You can call them at 877-331-3262 or visit ecmcsolutions.org.
To schedule an appointment to speak with one of their counselors, use the link below:
If you don’t see your question or if you need further clarification or assistance, please send an email to fa@sva.edu.