SCO academic calendar

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Hey guys!

I have a question about the academic scheduling and loan periods at SCO. I know 1st years start classes in the beginning of september and get 9 months worth of financial aid (so that would go through May, then). I also know that 2nd years get 10 months worth, and 3rd and 4th years get 12 months each. My question is, when do 2nd years begin taking classes? And then when does 3rd year start? Trying to figure out exactly how many months I'm going to have to pay rent and everything else on my own... I'm new to this "budgeting" business (never really had any money to budget before), and so it's kind of stressing me out.

Thanks a ton!

You read my mind! i am not so interested in the calendar but in the loans themselves. What is the best way to do this. I am eligible for loans, but I know interest starts accruing day one on graduate loans and it is 6.8%! So is it better to take out other types of loans (home equity?) if I can. they seem to have lower interest rateand i know that i would have to start paying them back right away, instead of the stafford? Crazy that students don't get a break with lower interest! I always heard student loans were the best type, not so sure any more. Help!

2nd year officially starts in July, where you have a "Summer Mini-Term".
3rd year starts in May for the Summer Semester.

In regards to loans, you will get a huge deposit into your checking account each semester. For my first year, I just adjusted my monthly allowance for myself to make up for the other months..

For example.. SCO says we will give you enough $$$ for 10 months in the amount of 10,000 giving you $1000.00 a month (these are made up numbers by the way).. I would get the money and just divide it by 12 months. SO my budget would be $833.00 a month.

Save your money NOW.. it will really benefit you while you are in school to have something to fall back on for those rainy days.

Originally Posted by Greeni

You read my mind! i am not so interested in the calendar but in the loans themselves. What is the best way to do this. I am eligible for loans, but I know interest starts accruing day one on graduate loans and it is 6.8%! So is it better to take out other types of loans (home equity?) if I can. they seem to have lower interest rateand i know that i would have to start paying them back right away, instead of the stafford? Crazy that students don't get a break with lower interest! I always heard student loans were the best type, not so sure any more. Help!

Talk to your bank about the home equity loan. Whatever interest rate is lower is *usually* the better option. But you might have to start making immediate payments on the home equity loan, whereas you don't owe anything on student loans until you graduate and the grace period ends. Find out how your bank would handle student status and if there is a deferment period while you are in school. Obviously interest would be accruing during that time, but it would also accrue on a student loan that is unsubsidized.

Also check to see if you are eligible for a Perkins loan. If you haven't been working much (i.e. have been a student) for the last year, then you might be eligible. Those are the only subsidized loans left, and that's a better deal than anything since you wouldn't owe anything for interest accruing during school (the feds pay that). You can always take out the home equity loan after graduating to pay the Perkins loan at that point if the rate is better. That would save you on interest accrual in the mean time!

Thanks for your help! I'm still a little confused, though.

So if the first year starts in September and ends pretty much in April (May 3rd, according to an email I recently received), that's approximately 8 months. However, on the website, it has the "standard student budget" set for 10 months. Do you know how many months' worth of student aid we will receive for the first year, then? And if 2nd year begins mid-July, then runs for 8 months (again according to the budget posted on their website), that would end mid-March. What is going on here?! D: And then when does 3rd year begin?

Sorry for all the questions! I just would really like to have a better grasp on this.

May I recommend that you contact either Mike Robertson (Admissions) or Cindy Garner (Director of Financial Aid) to have your questions answered? All phone numbers can be found here: http://sco.edu/about/Pages/contact.aspx

They're both really informative and helpful. This is kind of an important subject, so I think your best bet is to contact the school for answers.

Yeah, I probably should. I've spoken with both of them a few times before; I just wanted to ask on here in case they've already somehow answered these questions somewhere online and I end up looking like an idiot. haha