Incoming Undergraduate Students FAQs
Below is a list of frequently asked questions regarding financial aid by the Incoming Class of 2012 Undergraduates Students. Contact the Santa Clara University Financial Aid Office with any questions not listed.
How do I accept my award?
If you received an Electronic Financial Aid E-mail Notification, you should logon to the eCampus system. You will be required to use your User ID and Password information to enter the main eCampus page on which the “Financial Aid” link will be listed. Please choose “Accept/Decline Financial Aid” link to view, accept or decline your financial aid award. On the “Select Aid Year to View” page click the proper aid year. On the “Award Package” page indicate your choice to accept or decline each award by checking the appropriate box and then push the yellow “Submit” button.
I do not think I will qualify for financial aid. Should I bother applying?
Yes. It is unlikely that you will receive institutional aid, but, at the very least, you will be able to borrow a low-interest Federal Direct Unsubsidized Student Loan. In order to receive a Federal Direct Student Loan, you must complete the Free Application for Federal Student Aid (FAFSA). If your family’s financial situation changes during the academic year, we can consider you for financial aid as long as we have a completed FAFSA on record
Is it too late to apply for financial aid?
Probably not. The FAFSA takes approximately one week using FAFSA on the Web to process. Financial aid can be calculated and awarded to students once we receive the FAFSA data. We would encourage you to review our priority application deadlines for Santa Clara University's financial aid programs.
What are the school codes for Santa Clara University?
The Federal School Code (FAFSA) for Santa Clara University is 001326. The CSS Profile Code is 4851.
If my parents are divorced or separated, which parent should complete the FAFSA?
You should answer the questions using information about the parent that you lived with more during the past 12 months. If you did not live with one parent more than the other, give answers about the parent who provided the most financial support for you (e.g. money, gifts, loans, housing, food, clothes, medical expenses). Child support payments from your other parent will be taken into consideration, and information about the income and assets of any stepparent must also be provided. We realize that these situations can be sensitive and complicated. Please feel free to discuss your individual circumstances with one of our counselors. All information will remain confidential.
What does the EFC number mean on my Student Aid Report (SAR)?
The data reported on your FAFSA is used to calculate the Expected Family Contribution (EFC) value. This value is used to determine your federal aid eligibility. Santa Clara University uses this value as a guideline for determining your aid eligibility. The federal EFC value is not necessarily your out-of-pocket cost to Santa Clara University.
Does Santa Clara University offer Merit Scholarships?
Yes. Santa Clara currently awards merit scholarships to students selected from our “Admitted with Distinction” pool. Presidential Scholars at Entrance (full tuition awards), Provost Scholars (half tuition awards) and Dean’s Scholarships from SCU’s three academic disciplines (Engineering, Arts and Sciences and Business) are available. Additional awards may include Honors scholarships, Jesuit High School scholarships as well as National Merit Scholarships. For some scholarships, special consideration is given for exceptional ability or performing arts talent. These awards include Theatre Arts and Dance, Music, Debate and Forensics.
Why is the aid offered at Santa Clara University different from aid I was offered at other schools?
Financial aid offers can be different from one institution to another for many reasons. Schools and their applicant pool are different. Your academic credentials and a school’s selectivity will influence the amount of institutional funds offered. Some types of financial aid are awarded based on criteria established by the institution. Funding for some federal programs is limited. Institutions receive an allocation, or set amount, for each of the campus based aid programs (Federal Work Study, Federal Perkins Loan and Federal Supplemental Educational Opportunity Grant) from the U.S. Department of Education. Since schools receive different allocation amounts, institutions will have different rules and methods for awarding their allocation of limited funding. Institutions also have different costs of attendance, which can change a student's eligibility for need-based financial aid funding and can affect the total amount of financial aid offered from one institution to the next.
May I appeal the award offer?
Santa Clara University does not hold either need-based or merit-based scholarship or grant funds in reserve for appeals. All available funds are offered at the time of initial award. The availability of funds to grant an appeal request depends on how many original award offers are not accepted within budget. Very few appeals requests are granted. To be considered for appeal funding there must have been a significant change in your family circumstances since the time you filed your FAFSA and CSS/Financial Aid PROFILE forms that caused your demonstrated financial need to change. The change in family circumstances must be documented (for example, ongoing unemployment or excessive medical expenses not covered by insurance). Santa Clara University will not grant an appeal on the basis of a higher award offer from another school. If you choose to submit an appeal request based on changed circumstances, it will be reviewed once all proper supporting documentation is received and, if additional funds are available, you will be notified as soon as possible. Please note that it may not be possible to let you know the disposition of your appeal prior to the May 1 attendance confirmation deposit date.
How do I pay the difference between my estimated cost of attendance and my financial aid?
Families have several options to assist with their costs. Parents of dependent students can borrow from the Federal PLUS Program (a description of the program and a pre-application can also be found in the Putting It Together: A Guide Financial Aid booklet sent with your financial aid award letter). You also have the option of applying for a private loan (i.e. non-federal) as long as you have a credit-worthy co-signer. Applications for both alternative loans can be submitted directly online or by telephone. For more information, please refer to the "Loan Information" of our Web site.
How does Santa Clara University Financial Aid Office handle scholarships you receive that are not included on your original Financial Aid Award notification?
The treatment of the award will depend on the source of the funds.
Santa Clara University Funds: Funds later awarded to you by a Santa Clara University department or program are considered to be part of the original scholarship/grant offer made to you. These later awarded funds are not supplemental to your original award and your original award will be adjusted accordingly.
Private Scholarships: To the extent permissible by state, federal and other University regulations, we will attempt to coordinate your receipt of private awards so that no adjustment is necessary to the financial aid already offered to you. If it becomes necessary to adjust your award we will first eliminate loans, then work study, and finally aid awarded from Santa Clara University.
State and Federal Grants: Individual program requirements and restrictions will govern award coordination. Typically state and federal aid is need based and an award adjustment may be required unless you demonstrate a remaining unmet need according to your FAFSA. You will be contacted as soon as possible if it becomes necessary to adjust financial aid already awarded.
It is your responsibility to inform us of any additional scholarship or grant funds that you may receive.
Will my merit aid increase each year?
With the exception of the Santa Clara University Presidential at Entry and the Provost Scholarship awards, all merit awards are fixed amounts and are not indexed to changes in tuition, therefore they will not increase annually. You are required to maintain specific program eligibility requirements in order to retain your merit award.
I have just been notified that I will receive a scholarship from my high school. How will this scholarship affect my financial aid?
Congratulations! We encourage students to apply for scholarships awarded by private organizations. This is an excellent source of funding and may reduce a student's need to borrow. In many cases, no alteration to a student's financial aid is necessary. If we are required to amend the financial aid package as a result of receiving an outside scholarship, we will make every effort to reduce the student's loan and/or Federal Work Study before reducing Santa Clara University grants or scholarships.
Should I use a Scholarship Search Service?
Santa Clara University Financial Aid Office does not recommend these companies that charge a fee. Many have been found to be fraudulent at worst and misleading at best. Do not be fooled by the money-back guarantee. It is virtually impossible to get your money back. The services provided by these companies can be done on your own by researching scholarship publications at a library or using a variety of free scholarship searches on the Web.
How does the Federal Work Study Program work?
Students who complete the FAFSA may see Federal Work Study listed on their financial aid letter. This is an option for students to assist them with their day-to-day expenses while on-campus. Students can secure a part time job on-campus through the Career Center Web site. Students who participate in the Federal Work Study Program are paid directly through a bi-weekly payroll check. Since the program is based on participants working and earning income, the funds are not directly applied towards the student's billing statements. Earnings vary depending on the number of hours worked and the rate of pay.
What is the difference between a grant and a loan?
Grants and scholarships are considered gift aid. Gift aid is free money that does not have to be repaid. Loans are considered self-help programs. Loans have to be repaid by the borrower.
I have loans on my financial aid award. When do I have to repay them?
Generally, there are two types of federal student loans — a Federal Direct Loan and a Federal Perkins Loan. After you graduate, leave school, or drop below half time enrollment, you have six months before you begin repayment on the Federal Direct Loan, and nine months before you begin repayment on the Federal Perkins Loan. This is called a grace period. During the time you are in school and during the grace period on a subsidized loan, you do not have to pay any principal, and no interest will be charged. During the time you are in school and during the grace period on an unsubsidized loan, you do not have to pay any principal, but interest will be charged. You can either pay the interest or it will be capitalized — that is, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount.
What is the Federal Direct Loan Program (Subsidized and Unsubsidized)?
The Federal Direct Loan program is one of the Federal Student Aid programs of the U.S. Department of Education, which provides students with a simple, convenient and flexible way to borrow money to pay for education after high school. Students do not borrow from banks. The federal government raises the loan funds through its regular Treasury bill auctions. Federal Direct Loans are loans made with federal capital and owned by the federal government. Loan repayments are made to the government and Federal Direct Loans are never sold. Since borrowing is direct through the federal government, borrowers make loan payments to the U.S. Department of Education for the life of their loans.
Both subsidized and unsubsidized Federal Direct Loans feature a fixed interest rate 6.8% for the 2007-08 academic year. Beginning 2008-09 academic school year, the Federal Direct Loan – Subsidized interest will be 6.0% (fixed), whereas the Federal Direct Loan – Unsubsidized will remain at 6.8% (fixed). Both Federal Direct Loan – Subsidized and Federal Direct Loan – Unsubsidized allow you to defer payment until you graduate or drop below half time status; you must be enrolled at least half time status to qualify for this loan. The federal government pays the interest on your subsidized Federal Direct Loan while you are enrolled or in your grace period. You are responsible for paying the interest on an unsubsidized Federal Direct Loan while you are enrolled, although you have the option to defer interest payments and add the interest to the principal of the loan at repayment.
What is the difference between Federal Direct Loan subsidized and unsubsidized loans ?
The Federal Direct Subsidized Loan is based on need, and the government pays the interest while the student is still enrolled at least at a half time basis and during the grace period. The Federal Direct Unsubsidized Loan is not need based, so it is available to students regardless of financial need. While the student is still in school the interest accrues and is capitalized, or added to the principal if the recipient chooses not to make payments upon the interest. However, students may request to make interest payments while still in school. Most students will begin repayment six months after leaving Santa Clara University or dropping below half time status.
How do I apply for the Federal Direct Loan?
You have already applied for this loan, if you completed the Free Application for Federal Student Aid. As a result, you will receive a Student Aid Report (SAR) for the U.S. Department of Education. Please keep the SAR for your records. We will receive your FAFSA information electronically from the U.S. Department of Education.
What is a Federal Perkins Loan?
The Federal Perkins Loan is a component of the financial aid award. If you are eligible for this loan, the award notification indicates the maximum amount you may borrow. Federal Perkins Loans are available to U.S. citizens or eligible non-citizens based on demonstrated financial need. The loan limit is $4,000 per academic year for undergraduate students with an aggregate total of $20,000. Interest on Federal Perkins Loans is a 5 percent fixed rate. Loan repayment and interest accrual begins nine months after graduation or less than half time enrollment.
What is the Master Promissory Note?
The Master Promissory Note (MPN), the legal contract requiring borrowers to repay the loan, is similar to a line of credit that allows students to borrow up to the annual and aggregate limits specified in the loan program. The MPN is valid for up to 10 years from the date you sign it, provided the first disbursement of this loan is made within twelve months of the signature. If you were awarded both a Federal Direct Loan and a Federal Perkins Loan, you will be required to complete a MPN for each loan program.
What is the Loan Entrance Interviews?
If you accept a Federal Perkins Loan and/or Ford Federal Direct Loan, federal and institutional regulations require you to complete a Loan Entrance Interview, where you will learn important information about repayment, deferment, forbearance and cancellation. Students meet this requirement by completing the online Loan Entrance Interview at http://www.dlssonline.com (Federal Direct Loan) and/or http://www.signmyloan.com (Federal Perkins Loan).
What is a Federal PLUS Loan?
The Federal Parent Loan for Undergraduate Students (PLUS) was created by the federal government to help parents or stepparents pay for their dependent student’s college costs. Federal PLUS Loans are made by banks under the Federal Family Education Loan Program (FFELP). PLUS Loans require a credit check, but they are not based on family income/assets and parent borrowers can borrow up to the cost of attendance minus any other financial aid the student receives. Parent borrowers must be a U.S. citizen or eligible non-citizen in order to qualify for a PLUS Loan. The student must be a dependent and enrolled at least half time. Generally, if the student is under 24 years old, has no dependents, is not married or a veteran of the U.S. Armed Forces, he or she is considered to be dependent. The interest rate is a 8.5% (fixed) for all loans. Many lenders have repayment incentives that can significantly lower the interest rate. The parent borrower begins repayment within 60 days of the last disbursement. All lenders have forbearance options that will delay payment for up to 48 months while the student is in school. For more information, please refer to the "Loan Information" of our Web site.
What is a Master Promissory Note? And how do I sign the promissory note?
A Master Promissory Note is a legal “promise to pay”. The PLUS Loan Master Promissory Note must be signed by the parent borrower prior to the school certification and prior to the disbursement of any loan funds to the student’s account. The completion of the Master Promissory Note is generally signed at the time the application is submitted and can be signed electronically on the lender Web site during the application process. The Master Promissory Note is a multi-loan, multi-year note that allows the parent to borrow additional PLUS Loans for the same students for up to 10 years, using one promissory note.
When is financial aid disbursed?
Scholarships and/or Grants are disbursed to your student account at the beginning of each quarter. Federal Loans (Federal Perkins Loan, Federal Direct Loans and/or Federal PLUS Loan) are disbursed to your student account once you and/or your parent has completed and signed the Master Promissory Note as well as completed the Loan Entrance Interview. Parents do not have to complete a Loan Entrance Interview for the Federal PLUS Loan.
Federal Work Study recipients receive payment in the form of a bi-weekly paycheck, once you are employed. Your earnings from the Federal Work Study program depend on your hours worked and rate of pay.
Do I reapply for aid in subsequent years?
Because your family’s financial position may change from year to year, you are required to resubmit the FAFSA by March 2 to be eligible for aid during the following school year. If your family’s financial standing remains consistent with the previous year, then you can generally expect Santa Clara University to re-issue your current federal and state aid package. Santa Clara University merit-based aid remains the same for twelve quarters whereas, Santa Clara need-based aid may change based on need and availability of funding.
What is Verification and who gets selected for this process?
The U.S. Department of Education requires all institutions disbursing federal financial aid funds to verify the accuracy of the information students and their families submit as a basis for awarding aid. Santa Clara University complies with this mandate by participating in the Federal Quality Assurance Program. Each year, we randomly select a percentage of students receiving federal student aid funds for verification of some of the information on which their awards were based. If selected for verification, you will need to submit additional documents and verify information such as household size and number of family members enrolled in college. We reserve the right to request similar information for verification purposes for any student awarded aid. Information collected may result in changes to your financial aid award. Failure to comply with the request for this information will result in the cancellation of your financial aid funds.
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