We are here to provide you with information and advice on student loans, repayment, and financial literacy to prepare you for the road ahead.
Financial Literacy — Managing your debt is more than paying student loans. It’s also learning to create budgets, save money, understand credit card debt, and make better financial decisions.
Visit SVA Financial Aid TV for over 20 videos covering Financial Wellness, Money Management & Budgeting, and Credit & Identity Theft.
Federal student aid tools: Budgeting and Budgeting Tips
Schedule a Debt Management MeetingLoan: A sum of money borrowed and expected to be paid back with interest.
Interest: The cost of borrowing money, 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 — handling administrative servicing, payment collection, and customer service.
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).
- Complete Entrance Counseling — a tool to ensure you understand your obligation to repay your loan(s).
Your loans can be cancelled without interest or fees if cancelled within 120 days of the disbursement date. To cancel, send your request to fa@sva.edu.
To see the loans you’ve borrowed and who your servicer is, log into studentaid.gov using your FSA ID and navigate to your Dashboard.
Loans Borrowed: Under “My Aid” on the dashboard, you’ll see your total loans borrowed. Click “View Details” for a breakdown of each loan.
Loan Servicer: Your servicer name and contact information will appear on the right side under “My Loan Servicers.”
If you’re enrolled at least half-time in an undergraduate or graduate program, you can complete an In-School Deferment Request and submit it to your loan servicer to stop payments.
We encourage you to watch the FATV: Withdrawing or Leave of Absence video for a better understanding of how an interruption of studies impacts your financial aid.
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 — a tool to ensure you understand repayment information and your rights as a loan borrower.
A Grace Period is the first six months after you leave school or fall below half-time enrollment before you’re required to begin repaying your loan(s).
During this time, payments are not required. As you near the end of your grace period, your loan servicer will notify you of your repayment start date. Contact your servicer for additional information.
For borrowers seeking lower monthly payments, Income-Driven Repayment (IDR) plans make student loan debt more manageable by basing payments on income and household size.
Watch FATV: Direct Loan Repayment Plans to learn how to apply.
To apply directly: Income-Driven Repayment Plan Request
This tool helps you estimate monthly student loan payments and compare repayment plans to find the one that best fits your needs.
Loan payments can be postponed with either forbearance or deferment. Both are temporary and interest will continue to accrue in most cases. If you’re experiencing financial hardship, contact your servicer — they will explain what you qualify for and how to apply.
SVA has partnered with ECMC Solutions to provide federal loan repayment counseling free of charge.
- Call: 877-331-3262
- Website: ecmcsolutions.org
- Schedule appointment: ecmcsolutions.org/appt