Financial Aid

Financial Aid is awarded by the US government. The MBKU Financial Aid Office acts as the liaison between the government and the student to make sure that the funds awarded are available to the student to pay for the cost of attending MBKU. Below you’ll find the step-by-step process, including deadlines, for how the borrowing process works for students who have been admitted to our program.

Step 1: Submit a FAFSA at www.studentaid.gov (School Code: 001230)

Step 2: View your program's estimated cost of attendance to decide how much student loan funding you may need to borrow to meet your expenses. This budget includes tuition, fees, books, and supplies, plus an allowance for nominal living expenses.

Step 3: In the Spring the MBKU Financial Aid Office will send an email notification once your Financial Aid Package is ready. This email will list the amount of aid you qualify for and the instructions on how to accept the aid.

Step 4: Once you are officially enrolled in your program, you will have access to your online MBKU Student Account. Most transactions are automatically processed without action required on the student’s part. Your Student Account serves as a record of all student charges such as tuition, fees, equipment, manuals, and other items associated with a student's education as well as corresponding payments and credits. If you ever have any questions or concerns about your account, our student accounts representatives are happy to take your emails, calls, or walk-in questions.

Still have questions about how Financial Aid works? We're here to help! Email us at FinancialAid@ketchum.edu.

Graduate level students are considered independent by the US Department of Education for financial aid purposes. Independent students are eligible for Federal Direct Unsubsidized loans, Federal Graduate PLUS loans and Federal Work-Study after completing a FAFSA. The Graduate PLUS loan requires an additional application with the US Department of Education. Institutional financial aid options vary by program. Please consult with your admissions representative or program director about potential scholarship opportunities and set up a meeting with financial aid to learn more about institutional financial aid options.

MBKU will receive your FAFSA several business days after you submit it. You will then receive an email when your Financial Aid package is ready. This email will have instructions for accepting your loans and other useful information.

We begin sending Financial Aid package emails for the upcoming academic year to all eligible students in April of each calendar year.

Interest Rates and one time Origination Fees for Federal Student Loans are set and administered by the US Department of Education. Interest rates and origination fees change for each new year and are published by July 1st of each calendar year at https://studentaid.gov/understand-aid/types/loans/interest-rates.

Ask yourself these questions:

1. Do I need to borrow funding for the full tuition cost?

AND

2. Do I also need to borrow funding for living expenses?

Since federal loans must be repaid with interest, students are urged to ONLY BORROW WHAT YOU NEED. We're here to help if you're unsure.

Contact us at financialaid@ketchum.edu for help.

Yes. The US Department of Education sets different limits on the amount of Direct Unsubsidized Loans that can be borrowed each academic year. These limits vary by program.

Financial Aid automatically award students their maximum eligibility Direct Unsubsidized Loan for their respective program.

The Direct Unsubsidized Loan Limits for each program are:

• Doctor of Optometry: 1st and 2nd year: $40,500 per year
• Doctor of Optometry: 3rd and 4th year: $47,167 per year
• Physician Assistant: $20,500 per year
• Doctor of Pharmacy: 1st year: $33,000
• Doctor of Pharmacy: 2nd, 3rd, 4th years: $37,167 per year

Additional funding beyond these maximums, up to your program's total Cost of Attendance budget, may be borrowed through the Federal Graduate PLUS Loan.

You can cancel all of or a portion of a loan disbursement within 120 days of the date MBKU disbursed (paid out) your loan money. If you choose to cancel the amount disbursed, you will return the money you received, and you will not be charged interest or fees.

You may decide to borrow more (up to your program's Cost of Attendance Budget OR reduce your loan amount at any time during the academic year).

To adjust your loans please contact us at financialaid@ketchum.edu.

Your loan(s) will be disbursed (paid) each quarter as tuition is charged. Disbursement occurs about a week before classes begin and funds are applied toward your student account balance. If you have funding remaining after all your tuition and fees are paid, Student Accounts will issue a refund for living expenses to you within 14 days of the date of the loan disbursement.

Loan money will automatically be applied toward your student account balance. If you have funding remaining after all your tuition and fees are paid, Student Accounts will issue these funds to you within 14 days of the date of disbursement.

Sign up for direct deposit on your student portal to receive your refunds more quickly. 

Yes, you must apply for a PLUS loan each year. The Graduate PLUS loan application is separate from the FAFSA. Your approval is only valid for new loans originated within six months from the date of your credit check.

No, as a graduate student, you are considered independent regardless of your age, even if your parents claim you as a dependent on their taxes.

The parent section is optional, but we encourage you to skip it as it will not have any effect on your Financial Aid package.