Frequently Asked Questions
Here is an explanation of some of the terms that you will find in your financial aid award letter. Please download the following documents for more information about SFAI lenders:
SFAI Lender List page 1 pdf [100k]
SFAI Lender List page 2 pdf [61k]
What are "FFELP" loans?
The Federal Family Educational Loan Program (FFELP) offers low-interest loans to students who are U.S. Citizens or permanent residents and have filed a FAFSA. Your award letter may include a subsidized loan, an unsubsidized loan, or both. The interest on a subsidized loan is paid by the U.S. Department of Education during the in-school, grace, and authorized periods of deferment. Interest will accrue on unsubsidized loans while in school, during the grace period and authorized periods of deferment. Students do have the option to pay the interest while in school, but will not be required to make any payments while enrolled at least half-time. You may indicate the lender of your choice on the third page of your award letter. If you have never borrowed a FFELP loan through your selected lender, you will be required to fill out a Master Promissory before these loans can be disbursed. Repayment of FFELP loans typically begins six months after you leave school or drop below half-time enrollment.
What is a "PLUS" loan?
PLUS loans are low interest Federal loans that help to cover tuition or living expenses while you attend SFAI. Parent PLUS loans are available to the parents of dependent students, and Graduate Professional PLUS loans are available to students in the MA or MFA programs. The amount awarded is the maximum loan limit. You may borrow less than the amount awarded, or none at all. Please consider these loans carefully while planning your budget for the following year. PLUS loans require the borrower to obtain credit approval from a lender of choice, which can be done online.
Payment for Parent PLUS loans typically begins 60 days after disbursement of the loan, although most lenders offer flexible repayment plans and in-school forbearance options. Students whose parent(s) are denied credit for the Parent PLUS loan program will be awarded additional unsubsidized loans ($5,000 maximum). If your parents are denied the Parent PLUS loan, please contact the Office of Financial Aid immediately so that your award package can be adjusted.
Payment for Graduate PLUS loans can be deferred while students are enrolled at least half-time. There are flexible repayment plans available, as well as deferment and forbearance options during periods of financial difficulty.
What is Federal Work Study?
If your award letter includes Federal Work Study, you may apply for an on-campus job through SFAI at www.collegecentral.com/sfai (user name and password information required to view the jobs will be distributed to students during orientation). Once you have secured a job, you will receive a bi-monthly paycheck for the hours that you work. Federal Work Study funds that appear on the award letter are not a cash award and do not apply towards tuition.
What is an Outside Loan?*
Outside loans are intended for students who may need additional resources beyond Federal, State and SFAI award eligibility to cover tuition or living expenses. SFAI encourages students to find the outside loan that is right for them by researching competitive interest rates. The amount awarded is the maximum loan limit. You may borrow less than the amount awarded, or none at all. Please consider these loans carefully while planning your budget for the following year. Students who have not filed a FAFSA may also apply for these loans; however, lenders typically require a credit-worthy U.S. co-signer for non-citizen borrowers. These loans require you to pass lender credit approval.
What are Grants and Scholarships?
Grants and Scholarships are considered gift aid, and are applied directly to your tuition. SFAI Competitive Scholarships and Fellowships are based on artistic accomplishment and are awarded by the Office of Admissions. Applicants are automatically considered for all grants. There are several different grants that may appear on your award letter, including:
State Grants
Cal Grants are need- and academic-based grants offered through the state of California to qualified undergraduate residents. The application process begins January 1st and runs through March 2nd every year. To qualify for this grant, you must submit a FAFSA before March 2nd, and meet the State’s income and Grade Point Average requirements.
Residents of other states may be eligible for state grants while attending SFAI. Contact your state’s department of educational assistance for specific information, and application procedures for students who study out of state.
Federal Grants
Pell and SEOG are need-based undergraduate Federal grants. To apply for these grants, you must complete a FAFSA every year. SEOG is a federally funded supplemental award given by SFAI to Pell Grant recipients who qualify for the full amount of the Pell Grant. SEOG is a limited fund, so only students who complete the FAFSA in a timely manner will be considered for this grant.
Institutional Grants and Scholarships
SFAI Grants are need-based grants awarded through the Office of Financial Aid. These funds are available in limited amounts at the beginning of the Fall & Spring semesters only!
International Student Grants are need-based grants awarded to international students. Applications are available in the Office of Financial Aid.
Scholarships and Fellowships are awarded to incoming students each year and are renewable for the length of their academic program.
* While some lenders may offer private student loans in excess of the cost of attendance, any amount exceeding the difference between cost of attendance and financial aid is considered a resource. Like an outside scholarship, this will reduce need-based aid. (Some lenders offer non-school-certified private student loans to bypass this limitation by not informing the college about the loan. If the college becomes aware of the loan, federal regulations require the college to reduce need-based aid. Pending federal legislation would require lenders to tell colleges about all private student loans, eliminating this loophole.)
Here is an explanation of some of the terms that you will find in your financial aid award letter. Please download the following documents for more information about SFAI lenders:
SFAI Lender List page 1 pdf [100k]
SFAI Lender List page 2 pdf [61k]
What are "FFELP" loans?
The Federal Family Educational Loan Program (FFELP) offers low-interest loans to students who are U.S. Citizens or permanent residents and have filed a FAFSA. Your award letter may include a subsidized loan, an unsubsidized loan, or both. The interest on a subsidized loan is paid by the U.S. Department of Education during the in-school, grace, and authorized periods of deferment. Interest will accrue on unsubsidized loans while in school, during the grace period and authorized periods of deferment. Students do have the option to pay the interest while in school, but will not be required to make any payments while enrolled at least half-time. You may indicate the lender of your choice on the third page of your award letter. If you have never borrowed a FFELP loan through your selected lender, you will be required to fill out a Master Promissory before these loans can be disbursed. Repayment of FFELP loans typically begins six months after you leave school or drop below half-time enrollment.
What is a "PLUS" loan?
PLUS loans are low interest Federal loans that help to cover tuition or living expenses while you attend SFAI. Parent PLUS loans are available to the parents of dependent students, and Graduate Professional PLUS loans are available to students in the MA or MFA programs. The amount awarded is the maximum loan limit. You may borrow less than the amount awarded, or none at all. Please consider these loans carefully while planning your budget for the following year. PLUS loans require the borrower to obtain credit approval from a lender of choice, which can be done online.
Payment for Parent PLUS loans typically begins 60 days after disbursement of the loan, although most lenders offer flexible repayment plans and in-school forbearance options. Students whose parent(s) are denied credit for the Parent PLUS loan program will be awarded additional unsubsidized loans ($5,000 maximum). If your parents are denied the Parent PLUS loan, please contact the Office of Financial Aid immediately so that your award package can be adjusted.
Payment for Graduate PLUS loans can be deferred while students are enrolled at least half-time. There are flexible repayment plans available, as well as deferment and forbearance options during periods of financial difficulty.
What is Federal Work Study?
If your award letter includes Federal Work Study, you may apply for an on-campus job through SFAI at www.collegecentral.com/sfai (user name and password information required to view the jobs will be distributed to students during orientation). Once you have secured a job, you will receive a bi-monthly paycheck for the hours that you work. Federal Work Study funds that appear on the award letter are not a cash award and do not apply towards tuition.
What is an Outside Loan?*
Outside loans are intended for students who may need additional resources beyond Federal, State and SFAI award eligibility to cover tuition or living expenses. SFAI encourages students to find the outside loan that is right for them by researching competitive interest rates. The amount awarded is the maximum loan limit. You may borrow less than the amount awarded, or none at all. Please consider these loans carefully while planning your budget for the following year. Students who have not filed a FAFSA may also apply for these loans; however, lenders typically require a credit-worthy U.S. co-signer for non-citizen borrowers. These loans require you to pass lender credit approval.
What are Grants and Scholarships?
Grants and Scholarships are considered gift aid, and are applied directly to your tuition. SFAI Competitive Scholarships and Fellowships are based on artistic accomplishment and are awarded by the Office of Admissions. Applicants are automatically considered for all grants. There are several different grants that may appear on your award letter, including:
State Grants
Federal Grants
Institutional Grants and Scholarships
* While some lenders may offer private student loans in excess of the cost of attendance, any amount exceeding the difference between cost of attendance and financial aid is considered a resource. Like an outside scholarship, this will reduce need-based aid. (Some lenders offer non-school-certified private student loans to bypass this limitation by not informing the college about the loan. If the college becomes aware of the loan, federal regulations require the college to reduce need-based aid. Pending federal legislation would require lenders to tell colleges about all private student loans, eliminating this loophole.)
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