Financial Planning

The SDGA financial aid office encourages students who plan on applying for financial aid to begin the process early. After reviewing the information below, click here to go to the official Financial Aid (FAFSA) web site.

Eligibility

To be eligible to apply for federal financial aid, a student must:

1) Be a U.S. citizen or an eligible non-citizen
2) Not be in default on a previous student loan
3) If required, be registered with the Selective Service

Application Procedures

Students interested in applying for financial aid need to complete the Free Application for Federal Student Aid (FAFSA). Click here to go to the FAFSA Web site. This application can be completed on-line or obtained by calling the SDGA financial aid office or from a local community college financial aid office. Once completed, the application should be returned to the SDGA financial aid office. The information provided on the FAFSA will be evaluated by the financial aid office and, if eligible, the student will be sent an award letter listing the types and amounts of financial assistance available. Prior to disbursement of any financial aid funds, students (if selected) must complete a verification process which documents certain information that they have provided. In addition, all students receiving financial aid are required to participate in an entrance interview/counseling session.

Students are cautioned that awards are made based on the accuracy of the information they provide and on the availability of program funds. Reductions in fundings, over which the Academy has no control, or changes in the eligibility status due to verification discrepancies or changes in enrollment status, may amend initial awards. Students must maintain Satisfactory Progress in order to continue eligibility for financial aid.

Students are ineligible for financial aid if they owe a refund on any grant, are in default on any loan, or have borrowed in excess of established loan limits under Title IV financial aid programs at any other institution.

Financial Aid Programs

Federal Pell Grants

The Federal Pell Grant Program is designed to assist undergraduates with educational expenses. The amount of the grant is determined by the student’s need, enrollment status, and the cost of attendance at the Academy. Awards for the 2007/2008 year range from $400 - $4,310 and depend on federal funding. Federal Pell Grants do not have to be repaid. Pell Grants are not available to students who have received baccalaureate degrees.

Federal Academic Competitiveness Grant

The Academic Competitiveness Grant is available for Pell eligible students who are U.S. citizens and completed a rigorous secondary program of study as defined by the Department of Education. First year students must have graduated high school after January 1, 2006 and not have been previously enrolled in an undergraduate program. Second year students must have graduated high school after January 1, 2005 and have a 3.0 cumulative grade point average. Students eligible for the grant will receive $750 their first academic year and $1,300 for their second academic year.

Federal Subsidized Stafford Loans

Subsidized Stafford Loans are available to any student who can demonstrate need and who is not in default on a previously received student loan. First-year students are eligible for a maximum of $3,500 and second-year students are eligible for up to $4,500. If a student qualifies for a “subsidized” loan, the government pays the interest on the loan during deferment and grace periods. Repayment begins following a six-month grace period after graduation or leaving SDGA.

Federal Unsubsidized Stafford Loans

Unsubsidized Stafford Loans are not based on financial need. Independent students are eligible to apply for an additional $4,000 unsubsidized loan per academic year. If a student qualifies for an “unsubsidized” loan, interest is charged from the time the loan is disbursed until it is paid in full. The student will have the option of paying interest while in school or having it capitalized. In every other aspect, Unsubsidized Stafford Loans are identical to the Subsidized Stafford Loan. Academic year loan limits include the total of both subsidized and unsubsidized combined.

Federal PLUS Loan

The PLUS Loan Program is available for the parents of dependent students and is not need based. The parent may borrow the total cost of education minus any other financial aid received. Repayment of principal and interest begins within 60 days after the loan is fully disbursed. Approval is based on credit worthiness.

Additional Financial Aid Resources

Want to learn more about financial aid?  Visit www.finaid.com.  While not affiliated with SDGA, this award-winning site has grown into the most comprehensive source of student financial aid information, advice and tools -- on or off the web. Get information on financial aid, loans, and other options.  Use the custom calculators to help you figure out how much school will cost, how much you need to save and how much aid you'll need.

Education and Training Voucher Program

The Education and Training Voucher Program offers funds to foster youth and former foster youth to enable them to attend colleges, universities and vocational training institutions. Students may receive up to $5000 a year for college or vocational training education. Students receiving funds prior to their 21st birthday may continue to receive support until age 23. The funds may be used for tuition, books or qualified living expenses. Exceptions can be made at the discretions of the Director of this program. You can get the details at www.statevoucher.org.

The College Board

The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. Founded in 1900, the association is composed of more than 5,200 schools, colleges, universities, and other educational organizations. Each year, the College Board serves seven million students and their parents, 23,000 high schools, and 3,500 colleges through major programs and services in college admissions, guidance, assessment, financial aid, enrollment, and teaching and learning. Among its best-known programs are the SAT®, the PSAT/NMSQT®, and the Advanced Placement Program®(AP®). The College Board is committed to the principles of excellence and equity, and that commitment is embodied in all of its programs, services, activities, and concerns. To find out more go to The College Board.

The Sallie Mae Fund Offers Helpful Tips and $2.5 Million in Awards During
Scholarship Application Season

RESTON, Va., March 2 /PRNewswire-USNewswire/ -- The Sallie Mae Fund will once again provide $2.5 million in college scholarships to roughly 1,000 deserving students pursuing higher education this fall. Applications, eligibility and deadline information are now available on http://www.salliemaefund.org. (Read more of the article...)