Q. What documents are required for me to apply for Financial Aid?
- A Free Application for
Federal Student Aid (FAFSA) www.fafsa.ed.gov
- An SCO Application for
Financial Aid, Questionnaire & FERPA form
- A Direct Loan Master Promissory Note (MPN) – https://studentloans.gov.
Q. When will I get these documents?
Your Financial Aid Forms will be sent via email in January.
Q. As a graduate/professional student, I am independent of my
parents, why do I need to provide
parental information on the FAFSA? Do I need to provide this information even
though I am married and have children?
To be considered for the Health Profession Student Loan parental
information is required on the FAFSA no matter what your age or marital status. This loan is need based and the Federal Government
determines your eligibility. They examine your parent's income and assets as
well as the student's income and assets. We ask that you use estimated figures
when submitting parental information and to complete your FAFSA as early as
possible. January 1 is the earliest date your FAFSA can be completed.
* Your parental income will not affect any other loan options.
The HPSL is the most attractive loan offered to health professional
students with a 5% (fixed) interest rate and no interest accrues while
you are in school. HPSL has a 12-month grace period after graduation when no
interest accrues and no payment is due.
Q. Are there any scholarships available and how do I apply for
them?
There are 40 endowed scholarships awarded from our
Admissions Office. All applicants are considered for these scholarships. The
Admissions Office notifies the recipients of their selection. All inquiries
concerning these scholarships are directed to the Admissions Office.
Q. Are there any Federal Grants available like Pell?
Unfortunately, for graduate students there are no federal grants
offered.
Q. Is there any type of aid available other than loans?
We offer Federal Work
Study. Check with the Financial Aid Office to see if you are
eligible.
Q. Can you explain the interest rates?
Perkins and HPSL are subsidized with a 5% fixed
interest which does not accrue interest while in school or during your grace
period. Subsidized Stafford has a fixed interest rate of 6.8% and does not
accrue interest while you are in school. Unsubsidized Stafford also has a fixed
interest rate of 6.8% and accrues interest while in school, during your grace
period and during repayment. GradPLUS has a 7.9% fixed interest rate.
Q. What if I get married after completing the
FAFSA?
If you get married after completing the FAFSA, a
correction is not necessary. You will submit your spouse's information
the next year. Please
complete your FAFSA in the name which appears on your social security card.
Q. How do I get FWS and how can I find a
Federal Work-Study(FWS) position?
Entering students are allowed to work FWS
the summer before enrollment beginning July 1. Indicate on your SCO financial aid application the semesters you want to
work. If you have the financial "need", federal work-study will be awarded to
you. A FWS student is awarded $750 per semester to earn using federal work-study
funds with the exception of the summer semester, when $2000 is awarded. This amount can easily be increased with
documentation of allowable expenses or if the student has the "need" as
calculated from the FAFSA. After accepting your awards, you will complete
a FWS contract and other documents needing proof of citizenship and
identification. The Accounting Office will need a copy of your social security
card for payroll.
You can also check out job openings by going to SharePoint.
This web site shows all open positions from departments that have contacted the
Financial Aid Office requesting a FWS student.
Q. How does Federal Work Study work? How am I
paid? Will I get a check? When will I be paid?
If you have a Federal Work Study job, you will receive a direct deposit at the end of the month. The salary varies from $11 - $15 per hour
depending on the position. You will complete a timesheet each month reporting
the number of hours worked and submit your timesheet to the Accounting Office.
Q. When will I find out which loans I have
been awarded and the amounts?
After you have completed your FAFSA and submitted
your SCO application for Financial Aid, you will receive an award notice by
email. This includes your Award Letter, telling you exactly how much money you
have been awarded in loans and Federal Work Study funds. After receiving your
award letter, you will accept your awards online.
Q. Is $12,000 the maximum I can get in
Unsubsidized Loans?
Your unsubsidized loan can be increased to meet the
needs of your total budget if you request additional funds. The maximum for 1st
& 2nd year students is $32,000. For 3rd & 4th year students the
max is $38,667. You must remember
that the unsubsidized loan accrues interest upon disbursement. It will accrue
interest while you are in school, while you are in your grace period and during
your 10-25 years of repayment. Keeping in mind that interest rate is 6.8%, we highly encourage you to be conservative if you MUST increase
your unsubsidized loan. Entering students are encouraged to plan ahead and
save your money before coming to school here to help keep borrowing at a
minimum. This will help to keep you from defaulting on your student loans and
allow you to enjoy life and live the lifestyle of a doctor after graduation.
Q. I have been awarded $29,000 but my budget
says I need $31,000. What do I do about the difference?
Your unsubsidized loan could possibly be
increased to meet the needs of your total budget. The preferred solution to
this problem would be using your earnings saved from previous employment before
entering SCO. You can always contact our office for an increase.
Q. What do I do about my car payment while I
am going to school?
The Federal Government will not allow you to borrow
federal loan funds to pay for a car. Federal loans are to help pay for
your education and living expenses while attending school. If
your financial needs are above your budget, loans cannot supplement this need.
You will have to find an alternative means to fund this difference. Auto
repairs are an allowable expense, but remember that loan will be an additional Unsubsidized
Stafford loan. We suggest you do not go out & purchase a new car. It is best if you do not have an auto payment while
attending school. That payment is not and cannot be included in your
budget. The best option is to not have a car payment while in school.
Q. I have credit card debt. Can I add that debt to
my budget? Where will I get the money to pay my credit cards?
Please pay off all credit card debt before coming
to SCO. The Federal Government will not allow you to borrow money to pay for
credit card debt.
Q. Why do I have to submit a copy of my
lease?
Each student's budget is figured precisely for him
or her. If you pay less that $550 per month, your rent budget is reduced to the
amount actually paid. The goal is to get through this program with the
least amount of debt possible.
Students that are unmarried with no dependent
children are allowed $550 per month for rent
while attending SCO. Students with a dependent child are allowed up to $850 per
month for rent. If you are single and have a roommate, you can live in a very
nice apartment or house with your share being $550.
Q. If I move, do I have to submit another
lease?
Yes. We must have a copy of your lease for your
current address. Budget adjustments will be made with each change in address
and rent.
Q. What is the SCO Box number?
The SCO Box number is your SCO mailbox. You will
be assigned a mailbox and key at orientation.
Q. Can I get loans for the summer? How am I
supposed to live during the summer?
You can only get Federal loans for the period
enrolled in school. Currently all 1st year students are enrolled at
SCO for 10 months.< Second years
are enrolled for 9 months.< Third
and fourth year students are enrolled for 12 months.
You must plan for the summer months
that you will not have loans to pay for your rent and other living expenses.
Federal Regulations prohibit the Financial Aid Office from processing a Federal
loan when you are not enrolled and attending classes.
Q. When can I get my loan checks? How does
that work?
Your loan funds will be deposited to your bank
account, within the first week of school, after tuition, fees, books and
equipment are deducted. Federal Regulations prohibit disbursing loans until
actively enrolled in school. Your Perkins and/or Health Profession
Student Loan will be credits on your fee sheet. If you are due a refund, the
Accounting Office will process a refund to be directly deposited.
Q. How will I know if all my money has arrived
in time for registration?
You may check to see if your funds are here at Student-NetPartner. To sign in, you will need your ID (SS#)
& PIN. You may also contact the financial aid office. We will receive the funds a week before the first day of class.
Q. How are Academic Scholarships
disbursed?
If you were notified by Admissions that you are
receiving an Academic Scholarship, know that it will be a credit on your fee
sheet at Fall semester registration.
Q. Can my budget be increased with the birth
of a child? Is it increased for each additional child?
Yes, a budget adjustment can be made if you have a
child. We can increase your rent budget up to $850. Also increased are your
food, utilities budget and transportation budget. We can add health insurance
to your budget for your family as well as any medical expenses. Your
spouse is expected to contribute to the household earnings and pay their
share. Federal regulations prohibit us from increasing your budget
for additional children. These budget exceptions are made to help provide for
just one or multiple children. We do not add additional adjustments for
additional children. Child daycare expenses can be added to the budget for
each child with proper documentation from a childcare provider and proof
that your spouse is employed. These budget exceptions are added based on the number of months you are attending classes.
Q. What are your budget adjustment limits?
- Rent:
- $550
per month max for students with no dependents
- $850 per month max for students with dependents
- Auto
Repairs:
Amount of Paid Receipt
- PC: $2,500 maximum- one time only
- Childcare: No maximum, but if married must have
proof spouse is working and documentation from childcare provider
Q. Are there limits to the amount of loans I
can receive?
Yes, and they are:
Stafford Subsidized per year $8,500
Stafford Unsubsidized per year $32,000 (1st and 2nd
years) $38,667 (3rd and 4th years)
Perkins up to $8000
per year when available
HPSL: up to cost of attendance when available
Keep in mind that you can never borrow more than
your actual cost of attendance. Most students never borrow the entire
loan limit each year.
Aggregate (Lifetime Limit)
Stafford Total: $224,000 of this
only $65,500 can be from subsidized loans
Perkins: $40,000
HPSL: (no limit)