Overview
Since 1998, FCIM has administered Title IV funds under the William D. Ford Federal Direct Loan Program. Currently, we participate in both Federal Direct Stafford Loans (subsidized and unsubsidized loans) and Federal Direct Plus Loans. We are approved for graduate-level loans for up to $20,500 per year for each eligible applicant.
We also participate in the Florida Scholarship Programs and Florida Prepaid College Plans. Please contact our Director of Financial Aid for further information.
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 to comply with all Veterans Administration requests for information and audits.
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.
As federal student loans tend to offer better terms and conditions than private education loans, we as a College only recommend and process federal student loans under Title IV.
Availability of Institutional and Financial Aid Information
Pursuant to the Family Educational Rights and privacy Act of 1974 (FERPA), the college is required to make available to all enrolled students various information relating to the College and its Financial Aid program. Please contact the Director of Financial Aid for specific information requests.
Eligibility
To be eligible for financial aid, a student must meet the following requirements, including, but not limited to:
• Be enrolled fulltime in the Acupuncture and Herbal Medicine Program.
• Be a U.S. citizen or eligible non-citizen.
• Not owe an overpayment on any Title IV grant or be in default on a Title IV educational loan.
• Be registered with the Selective Service, if required to do so.
• 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.
• Have financial need if applying for subsidized loans.
• Complete all other documentation as requested by the Financial Aid Office.
• Maintain satisfactory academic progress.
• Meet any and all other federal mandated requirements.
Financial Aid Application
Students apply for federal financial assistance by completing the Free Application for Federal Student Aid (FAFSA) and submitting it for analysis. FAFSA on the Web (https://studentaid.gov) 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 can apply on the FAFSA you will need to have an FSA (Federal Student Aid) ID. An FSA ID is a username and password that students, parents, and borrowers must use to log in to certain U.S. Department of Education websites. The FSA ID is used to confirm your identity when accessing your financial aid information and electronically signing your Federal Student Aid documents. You can create your user ID at https://studentaid.gov/fsa-id/create-account/personal-info. After you have your FSA ID you may continue signing in to complete your FAFSA application (https://studentaid.gov). You don’t have to pay anyone for assistance. You will need to have your prior year’s taxes available to you, as requested, when completing the FAFSA. Questions about deadlines about applying for financial aid should be directed to the Financial Aid Office.
Federal Direct Stafford Loans are generally 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 (https://studentaid.gov) site.
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. The interest on these loans is at a fixed rate and may change each year but it will never exceed 8.25 percent. Eligible students may borrow up to $5,500. per year. This loan must be repaid. 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 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 interest on these loans is at a fixed rate and may change each year but it will never exceed 9.5 percent. Eligible students may borrow up to $20,500. per year. This loan must be repaid. 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 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 Benefits
For those who qualify, the Master of Acupuncture and Herbal 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 and then contact the Financial Aid Office for further details about the process. For more information on Veteran benefits, visit: https://www.ebenefits.va.gov/ebenefits/homepage
Code of Conduct for Education Loans
FCIM strictly prohibits any agent of FCIM from engaging or participating in any conduct that creates any conflict of interest with such person's responsibilities with respect to Federal Family Education Loan Program (FFELP) or private education loans. Specifically, each agent of FCIM is strictly prohibited from engaging in the following conduct:
Revenue-sharing arrangements with any lender
Receiving gifts from a lender, a guarantor, or a loan services
Contrating arrangement providing financial benefit from any lender or affiliated of a lender
Directing borrowers to particular lenders, or refusing or delaying load certifications
Offers of funds for private loans
Call center or financial aid office staffing assistance
Advisory board compensation
Financial Aid FAQs
Which year FAFSA should I apply for?
Students entering the program for the Fall 2021 and Spring 2022 semesters should apply for the 2021-2022 FAFSA at https://studentaid.gov. It will ask for the student’s 2019 tax information.
When is the deadline for applying for financial aid for FCIM?
The Fall 2021 semester deadline is June 11, 2021 and the Spring 2022 semester deadline is December 3, 2021.
What types of Financial Aid does your college have?
The College offers Federal Direct Stafford Loans. These are loans from the federal government that must be repaid. The interest rates on these loans is at a fixed rate and may change every July 1st. However, the interest rate will not exceed 9.5 percent.
How do I apply for Financial Aid?
You must go to the FAFSA website at https://studentaid.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 Master of Acupuncture and Herbal Medicine program, be a citizen or an eligible non-citizen, complete a FAFSA application, provide copies of tax returns and/or a verification forms and any other documentation as requested by the Financial Aid office (See “Eligibility” above).
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 Direct Stafford 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 though you may make payments on the loan while you are in school. 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 Direct Stafford 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 ([email protected] ) to learn about the different payment plans.
