Santa Clara University

Below is a list of frequently asked questions regarding financial aid by graduate students. Contact the Santa Clara University Financial Aid Office with any questions not listed.

What is Santa Clara University's school code?
Santa Clara University's School Code Title to be used on the Free Application for Federal Student Aid (FAFSA) is 001326.

I will not complete my federal tax returns before the priority deadline for filing the FAFSA. Should I wait until my tax forms are finished before I complete my financial aid forms?
No. You can complete the FAFSA financial aid application based on reasonable estimates of your prior year income.

Should I report the total accumulated in IRA and Keogh plans on the FAFSA?
No. You do not have to include retirement plan accumulations when totaling the value of assets. However, annual contributions must be reported since they are discretionary payments that reflect your ability to pay for college.

How does the SCU Financial Aid Office communicate to students?
Santa Clara University Financial Aid will communicate with students through a variety of formats. Information that is sent to students from the University via their campus mail box, local address or their Santa Clara University email address is considered official communication and should be treated as such. Students are asked to check their campus mailbox and their Santa Clara University email account on a daily basis, and are responsible for reading and responding to the information they receive from the University. Although the University urges students to use their Santa Clara email address as their primary email, students who will not be checking that address regularly should forward their email to their preferred email account.

Instructions to forward email: http://it.scu.edu/howto/GroupWise/Forward/

My award notice says I am eligible for a FFELP Stafford Loan. How do I get that loan?
For the 2007-08 academic school year, you can apply for a Federal Stafford Loan using the online application on this Web site. Federal Stafford Loan applications are also available from participating lending institutions. Beginning the 2008-09 academic school year, Santa Clara University will be participating in the William D. Ford Federal Direct Loan program, whereas graduate students will be notified by our office regarding their application and entrance interview requirements. You must accept the Federal Direct Loan via ecampus.

What is a Federal Perkins Loan and how do I apply for one?
Federal Perkins loans are low interest loans awarded to undergraduate and graduate students who demonstrate exceptional financial need.  If you qualify for the a Federal Perkins Loan, the loan will be offered to you on your award notification.

If I take a leave of absence, do I have to begin repayment of my loans?
Not immediately. The Federal Stafford loan has a grace period of six months and the Federal Perkins loan has a grace period of nine months before repayment begins. Therefore, when you take a leave of absence, you will not have to begin to repay your loan until the end of the grace period. Students taking a leave of absence are encouraged to contact their lender regarding the status of their loans.

What is student loan consolidation?
Loan consolidation allows students to combine all of their existing federal student loans into one. There are several advantages of loan consolidation. It simplifies repayment by having multiple loans under a single loan holder, reduces the required minimum monthly payments by extending the repayment period from the standard 10 years to a maximum of 30 years and uses a graduated repayment schedule. The disadvantages to loan consolidation are that students end up paying more interest and they are no longer eligible for many types of deferments.

Why is Federal Work Study considered financial aid? Do not I have to earn this money?
Yes, you will receive a paycheck for hours you work at the wage rate offered by your employer. However, for students participating in the Federal Work Study program 75% of their wages are paid by the federal government. Since employers only have to pay the remaining 25% of each Work Study student's salary, they are more likely to hire students who are eligible for this federal support. This makes it much easier for you to find employment, if you so desire.

I was awarded a scholarship from a private outside organization. Do I need to inform my Santa Clara University Financial Aid Office?
Yes. If you let us know about your outside aid we can help you determine the effect on your eligibility for other need-based financial aid funds. It is helpful to know this early in the process. If we find out about the outside aid when the sponsor sends your money to Santa Clara University, it may cause budgeting problems, especially if we have to cancel need-based aid you are no longer eligible to receive.

How are Scholarships and Fellowships Noted in regards to IRS publication 970 and Tax Topic 421?
Tax Note About Scholarships and Fellowships, treatment of scholarships and fellowships under the IRS publication 970 and Tax Topic 421 of the Internal Revenue Code provide that you may exclude from your gross income only scholarship and fellowships amounts used for:

• Tuition and fees required for enrollment or attendance at an educational organization;
• Books, supplies and equipment required for courses of instruction.

Amount used for other expenses, such as room and board, are includable as income.

Notwithstanding the above, any amounts received that represent payment for teaching, research or other services required as a condition for receiving the scholarship or fellowship grant are also includable as income.

If all or a portion of a scholarship is granted in return for services, such as teaching or research preformed by a student, that portion of the scholarship or fellowship would be considered wages, and Santa Clara University would be required to withhold taxes and comply with related reporting requirements. In that case of all other scholarship and fellowship recipients, it is not required that Santa Clara University withhold income taxes and/or file information returns (Form 1099) with the IRS, and we will not do so.  You are responsible for keeping your own records for any reporting that may be required.

Will my eligibility for financial aid change if I change my enrollment status?
Yes, if you withdraw from Santa Clara University or change the number of credit hours for which you are enrolled. You should contact the Santa Clara University Financial Aid Office to discuss how it may affect your eligibility for financial aid.

Will I be eligible for less financial aid if I drop from full-time to half time?
If you drop from full-time to half-time your tuition costs will be reduced and you may be eligible for less financial aid. If you enroll less than half time, you will not be eligible for federal financial aid programs.

What should I do if my financial aid will not cover all of my expenses?
Discuss your concerns with the Santa Clara University Financial Aid Office, and consider borrowing additional funds through a private educational loan program. Several private programs geared toward the special needs of SCU graduate students are described on this Web site.