Financial Aid FAQs

All students are encouraged to complete an application for financial aid. Once you complete your application, the Office of Financial Aid will calculate your family's Expected Family Contribution (EFC). The EFC is a measure of your family's financial strength and is calculated according to a formula established by law. All of the information you provide on your application is used to calculate your EFC. The EFC does not always mean that you have to pay the amount of your EFC out of pocket but is rather a standardized number that financial aid offices use to determine your eligibility to pay for college. 

Below is information to help you figure out which application is right for you:

Domestic Students
U.S. citizens and eligible non-citizens complete the Free Application for Federal Student Aid (FAFSA) to apply for financial aid. For more information, visit the How to Apply for Aid page.

International Students
International students who will be attending Soka on an F-1 Visa with a valid I-20 complete the International Undergraduate Financial Aid Application. For more information, visit the Aid for International Undergraduates page.

Dreamer Students
Soka University of America’s Office of Financial Aid partners with students and families in order to ensure that Soka Education is accessible to all students who are admitted. In an effort to promote greater diversity and access, Soka has designed comprehensive merit and need-based financial aid program that ensures the fair distribution of State and Institutional grants, scholarships, and university loan programs for undocumented and DACA students. 

There are two applications available depending on your state of residence. Visit the Aid for Undergraduate Dreamers page to determine which application is right for you.

Soka awards multiple grants, scholarships, loans, and on-campus work to help students meet the task of funding their education. These awards are funded by the university, federal government, state government, and private agencies. Funds provided by Soka are available to any domestic, international, and dreamer students who qualify. Funds provided by the federal and state government are only open to domestic students who qualify.

For more information on the types of aid available at Soka, please visit our Undergraduate Types of Aid page.

Looking at the Cost of Attendance (COA) posted by a university can be overwhelming. When reviewing the cost of attendance, we recommend that you break it down into two major categories: Direct and Indirect Costs.

Direct Costs
Direct costs refer to tuition, room and board, and health insurance. These are expenses that all students are required to pay to attend Soka. Some domestic students may be able to waive the University Health Insurance if they are already covered under a qualifying plan, which can lower your direct costs. For information on how to waive out of the university health insurance, please contact the Office of Student Affairs.

Indirect Costs
Indirect costs refer to things that vary from student to student and are areas that have some flexibility to reduce educational costs. Indirect costs include: books and supplies, transportation, and personal expenses. Buying used books or deciding not to have a car on campus are examples of how to reduce your costs in relation to your indirect costs.

Visit the Cost of Attendance page to see Soka's current COA.

The Office of Financial Aid is dedicated to helping students and their families navigate through the financial aid process. We offer one-on-one budgeting appointments in person, on the phone, or over video conferencing. We will assist you with meeting your financial needs through the financial aid process by ensuring that you are minimizing debt, borrowing the best loans available when needed, and helping with strategies to pay off your debt as soon as possible.

To schedule an appointment please email us at financialaid@soka.edu.

Your parents can ask questions about your financial aid, but you will need to grant them access to speak with us beyond general information. Once you pay your deposit to indicate that you will be attending Soka, you will be covered by the Family Educational Rights and Privacy Act (FERPA). FERPA is a law that governs the access to educational information and records by public entities, including your parents. Soka has a FERPA release form that allows you to grant access to your educational records to a third party. The release form can be completed with the Office of the Registrar.

You do not need a FERPA release if you are part of the meeting and can verbally grant access during a meeting. We often meet in person, on the phone, or over video conferencing with students and their parents.

No one is required to borrow a loan to attend Soka. However, if you need a loan to help cover the cost of your education, the Office of Financial Aid is available to assist you in deciding which type of loan is best for you. Our staff will also work with you to help determine the amount of loan needed in order to prevent you from borrowing more than your actual expenses.

Generally speaking, grants and scholarships are awarded to you based on either merit or financial need. Grants and scholarships do not need to be repaid if you complete the term in which they are awarded. Some grants and scholarships have specific requirements that may need to be met to continue receiving the award. At Soka, failure to meet specified requirements could result in the termination of future payments. However, in this case you would not be required to pay back awards that were already received.

In addition to personalized one-on-one, phone, and video meetings, the Office of Financial Aid currently hosts three debt management and financial literacy sessions each academic year.

The sessions currently offered are:

Budgeting: This session discusses debt management and other helpful tips on how to create and stick to a budget. The intent is to reduce your student loan debt and to help set you up for financial success in the future.

Understanding the U.S. Credit System: Having good credit in the United States empowers you to have financial independence. It will allow you to be approved for an apartment, credit card, auto loan, mortgage, etc. This session will provide insight on what makes up your credit score and tips on how to improve it in the future.

Loan Repayment Strategies: Students often think they do not need to think about loan repayment until they graduate. At Soka, however, we want all students to be active participants in the financing of their education. In this session, we will talk about in-school repayment strategies to minimize debt upon graduation. We will also discuss the different loan repayment options students have after they graduate.

The U.S. Department of Education allows the Office of Financial Aid to reassess your family's ability to contribute to your educational expenses if their income has been impacted.

Special financial circumstances that may be approved by Soka's Office of Financial Aid:

• Family Changes: Divorce, legal separation, or the death of a custodial parent.
• Income Reduction: Unemployment, a significant involuntary pay cut, or disability of a parent.
• One-Time Events: A documented one-time loss of income or the loss of child support payments.
• Unforeseen Loss: Loss of assets due to catastrophic or unforeseen circumstances.
• Other Justified Reductions: Any significant loss of income that can be clearly justified with documentation.

Financial circumstances that may not be approved by Soka's Office of Financial Aid:

To ensure institutional equity and compliance with federal regulations, Soka cannot consider appeals based on the following:

• Personal Debt: Consumer debt, credit card balances, or personal loans.
• Discretionary Education Costs: Tuition for private elementary, middle, or high schools (unless the student has documented special needs or medical requirements that cannot be met by the public school system) and that are not reimbursed from any other source.
• Voluntary Changes: Voluntary termination of employment or elective career changes.
• Taxable Compensation: Taxable stipends, bonuses, or fringe benefits already included in a reported tax return (AGI or foreign equivalent).

To appeal, please contact the Office of Financial Aid to request the Special Circumstances Request for Review form.

For questions about the process or acceptable documentation please contact us at financialaid@soka.edu.

Domestic Students
Complete and submit the Free Application for Federal Student Aid (FAFSA). Based on the results, we'll send you a financial aid offer that may include federal student loans. If you accept a loan, you'll need to complete entrance counseling, sign a Master Promissory Note, and complete all required items in your student account. Contact the Office of Financial Aid for details.

International and Dreamer Students
Complete and submit the International Financial Aid Application or Dreamer Financial Aid Application. Based on the results, we'll send you a financial aid offer that may include student loans. If you accept a loan, you'll need to complete entrance counseling, sign a Master Promissory Note, complete the Private Education Loan Application Self-Certification form, and complete all required items in your student account. Contact the Office of Financial Aid for details.

Borrow only what you actually need. Before taking out a loan, estimate your repayment obligations — borrowing more than necessary means higher monthly payments and more interest over time.

Federal loans come with repayment options, deferment, and forbearance provisions. For some professions, loan cancellation provisions may also apply.

Loans must be repaid even if you do not complete your degree.

Domestic Students
Log onto the National Student Loan Data System (NSLDS or call the Federal Student Aid Information Center at 1-800-433-3243 to view all your federal loans and servicer contact information. Know your loan servicer — they're your primary contact for repayment.

If you have private student loans, contact your lender directly.

International and Dreamer Students
Contact your loan servicer, Heartland ECSI, at 1-888-549-3274 for repayment assistance. For additional help, contact the Student Accounts Office at studentaccounts@soka.edu.

Domestic Students
You are required to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming. If you are completing entrance counseling to borrow a loan as an undergraduate student, then the entrance counseling will fulfill counseling requirements for Direct Subsidized Loans and Direct Unsubsidized Loans. If you are completing entrance counseling to borrow a loan as a graduate or professional student, the entrance counseling will fulfill counseling requirements for Direct Unsubsidized Loans and Direct PLUS loans.

The Office of Financial Aid is available to answer questions about the information presented to you while completing the required entrance counseling.

International and Dreamer Students
You are required to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming. If you are completing entrance counseling to borrow a loan as an undergraduate student, then the entrance counseling will fulfill counseling requirements for the Soka Loan. If you are completing entrance counseling to borrow a loan as a graduate student, the entrance counseling will fulfill counseling requirements for the Soka Graduate loan.

The Office of Financial Aid is available to answer questions about the information presented to you while completing the required entrance counseling.

Domestic Students
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the US Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated and what deferment and cancellation provisions are available to you.

International and Dreamer Students
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to Soka University of America. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated and what deferment and cancellation provisions are available to you.

Exit counseling provides important information you need to prepare to repay your federal/Soka student loan(s). If you have received a subsidized, unsubsidized or PLUS loan under the Direct Loan Program, or if you have taken out a Soka Loan you must complete exit counseling each time you:

• Drop below half-time enrollment
• Graduate
• Leave school

At SUA, we have additional entrance counseling requirements for both Federal and Soka Loan Borrowers.

Deferment: A postponement of payment on a loan that is allowed under certain conditions and during which interest does not accrue for subsidized loans. This request can be made if you are returning to school and are enrolled in at least half-time status. Please contact your loan servicer for more information.

Forbearance: A period during which your monthly loan payments are temporarily suspended or reduced. You may qualify for forbearance if you are willing but not able to make loan payments due to certain types of financial hardships. You can review a complete list of Direct Loan forbearances and eligibility criteria online.

Repayment Plan: Changing repayment plans is a good way to manage your loan debt when your financial circumstances change. For example, you can usually lower your monthly payment by changing to another repayment plan with a longer term to repay the loan. There are no penalties for changing repayment plans.

If you default, it means you failed to make payments on your student loan according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan. In other words, you failed to make your loan payments as scheduled. Your school, the financial institution that made or owns your loan, your loan guarantor, and the federal government all can take action to recover the money you owe. This will also affect your credit score and the ability to obtain future loans.

• National credit bureaus can be notified of your default, which will harm your credit rating, making it hard to buy a car or a house, for example.
• You will be ineligible for additional student aid if you decide to return to school.
• Loan payments can be deducted from your paycheck.
• State and federal income tax refunds can be withheld and applied toward the amount you owe.
• You will have to pay late fees and collection costs on top of what you already owe.
• You can be sued.

Perhaps the most important thing to keep in mind when you're caught in this situation is that there is a solution: having a defaulted status on your student loans can be avoided entirely simply by communication to your loan servicer, regardless of whether or not you are able to afford your monthly payments.

• NSLDS — View a summary of all your federal student loans and servicer contact information.
• Heartland ECSI — Loan servicer for Soka loans. Contact for repayment assistance.
• Studentaid.gov — Information on loan entrance and exit counseling, financial awareness, and student loan repayment.
• Repayment Estimator — Available via studentaid.gov.
• Annual Credit Report — Request a free annual credit report to pull your credit history from reporting bureaus.
• MyMoney.gov — The U.S. government's website dedicated to financial literacy basics.