2009-10 Financial Aid

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Below are the resources you will need to apply for financial aid for 2009-2010. To apply for tuition grants, follow these steps;

1. Review the SFTS Financial Aid Handbook and Guidelines for Completing the FA Application
2. Gather your W-2s and tax return for 2008
3. Open the SFTS Financial Aid Application. This is a fill-in PDF.
4. Complete the form, referring to the Guidelines for information.
5. When complete, print out two copies: one to send to SFTS, and one to keep.

If you are also considering loans, you can access the forms you will need to apply for Stafford loans on this page also. You must have completed the FAFSA in order to establish eligibility to borrow.

If you have questions as you work on your forms, please feel free to call us. We are here to help!

Gail Lu
Director of Student Services
E-mail: glu@sfts.edu
Phone: 415-451-2824
Toll-Free: 800-447-8820 ext. 824
Fax: 415-451-2851

Wendy Tajima
Associate Dean of Enrollment
800.473.8772 x706

Loan Options
Some SFTS students take out loans to finance a portion of their education. We are continually trying to help students make wise decisions regarding borrowing. This year, SFTS has partnered with SimpleTuition, a loan comparison tool, designed to help potential borrowers choose a lender.

But what should you be looking for when you compare loans? The lenders are all offering something, but the discounts can be varied. The best way to compare prices is to match up the interest rates with all other factors held equal. When lenders offer different types of discounts at different points in the repayment process, comparison aren’t easy. The table below shows some typical discounts offered by companies that provide federal student loans. The most common student loans have a fixed interest rate of 6.8% before any discount.

The table shows that a four-percent reduction in fees is worth roughly a one-percent reduction in the overall interest rate. A reduced interest rate that takes effect after the first four years of a ten year repayment term is one-third as valuable as a lower interest rate for the entire loan. Reductions in the principal after four years are even less valuable; a lender would have to offer an 8% reduction for it to be worth a 1% reduction in the overall interest. And generally, only a small minority of buyers ever earn on-time payment discounts. There is no forgiveness from most lenders for even one late or adjusted payment.*

Discounted Offered	Equivalent Value
4% reduction in fees	1%
1% lower interest rate at start of repayment	0.78%
1% lower interest rate after 48 payments	0.33%
1% reduction in fees charged to the borrower	0.23%
1% reduction of principal after 48 payments	0.12%

*Comparing Discounts on Federal Student Loans. Retrieved February 6, 2008 from the Project on Student Debt, http://www.projectonstudentdebt.org.

Borrowing at SFTS
Once the Financial Aid office receives your documents and FAFSA results, a Financial Aid Award letter will be prepared and sent to you. This letter will advise you not only of your SFTS tuition grant and any scholarship you may be awarded, but also of your eligibility to borrow through the Federal Family Education Loan Program (FFELP). In order to request a loan:

1. Determine how much you would like to accept. If nothing is listed on your award letter, SFTS has not received your FAFSA. The FAFSA must be completed before a loan can be processed.
2. To assist you with your lender selection process, check the information on SimpleTuition to review borrower incentives.
3. Fill out the Stafford Loan Application, Verification Form, and Debt Management Form.
4. Print and sign the forms, and turn them into the Financial Aid office in NC or the Enrollment Office in SC by August 1st to insure you will receive your first disbursement at the start of the school year.

The Financial Aid office will certify your loan electronically and the lender of your choice will be notified of your request. If there isn’t one on file, the lender will send you a Master Promissory Note to sign and return. Sign and return the MPN to complete the loan process. Loan proceeds are deposited directly into your student account in two disbursements, one each semester.