Financial Aid

Overview

Since 1998, the College has participated in the Title IV Federal Direct Loans. Currently, Florida College of Integrative Medicine (FCIM) participates in the Federal Stafford Direct Loan Program (subsidized and unsubsidized loans), the Federal Plus Loan, and the Florida State Bright Futures Program. Students apply for federal financial assistance by completing the Free Application for Federal Student Aid and submitting it for analysis.

The Director of Financial Aid serves as FCIM’s financial aid officer with the assistance of Harry Weber and Associates, Inc., a third-party server organization. FCIM is approved for graduate-level loans, which are up to $20,500 per year.

FCIM is also approved for Veterans Administration educational benefits. Students receiving Veterans Administration benefits work closely with the director of financial aid, who monitors their attendance and academic progress and complies with all Veterans Administration requests for information and audits.

FCIM maintains individual files in fireproof file cabinets for all financial aid recipients. As required, federal financial aid audits are submitted to the U.S. Department of Education annually. Students may obtain financial aid information and assistance from the FCIM’s Financial Aid Office, Monday through Friday, 8:30am to 5:30pm.

Federal Stafford Loans are awarded for one year. These loans are disbursed twice a year at the beginning of each semester.  Each year the student will reapply for the financial aid through the FAFSA site.

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Eligibility
To be eligible for financial aid, the student must meet the following requirements, including, but not limited to:

• Be enrolled in the full-time Oriental Medicine Program.
• Be a citizen or eligible noncitizen.
• Have financial need if applying for subsidized loans.
• Complete the Free Application for Federal Student Aid (FAFSA) and submit it to the Financial Aid Office for processing.
• Submit copies of income tax returns to the Financial Aid Office as required.
• Complete a verification form as requested by the Financial Aid Office.
• Complete all other documentation as requested by the Financial Aid Office.

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Students Loans
The interest on these loans is at a fixed rate and may change each year but it will never exceed 8.25 percent. The student is not charged interest on subsidized loans while enrolled in school. Interest is charged on unsubsidized loans from the date the loan is disbursed. After the student graduates, leaves school or drops below half-time enrollment, repayment begins six months later. The minimum monthly payment is generally $50.

Federal Direct Stafford Subsidized Loan
The student borrows on his/her own behalf through the Direct Loan Program. Subsidized loans are based on financial need. The federal government pays the interest on the subsidized loan while the student is in school and until repayment begins. Eligible students may borrow up to $8,500 per year. This loan must be repaid.

Federal Direct Stafford Unsubsidized Loan
The student borrows on his/her own behalf through the Direct Loan Program. An Unsubsidized Loan is not awarded based on financial need. The term "unsubsidized" means that the student pays all the interest on the loan while in school. The eligible student may borrow up to $12,000 per year. This loan must be repaid.

Federal Parent Loan for Undergraduate Students (PLUS)
The Federal Plus Loan is available to parents of dependent students to help pay for the educational expenses of the student. The Federal Plus Loan is also available to graduate level students. Credit history is a consideration. This loan must be repaid.

Veterans
For those who qualify, the Oriental Medicine Program is approved for Veterans Administration educational benefits. It is suggested the student first contact the Department of Veteran Affairs to determine their eligibility for benefits.

FAFSA on the Web (www.fafsa.ed.gov)

FAFSA on the Web is the U.S. Department of Education’s official electronic application for federal student aid. Applying for student aid is FREE; that’s why the application you use is called the Free Application for Federal Student Aid (FAFSA). If you need help completing the FAFSA, you can get that help free, too.

Before you apply on the FAFSA you will need to have a pin to access the system. To apply for a pin, click here. (www.pin.ed.gov ) You don’t have to pay anyone for assistance. After you have your pin, go to the FAFSA website or click here (www.fafsa.ed.gov) to complete your application. You will need to have your prior year’s taxes available to you when completing the FAFSA. Questions about deadlines about applying for financial aid should be directed to the Financial Aid Office.

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Financial Aid FAQs
What types of Financial Aid does your college have?
How do I apply for Financial Aid?
How do I know if I am eligible to receive Financial Aid?
How soon after applying for Financial Aid will I know if I am eligible?
How much Financial Aid is available?
If I apply for Financial Aid after the deadline, will I have to pay my tuition before I receive the approval notice?
Do I have to repay this loan while going to school?
Do I have to renew my Financial Aid application every semester?
How many students use Financial Aid?
As an international student am I eligible for federal loans?  If not, is there any kind of student loans available?
Are payment plans available?

What types of Financial Aid does your college have?
The College offers Federal Stafford Direct Loans.  These are loans from the federal government that must be repaid.  The interest rates on these loans will not exceed 8.25% interest rate.

How do I apply for Financial Aid?
You must go to the FAFSA website at www.FAFSA.ed.gov to apply.  You will need to have your prior year taxes at hand to complete the application.  Once completed, the report generated from the application will be sent to the school Financial Aid Office for evaluation.

How do I know if I am eligible to receive Financial Aid?
You must be enrolled full time in the Oriental Medicine program, be a citizen or an eligible non-citizen, complete a FAFSA application, provide copies of tax returns and/or a verification form and any other documentation as requested by the Financial Aid office.

How soon after applying for Financial Aid will I know if I am eligible?
It takes approximately 3 – 6 weeks to process the application and receive the final award; in some situations it may take longer.  It is recommended that you apply as soon as possible.

How much Financial Aid is available?
The maximum amount of Federal Stafford Direct Loans available at this college is $20,500 for one year, or two semesters.  Your grade level and credits earned prior to entering the program are determining factors as well.  Contact the Financial Aid Office for further details.

If I apply for Financial Aid after the deadline, will I have to pay my tuition before I receive the approval notice?
Once we are confident of the student’s approval for Financial Aid, the college will allow the student to attend prior to the loan disbursement providing arrangements have been made for payment of any tuition that the loan may not cover.
 
Do I have to repay this loan while going to school?
The loans are considered in “deferment” while you are attending school full time.  Once you are no longer attending school or in full time status, you are given a six month “grace period” before repayment begins.

Do I have to renew my Financial Aid application every semester?
The Financial Aid is awarded on a yearly basis, so you would need to reapply every year.

How many students use Financial Aid?
82% of our student’s participate in the Federal Stafford Direct Loan Program.

As an international student am I eligible for federal loans?  If not, is there any kind of student loans available?
International students are not eligible for Federal Student Loans however other educational loans may be available.  See www.internationalstudentloan.com or www.edupass.org.

Are payment plans available?
Yes. Please contact the Registrar (admissions@fcim.edu) to learn about the different payment plans.

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