Our office makes every effort to assist students seeking to continue their education through the Arizona School of Acupuncture and Oriental Medicine. The financial assistance information provided here explains what types of financial aid options are available to you and the process all students must follow who are interested in applying for Federal Financial Assistance while attending ASAOM.
Federal Financial Assistance is available to any qualified student who completes the Free Application for Federal Student Assistance (FAFSA) and submits all appropriate documentation to the Financial Aid Office for processing. Financial Need is the cost of attendance minus the amount the student is expected to pay (Expected Family Contribution)--this is determined by the Department of Education by completing the FAFSA--plus the amount of other financial aid resources.
ASAOM participates in the following federal loan programs to assist our students with financing their education. Financial Aid is available to assist with the financial burden of achieving a higher education; however it may not pay for the full cost of attendance.
Federal Stafford Loan Program
Federal Stafford Loans are low interest loans. There are two types of Stafford Loans: Subsidized and Unsubsidized.
An origination fee of up to 3% and a default fee of up to 1% may be deducted from the loan proceeds prior to disbursement. The interest rate is fixed at 6.8%. Repayment begins six (6) months after the borrower graduates, drops below half time studies, or leaves school.
- Subsidized: This loan is available to students who demonstrate financial need as explained above. This means the federal government pays the interest on the loan while the student is attending school, during the six (6) month grace period, and during approved periods of deferments. The student is responsible for all interest accrued during forbearances. Because of these benefits, this program is awarded first to all eligible students
- Unsubsidized: This loan is available to all qualified students attending ASAOM. The amount of eligibility is determined by taking the yearly Stafford Loan Amount minus Subsidized Stafford Loan amounts. Because this loan is not based on financial need, the student is responsible for all interest accrued on the loan. However, the student can opt to have the interest deferred and capitalized upon repayment
Federal Stafford Loan Limits
| Annual Loan Limits | Aggregate Loan Limits | |
|---|---|---|
| Subsidized Stafford | $8,500 | $65,500 |
| Unsubsidized Stafford* | $12,000 | $73,000 |
| TOTAL | $20,500 | $138,500 |
* Less amounts received under the Subsidized Stafford Loan Program
Alternative or Private Loan Program
ASAOM also works with partners to provide Alternative or Private Loans to those students who need additional financial options. These loans are not federal funds. These are credit-based loans and are for education related expenses.
Students may borrow up to the Cost of Attendance minus any aid received. Interest rates on these loans vary.
To provide the best service possible for those students interested in applying for Federal or Private Loans while attending ASAOM, we have listed the following lenders for each of the program. If you have any questions about this process, please feel free to contact the Financial Aid Office.
The Process
The following outlines the process all students must complete if they are interested in applying for Federal Financial Assistance while attending the Arizona School of Acupuncture and Oriental Medicine (ASAOM). If you have any questions throughout this process, please stop by the Financial Aid Office.
Prior to completing the Free Application for Federal Student Assistance (FAFSA) students should request a Personal Identification Number (PIN) from the U.S. Department of Education. This number is used for electronic signatures on the FAFSA as well as student loan promissory notes.
NOTE: Student must have an email account set up prior to applying for this code as the PIN is sent to this address within 24-48 hours after request. It should also be kept in a safe place as the same number is used each year the student is interested in applying for Federal Student Assistance.
When you have received your PIN number, all students should complete the FAFSA online.
Our school Federal code is g36955-00Some students applying for Federal Financial Assistance are selected for a process called verification. This is a random selection determined by the U.S. Department of Education in which the Financial Aid Office is required to verify that certain data fields on the FAFSA application were completed accurately. If you are selected, the Financial Aid Office will contact you separately with a list of documents you will need to complete/submit for this process. Your financial aid will not be completed until you have submitted all appropriate forms to the Financial Aid Office and corrections, if needed, have been made accordingly.
- An Award Letter is then given to all students which must be signed and returned to the Financial Aid Office for your financial aid to be processed. This award letter informs you of what loan programs and loan amounts are available to you to assist in paying the cost of attendance.
If you are eligible for the loan programs, you must now select your loan provider. For best service, asaom has listed lenders for each of these programs. Please note that if you are applying for a Subsidized and Unsubsidized Stafford Loan, only one application is needed for both loans. However, a separate loan application is needed if you are also applying for an Alternative Loan.
We thank you again for selecting the Arizona School of Acupuncture and Oriental Medicine. We look forward to serving your needs so please ask us if you have any questions about the financial aid process.
- Approximately 3 weeks after you have completed the FAFSA, you receive a Student Aid Report (SAR) in the mail from the federal processor. Review the information on the SAR for accuracy. If corrections need to be made, follow the instructions on the SAR.
- If the SAR indicates the student's application has been selected for review in a process called verification, the student must submit to the office of financial aid signed copies of the federal tax returns and other documents.
Note: Due to recent changes in federal regulations, if you have any questions regarding the financial aid process, please contact our Financial Aid Officer.