Financial Aid FAQ
The Federal Direct Subsidized Loan is a need-based loan. To qualify for this loan you must demonstrate need as determined by federal methodology.
The Federal Direct Unsubsidized Loan is available for students who either do not qualify for the Federal Direct Subsidized Loan, in part or whole, or require additional funds to pay for their education. The Federal Direct Unsubsidized Loan is available to students regardless of their income level or assets.
Does Santa Fe University receive my entire student loan amount all at once?
No. Federal law requires that student loans be disbursed in multiple payments of equal amounts. Santa Fe University receives your loan funds in equal disbursements for each semester in your loan period that coincide with the beginning of each term for which the funds will be used. For example, if a student borrows $8,000 for a Fall/Spring semester loan period, the school will receive two disbursements of $4,000, minus fees, at the beginning of each of the two terms.
How do I use my student loan(s) to pay for tuition and other expenses?
Your federal financial aid funds will be credited directly from the U.S. Treasury to your student account at Santa Fe University. If your alternative/private loan lender participates in Electronic Funds Transfer (EFT), the lender funds will be credited directly to your student account. If your alternative/private lender does not participate in EFT, or you choose not to receive funds through EFT, your lender will send a co-payable check to Santa Fe University for your endorsement. You must endorse the check and return it to Santa Fe University to be credited into your student account. Anytime loans/grants proceeds credited to a student’s account exceeds direct charges, the Office of the Bursar will automatically forward the credit balance directly to the student no later than 14 days after funds are credited to the student’s account and the term has begun, whichever is later.
I received my tuition statement that says the deadline date for payment is the 15th of the month, but my financial aid is scheduled to arrive on the 26th. Will I be penalized?
No, you will not be penalized if your financial aid application was completed by the tuition due date. The financial aid office and the bursar’s office are in constant communication about your status during this time , and Santa Fe University understands that federal loan funds will not be received prior to legislated time frames. Therefore, those students receiving loan funds whose applications are completed by the payment deadline will not be penalized.
Can I get additional financial assistance even though I am not due to renew my student loan for a few months?
If you have identified additional expenses, such as Summer Session attendance, and you have not already borrowed the maximum allowed for a given loan period, you may be eligible to borrow additional funds.
Are there any tax benefits if I receive financial aid?
Yes, there may be some tax benefits if you receive financial aid. Learn more by reading "Federal Tax Benefits at a Glance" (pdf) from EdFund. We also recommend you view your tax benefit options on the Internal Revenue Service website: www.irs.gov
Resources
Santa Fe University expects its financial aid professionals to always maintain exemplary standards of professional conduct in all aspects of carrying out their responsibilities. Read the Santa Fe University of Art and Design Financial Aid Code of Conduct.
