Financial Aid At National College of Natural Medicine, we understand that furthering your education will mean a significant investment of your time, energy and resources. NCNM participates in federal financial aid programs, including loans and work-study, in addition to non-federal programs such as the Student Employment Program (STEP).
To be considered an “eligible student,” you must be a U.S. citizen or permanent resident and be enrolled at least half time at the college. Students who attend NCNM on an F-1 Visa (foreign students) are not eligible to participate in federal student aid programs.
Financial aid is available to students enrolled at least half time. NCNM’s definition of half-time enrollment is 5.5 credits. Full-time enrollment is a minimum of 11 credits. All students applying for federal financial aid are required to file a Free Application for Federal Student Aid (FAFSA) form. This document becomes available January 1 each year. Additionally, students must have been accepted and paid all required fees and deposits at NCNM to receive financial aid information. Eligibility for financial aid is determined using a federal methodology formula as outlined by the U.S. Department of Education. The financial aid awarding process begins in early spring of each academic year for matriculated students, and late spring for new students entering NCNM. NCNM’s priority packaging date is April 30 each year for need-based aid consideration. The only need-based aid at NCNM is the Federal Work-Study Program. Fund availability for this need-based grant is dependent on the annual federal allocation received at the college and awarded on a first come, first serve basis.
To apply for federal student financial aid, and to apply for many state student aid programs, students must complete a Free Application for Federal Student Aid (FAFSA). The information you provide on your FAFSA determines if you are eligible for financial aid. The Federal Title IV school code for NCNM is B07624. The application and other important information is located at www.fafsa.gov.
As NCNM is a graduate institution, all students are considered “independent” and are eligible to receive the maximum allowable in federal loans. Graduate students are eligible to receive Federal Direct Unsubsidized Stafford and Graduate Plus Loans. Amounts received will depend on the institutional cost of attendance budget for the program chosen. Students receiving federal financial aid are required to disclose all outside resources received on their behalf to the Financial Aid Office. These resources will be included and calculated as part of their financial aid award packet. To continue to receive financial aid, the student must make satisfactory academic progress, as defined by academic policies, and must be enrolled at least half time to qualify for federal aid. The Financial Aid Office can advise the student about sources of financial aid and budgeting strategies. This office is available as a resource even after the student leaves the college. Alumni may contact the Financial Aid Office for information about confidential counseling on students’ debts and loan repayment, both by phone and email. We want to provide you with clear and concise information about financial aid. This is a brief overview of federal financial aid programs available to eligible students at NCNM.
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Financial Aid | www.ncnm.edu
Free Application for Federal Student Aid (FAFSA)
Federal Direct Loan Program National College of Natural Medicine currently processes Federal Unsubsidized 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 Ninety-eight percent of students attending NCNM find it necessary to receive some form of financial assistance. However, loans comprise the majority of financial aid at NCNM. Student loan borrowers must sign a Master Promissory Note (MPN) which details the terms of their agreement with the Department of Education. As a condition of signing the MPN the student agrees to restrict use of student loan funds to pay for current year educationally related expenses only and as such, agree to immediately repay any loan proceeds that cannot be attributed to educational expenses for attendance, on at least a half-time basis, at NCNM. The maximum amount of graduate student education loans available will depend on a student’s program(s) of enrollment. The student should keep in mind the amount of loans they choose to borrow and their overall indebtedness, 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). Fixed Interest Rates for Federal Direct Loan Programs: • Federal Direct Stafford Loan Interest Rate: 6.8% fixed for 2012-2013 • Federal Graduate PLUS Loan Interest Rate: 8.5% fixed for 2012-2013