SCCO - Financial Aid

Like most students in the process of investigating various colleges and the programs they have to offer, you are undoubtedly becoming aware of the high cost of graduate education at a private college. You may be wondering how you will be able to afford these educational expenses.

The mission of the Office of Financial Aid is to provide students with the financial services and advice that will help them best meet the educational expenses necessary to achieve their career goal of becoming outstanding Doctors of Optometry.

You should not be discouraged as over 90 percent of all students at SCCO use some form of financial assistance. These are grants and scholarships, low-interest loans, high-interest loans, and work-study opportunities. These programs are described in detail in SCCO's catalog and the Financial Assistance Programs chart.

When comparing the cost of a private versus a public institution you should consider the quality of education that you will be receiving for your hard-earned dollars. Through careful planning and assistance from the SCCO Financial Aid Office, your future goals can be realized.

For most students, 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.

How Financial Need is Determined

The SCCO Standard Budget includes tuition, fees, books, and supplies, plus a modest budget for living expenses. This budget, minus your expected family contribution and all outside resources, will equal your calculated "need."

Most of the financial aid available is in the form of loans. The following chart shows the percentage of students receiving funds from the major loan programs, and the average award amount.

Financial Assistance Programs

Type	Basis Granted	Range of Awards*	To Be Repaid	Application Required	Remarks
WICHE and State Contracts	State Residency	$14,600	**	**	States: AK, AZ, CO, HI, ID, MT, NV, NM, ND, UT, WA, WY
Convocation and Other SCCO Scholarships	Academics and Need	$500 to $4,000	No	SCCO Application	Most chosen by Scholarship Committee
Federal Work Study Program	Need	$11 to $6,605	No	SCCO Application	Payrates are $9-$12/per hour
Perkins Loan	Need	$500 to $2,500	Yes	SCCO Application	Interest rate is 5%
Health Professions Loan	Need	$500 to $4,500	Yes	SCCO Application FAF Required	Interest rate is 5%. Parental data required.
Loans for Disadvantaged	Need	$500 to $2,960	Yes	SCCO Application FAFSA Required	Interest rate is 5%. Parental data required.
Harris Student Loan	Need	$500 to $4,500	Yes	SCCO Application	Interest rate is 5%. Only 4th-Year Students.
Kanai Loan Fund	Need	$500 to $4,500	Yes	SCCO Application	Interest rate is 5%. Only 4th-Year Students.
Subsidized Stafford Student Loan	Need	$1,000 to $8,500	Yes	Form from School or Lender FAFSA	Interest is fixed 6.8%.
Unsubsidized Stafford Loan	Need, without EFC***	$1,000 to $32,000	Yes	Form from School or Lender	Interest is fixed 6.8%.
Military Scholarships	N/A	$40,839 to $42,708	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 needs analysis.

Financial Aid Facts

Q.	What percentage of SCCO students use financial aid?
A.	During the past 5 years the figure has been between 90-92%.
Q.	What kinds of financial aid resources are available?
A.	There are loans, scholarships/grants and workstudy jobs. These resources provide a grand total amount of over $13.4 million annually.
Q.	Are there any grant funds available to SCCO students?
A.	Yes, but it makes up only 11% of the grand total amount. 89% of the financial aid available is in the form of loans and totals over $11.8 million annually.
Q.	What does it cost to go through SCCO's program?
A.	The students who graduated in May, 2008 paid $107,764 for the direct costs of tuition, books and supplies during their four years of attendance at SCCO. The full budget, including living costs for four years would be $174,199.
Q.	What kind of debt burden do SCCO students graduate with?
A.	The graduates from the Class of 2008 had a median debt level of $147,365 and for the students with debt the amount ranged from $24,000 to $186,896.
Q.	Do these figures include undergraduate debt?
A.	No. About 42% of SCCO students enter with loans from their undergraduate colleges. The average undergraduate debt level of these students was $13,952.
Q.	Can you estimate student loan monthly repayment amounts?
A.	Yes, we use conversion rates. The graduates from the Class of 2008 had an average estimated monthly repayment amount of $1,399 but the amount ranged from $254 to $1,976.
Q.	What income level can our students expect after graduation?
A.	The latest data available is from the 2007 AOA Economic Survey. The median net income for 6-10 years in practice is $98,000 annually. The median net income for 26-30 years in practice is $140,000 annually.
Q.	What is considered a "manageable" debt level?
A.	Past studies have suggested that annual repayment amounts should not exceed 15% of expected income. On an indebtedness of $119,922 we estimate an annual loan repayment amount of $16,500. This would represent about 14% of the beginning years income amount. The student with a debt level of $198,563 could have an annual loan repayment amount of $29,412 and this would represent 25% of the expected first year income. An extended or graduated repayment plan can lower the monthly repayment amount for those early years of repayment.
Q.	Are SCCO alumni able to repay their student loans?
A.	Yes. Presently, default rates on most of our major loan programs are all less than 1%. Our cohort default rate on Stafford Loans has been zero for the past ten years.

How to Apply and Deadline Dates

Financial Aid Packets are sent out in late March. Deadline date is mid-June to get in financial aid forms. If your tuition due date happens before you receive your financial aid checks, we will not charge the late fee if you have submitted most of your financial aid forms by this date.

SCCO requires only student data on the FAFSA form. You should use actual income tax data, not estimated. You can go to the web site at http:www.fafsa.ed.gov/ to file your FAFSA electronically or obtain a PIN number.