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.
Preferred Lender for Federal Loan Programs
| Lender ID | 826878 |
| Phone | 800-967-2400 |
| Website | Citibank |
| Lender ID | 834204 |
| Phone | 866-375-4890 |
| Website | FinanSure Student Loan |
| Lender ID | 811025 |
| Phone | 800-539-5363 |
| Website | KeyBank |
| Application | KeyBank - Education |
| Lender ID | 830630 |
| Phone | 800-367-2369 |
| Website | SSSC |
| Lender ID | 834064 |
| Phone | 800-852-2761 |
| Website | Student Assistance Foundation |
| Lender ID | 823584 |
| Phone | 888-274-0398 |
| Website | Loan Star |
Preferred Lenders for Alternative Loan Programs
All of the above lenders offer alternate loan programs for those students who may not qualify for a Stafford Loan, or who prefer different loan options.