Financial Aid
Greetings from the Financial Aid Services team at AOMA
We realize that funding a graduate education is a concern for many prospective students. We are very pleased to inform you that we receive our funding directly from the U.S. federal government through the William D. Ford Direct Loan program. This program is also referred to as the Stafford/Ford Loan. The amount of money available to you as a graduate student is more than enough to fund your education at AOMA.
Direct Loans
The Academy of Oriental Medicine at Austin is certified by the U.S. Department of Education to participate in the Ford Federal Direct Loan Program for all eligible students. Students may be eligible for subsidized and/or unsubsidized Direct Federal Loans.
Direct PLUS Loans
AOMA is certified by the U.S. Department of Education to participate in the Direct PLUS Loan Program. Direct PLUS Loans are unsubsidized loans available to students enrolled in graduate or professional programs. These loans are available regardless of financial need and the amount of eligibility depends on the total cost of education. Click here for Graduate PLUS Loans Q & A.
Communications
The Financial Aid Services team communicates with students via e-mail, phone, posted notices and notices through the CAMS student portal. We will respond promptly to any questions or requests for information. Feel free to stop by and talk with us.
IMPORTANT FINANCIAL AID NEWS
NEW: Income Based Repayment Plan for the Direct Loan Program
July 2009 - The Department of Education has announced a new repayment plan for federal loans made to students, Income Based Repayment (IBR). Under IBR, your required monthly payment is capped at an amount that is intended to be affordable based on your income and family size. For further details go to www.studentaid.ed.gov.
NEW Simplified FAFSA
July 2009 - The Obama Administration announced a shorter, simpler, and more user friendly Free Application for Federal Student Aid (FAFSA) that will make it easier to apply for college financial aid. The changes—some of which are already in place while others will be phased in over the next few months—are designed to increase postsecondary enrollment, particularly among low- and middle-income students. For further details Obama Administration Announces Streamlined College Aid Application.
Origination Fee and Up-Front Interest Rebate Reductions for Direct Loan (DL) Subsidized and Unsubsidized Loans
The origination fees were again reduced on 7/1/09 along with the up-front interest rebate. The origination fee changed from 2.0% to 1.5% for all DL subsidized and unsubsidized loans. The up-front interest rebate rate changed from 1.5% to 1.0%. This is for all DL with 1st actual disbursements made on or after 7/1/09 and before 7/1/10.
The Direct PLUS loan origination fee is remaining at 4.0% and the up-front interest rebate is remaining at 1.5% for all parent or graduate/professional student borrowers.
Please contact us whenever you have any questions, comments, or need our assistance about financial aid.