Financial aid application materials are emailed to incoming students beginning in January, and are distributed to current students at the same time.
You will be applying for the entire next academic year, from September through May (or June through May for third- and fourth-year students.) You must complete all required forms and submit your FAFSA upon receipt of the email.
Anticipating Your Expenses Year by Year
As you anticipate your annual expenses, you will find that some expenses, such as tuition, books and fees, are fixed, giving you no control over how much you must spend. However, there are many expenses that you can control based on your budget and lifestyle decisions, such as room and board, transportation, supplies, and personal expenses.
SCO students will encounter other expenses related to the curriculum, which are hard to determine in advance. These include the cost of taking state boards as well as costs related to clinical externships, which may be located in another city or state and require relocation expenses.
The cost of housing is often the largest single living expense for graduate students, so it is important to consider all possible options when making decisions about where you will live. Consider the following questions:
- Should you share with a roommate? This can cut housing costs in half. Graduate students typically do not spend a lot of time in their apartments.
- Are utilities included in the rent of an apartment? Is there an additional cost for parking?
Completing the FAFSA
New! The FAFSA can be completed beginning October 1st.
You must complete this form via the web at http://www.fafsa.ed.gov. You must have an FSAID or mail in a signature page.
Please designate SCO as the school to receive your information. Our Title IV School Code is 003517.
Don't forget to include parental information, if you are interested in our HPSL campus-based loan. For 20/21, you will use 2018 Federal Taxes.
It is important for current students to complete the FAFSA by March 1, and for entering students by June 1. If you have specific questions about filling out the FAFSA, you may call (800) 4FED-AID, or SCO's Financial Aid Office at (800) 238-0180, option #3.
Other supporting documents may also be required of you, such as IRS tax transcripts and W-2 forms or you can use the IRS data retrieval tool on the FAFSA.
Once you file the SCO application, we will send you periodic status reports to keep you informed of any additional documents required. If anything seems to be amiss, contact the financial aid office. All correspondence will be via SCO email.
Determining Financial Aid Eligibility
Using FAFSA data, you can calculate the "expected family contribution" which is displayed on the Student Aid Report you will receive.
Financial need is the result of the cost of attendance minus the expected family contribution. Below is an example of this calculation.
Total Cost of Attendance: $45,185
Expected Family Contribution (EFC): $1,893
Financial Need: $43,292
Estimating Your Monthly Accrued Interest
To estimate your monthly accrued interest while in school, multiply the unsubsidized amount you will be borrowing by the interest rate, divide by 365, then multiply by the number of days in a month. The table below uses a month of 31 days.
|
Anticipated Borrowing
|
4%
|
5%
|
6%
|
7%
|
8%
|
8.25%
|
|
$10,000
|
$34
|
$42
|
$51
|
$59
|
$68
|
$70
|
|
$20,000
|
$68
|
$85
|
$102
|
$119
|
$136
|
$140
|
|
$30,000
|
$102
|
$127
|
$153
|
$178
|
$204
|
$210
|
|
$40,000
|
$136
|
$170
|
$204
|
$238
|
$272
|
$280
|
|
$50,000
|
$170
|
$212
|
$255
|
$297
|
$340
|
$350
|
|
$60,000
|
$204
|
$255
|
$306
|
$357
|
$408
|
$420
|
|
$70,000
|
$238
|
$297
|
$357
|
$416
|
$476
|
$490
|
|
$80,000
|
$272
|
$340
|
$408
|
$476
|
$544
|
$561
|
|
$90,000
|
$306
|
$382
|
$459
|
$535
|
$612
|
$631
|
|
$100,000
|
$339
|
$425
|
$510
|
$595
|
$679
|
$701
|
|
$110,000
|
$374
|
$467
|
$561
|
$654
|
$747
|
$771
|
|
$120,000
|
$408
|
$510
|
$612
|
$713
|
$815
|
$841
|
Estimating Your Monthly Payments
Your monthly payments after graduation can be estimated by consulting the table below.
|
Anticipated Borrowing
|
4%
|
5%
|
6%
|
7%
|
8%
|
8.25%
|
|
$ 30,000
|
$303
|
$318
|
$333
|
$348
|
$364
|
$368
|
|
$ 40,000
|
$404
|
$424
|
$444
|
$464
|
$485
|
$491
|
|
$ 50,000
|
$505
|
$530
|
$555
|
$581
|
$607
|
$613
|
|
$ 60,000
|
$606
|
$636
|
$666
|
$697
|
$728
|
$736
|
|
$ 70,000
|
$707
|
$742
|
$777
|
$813
|
$849
|
$859
|
|
$ 80,000
|
$808
|
$848
|
$888
|
$929
|
$971
|
$981
|
|
$ 90,000
|
$909
|
$954
|
$999
|
$1,045
|
$1,092
|
$1,104
|
|
$100,000
|
$1,010
|
$1,060
|
$1,110
|
$1,161
|
$1,213
|
$1,227
|
|
$110,000
|
$1,111
|
$1,166
|
$1,221
|
$1,277
|
$1,335
|
$1,349
|
|
$120,000
|
$1,212
|
$1,272
|
$1,332
|
$1,393
|
$1,456
|
$1,472
|
|
$130,000
|
$1,313
|
$1,378
|
$1,443
|
$1,509
|
$1,577
|
$1,594
|
|
$140,000
|
$1,414
|
$1,484
|
$1,554
|
$1,626
|
$1,699
|
$1,717
|
|
$150,000
|
$1,515
|
$1,590
|
$1,665
|
$1,742
|
$1,820
|
$1,840
|
For amounts not listed in the table above, multiply the total amount you intend to borrow by the repayment factor listed below to find your estimated monthly payment.
|
Anticipated Borrowing
|
4%
|
5%
|
6%
|
7%
|
8%
|
8.25%
|
|
Repayment Factor
|
0.0101
|
0.0106
|
0.0111
|
0.0116
|
0.0121
|
0.0123
|
These monthly payments are based on the Standard Repayment Plan with a repayment of 10 years.