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Federal Direct Loan Program
National College of Natural Medicine (NCNM) currently processes Federal Stafford and Grad PLUS loans through the Federal Direct Loan program, in which borrowers obtain loan funds directly from the U.S. Department of Education.
Types of Loans
The maximum amount of graduate student education loans available will depend partially upon a student’s eligibility as well as the student’s program(s) of enrollment. The student should keep in mind that loans are not designed to meet the total student budget to attend programs at NCNM, and that the money borrowed will have to be repaid with interest. All students interested in federal loans must complete and submit the Free Application for Federal Student Aid (FAFSA).
Federal Direct Unsubsidized Stafford Loan
This loan accrues interest immediately upon disbursement and during the grace period. Students are offered the option of paying the interest while they are in school, or they may capitalize the interest (add the interest to the principal) when the loan enters repayment. Maximum unsubsidized loan amounts are determined by subtracting all financial aid received from the estimated COA budget, as well as considering the student’s eligibility and program of enrollment.
Aggregate Graduate Loan Limits for Master Degree Programs
The maximum amount of student education loans is limited federally to $20,500 per nine-month period (academic year), and cannot exceed a maximum borrowing amount of $138,500—of which no more than $65,500 can be in subsidized loans for students who received this loan type prior to July 1, 2012. This aggregate limit includes undergraduate loan debt and applies to students enrolled solely in the Master Degree Programs.
Additional Loan Limits and Aggregate Cap for Naturopathic Degree Students
Naturopathic medicine students are eligible for increased unsubsidized Stafford loan amounts for programs offered by Council on Naturopathic Medical Education (CNME) credited institutions. The additional amount, up to $20,000 for a nine month academic year program and up to $26,667 for a 12 month academic year program , can be awarded only to students enrolled in a program that leads to a Doctor of Naturopathic Medicine degree, Doctor of Naturopathy degree, or a Doctor of Naturopathic Medicine degree. For more information about this loan, please contact the Financial Aid Office.
Federal Direct Graduate PLUS Loan
This is a federal fixed rate loan that can be used to help cover the costs of attending college for graduate students who are enrolled at least half-time. You must be either a U.S. citizen or permanent resident. A credit check is required; however, income or assets and credit scores are not considered as part of the eligibility criteria. Before applying for a Graduate PLUS Loan, a graduate or professional student must also apply for and the school must determine the student’s eligibility for the maximum annual Federal Unsubsidized Loan amount. For more information about this loan, please contact the Financial Aid Office.
National College of Natural Medicine anticipates awarding scholarships to both new and returning students enrolled during the academic year. The amount and availability varies for all scholarships from year to year. For more information about scholarships please contact the Admissions Office for all incoming student scholarships, and the Office of Advancement for any current student scholarships.
Federal Work-Study Program
Part–time employment while enrolled in school can help make ends meet. Students with demonstrated financial needs and who indicate on the FAFSA application an interest in student employment are eligible to receive an award. FWSP is a federally subsidized program with a limited allocation, and award amounts are evaluated annually. The program allows students to work on or off campus to earn money to be applied to education–related expenses. Wage rates are $10 per hour and these jobs include positions such as teaching assistant, grader, library assistant, medicinary support, front desk help, patient coordinator and reading tutor. The number of students receiving an award is limited by the program funding received and is awarded to students as applications are received until the funding is fully utilized.
Additional Financial Aid Resources
- www.finaid.org – An excellent general financial aid site with many links to other sites, including scholarship search services and information for doctoral students.
- www.collegeboard.com – College Board free scholarship search service.
- www.fastweb.com – Free scholarship search service with many corporate and institutional sponsors.
- www.scholarships4school.com – This website provides students with the tools they need to make informed decisions about obtaining scholarships and other forms of financial aid.
- www.americorps.org – Information on Americorps programs.
- www.soros.org – Information on fellowship and grant support from the Open Society foundation.
- www.irs.gov/Individuals/Education-Credits – U.S. Treasury site that contains publications on federal tax benefits for education.
- http://vabenefits.vba.va.gov/vonapp – Veteran’s Administration website for students.
- www.canlearn.ca/eng – Canadian student loan programs with links to provincial websites.
- http://studentaid.ed.gov/ – U.S. Department of Education Web site for students that makes it easy for college students to find any kind of federal service or information they need providing a one-stop shop to information about financial aid, career development, education planning, consumer protection and a wide variety of other topics.
- http://studentaid.ed.gov/students/publications/ student_guide/index.html – Federal Student Guide to Financial Aid.
- www.internationalstudentloan.com – Student loans for international students.
- www.internationalscholarships.com is an online financial aid database for students from any origin.
- www.iefa.org – IEFA is the premier resource for financial aid, college scholarship and grant information for U.S. and international students wishing to study abroad.
- www.rotary.org – The Rotary Foundation of Rotary International, One Rotary Center, 1560 Sherman Avenue, Evanston, IL 60201-3698, phone 847.866.3000, fax: 547.328.8554, e-mail: scholarship email@example.com. Information on Rotary Foundation grant, scholarship and fellowship programs.