Types of Financial Aid

Award 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 are eligible for this award. SVA scholarship decisions are based on a review of applicants’ portfolios and academic records. Applicants must complete the admission application which can be found on sva.edu.

Amount Available:

Maximum of $25,700 per year, half of which will be paid directly to the student’s account each semester. Amount is determined in student’s first year and remains constant during their enrollment at SVA.

Renewal Requirements:

Students who received the scholarship their first year may renew it for the following year. Renewal is contingent on the maintenance of a minimum 3.0 cumulative GPA.

Award Description:

Need and merit based SVA scholarships.

Available to:

Continuing undergraduate and graduate students.

Amount Available:

Varies with department.

If Interested:

The Visual Arts Foundation sends an informative letter/application to eligible students. For more information, students should contact the head of the department in which they are enrolled.

Award Description:

Federal need based grant.

Available to:

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

Amount Available:

Grants range up to $7,395 per year, half of which will be paid directly to the student’s account each semester.

Renewal Requirements:

Renewal is contingent on the continued demonstration of financial need, the maintenance of satisfactory academic progress and the timely renewal of the FAFSA. Eligible students must reapply for the Federal Pell Grant each year.

Award Description:

Federal need based grant.

Available to:

Full and part time undergraduate students who are eligible for a Federal Pell Grant.

Amount Available:

Grants range from $200 to $2,000 per year, half of which will be paid directly to the student’s account each semester.

Renewal Requirements:

Renewal is contingent on the maintenance of Federal Pell Grant eligibility, satisfactory academic progress and the timely renewal of the FAFSA. Eligible students must reapply for the FSEOG each year.

Award Description:

New York State need based grant.

Available to:

Full time undergraduate students who are legal residents of New York State. NYSHESC determines eligibility and award amounts based on the information provided on the FAFSA and the Express TAP Application (ETA).

Amount Available:

Grants currently range from $275 to $5,165 per year, half of which will be paid directly to the student’s account each semester. NYSHESC will mail an award certificate directly to the applicant indicating the amount of the grant. Once notified, SVA Financial Aid will approve award and deduct award from your tuition balance.

Additional Requirement:

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

Renewal Requirements:

Renewal is contingent on demonstration of financial need, satisfactory academic progress and timely filing of the renewal FAFSA and Express TAP application. Eligible students must reapply for the TAP Grant each year and can receive an award for up to 8 semesters of study.

Waiver Provisions:

A one-time waiver may be granted to the recipient of state financial assistance who fails to complete the program or make satisfactory academic progress. The student must initiate the request for the waiver through SVA Financial Aid and must be able to document one of three reasons for the request: death in the student’s family, serious illness of the student, or other mitigating circumstances beyond the student’s control. After a careful review of the documentation, the student will be notified in writing if the one-time waiver will be granted.

Satisfactory Academic Progress regulations define program pursuit as receiving a passing or failing grade in a certain percentage of a full-time course load. The percentage increases from 50% of the minimum full-time load in each term of study in the first year for which an award is made, to 75% of the minimum full-time load in each term of study in the second year for which an award is made, to 100 % of the minimum full-time load in each term of study in the third and each succeeding year for which an award is made.

For more detailed and complete information on the waiver, go to New York State Higher Education Services Corporation (NYSHESC) web site, search for “waiver” and click on the Commissioner’s Guidelines or stop by SVA Financial Aid.

Standard of Satisfactory Academic Progress:

Calendar: Semester for Bachelor of Fine Arts

Before being certified for this payment a student must have accrued at least this many credits with at least this grade point average

Award Description:

New York State need based grant.

Available to:

Part time (3-11 credits per semester) matriculated undergraduate and graduate students who are legal residents of New York State. In addition to financial need criteria, students must not have exhausted their TAP eligibility (i.e., received eight semesters of TAP).

If Interested:

Applications are available with SVA Financial Aid.

AWARD DESCRIPTION:

New York State (NYS) award on which undocumented and certain other students can apply under the NYS Dream Act.

AVAILABLE TO:

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

IF INTERESTED:

Students should apply for the Dream Act through the hesc.ny.gov website.

Award Description:

SVA need based grant.

Available to:

Full time undergraduate students.

Amount Available:

SVA Financial Aid determines eligibility and grant amounts based on individual financial need.

Renewal Requirements:

Students who receive the SVA Grant their first year may renew it the following year. Renewal is contingent on the continued demonstration of financial need and timely renewal of the FAFSA.

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 AVAILABLE:

SVA Financial Aid determines eligibility and grant amounts based on the student’s financial need, as determined by the FAFSA, and institutional funding levels.

RENEWAL REQUIREMENTS:

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

Award Description:

Need-based Award

Available to:

Full time or part time undergraduate and graduate students. Based on the student’s financial need, as determined by the completion and submission of the FAFSA.

Amount Available:

SVA will match 25% of an eligible outside scholarship that a student obtains from a qualified charitable organization and payable to SVA after the completion of the FAFSA, The total combined match amount cannot exceed $2,500 for each award year. The match excludes scholarships offered by the SVA Visual Arts Foundation and your department major. SVA Financial Aid determines the eligibility and grant amounts based on the student’s financial need, as determined by the FAFSA in addition to institutional funding levels.

Renewal Requirements:

Students must submit a copy of their eligible outside scholarship award letter to SVA Financial Aid for the SVA Matching Scholarship to renew each year. In addition, renewal is contingent on the continued demonstration of financial need, the maintenance of satisfactory academic progress, the timely renewal of the FAFSA and funding levels.

Award Description:

Federal need based loan for Subsidized / Federal non-need based loan for Unsubsidized.

Available to:

Full and part time undergraduate and graduate students. SVA Financial Aid determines eligibility and loan amounts based on the student’s financial need.

Subsidized vs. Unsubsidized:

The Stafford Loan has two variations, Subsidized and Unsubsidized. If the student demonstrates financial need, the federal government pays the interest (subsidizes) on the loan during the student’s period of enrollment. Students with no financial need are eligible for the Unsubsidized Stafford Loan, and the student is responsible for the interest accrued during their period of enrollment.

Amount Available:

The criteria used to determine loan amounts include financial need, full or part-time status, and the dependency status of the student. Annual loan amounts are set by federal guidelines and are contingent on student’s grade level as follows:

Freshman Subsidized ($3,500) / Unsubsidized ($2,000)

Sophomore Subsidized ($4,500) / Unsubsidized ($2,000)

Junior/Senior Subsidized ($5,500) / Unsubsidized ($2,000)

Professional $20,500 Unsubsidized per year

Financially independent students (and students who were denied a Parent Loan) may borrow an additional Unsubsidized Stafford Loan of $4,000 per year as a freshman and sophomore, and $5,000 per year as a junior and senior.

Renewal Requirements:

Renewal is contingent on the continued demonstration of financial need, the maintenance of at least part-time status, and the timely renewal of the FAFSA.

Repayment Information:

Repayment of the loan begins 6 months after the student graduate withdraws or falls below half-time status. The interest rate is at 4.99% for Subsidized & Unsubsidized Stafford loans for undergraduate students. The interest rate is at 6.54% for Unsubsidized Stafford loans for graduate students. The federal government pays the interest that accrues while the student is enrolled in school.

Additional Requirements:

Students are required to complete a Master Promissory Note (MPN) and attend an Entrance Interview.

Additional Information:

Interest Rate Comparison for Federal Student Loans

Award Description:

Federal need based employment award.

Available to:

Full and part time matriculated undergraduate and graduate students.

Amount Available:

Students who are awarded Federal Work-Study earn salaries at an hourly rate until their award allocation is exhausted. On-campus and off-campus undergraduate and graduate students earn a minimum wage of $15.00 per hour with the exception of the City of New York which currently pays $16.00 per hour regardless of their grade level.

Opportunities Available:

On- and off-campus employment opportunities. Most positions are with professionals in the field of the student’s choice and are available on a first come, first serve basis.

Renewal Requirements:

Renewal is contingent on the continued demonstration of financial need, the maintenance of at least part time status and the timely renewal of the FAFSA.

Additional Requirements:

Students must attend an Entrance Interview every year an award is offered.

Award Description:

Federal non-need based loan.

Available to:

Parents of dependent full and part-time students who do not have an adverse credit history.

Amount Available:

Parents may borrow up to the entire cost of a student’s education (including living expenses) less other financial aid from participating lenders. Proceeds from these loans are sent to SVA in two disbursements.

Renewal Requirements:

Eligible parents must reapply for the Federal PLUS Loan each year.

Repayment Information:

Repayment begins 60 days after the loan is fully disbursed unless the student is attending a post-secondary school on at least a half-time basis and pursuing a degree. Interest begins to accrue from the date the proceeds are sent from the lender to SVA. The interest rate is fixed at 7.54% for Federal Direct PLUS Loans.

Additional Requirements:

Parents should complete a PLUS Loan application via studentaid.gov. Our office encourages borrowers to utilize the online application; alternatively, the borrower can submit a PLUS Loan Preapproval (by request) and submit it by mail or fax to the number indicated on the form. The lender will notify your parent of the credit decision. If the decision is favorable, the loan will be considered preapproved and SVA Financial Aid will be notified. A financial aid advisor will certify your loan request and forward your eligibility information to the lender. The determined amount will appear as an “Estimate” on the tuition bill generated by Student Accounts.

Students are also required to complete a Master Promissory Note (MPN).

Proceeds will be received by Student Accounts and credited to your tuition account. Once all charges have been paid, Student Accounts will issue any extra proceeds as a refund to the PLUS borrower.

Additional Information:

Interest Rate Comparison for Federal Student Loans

Award Description:

Federal non-need based loan.

Available to:

Graduate or professional students who do not have an adverse credit history.

Amount Available:

Graduate students may borrow up to their cost of attendance minus other estimated financial assistance. Proceeds from these loans are sent to SVA in two disbursements.

Renewal Requirements:

Eligible Graduate Students must reapply for the Graduate PLUS Loan each year. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA) each year. They also must have applied for their annual loan maximum eligibility under the Federal Unsubsidized Stafford Loan Program before applying for a Graduate PLUS loan.

Repayment Information:

Repayment begins 60 days after the loan is fully disbursed unless the student is attending a post-secondary school on at least a half-time basis and pursuing a degree. Interest begins to accrue from the date the proceeds are sent from the lender to SVA. The interest rate is fixed at 7.54% for Federal Direct PLUS Loans.

Additional Requirements:

Graduate students are required to complete the FAFSA. They also must have applied for their annual loan maximum eligibility under the Federal Unsubsidized Stafford Loan Program before applying for a Graduate PLUS loan. Graduate students should then complete a Graduate PLUS Loan application via studentaid.gov Our office encourages borrowers to utilize the online application; alternatively, the borrower can complete a Graduate PLUS Loan Pre-approval (by request) and submit it either by mail or fax to the number indicated on the form. The lender will notify you of your credit decision. If the decision is favorable, the loan will be considered pre-approved and SVA Financial Aid will be notified.

Students are also required to complete a Master Promissory Note (MPN).

Additional Information:

Interest Rate Comparison for Federal Student Loans

Award Description:

Non-need based loan.

Available to:

Undergraduate or Graduate students who do not have an adverse credit history.

Amount Available:

Students may borrow up to the entire cost of their education (including living expenses) less other financial aid from participating lenders. Proceeds from these loans are sent to SVA in two disbursements.

Renewal Requirements:

Eligible students must reapply for the Private Education Loan each year.

Repayment Information:

Depending on the lender repayment may begin as early as six months after leaving school. Interest begins to accrue from the date the proceeds are sent from the lender to SVA. Interest rates may vary depending on the lender.

Additional Requirements:

SVA recommends that you review borrowing options through the federal loan programs first and then evaluate the private loan options. Please contact our office for additional information.

Recommended private loan lenders and their respective rates and borrower benefits can be found at elmselect.com. These lenders are reviewed through a Requested for Proposal (RFP), which is requested on a biannual basis. Lenders are selected by an RFP committee based on the best available rates and the strength of borrower benefits. For additional information on this process, please contact SVA Financial Aid.