Financial Aid

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How to apply for FA

  • New Students 
  • Continuing Students 
  • Transfer Students

Available Federal Aids at SCUSOMA

  • FPELL
  • Subsidized Loan
  • Unsubsidized Loan
  • Direct Loan PLUS
  • Federal Work Study (Coming Soon…Available in 2015) 

 

Estimate your financial aid eligibility

*New Students

Qualified students admitted to the Master’s degree program or Doctoral degree program are eligible for Federal Student Aid to assist with educational costs. Qualified new students must complete each of the following:.

 1.  ACTIVE YOUR PIN NUMBER.

https://pin.ed.gov/PINWebApp/pinindex.jsp  If you already own a pin number but do not remember, please click on“Request a Duplicate PIN.”

Enter your necessary information to receive a PIN number. Your PIN can be used each year to electronically apply for federal student aid and to access your Federal Student Aid records online. If you receive a PIN, you agree not to share it with anyone.

Your PIN serves as your electronic signature and provides access to your personal records, so you should never give your PIN to anyone, including commercial services that offer to help you complete your FAFSA. Be sure to keep your PIN in a safe place.Your pin should be active within 3-5 business days after you apply.

 

2.  COMPLETE YOUR FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) ONLINE 

 www.fafsa.ed.gov

(Please use the internet explorer for submission) 

 * OPEID (SCHOOL CODE): 041720  

*UNDERGRADUATE ADMISSION REQUIREMENT: 

Students entering the MSAOM degree program with at least 90 quarter units (60 semester units) are considered as an undergraduate student 

  1. Student entering with less than 120 units or student without a Bachelor’s Degree. 
  2. A total number of credits earned at another accredited institution of higher education are less than 200 quarter units without a Bachelor’s degree.

 

*GRADUATE PROFESSIONAL ADMISSION REQUIREMENT: 

Students entering the MSAOM degree program as a graduate professional level may consist of

  1. A total number of credits earned at another accredited institution of higher education with more than 200 quarter units without a Bachelor’s degree.
  2. Have an Bachelor’s Degree. 

 

3.  SAR (Student Aid Report) 

After you submit your FAFSA on the web, you will receive a Student Aid Report (SAR), within the three business days. Please review all the comment codes on the SAR to ensure all information is accurate.

If you are flagged for a verification or is selected for selected service, your financial aid officer will contact you. Be sure to retain your SAR with all other financial aid records. SCUSOMA will receive a similar report directly from the U.S. Department of Education called the Institutional Student Record Information which will consider 

Please mail your documents to:

Financial Aid Office
Attn: Roberto Quinones 
3460 Wilshire Blvd. suite #500
Los Angeles, CA 90017 
Or  Fax to 213) 413-5400 ext. 107

*Email robertoquinones@scusoma.edu

5. COMPLETE YOUR ENTRANCE COUNSELING 

All new student are required to complete the Loan Entrance Counseling before receiving the first payment disbursement.

If you are a student and have not previously received a subsidized/unsubsidized loan or PLUS loan (graduate/professional students only) under the Direct Loan Program or Federal Family Education Loan (FFEL) Program, you must complete entrance counseling for that loan type before receiving a loan to ensure that you understand your responsibilities and the obligations you are assuming.

You may access your entrance counseling on the web, www.studentloans.gov 

Before completing your entrance counseling, you must login with your 4-digit Federal Student Aid Personal Identification Number (PIN) that you have created.

If you have just created your PIN Number, your pin number might possible not be active since it usually takes 3-5 business days. After you login, please select the following, “Complete Entrance Counseling.”

 

6. COMPLETE YOUR SUBSIDIZED / UNSUBSIDIZED PROMISSORY NOTE (MPN)

Master Promissory Note (MPN) is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). There are two types of MPN in the Direct Loan Program:

          a. Direct Subsidized / Unsubsidized Loans

          b. Direct PLUS Loan

In order to expedite the processing of your financial aid, please complete the above steps in a timely manner, read instructions carefully, fill-out forms completely, and respond to inquiries as promptly as possible.

 

CONTINUING STUDENTS

Stafford direct loans are disbursed 4 times throughout the academic year. It’s important for students to keep record of your financial aid award and be aware of the next quarter application due date. The FA Office will make every effort to notify students with the time to reapply, but do not depend on the Financial Aid Office. 


LOANS

Federal Student Aid (FSA) offers grant and loan programs administered by the U.S. Department of Education. SCUSOMA  participates in the following grants and loans available through Federal Student Aid.

FEDERAL GRANTS

*Pell Grants – Undergraduate Students Only

Pell grants are awarded solely on demonstrated financial need to every eligible undergraduate level student. 

The duration of Pell Grant eligibility will be implemented through the calculation of a percentage value called the Pell Grant Lifetime Eligibility Used (LEU). A student’s LEU is the sum of each of the percentages of the student’s scheduled award that was actually disbursed to the student for each award year.

The calculation of the duration of a student’s eligibility included all years of the student’s receipt of Pell Grant funding. A student is NO longer eligible for Pell Grant funds once the student’s LEU reaches 600%.

This change in the duration of student’s Pell Grant eligibility is not limited only to students who received their first Pell Grant on or after the 2008-2009 award years, as the HEA previously provided when the duration of eligibility was 18 semesters. For more information, please visit www.nslds.ed.gov.

 

*Direct Stafford Loans

Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for only undergraduate student students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. Eligible students borrow directly from the U.S. Department of Education.

Direct Stafford Loans include the following type of loans:

•       Direct Subsidized Loans – Direct subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans.

•   Grace Period Interest Subsidy for UNDERGRADUATE STUDENTS ONLY – Public Law 112-74 amended HEA section to temporarily eliminate the interest subsidy provided on Direct Subsidized Loans during the six month grace period provided to students when students are no longer enrolled on at least a half-time basis. This change will be effective for new Direct Stafford Loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014.

•   Loss of Subsidized Loan for GRADUATE STUDENTS ONLY – Effective loan periods beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Federal Direct Subsidized Loans. The annual loan limit remains unchanged at $20,500, but this amount will now be limited to Direct Unsubsidized Loans.

•       Direct Unsubsidized Loans – Students are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, the financial aid office will determine the amount you can borrow. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.

Additional loan types provided under the Direct Loan Program include Direct PLUS Loans (for parents and graduate and professional degree students) and Direct Consolidation Loans (to combine federal education loan debts into a single loan).

The following table provides the fixed interest rates for new Direct Loans first disbursed on or after July 1, 2015, and before July 1, 2016. The 2015–16 rates represent a decrease of 0.37 percentage points from the 2014–15 interest rates on Direct Loans. These rates will apply to new Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans made during this time.

Loan

Interest Rate

Direct Subsidized Loan (Undergraduates)

4.29%

Direct Unsubsidized Loan (Undergraduates)

4.29%

Direct Unsubsidized Loans (Graduate or Professional

5.84%

Direct PLUS Loans (Parents and Graduate or Professional Students)

6.84% 

Learn about interest rates and fees associated with federal student loans. 

*Cost of Attendance (COA)

The Cost of Attendance (COA) is an estimated cost to attend SCUSOMA per year

Estimate Cost of Attendance at SCUSOMA per Academic Year

Allowance

MSAOM

Tuition, Fees, and
Internship fees (12 units)

$4,365

Books and Supplies

$500

Room and Board

$10,980

Transportation

$1,080

Personal/ Miscellaneous

$2,817

 

Tuition and Fees: The average cost of tuition and fees for is based on enrolling 30 hours per year. The actual costs will vary depending on the student’s degree or certificate program.

Room and Board: A reasonable estimate in the cost of living in Orange County or LA County while attending school. Actual cost may vary by individual choices related to location and circumstances. Typically room and board includes rent, food, snacks, household supplies, and utilities.

Books and Supplies: The average cost of books and supplies for an entire academic year includes books, educational supplies, course materials, and computer-related expenses excluding the purchase of a personal computer.

Transportation: Represents travel to and from residence and transportation costs to and from class and work (e.g., bus fare, gasoline, tolls, parking).

Personal Expenses and Miscellaneous: Estimate of costs for clothing, haircuts, entertainment and other miscellaneous expenses.  


Loan Counseling

Entrance Counseling

Entrance Counseling is required before you receive your first Stafford or Grad PLUS loan at SCUSOMA. In your Entrance Counseling session, you will learn about the types of loans that are available, the terms and conditions for the loans, and your responsibilities related to the loans. This information is provided to ensure you fully understand your loan obligation before you are committed to receiving the loan funds. Complete your Entrance Counseling.

Exit Counseling

Exit Counseling is required before you leave SCUSOMA by graduating, withdraw, or failing to return for a subsequent quarter. In the Exit Counseling session, you will learn to prepare repaying student loans and consider debt management strategies. This information is provided to ensure you understand repayment options and prepares you for payments that will be required on your loans. Complete your Exit Counseling.

Scholarships

SCUSOMA currently offers 2 different scholarships

1. Academic Scholarship
Academic Scholarship is offered on a academic merit and service to the SCUSOMA community.

2. Outstanding Scholarship 

Outstanding Service scholarship is based on outstanding service to the profession or the community.

For any additional information regarding financial aid or available scholarships,
please email robertoquinones@scusoma.edu

Please click on the links below to download any financial aid forms: 

SCUSOMA Admissions Disclosure

Disbursement of Federal Funds and Credit Balances

Release of Information (FERPA) Authorization

Satisfactory Academic Progress Letter

2015-2016 Verification Worksheet (Independent)

2015-2016 Verification Worksheet (Dependent Student)

 

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