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Financial Aid FAQs

What financial aid paperwork do I need in order to get started at SCNM?

Where can I locate my financial aid status and award letters?

Award letters and financial aid information are posted on MySCNM.

How often must I complete a FAFSA?

Once a year – a new FAFSA is available every January 1. This FAFSA will be effective July 1 to June 30 of the same year and you can apply online at FAFSA for free.

What is the FSA ID?

As of May 10, 2015 the Department of Education has issued a new log in requirement replacing the FSA PIN. To access all federal student aid portals, you will need to create an FSA ID.

How much money should I borrow?

You are allowed to borrow up to the cost of attendance, which is determined by the SCNM Financial Aid Office. However, you do not have to borrow the full amount; you can choose to borrow a lesser amount.

Is there money left after tuition is paid?

Yes! If you borrow the full amount you will have money for books, supplies, room and board, transportation and personal/misc.

When do I get money after tuition has been paid?

Federal loan refund checks are distributed by the SCNM Business Office tentatively at the end of the first week of the quarter, upon enrollment verification.

How is tuition paid from financial aid?

Federal aid is disbursed to SCNM’s account on the first day of the quarter. Funds are then posted to the student’s account and tuition is deducted prior to the student receiving their financial aid refund check.

Can I borrow more money for electives?

NO! Federal loans are only available for classes required by the college.

How can I make payments toward my accrued interest while I'm in school?

The Department of Education will assign your loans to a servicer who will handle the billing and other services. It is recommended that you create an online account through your servicer's webpage in order to facilitate loan payments. The National Student Loan Data System provides loan and lender information. 

When should I consolidate my student loans?

The ideal time to consolidate is at the time of repayment. Consolidation is an option; however, once the borrower consolidates repayment begins immediately.

Need more information?

Contact the financial aid staff at finaid@scnm.edu or call us at 480.222.9202