Managing Your Debt


As you begin this exciting new chapter in your life and prepare for the challenges ahead, know that we are here to support you. We are here to provide you with information and advice on student loans, repayment and financial literacy.

Entrance Counseling Guide

The Entrance Counseling explains the borrower’s rights and responsibilities. The Direct Loan Entrance Counseling Guide provides an overview of the Direct Loan Program including information you’ll need to successfully repay the federal student loans that you’ll be receiving to help pay for your college costs.

Entrance Counseling Guide

Master Promissory Note

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.

It explains the terms and conditions of your loan(s).

You must complete an MPN on to receive loan funds.

Loan Terminology

Loan: a sum of money that is expected to be paid back with interest.

Interest: money paid regularly at a particular rate for the use of money borrowed.

Origination Fee: is an upfront amount charged by a lender for processing a new loan application.

Accrues: to increase in value or amount gradually as time passes.

Capitalization: added to the principal balance on the loan that you still owe.

Loan Calculator and Budgeting Tools

You can use tools such as loan calculators to get a breakdown of estimated loan payments, budget builders, and other financial resources.

You Can Deal With It

Canceling Your Federal Loans

Loan cancellations must be submitted every academic year if you are awarded federal loans based on your FAFSA results.

If you want to cancel a portion of your financial aid, please send an email to our office via including:

– Your name
– Your student Id number
– The loan(s) you want to cancel
– Indicate whether you are cancelling them for the entire academic year or only for a specific semester.

Grace Period

Your Federal Direct Loans will remain out of repayment while you’re in school for at least half-time (6 credits). Once you graduate or leave SVA, your loans will enter their grace period, a span of 6 months where your Federal Direct Loans will not require payment. After you utilize your grace period, you will enter repayment.

Fresh Start

On April 6, 2022, the U.S. Department of Education (ED) announced an initiative—called “Fresh Start“—to help eligible borrowers with their defaulted loans.

Benefits of the initiative include temporarily regaining several student aid benefits like affordable repayment plans, access to Federal Student Aid to continue college, no collection fees, and more. Eligible borrowers will also have the opportunity to recover from their default status and keep those benefits for the long term. 

Fresh Start will continue through one year after the COVID-19 payment pause ends.

Any borrower with “Fresh Start” eligible defaulted federal student loans can make payment arrangements during the initiative by visiting, contacting their loan holder, or the Default Resolution Group at 1.800.621.3115.

Loan Servicers

The organization that monitors and collects a loan on behalf of the Department of Education.

The servicer maintains the borrower’s account records, sends billing notices and collects payment.

You can visit FSA Partners for an overview of federal loan servicers.

To find out who your loan servicer is, call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.

When Should I Contact My Servicer?

– Fall below half-time enrollment

– Graduate

– Change your name, address, phone number, or email address

– Transfer school

– Leave school

– Need help with your monthly Direct Loan payments

– Are called to active duty

Money Management

Managing your money can be tricky but there are resources to help you spend appropriately and stay in control of your finances.

Money Management Checklist

Budgeting Video

Financial Aid TV

Financial Aid covers a range of topics, each with their own set of questions. FATV is a series of informative videos covering topics for prospective and current students as well as alumni.


Need Help Postponing Loans?

Borrowing loans requires paying them back. You may find yourself experiencing financial difficulties that demand additional repayment options. Ignoring the problem won’t make it go away; instead, take control of your finances by utilizing options such as postponing payments to keep your loans in good standing.

General Forbearance Form

In-School Deferment Request Student

ECMC Solutions

SVA has partnered with Educational Credit Management Corporation (ECMC) Solutions to provide free help to our current and former students in understanding their Federal student loans and the complexities of student loan repayment. Students with questions about federal student loan repayment are encouraged to take advantage of these free services that are being provided by SVA.

ECMC Solutions counselors will also perform outreach to our Federal student loan borrowers. Counselors will always introduce themselves by name and let you know they are calling on our behalf. Solutions counselors call only from U.S. area codes such as (651) and (612). ECMC counselors will ask you to confirm your identity to ensure we are speaking with you before sharing any information. Counselors are also available to help you through ECMC Solutions Live Chat, email or by phone at 877-331-3262.

ECMC Solutions Website

Interruption of Studies

Students who take a leave of absence/withdraw are considered to be not enrolled even if you plan to return; as such, your student loans will enter their grace period starting from your last date of attendance. If you use your full one-time 6 month grace period before returning to school at least half-time (6 credits), you will enter repayment. 

FATV has a video detailing the leave of absence/withdrawal process here.