Types of Financial Aid
Financial Aid, Scholarships & Grants, Loans & Work-Study
For most students, using personal savings or earnings and other family assistance is not enough to cover all educational expenses. SCCO offers a variety of financial aid programs to assist eligible students.
Scholarships and grants are direct awards of aid that do not have to be repaid. Many states and organizations sponsor scholarships and/or grants for members of their organization or residents of their state. The College alumni and private donors also make scholarships available to SCCO students.
Loans are a way to postpone paying for your school expenses until you have completed your education. The bulk of student aid monies are loan funds that must be repaid after you leave SCCO.
Work-study jobs enable students to earn part of their educational expenses through part-time employment at the College.
Financial Assistance Programs
Range of Awards*
|To Be Repaid||
|WICHE and State Contracts||State Residency||$17,425||**||**||States: AK, AZ, CO, HI, MT, ND, UT, WY|
|Fall Awards and Other SCCO Scholarships||Academics and Need||$500 to $4,000||No||MBKU Application||Most chosen by Scholarship Committee|
|Federal Work-Study Program||Need||$11 to $6,872||No||MBKU Application||Pay rates are $9-$12/per hour|
|Perkins Loan||Need||$500 to $2,250||Yes||MBKU Application||Interest rate is 5%|
|Health Professions Loan||Need||$500 to $6,300||Yes||MBKU Application CSS Required||Interest rate is 5%. Parental data required.|
|Loans for Disadvantaged||Need||$500 to $4,600||Yes||MBKU Application CSS Required||Interest rate is 5%. Parental data required.|
|Harris Student Loan||Need||$500 to $5,100||Yes||MBKU Application||Interest rate is 5%. Only 4th-Year Students.|
|Kanai Loan Fund||Need||$500 to $5,100||Yes||MBKU Application||Interest rate is 5%. Only 4th-Year Students.|
|Unsubsidized Direct Loan||Need, without EFC***||$1,000 to $40,500 / 47,167||Yes||D L MPN||Interest is fixed variable|
|Graduate Plus||Need, without EFC***||Cost minus other resources||Yes||D L MPN||Interest is fixed variable|
|Military Scholarships||N/A||Cost of Attendance||No||Contact Army, Navy or Air Force|
* Financial aid awards for some programs are contingent upon available funds and calculated eligibility.
** Varies according to state. Contact the Vice President of Student Affairs for details.
*** EFC is the expected family contribution determined from the FAFSA SAR report.
Full tuition and fees are due and payable prior to the start of each quarter. Interest will be charged on outstanding balances. A student may not proceed from one academic year to the next without having fully paid the previous year's tuition and fees. Any exceptions must have prior approval of the administration. It is the student's responsibility to make the necessary arrangements for tuition and fee payments on a timely basis so as not to impede his/her academic progress. Advance payment of tuition and fees may be made by mail or in person at the MBKU Campus Store.
Tuition Prepayment Policy
Any student wishing to prepay his/her tuition for one, two, or three years beyond the current year's tuition may prepay his/her future tuition at the current year's tuition rate provided the full payment for the current year and for each subsequent year(s) is received by the Controller no later than thirty (30) days following the opening of the school year. Future annual tuition increases will not be charged to those students who have elected to fully prepay their future tuition.
Any student who is dismissed or officially withdraws from the program, as per the requirements stated in the MBKU Catalog, will have his/her prepaid tuition returned, except for the current year's tuition, which will be refunded as per the policy stated in the current catalog.
Late Payment of Tuition Fee
A late tuition payment fee of $50 per quarter will be charged to any student who has not paid his or her tuition and fees in full within ten (10) days of the due date set by the Controller.
All unpaid balances of any kind against a student's account must be paid in full each quarter before final examinations can be taken, university credits transferred, transcripts sent, or graduation can occur. A service charge of 1.5% will be made each month on any outstanding balance. Students whose accounts are delinquent are subject to suspension from the University. Under no circumstances may a student graduate who has an unpaid balance of any amount.
Tuition Refund Policy
For official withdrawals, tuition refunds will be pro-rated at intervals of two (70%), three (50%), four (30%), and five (10%) weeks from the date the quarter begins. A withdrawal is considered official when written notification has been received by the Dean of Optometry stating the student's intention to withdraw from the program.
Return of Title IV Funds
The 1998 Reauthorization, section 484B, requires federal aid recipients to "earn" most of the aid they receive by staying enrolled in the university at least half time. Students who withdraw prior to completing 60% of the quarter for which they received federal student aid may be required to return some of the aid they were awarded. MBKU will restore to the appropriate federal fund source a proportional share of institutional charges that the borrower has paid. This "return of Title IV aid" will reduce the outstanding loan balances. If there is an amount still owed to the government after MBKU returns funds, the student will be responsible to return portions of unearned funds. If you are entitled to a refund from the University, any refund will be first applied to your obligation to return "unearned" aid before you receive money back. Thus, portions of institutional refunds may be applied on your behalf to your outstanding Direct Loan and Perkins Loans and not actually refunded directly to you. Non-federal aid is not included in the calculation. Students whose Title IV aid consists only of Federal Work-Study (FWS) earnings are not included in the calculation.