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U.S. citizens and legal residents may apply for federal aid by first completing an application to the college and a SCAD application for financial assistance. Applicants should then file the Free Application for Federal Student Aid with the federal processing center after January 1 each year. This can be done online at . The SCAD FAFSA code is 015022.
Federal aid applicants are encouraged to complete the FAFSA as soon as their annual income tax figures become available. The college processes federal aid throughout the year on a first-completed, first-awarded basis. Early application is encouraged and allows more time for students to explore all financial aid options.
After the FAFSA is processed, the government generates a multi-page Student Aid Report for each applicant. After the college has received an electronic version of the Student Aid Report from the government, all applicable college forms are made available on the college Web site. This process begins in March. When all required forms are completed, signed and returned to the office of financial aid, an award notification is sent to the student’s SCAD e-mail address. The entire process may take several weeks. While the college accepts and enrolls new students each quarter, students who intend to use financial assistance to pay tuition, room and board, should plan to complete the application for admission and submit all financial aid materials at least six months prior to the intended entry term. Otherwise, the student should plan to pay first-quarter expenses out of personal funds, as federal funds may not be processed prior to enrollment.
A student who wishes to be degree-seeking at two or more postsecondary institutions concurrently may receive federal/state financial aid at only one college. Once a student has requested financial aid to attend SCAD, he or she may not apply for federal/state aid at any other institution unless it is as a transient student. Students who wish to transfer credits to SCAD from another college or university must pursue transient status before taking classes at the other institution.
Pell Grant (Nonrepayable Funds)
The Pell Grant is a need-based grant available to degree-seeking students who are pursuing their first undergraduate degree. Student eligibility is based upon the Estimated Family Contribution as calculated by the federal government from the FAFSA. Funds are available to full-time and three-quarter-time students and some less-than-half-time students. Federal awards range from $0 to $4,050 for the academic year (three terms). Each term, an equal portion of the annual award is applied directly to the student’s account in the office of the bursar.
Supplemental Educational Opportunity Grant (Nonrepayable Funds)
The SEOG program was established to assist in making the benefits of postsecondary education available to first-time degree-seeking undergraduate students. Awards are based upon the remaining unmet need of Pell eligible students. Funds are available to full-time and three-quarter-time students on a very limited basis. Awards of SEOG are equal to the dollar amount of the federal Pell Grant award up to the annual maximum of $4,000.
Academic Competitiveness Grant (Nonrepayable Funds)
The Academic Competitiveness Grant program was established to assist in making the benefits of postsecondary education available to first-time, degree-seeking, full-time undergraduate students who are eligible to receive a federal Pell Grant. First- and second-year students who have recently graduated from a federally defined rigorous high school program may qualify if they meet other criteria. First-year student awards are $750; second-year student awards are $1,300.
William D. Ford Direct Subsidized and Unsubsidized Stafford Loan (Repayable Funds)
This loan program enables undergraduate and graduate students to borrow funds directly from the U.S. Department of Education to assist with educational expenses. A subsidized loan is awarded on the basis of financial need. The interest does not accrue on the loan during an authorized period of deferment or until repayment begins. The amount a student may borrow per academic year (three terms) ranges from $3,500 to $8,500. Students with federal “independent” student status may borrow $4,000 to $12,000 in unsubsidized funds annually in addition to the subsidized loan maximum per academic year (three terms). Loan amounts are based on class level; amount credited to student’s account is reduced by applicable processing fees.
William D. Ford Direct PLUS Loan for Graduate Students (Repayable Funds)
The Grad PLUS loan program enables credit-worthy graduate-level students to borrow funds for educational purposes. Graduate students may borrow the full cost of education or all that other student aid does not cover. Grad PLUS loans are collateral-free, low-interest-rate loans with at least a 10-year repayment term and several repayment options.
William D. Ford Direct PLUS Loan Program (Repayable Funds)
The PLUS loan program enables credit-worthy parents and stepparents of dependent students to borrow funds for educational purposes. Parents may borrow the full cost of education or all that student aid does not cover. PLUS loans are collateral-free, low-interest-rate loans with at least a 10-year repayment term and several repayment options.
Under the Federal Direct Loan programs, loan proceeds are disbursed through the office of the bursar, in accordance with federal regulations, as follows:
- The office of financial aid has generated the student’s award notification.
- The Direct Loan Service Center has received, accepted the student- and parent-signed promissory note.
- For PLUS loan, a credit check must be approved by the Common Origination Disbursement Center and the college receives notification of approval.
After all applicable conditions listed above have been met, the student’s and parent’s loan proceeds may be credited to the student’s account in the office of the bursar the week following the end of the drop/add period each quarter. First-time student borrowers are subject to further federal regulations requiring participation in entrance loan counseling, which may be completed on the Internet at www.dlssonline.com prior to the student’s first quarter. For traditional students who do not have access to the Internet, an in-person session is offered the first week of each quarter. The exact date, time and location are published in the orientation schedule.
Employment opportunities for both graduate and undergraduate students with demonstrated financial need and appropriate abilities are available at the college. Jobs are limited to 20-hour work weeks at minimum wage, and students receive paychecks every two weeks.
Former U.S. armed services men and women, widows and war orphans may apply for benefits under several public laws in effect. Enrollment verification forms are completed each term by the office of the registrar.
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