What Type of Loans Are Available to Me?
Types of Loan Programs
There are two federal student loan programs available for students enrolled in the Certificate of Advanced Accounting Proficiency program. If this federal aid is unavailable or insufficient, other loan options such as a private alternative loan can supplement the difference.
Free Application for Federal Student Aid (FAFSA)
We recommend that you first complete a Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov to determine federal eligibility. The FAFSA should be completed at the time you are completing your admission application for the Certificate of Advanced Accounting Proficiency program. When completing the FAFSA, it is critical that you answer as a “Fifth-Year Undergraduate” when asked about your grade level.
Unsubsidized - William D. Ford Federal Direct Loan
You must enroll at least half-time to be eligible for William D. Ford Federal Direct Loan. The maximum amount that a student can borrow each academic year is dependent on the program ($7,500 for dependent students, $12,500 for independent students).
Federal Direct Loans - loan funds from this option will be sent to Santa Clara University and credited to your student account after all loan documents have been completed.
NOTE: With the passage of the Student Loan Certainty Law of 2013, federal student loan interest rates are tied to the financial market. Under this act, interest rates will be determined each spring for new loans made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.
Private Alternative Loan
Private Loans can help you pay your college expenses that may not be covered by federal loan programs or other financial aid. Interest rates are generally variable for private alternative loans and are typically higher than federal loans. In order to receive this loan, student must choose a lender, apply for the loan and complete the Master Promissory Note online using the lender’s website. If you choose this option, the loan funds will be sent to Santa Clara University and credited to your student account after all loan documents have been completed.
For additional information or for assistance with the financial aid process, students should contact the Enrollment Services Center at onestop@scu.edu or (408) 551-1000.
Note: Every effort has been made to ensure the accuracy of the information. However, since financial aid policy is subject to change, especially regulatory change, which occurs frequently at federal, state and University levels, the information contained herein is subject to change without notice. jsr REV 1-2015