Finance and Manage Debt

One of SCO’s primary objectives is to provide students with the means to complete our program with the least possible debt at graduation. The first step in managing debt is controlling what you spend.

Our Financial Aid Office works individually with students to develop realistic financing strategies. Counselors meet with students at least annually through our Debt Management Program to make sure students have sufficient funds at the best rates, and that they are borrowing wisely. Our Debt Management Program educates students on how debt can also be minimized through budgeting, personal savings, maintaining zero credit card balances and part-time work. This program, coupled with minimal tuition increases and added scholarships and awards, has led to SCO graduates having a 0% default for 24 out of the past 25 years.

Below is a loan repayment chart for an SCO graduate who accumulates $150,000 in student loans. The chart uses annual net income projections in line with national averages and is assuming a repayment period of 10 years with no deductions taken.

This chart uses a federal loan rate of 6.54%. Since some graduates have tax deductions (i.e. marriage, children, mortgage, etc.), these estimates are conservative. Many SCO graduates choose to slightly increase the amount of their monthly repayments. This method, even with only a small increase each month, will shorten a 10-year repayment schedule by several years.

FEDERAL WORK-STUDY

SCO participates in the Federal Work-Study Program, which allows students to work on campus up to 20 hours per week towards their educational expenses.

To apply for Federal Work-Study, each student must submit the Free Application for Federal Student Aid (FAFSA) to the Federal Government. A student’s ability to contribute to educational costs will be calculated according to Federal criteria and will determine eligibility.

Graduating with the least possible debt allows our alumni greater flexibility in repaying loans and thus greater personal financial freedom. SCO’s Office of Financial Aid offers a debt management program where financial aid officers work closely with each student in developing a budget and planning out financial needs, leading our students to be better borrowers.

$850,000 APPROXIMATE DOLLAR VALUE OF SCHOLARSHIPS AWARDED TO THE ENTERING CLASS OF 2023