The school is approved for financial aid through the federal FFELP (subsidized and unsubsidized) loan programs. Acceptance in the school is required for school processing of financial aid. Stafford Loans: Graduate students may borrow up to $20,500 for each academic year. Up to $8,500 of that amount can be borrowed as a subsidized Stafford Loan.

For the subsidized loan, the federal government pays the interest on the loan while the borrower is in school and for six months afterward. The government also pays the interest during certain kinds of approved deferment periods. An unsubsidized Stafford Loan can range from $12,000 (if the borrower qualified for $8,500 in subsidized loan) to $20,500 (if the borrower is not eligible for any subsidized loan money). On unsubsidized loans, borrowers are always responsible for loan interest. Borrowers may opt to pay the interest each quarter or may ask the lender to capitalize the interest, which means the interest is added to the amount borrowed at the time of repayment. Repayment on unsubsidized loans begins when the student leaves school.

Loan Determination: Financial aid eligibility is determined using two figures: the Cost of Education Budget (CEB) and the Expected Family Contribution (EFC). The first is a calculation of the amount of money needed by a student, including tuition, fees, and books, to attend the institution for one year. The second is an eligibility index created by the federal government to determine a given student's need for financial assistance. The CEB minus the EFC determines the student's eligibility for need-based financial aid (subsidized Stafford Loans). For example, if the CEB is $25,000 and the EFC is $5,000, the student would have an eligibility of $20,000. In a given school year, a student may only receive $8,500 in subsidized Stafford Loans; the student in this example would get that full amount. The student would also be eligible for a maximum of $12,000 in unsubsidized Stafford Loans. The remaining $1,500 could be met with a PLUS Loan.

Sources of Funds: SIOM administers financial aid funds on behalf of the federal government. The school participates in the Stafford Loan program (SLP), PLUS Loan Program, and EXCEL Loan Program (ELP).

Lenders:  Our Stafford Loans come through the multiple lenders. For information about lender options or additional loan options, contact the Financial Aid Administrator.

Loan Guarantor: Our loan guarantor is the Northwest Education Loan Association (www.nela.net).

Loan Consolidation: After graduation, students have the option to consolidate loans. The Student Loan Finance Association runs our loan consolidation program. For more information, see Quantum Consolidation Loans at www.slfaloan.com.

Receiving funds: With timely completion of the financial aid application, you should receive your first loan check(s) during the first week of each trimester.  At SIOM each student receives the full amount of his/her loan check directly. The student is then responsible for paying all tuition costs and any other charges.  If you have applied for less than the maximum amount of financial aid in a given year and need more money, speak to the Financial Aid Administrator about getting more funds.