SREB – SREB Regional Contract Forgivable Loan for Optometry

Program Overview:

The primary objectives of this program are to provide educational opportunities for students who wish to become optometrists and to address Mississippi’s health care shortage by providing a steady supply of qualified optometrists. SREB awards will be made available, to the extent of appropriated funds, to persons seeking an optometry degree at an approved out-of-state school in exchange for employment as a practicing optometrist in the State of Mississippi.

Rules and Regulations:

• SREB Rules and Regulations

Important Dates:

• Application dates: October 1 – March 31
• Document deadline:  June 30

The State of Mississippi contracts with two out-of-state institutions through the SREB Regional Contract Program to secure seats for Mississippi residents. A total of 9 new (first-year) students can be awarded each year, 2 at the University of Alabama at Birmingham and 7 at Southern College of Optometry. Students must first be accepted by the institution. The institution will then designate which Mississippi residentAn applicant who meets the state’s legal residency requirements. Applicants must be a Mississippi resident to qualify for most state financial aid programs. Residency requirements differ for dependent students (based on their parents’ residency) and independent students. applicants have been offered a contract seat.

Eligibility Requirements:

• Be a legal resident of the State of Mississippi for one year prior to application.
• Be fully admitted at an approved out-of-state SREB School of Optometry and enroll full-time.
• Agree to practice optometry full-time in Mississippi upon degree completion.
• Make satisfactory academic progress to maintain eligibility.
• Be in good standing on any prior federal, state, or local educational loan.

Award Amount and Length of Eligibility:

• The award amount is determined annually by the Southern Regional Education Board.
• Funds will be made available to eligible participants for up to four (4) years.

Service Obligation:

• SREB is first and foremost a loan. The loan can be forgiven (discharged) on the basis of one year’s service for one year of loan received. Service is defined as full-time employment as a practicing optometrist in Mississippi.
• LIABILITY: Forgivable loan recipients who choose not to fulfill the service obligation will be required to repay the loan in full with interest.

To Apply

1. Be accepted to an approved out-of-state school of optometry.
2. Complete the online application. The online application must be completed each and every academic yearFor state aid, the academic year refers to the Fall and Spring semesters. Summer is generally not covered by state aid unless specifically noted for a program. for which the applicant seeks aid.
3. New and some renewal applicants with a break in enrollmentA break in enrollment would include any semester or trimester during which the student was awarded state aid and did not attend a Mississippi institution of higher learning.  An exception to the break in enrollment is when the student graduates mid-year (December) from a community college and will not enroll in a four (4) year institution until the following fall semester. will be required to submit two forms of residency documentation:

Preferred Residency Documents:

• FAFSA
• Mississippi driver’s license (can be submitted electronically during the online application)

Alternate Residency Documents Accepted:

• State Tax Return (NOT Federal) for the current tax filing year.
• Homestead Exemption
• Voter Registration
• MS Road and Bridge Privilege Tax Registration Receipt 

Note: Our office receives FAFSA results electronically for all Mississippi residents. When possible, the state tax return or Mississippi driver’s license pending document will be replaced by the FAFSA.

Documents must be RECEIVED, not postmarked, by the published document deadline date of June 30.

How to Submit Supporting Documents

After the Application – the SREB Award Process:

• The institution will notify the state which students have been offered a contract seat.
• The state will verify that residency documents have been received.
• If funding is available, the Office will make award offers as soon as possible after receiving an appropriation.
• To accept an award, new applicants must sign a Master Contract and Note that include the program Rules and Regulations. The contract will be signed electronically.
• New and renewal applicants must sign a Private Loan Self-Certification Form each year for which they receive funds. The self-certification form will be signed electronically.
• When the Contract and Self-Certification Form have been received, the Office will notify the student’s attending institution that the student has been awarded.