Financial Aid
| Basic Information About Financial Aid |
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Federal Student Financial Aid The Seattle Institute of Oriental Medicine participates in the William D. Ford Federal Direct Loan (Direct Loan) Program. Students who previously received loans through the Federal Family Education Loan (FFEL) Program can now borrow through the Direct Loan Program. The Direct Loan Program offers the same types of loans as the FFEL Program and Direct Loans generally have the same terms and conditions as FFEL Program loans, but instead of a bank lending the money, the U.S. Department of Education (the Department) lends the money directly to students the school. There are also some differences in the names of the loans. The FFEL Program's Federal Stafford Loans (subsidized and unsubsidized) are called Direct Subsidized Loans and Direct Unsubsidized Loans in the Direct Loan Program. Federal PLUS Loans are called Direct PLUS Loans. Benefits of the Direct Loan Program Direct Loans and FFEL Program loans have the same annual and aggregate loan limits, the same deferment and cancellation provisions, and most of the same repayment plans (Standard, Graduated, Extended, Income-Based). The interest rates for FFEL Program Stafford Loans and Direct Subsidized and Unsubsidized Loans are also the same. PLUS loan borrowers will receive a lower interest rate on Direct PLUS Loans (7.9% vs. 8.5% for Federal PLUS Loans). Cost of Attendance Students in the M.Ac.O.M. and the M.Ac. programs may borrow up to the cost of attendance (tuition, books, room, board, transportation, and personal expenses) for each academic year. Depending upon their eligibility, students may borrow up to $20,500 in subsidized and unsubsidized Direct Loans. Any remaining need, up to the Cost-of-Education Budget (CEB), which is set annually, can be met with a Direct PLUS loan. The 2010-11 CEB for M.Ac.O.M students is $37,281. The 2010-11 CEB for M.Ac. students is $32,015. These are the maximum amounts students may borrow during the 2010-11 academic year. We encourage students to calculate their budgets based on individual needs and borrow only the necessary amount to fund their education. Difference Between Subsidized and Unsubsidized Loans 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 Direct 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). With 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. There is a six-month grace period after leaving school for all subsidized and unsubsidized Direct Loans. Disbursment Financial aid is disbursed each trimester. Students will be issued their financial aid, in excess of their tuition for the trimester, normally by the 1st Friday of each term if the application was submitted by the deadline. Contact the Financial Aid Office if you have any questions. |
Events Calendar
February 25, 2012 - February 26, 2012 |
March 17, 2012 - March 17, 2012 |
May 6, 2012 |
August 11, 2012 - August 11, 2012 |