Financial Aid

News

2020-2021 News

Starting with the 2019-2020 Free Application for Federal Student Aid (FAFSA®), the following changes have been put in place: 

  • Students are now able to submit a FAFSA® earlier.  Students have been able to file a 2020-2021 FAFSA since Oct. 1, 2018, rather than beginning on Jan. 1, 2020. The earlier submission date is a permanent change, enabling students to complete and submit a FAFSA as early as Oct. 1 every year. (There is NO CHANGE to the 2020-2021 schedule. The FAFSA became available Jan. 1 as in previous years.)
  • Students now report earlier income information. Beginning with the 2020-2021 FAFSA, students are required to report income information from an earlier tax year. For example, on the 2018–19 FAFSA, students (and parents, as appropriate) must report their 2017 income information, rather than their 2018 income information.  

If you would like to research the information you can do so yourself.  Please visit https://studentaid.ed.gov/sa/about/announcements/fafsa-changes .

Notice to Students

An individual may contact the Bureau for Private Post-secondary Education for review of a complaint.  The Bureau may be contacted at 2535 Capitol Oaks Drive, Suite 400 Sacramento, CA 95833, http://www.bppe.ca.gov, Telephone (916) 431-6924 Fax (916) 263-1897.

Computer Budget Increase Update

Computer Budget Increase

Computer 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.  This increase will only be approved within the first 30 days of each semester.  Students will need to provide an itemized statement listing the planned computer equipment to be purchased, and/or a receipt that details the type and specifications of the computer already purchased.  The student must submit the budget increase request along with the supporting documentation to the Chief Information Officer for approval before submitting to Financial Aid.

In the event a computer budget increase is needed after the 30 days, in addition to the itemized statement and receipt, a written statement from your instructor must be submitted.  The Instructor letter must indicate that a new computer is necessary for the student to successfully complete the semester.   

In all cases, a copy of the actual receipt showing that the student purchased computer equipment is required to be submitted to the financial aid office. 

2020-2021 Direct Loan Information

What are the interest rates for federal student loans?

The interest rate varies depending on the loan type and (for most types of federal student loans) the first disbursement date of the loan. The table below provides interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2020, and before July 1, 2021.

Perkins Loans (regardless of the first disbursement date) have a fixed interest rate of 5%.

Undergraduate Borrowers
Graduate or Professional Borrowers
Parents and Graduate or Professional Students
2.75%
4.30%
5.30%
Direct Subsidized Loans and Direct Unsubsidized Loans
Direct Unsubsidized Loans
Direct PLUS Loans

All interest rates shown in the chart above are fixed rates that will not change for the life of the loan.

View the interest rates on federal student loans first disbursed before July 1, 2020.

 

Loan Fees for Direct Subsidized Loans and Direct Unsubsidized Loans

First Disbursement Date
Loan Fee
On or after 10/1/19 and before 10/1/20
1.059%
On or after 10/1/18 and before 10/1/19
1.062%

Loan Fees for Direct PLUS Loans

First Disbursement Date
Loan Fee
On or after 10/1/19 and before 10/1/20
4.236%
On or after 10/1/18 and before 10/1/19
4.248%

Loans first disbursed prior to Oct. 1, 2018, have different loan fees.

Private Loan Information

 
   This link above will lead you to our Preferred Lender List. 
   We have compiled a list of private loan lenders who have the best quality of products and services.
 
NOTE:  If you wish to use another lender who is not on our list, you have the right to do so.
 

Federal Financial Aid Changes for Undergraduates in 2020-2021

 FEDERAL PELL GRANT CHANGES

How much money can I get?

Amounts can change yearly. For the 2020-2021 award year (July 1, 2020, to June 30, 2021), the maximum award is $6,345.

 
Effective July 1, 2012, a Lifetime Limit will be assessed for all recipients of the Pell Grant. - The maximum number of semesters a student can receive a Pell Grant is now 12 (twelve) regardless of when you received your first Pell Grant:
  • The number of years receiving Pell will be tracked as a percentage with a maximum Lifetime Eligibility Used (LEU) of 600%.  For example, a full time student receives 2 semesters of Pell Grant will use 100% for the year.  A part-time student receives 2 semesters of Pell Grant will use 50% for the year.
  • Students will be able to view their Lifetime Eligibility Used (LEU) on their Student Aid Reports (SAR) beginning July 2012 or can go to www.NSLDS.ed.gov to find their LED from 1993 to present. 

It is important that students use their Pell grant eligibility wisely, especially prior to transferring to SCI-Arc. 

NOTE: Congress enacted the Consolidated Appropriations Act of 2012 which included these changes.  SCI-Arc is required to follow all federal Title IV laws in order to maintain the financial aid program.