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Financial Aid at NCNM

At National College of Natural Medicine, we understand that furthering your education will mean a significant investment of your time, energy and resources. National College of Natural Medicine participates in federal financial aid programs, including loans and work study.

Financial Aid is available to students enrolled at least half-time in the ND, MSOM, or a combination of both programs at NCNM. 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. These forms become available on January 1 of each year. Additionally, students must have been accepted and deposited 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, with a priority packaging date of April 30 for need-based aid consideration.

As NCNM is a graduate institution, all students are considered “independent” and are eligible to receive the maximum allowable in federal loans. The subsidized amount received will depend partly on the documented financial need and partly on the institutional cost of attendance for the program chosen. 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 this office for information on 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.

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 the federal student aid programs.

Free Application for Federal Student Aid (FAFSA)
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 http://www.fafsa.ed.gov.

Direct Loan MPN
Entrance Counseling Link
Types of Loans
Scholarship Programs
Oregon College Loan Code of Conduct
Federal Work-Study Program
Additional Financial Aid Resources
Contact NCNM Financial Aid

 
Federal Direct Loan Program

What is changing for the 2010-2011 academic year?
National College of Natural Medicine (NCNM) currently processes Federal Stafford and Grad PLUS loans through the Federal Family Education Loan program, in which students and parents borrow from private lenders and banks.

Beginning in Summer 2010, NCNM will participate *exclusively* in the Federal Direct Loan program, in which borrowers obtain loan funds directly from the U.S. Department of Education.

Why is the college changing its loan process?
The United States Congress is currently considering the Student Aid and Fiscal Responsibility Act ("SAFRA"). This legislation, if passed, requires all schools to exclusively participate in the William D. Ford Direct Loan Program.

In addition, volatility in the credit markets have caused many lenders to stop offering borrower benefits and reduce their level of customer service. Several major lenders have made changes to their program that caused a delay in students receiving funds or other inconveniences. Some have dropped out of the FFEL program altogether, sometimes without notice.

The Direct Loan program is not impacted by changes in the economy. We believe that this program will offer students a more streamlined, stable, and predictable borrowing experience.

What happens to the existing loans borrowed from other lenders?
After graduation, you will have a choice of either making individual payments to your previous lender(s) and to the Department of Education for your Direct Loans, or you can consolidate all of your federal student loans into one simple payment. Consolidation means you take out a new Federal Consolidation Loan to repay all the Federal Education Loans. The interest rate of the consolidation loan is a weighted average of all of the Federal Education Loan interest rates you include in the new consolidation loan. You may consolidate your Federal Education Loans with the U.S. Department of Education Direct Consolidation Loan program. Information on loan consolidation is available at www.dl.ed.gov and clicking on the “Loan Consolidation” link.

Types of Loans
Ninety 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. The student should keep in mind that loans are not designed to meet the total student budget to attend programs at NCNM, and that the money borrowed will have to be repaid with interest.   

Federal Direct Subsidized Stafford Loans
Subsidized Stafford Loans are based on demonstrated student need as determined by subtracting the expected family contribution (EFC) from the anticipated cost of attendance (COA) budget. This is determined by the Financial Aid Office for the student’s program of enrollment. Students who qualify for this type of loan will have the interest paid on the loan by the federal government while they are in school at least half time and during an eligible grace period. The current annual maximum limit for the Subsidized Loan is $8,500. 

Federal Direct Insubsidized Stafford Loan
Unlike the Subsidized Loan, this loan accrues interest immediately upon disbursement and during the grace period. Students are offered the option of paying the interest while they are in school or they may capitalize the interest (add the interest to the principal) when the loan enters repayment. Maximum Unsubsidized Loan amounts are determined by subtracting all financial aid received from the estimated COA budget, as well considering the students eligibility and program of enrollment. 

• Federal Direct Stafford Loan Interest Rates: 6.8% fixed
Loan Origination Fees are 1% in 2010-2011 with up-front .5% rebate

Aggregate Graduate Loan Limits and MSOM Stand Alone Cap
The maximum amount of student education loans is limited federally to $20,500 per 9-month period (academic year) and cannot exceed a maximum borrowing amount of$138,500 of which no more than $65,500 can be in subsidized loans. This aggregate limit includes undergraduate loan debt and applies to students enrolled solely in the Master of Science in Oriental Medicine (MSOM) Program. 

Extended Loan Limits and Aggregate Cap for Naturopathic Degree Students and Dual Degree Program Cap
The Secretary of Education has added naturopathic medicine as an approved discipline eligible for increased Unsubsidized FFEL amounts, if the program is offered by a domestic institution that is accredited by the Council on Naturopathic Medical Education (CNME). The additional amount, up to $20,000 if the academic year of the program is nine months in length and up to $26,667 if the academic year is twelve months in length, can be awarded only to students enrolled in a program that leads to a Doctor of Naturopathic Medicine (NMD) degree or a Doctor of Naturopathy (ND) degree. In either case, loan limits cannot exceed the student’s cost of attendance budget. The new aggregate limit for eligible students is $224,000, of which no more than $65,500 can be in subsidized loans. These limits include Direct and FFEL loans made to the student for all attendance, including loans received as an undergraduate student. Students enrolled in the Dual Degree Program are eligible to receive the extended loan limits as long as they have not completed their ND degree program.

Federal Direct Graduate PLUS Loan
This is a federal fixed rate loan that can be used to help cover the costs of attending college for graduate students who are enrolled at least half-time. You must be either a U.S. citizen or permanent resident. A credit check is required; however, income or assets and credit scores are not considered as part of the eligibility criteria.

Before applying for a Graduate PLUS Loan, a graduate or professional student must also apply for and the school must determine the student's eligibility for the maximum annual Federal Subsidized Loan and/or Federal Unsubsidized Loan amounts. We expect that a Grad PLUS applicant would wish to receive a Federal Graduate PLUS Loan to supplement the maximum Federal Direct Subsidized Loan and/or Federal Direct Unsubsidized Loan amounts that he or she is eligible to receive. However, a graduate or professional student is not required to receive Federal Subsidized Loan and/or Federal Unsubsidized Loan funds as a condition for receiving a Federal Graduate PLUS Loan.

• Federal Graduate PLUS Loan Interest Rates: 7.9% fixed
   Loan Origination Fees are 4% in 2010-2011 with up-front 1.5% rebate

What do I have to do to get my loan funds for next year?
As in prior years, you must:

•   Complete the FAFSA (Free Application for Federal Student Aid),
•   Provide any documents requested by our office that were included in your award packet. 
•   You will then have to complete a new Master Promissory Note for the Direct Loan program before the Department of Education will electronically disburse your funds to NCNM.    Note: If you will borrow from BOTH the Stafford and Grad PLUS programs, you will need to complete a separate MPN for each loan program.
•   You can complete your Direct Loan MPN online at www.dlenote.ed.gov. You will need the same PIN that you used for your FAFSA to electronically sign the note. If you do not have a PIN, you may obtain one via www.pin.ed.gov.
•   Students who are borrowing for the first time will need to complete an Entrance Counseling Session. Continuing students who currently are participating in the Stafford Loan Program do not have to complete a new Entrance Counseling session with the Direct Loan Program.

Emergency Loans
Emergency loans are permitted in the event of an actual emergency and only in the term they occur. Loan requests may range from $100 to $500 depending upon the availability of funds. Emergency loans are only available to students with an acute immediate need at the discretion of the Director of Financial Aid. Additional criteria for this loan is outlined in the application process.

Emergency Loan Examples:
•       Personal/Family Crisis – a situation or period in which things are very uncertain, difficult or painful, especially a time when action
         must be taken to avoid complete disaster or breakdown.
•       Disaster – an event that causes serious loss, destruction, hardship, unhappiness or death.
•       Tragedy – serious illness, financial ruin, fatality.
•       Theft – having property stolen, vehicle damage, etc.

Scholarship Programs
National College of Natural Medicine anticipates awarding scholarships to both new and returning students enrolled during the 2010-2011 academic year. The amount and availability varies for all scholarships from year to year. 

Admissions Scholarships
Decisions on scholarship awards for incoming students are based on a holistic evaluation of the entire application file and are made at the same time admissions decisions are made. Applicants do not need to complete a separate application for these scholarships.

Because these awards are given on a rolling basis, the probability of receiving a scholarship decreases for applications received later in the year. As of the end of January, approximately half of the available scholarships have been awarded.

NCNM Enrolled Student Scholarships
All current full-time students in good academic standing are encouraged to apply. Finalists are selected based on a record of outstanding academic achievement, leadership, service to the College and community, dedication to the profession of natural medicine, and a commitment to honoring and celebrating diversity. Scholarship applications are available late in winter term of each year. Selected recipients are announced in spring term and awarded during the students’ following academic year. Additional criteria may apply.

nuherbs 2010 Scholarship
nuherbs Co., the future of Chinese Medicine, will award three scholarships to further the development of Chinese Medicine by supporting the brightest and most passionate students of Acupuncture and Chinese Medicine. These Chinese medicine and Acupuncture scholarships are available to NCNM students who are registered for the Fall 2010 semester, with a minimum cumulative 3.0 GPA.
Three scholarships will be awarded:
•   Nuherbs^® Scholarship ($2,000.00)
•   Herbal Times^® Scholarship ($1,500.00)
•   Jade Dragon^® Scholarship ($1,000.00)

Deadline: Monday, April 5, 2010
Applications and eligibility criteria can be viewed here.

Federal Work-Study Program
Part-time employment while enrolled in school can help make ends meet. However, due to the demands of the programs, students generally find their schedules limit the amount of time they can work to 20 hours per week or less. The Financial Aid Office administers a Federal Work-Study Program (FWSP) and maintains an online timesheet database. Non-work-study employment opportunities are not administered by this office.

Students with demonstrated financial need and who indicate on the FAFSA application an interest in student employment are eligible to receive an award. FWSP is a federally subsidized program with a limited allocation. The program allows students to work on- or off-campus to earn money to be applied to education-related expenses. The typical annual FWS award ranges from $1,000 - $1,500. Wage rates are $10 per hour and these jobs include positions such as teaching assistant, grader, library assistant, medicinary support, front desk help, patient coordinator, and reading tutor, to name a few. 

To view a list of current work-study opportunities, please visit the Student Services webpage and click on Work-Study Listings. Search all departments to see all jobs posted for the year. Only enrolled students at NCNM are eligible to apply for these positions.

The number of students receiving an award is limited by the program funding received and is awarded to students as applications are received until the funding is fully utilized. Additional policies regarding reallocation and award reductions are outlined in the Student Employment Handbook.

Additional Financial Aid Resources
•       www.americorps.org – Information on Americorps programs.
•       www.soros.org – Information on fellowship and grant support from the Soros foundation.
•       www.irs.ustreas.gov/individuals/index.html – U.S. Treasury site that contains publications on federal tax benefits for education.
•       http://vabenefits.vba.va.gov/vonapp/main.asp – Veteran’s Administration Web site for students.
•       www.finaid.org – An excellent general financial aid site with many links to other sites, including scholarship search services and information for doctoral students.
•       www.collegeboard.com – College Board free scholarship search service. 
•       www.fastweb.com – Free scholarship search service with many corporate and institutional sponsors.
•       www.hrsdc.gc.ca/en/home.shtml – Canadian student loan programs with links to provincial Web sites.
•       http://studentaid.ed.gov/ – U.S. Department of Education Web site for students.
•       http://studentaid.ed.gov/students/publications/ student_guide/index.html – Federal Student Guide to Financial Aid.
•       www.internationalstudentloan.com – Student loans for international students.
•       www.students.gov is a new government wide Web site that makes it easy for college students to find any kind of federal service or information they need providing a one-stop shop to information about financial aid, career development, education planning, consumer protection and a wide variety of other topics.
•       www.estudentloan.com provides comparative student loan information particularly for alternative loans.
•       www.internationalscholarships.com is an online financial aid database for students from any origin.
•       www.iefa.org  IEFA is the premier resource for financial aid, college scholarship and grant information for U.S. and
        international students wishing to study abroad.

In addition, many excellent printed references are available in public and University libraries. You may also wish to contact your employer concerning educational benefits or consider tax-deductible borrowing against home equity to fund the cost of education. Only you can best match your abilities and background to available resources.

http://www.rotary.org -- The Rotary Foundation of Rotary International, One Rotary Center, 1560 Sherman Avenue, Evanston, IL 60201-3698, phone 847-866-3000, fax: 547-328-8554, e-mail: scholarship inquiries@rotaryintl.org. Information on Rotary Foundation grant, scholarship and fellowship programs.

Grant, Fellowship and Scholarship Resources
http://12.46.245.173/cfda/cfda.html -- One Stop Online Access to federal Grants: Federal commons is a new Web site that pulls together federal grants information. It is organized by topic (for example, Community Development, Health, and Science Technology) and provides links to various resources and agencies including the Catalog of Federal Domestic Assistance.

http://www.grantsnet.org/ -- Detailed, searchable information about grants, fellowships, training opportunities, education programs and other opportunities for biomedical researchers.

http://www.ehr.nsf.gov/dge/programs/grf -- National Science Foundation Graduate Research Fellowship Program, Oak Ridge Associated Universities, PO Box 3010, Oak Ridge, TN 37831-3010, phone: 865-241-4300, e-mail: nsfgrfp@orau.gov.

http://www.nsf.gov/ -- National Science Foundation Web site.

Student Loan Ombudsman
http://www.ombudsman.ed.gov -- U.S. DOE Office of Student Financial Assistance Ombudsman works with student loan borrowers to informally resolve loan disputes and problems with federal loans. The Ombudsman Customer Service Line is 1-877-557-2575.

Federal Tax Benefits
http://www.irs.ustreas.gov/prod/forms_pubs/ -- U.S. Treasury site that contains publications on federal tax benefits for education.

http://www.ed.gov/offices/OPE/PPI/HOPE/index.html -- U.S. Department of Education Resource on Educational Tax Benefits.

For additional financial aid information, please e-mail: FinancialAid@ncnm.edu

NCNM Financial Aid Office Staff
Laurie Radford, Director of Financial Aid
503-552-1617
lradford@ncnm.edu

Carissa Tunis, Financial Aid Counselor
503-552-1616
ctunis@ncnm.edu

NCNM, in compliance with state and federal laws and regulations, does not discriminate on the basis of race, color, national origin, religion, sex, sexual orientation, marital status, age, disability, or veteran’s status in any of its policies, procedures, or practices. This nondiscrimination policy covers admission and access to, and treatment and employment in, College programs and activities, including but not limited to academic admissions, financial aid, educational services, and employment.