Financial Aid FAQ & Glossary
Frequently Asked Questions (FAQ)
- What is a "Title IV School Code"?
- Do you have to apply for financial aid each year?
- How do I receive my funds?
- When do I begin making payments on my loan?
- If my parents are divorced or separated, whose information should be used when I'm completing the FAFSA?
- What should I do if my family circumstances changed since submitting my financial aid applications?
Glossary - FA Terms
- Cost of Attendance
- Dependent Student
- Expected Family Contribution (EFC)
- Grace Period
- Origination Fee
- Promissory Note
- Satisfactory Academic Progress (SAP)
- Selective Service Registration
- Student Aid Report (SAR)
- Subsidized Interest
- Unsubsidized Interest
What is a "Title IV School Code"?
A Title IV School Code is designated by the U.S. Department of Education and issued to schools that participate in federal financial aid programs. The Title IV School Code for SCIT is 031136. The code must be listed on the FAFSA application in order for the Department of Education to release the student's FAFSA results to the school.
Do you have to apply for financial aid each year?
Yes. Your financial situation must be reassessed each year.
How do I receive my funds?
Your funds will be electronically disbursed directly to SCIT. We will notify you when the funds get credited to your student account.
When do I begin making payments on my loan?
Federal Stafford Loan repayment begins six months after your last date of class attendance. The standard repayment term is ten years with a minimum monthly payment of $50. Federal PLUS Loan repayment begins 60 days after the loan is fully disbursed for the academic year.
If my parents are divorced or separated, whose information should be used when I'm completing the FAFSA?
The parent you lived with most during the last 12 months. If you didn't live with either parent, use the parent who provided the most support to you during the last 12 months or during the most recent calendar year that you were actually supported by a parent.
What should I do if my family circumstances changed since submitting my financial aid applications?
Financial aid administrators have some latitude in determining what data is used to calculate a family's EFC. You should contact the financial aid office with any circumstances that will affect your family's income or expenses.
Glossary - FA Defined Terms
Cost of Attendance: The total costs to attend college for the school year.
Deferment: A temporary postponement of loan payments that must be approved by the lender.
Dependent Student: A student under the age of 24 who does not qualify as an independent student by federal guidelines (see FAFSA questions 48-54) and whose parental income is used in calculating a student's expected family contribution (EFC).
Expected Family Contribution (EFC): The portion of your and your family's financial resources that should be available to pay for your educational costs.
FAFSA: Free Application for Federal Student Aid.
Grace Period: A six month period beginning after the borrower graduates, drops below half-time enrollment, or leaves school during which the borrower is not expected to make loan payments.
Grant: Financial aid that does not have to be repaid. Grants are usually awarded based on need but can also be awarded for academic achievement, special skill, talent, or heritage.
Loan: Loans are money that must be repaid over a period of time, usually after a student leaves school.
Origination Fee: Fee collected by the federal government to partially offset the cost of a loan program. This fee is deducted from the loan amount before the borrower receives the money.
Promissory Note: A written promise to repay a sum of money to the holder of the loan within a specified time period.
Satisfactory Academic Progress (SAP): The progress you must maintain toward a degree to receive financial aid.
Selective Service Registration: If required by law, a student must register with the Selective Service to receive federal student aid. This applies to males born on or after January 1, 1960 who are at least 18 years old, citizens and eligible non-citizens.
Student Aid Report (SAR): The report summarizing the information you reported on your FAFSA.
Subsidized Interest: Interest paid by the federal government while the borrower is in school and deferment periods.
Unsubsidized Interest: Interest paid by the borrower rather than the federal government.