LOANS

International students are not eligible for federal work-study but may be eligible for institutional work-study with a valid Social Security number. All employees must provide a valid social security number and be prepared to establish eligibility to work in the United States within three business days of being hired.

LOANS

Loans provide students with the opportunity to defer a portion of their educational costs and are considered part of a financial aid award package. For detailed information regarding annual loan limits refer to the Financial Aid page on the SCI-Arc website.

SCI-Arc offers the following loan programs:

Graduates: While Congress has eliminated the Subsidized Stafford Loan for all graduates, the Unsubsidized Stafford Loan is available. The loan is applied for by the student and has a fixed interest rate of 5.28%. The interest may be paid while enrolled or can accrue until graduation when repayment begins.

The Grad PLUS Loan is for students enrolled in a postbaccalaureate program to help finance their educational cost. Eligibility is based on a credit rating. The student may be required to obtain an endorser to cosign this loan if they do not meet the credit requirements. The amount of a PLUS loan may not exceed the cost of education, minus any other financial aid received by the student. This loan has a fixed interest rate of 6.28%. The interest may be paid while enrolled or can accrue until graduation when repayment begins.

Undergraduates: With aSubsidized Stafford Loan, the federal government will continue to pay the interest while the student is enrolled over half-time, up to the graduation date. This loan is based on financial need and verification must be completed prior to disbursement of funds. The fixed interest rate on this loan is 3.73%.

The Unsubsidized Stafford Loan is also at a 3.73% fixed interest rate. The interest accrues from the time of disbursement and, unless monthly interest payments are made, will accrue through graduation, and be added to the principal amount borrowed.

The Parent PLUS Loan is available to the parents of a dependent student who require financial assistance to help meet their child’s educational costs. Eligibility is based on the parent’s credit rating. The parent may be required to obtain an endorser to cosign if they do not meet the credit requirements. The amount of a PLUS loan may not exceed the cost of education, minus any other financial aid received by the student. This loan’s fixed interest rate is 6.28%.

Should a student and/or their parents not qualify for assistance under Federal Direct Loan (FDL) or need additional assistance beyond what can be funded through the federal programs, private loans are available to meet those college costs. Application procedures and loan terms vary by lender, so researching the various options to choose what best fits the student’s particular situation is strongly advised.

SCI-Arc will be requested to certify student enrollment and, in many cases, cost of attendance for these loans. A list of lenders and private loan information can be found at https://choice.fastproducts.org/FastChoice/home/159400/1.

Credit Based Private Loans have variable interest rates and may give the option to pay interest while enrolled.

Covid-19 Emergency Relief

Temporary 0% Interest: Final Extension of Covid-19 Benefits Until Jan. 31, 2022 On Aug. 6, 2021, the U.S. Department of Education announced a final extension of Covid-19 emergency relief for student loans until Jan. 31, 2022. The emergency relief includes the following measures for eligible loans: · a suspension of loan payments · a 0% interest rate · stopped collections on defaulted loans

Have questions? Find out what loans qualify and get additional information about the Covid-19 emergency relief for student loans.

Computer Budget Increase

Budget increases are meant to allow a student to increase their financial aid budget in the event they have a need to purchase a new computer for the current academic year. Students must complete the Budget Increase Form available through the Financial Aid Office. The completed form must then be submitted to the Chief Information Officer (CIO) along with supporting documents for approval. The approved form is then submitted to the Financial Aid Office along with original itemized receipt of purchase. A budget increase will only be approved within the first 30 days of each semester.

In the event a computer budget increase is needed after the first 30 days, the required form and receipt (described above), and a written statement from your instructor must be submitted to the Financial Aid Office. The instructor’s letter must indicate that a new computer is necessary for the student to successfully complete the class.

In all cases, a copy of the original receipt showing that the student purchased computer equipment is required to be submitted to the Financial Aid Office.