Financial Policies

Student financial aid includes all resources used to finance education (other than those provided directly by students and their families). It includes scholarships; grants; work-study; and Federal, private, and institutional educational loan programs.

For general and program-specific Financial Aid and Student Accounts Services information, visit the Financial Aid tab of the MBKU portal.

In awarding financial aid, MBKU does not discriminate on the basis of race, color, national origin, sex, disability, or age.

Contact Information

Eligibility and Application Process

Financial aid is awarded on an annual basis. Students must apply for financial aid each academic year of attendance by submitting the Free Application for Federal Student Aid (FAFSA) at www.studentaid.gov. (School Code: 001230)

Satisfactory Academic Progress (SAP)

The U.S. Department of Education requires all universities to develop and enforce an internal system to monitor the academic progress of financial aid recipients. A student must maintain Satisfactory Academic Progress in order to remain eligible for all financial aid programs, including student loans. The academic progress of financial aid applicants and recipients is reviewed upon initial application to the University and then annually, following spring quarter each year.

SAP Standards

MBKU’s SAP policy contains three components students must meet to maintain eligibility for financial aid:

1. Minimum Cumulative Grade Point Average (GPA)*

   • SCCO Students must maintain a minimum cumulative GPA of 2.5 or higher

   • College of Pharmacy students must maintain a minimum cumulative GPA of 2.0 or higher

   • *Students enrolled in the School of Physicians Assistant Studies are graded on a pass/fail basis and as such are not measured for SAP on GPA. 

2. Unit Completion Rate

   • All students must complete with a passing grade 100% of their attempted units each academic year. All courses a student is enrolled in beyond the add/drop period will be counted as units attempted, including withdrawals, no credit, and incomplete courses. For those programs that allow students to remediate a failing grade, the remediated failing grade will count as passing, for the purposes of MBKU’s SAP policy. 

3. Maximum Time Frame

   • Students must complete their educational program within 125% of the minimum number of curriculum units required to complete their degree. Example: a program requires 100 units minimum to graduate, students may receive financial aid for up to 125 units.

   • All quarters of enrollment (including summer) will count toward the maximum time-frame as well as any transfer credits (if applicable), including enrollment in terms in which no financial aid is received.

Financial Aid Disqualification

Students who fail to meet any of the above minimum standards of the financial aid SAP Policy are no longer eligible to receive financial aid at MBKU. Student’s may appeal their disqualification; see the Appeal Process section, below.

Regaining Financial Aid Eligibility

Students who have lost eligibility for financial aid due to not meeting the University’s SAP standards can be reinstated by successfully completing sufficient units to again meet all university SAP standards. SAP is evaluated for all students at the end of spring quarter. If a student believes they have regained eligibility prior to the posting of spring grades, the student should contact Financial Aid: financialaid@ketchum.edu to be considered for reinstatement.

Appeal Process

If extenuating circumstances apply, students who are not meeting SAP are encouraged to appeal their disqualification. To appeal, the student must contact Financial Aid: financialaid@ketchum.edu.

If a student’s SAP appeal is approved, they will be placed on financial aid probation during the next quarter. The student’s progress will be reviewed once grades for the following quarter are posted. To continue receiving financial aid the student must be following and making positive progress on their specific academic plan for improvement. Student’s remaining on financial aid probation will have their grades reviewed at the end of each quarter until they are again meeting the University’s SAP standards.

Academic Disqualification

Students who are academically disqualified from the University are no longer eligible to receive financial aid. A student who is academically reinstated to the university, or who is placed on academic probation, will have the conditions of their probation and academic plan reviewed by Financial Aid in order to be considered for Financial Aid reinstatement.

If you have questions regarding SAP, please contact financialaid@ketchum.edu

Financial Aid Disbursements

Financial Aid funds are disbursed through Student Accounts Services. The total amount of financial aid for the academic year is divided among quarters for which the student is enrolled, as reflected in the financial aid award letter. 

Students must meet all eligibility requirements before financial aid is disbursed. Eligibility requirements include, but may not be limited to: being officially admitted to MBKU, enrolling in the minimum number of units for aid eligibility, maintaining satisfactory academic progress (SAP), and completing all necessary requirement documentation. 

Notice of Disbursement and Right to Cancel Federal Loans

Students may cancel all of or a portion of a loan disbursement within 120 days of the date your school 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. Please contact financialaid@ketchum.edu.

Exit Counseling 

Federal law requires students who borrow from the Federal Direct Unsubsidized, Federal Graduate PLUS, Federal Perkins, HPSL and/or LDS loan programs to complete exit counseling upon graduation, withdrawal, or enrollment less than half-time. Additionally, MBKU requires exit counseling for students receiving the Harris and/or Kanai institutional loans. 

Whenever a student who has received financial aid graduates, drops below half-time enrollment, or leaves MBKU for any reason prior to graduating, the student must complete exit counseling. As this is a federal requirement, MBKU will withhold a graduating student’s diploma until the exit counseling is completed. 

This counseling provides comprehensive information on the details on the loans borrowed, how to keep the loans in deferred status if needed, and a comparison of the current federal repayment options. 

Repeated Coursework

Per Federal regulations, if a student wishes to repeat a course for which they have previously received a passing grade, the repeated course will be eligible to be paid financial aid for only one repeated instance. 

• Example: A student receives a grade of D in a course and chooses to take the course a second time; the units associated with the repeated course will count toward the student’s financial aid eligibility for one repeated attempt only. Further enrollment in the same course beyond the first repeat are not permitted to count toward financial aid eligibility.

Return of Title IV Aid

Per Federal regulations, all students receiving Federal financial aid who completely withdraw from all their courses through the 60% point of the quarter are subject to return a portion of their Federal financial aid received. 

• During the first 60% of the quarter, the student “earns” federal aid in direct proportion to the length of time she or he remains enrolled. Students who withdraw after the 60% point of the quarter are not required to return funds. 

• A percentage is calculated by dividing the number of days completed in the quarter by the number of calendar days in the quarter. The percentage is applied to the amount of aid the student is eligible to receive for that quarter.

• MBKU will return to the Federal Government a proportional share of institutional charges the student has paid.

• If there is an amount still owed to the government after MBKU returns funds, the student will be responsible to return a portion of unearned funds.

• If the student is entitled to a refund from the University, any refund will be first applied to the student’s obligation to return unearned aid before he or she receives a refund of any excess funds. Thus, portions of institutional refunds may be applied on the student’s behalf to his or her outstanding Direct Loan and not actually refunded directly to
  the student.

• Non-federal aid programs (e.g. private and institutional student loans) are not included in the calculation. 

Federal Work Study

Eligibility

Federal Work Study is a need-based Financial Aid program. Students participating in the program must be U.S. citizens, permanent residents, or eligible non-citizens; filed a FAFSA; and provided Financial Aid with all required employment documentation.

International students are not eligible for the Federal Work Study program, but they may work an on campus job a maximum of 20 hours per week.

University policy excludes students on academic or professional probation from the Federal Work Study program. Supervisors reserve the right to remove students from their respective role if not meeting pre-established academic and/or professional standards.

Obtaining a Federal Work Study Position

Federal Work Study jobs and employment forms (listed below) are available on the Work Study page in the Financial Aid tab of the MBKU portal. The following two forms are required for employment and are submitted directly to Financial Aid:

• Form W-4: This Internal Revenue Service form allows MBKU to withhold the correct federal income tax from your pay. Resubmit this form if you change your name, marital status, or exceptions.
• I-9 Form: This is the employment eligibility verification form which is a legal required for all employment in the U.S. 

Federal Work Study Time Sheet

Federal Work Study students will record hours worked on an electronic timesheet through PayCom. Financial Aid will provide log-in information and instructions for submitting time sheets. If you need assistance please contact Financial Aid: financialaid@ketchum.edu. 

Direct Deposit Request Form

To receive your Federal Work Study wages as quickly as possible, all students are strongly encouraged to sign up for direct deposit. This form is located on the Work Study page in the Financial Aid tab of the MBKU portal.

Federal Work Study Limits 

Students may work no more than 8 hours per day and no more than 6 consecutive work days in a Sunday through Saturday work week. At a minimum, a 30 minute break must be taken after five continuous work hours, unless your work day is less than six hours.

Ending a Federal Work Study Position: Federal Work Study students who wish to end their employment must inform their supervisor as soon as possible. While not required, it is customary and appreciated to provide a two week notice.