Financial Aid at NCNM

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

Financial Aid is available to students enrolled at least halftime in the N.D., MSOM, or a combination of both programs at NCNM. All students applying for federal financial aid are required to file a Free Application for Federal Student Aid (FAFSA) each year. Additionally, students must have been accepted at NCNM. Eligibility for financial aid is determined by using a federal methodology formula as outlined by the U.S. Department of Education. The financial aid awarding process beings in early spring of each academic year, with a priority packaging date of April 30th 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 National College of Naturopathic Medicine.

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 a F-1 Visa (foreign students) are not eligible to participate in the federal student aid programs.


Types of Loans
Scholarships & Grants
Other Programs
Work Study
Federal Student Aid
Additional Financial Aid Resources
Contact NCNM Financial Aid



Types of Loans

Loans comprise the majority of financial aid at NCNM. Eighty percent of students attending the College find it necessary to borrow some funding while completing their program. However, the student should keep in mind that these 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 Stafford Loan Program
This is a need based, federally insured student loan program. "Financial need" is established through an application process in which the student applicant completes a Free Application for Federal Student Aid, a need analysis form, through a central processor. Specific application details are provided to applicants with the Financial Aid Application Packet. All federal loans are currently approved at a variable interest rate, based on the 91 day T-bill plus 2.3%, not to exceed 8.25%.

Subsidized Stafford Loan
The current annual Subsidized Stafford Loan limit is $8500 annually, subject to demonstrated financial need. The federal government pays the interest on the subsidized loan while the student is enrolled, as well as for six months after the student graduates or is enrolled less than half time.

Unsubsidized Stafford Loan
This is a federally insured student loan, which is not need based but still requires the filing of the Free Application for Federal Student Aid form. For all borrowers, this loan is not subsidized by the Federal Government as described previously for the Subsidized Stafford Loan. This means that interest accrues to the borrower immediately upon disbursement. Interest must either be paid by the borrower at intervals determined by the lender or may be allowed to accrue without in-school payment required. There is also a six-month grace period for the Unsubsidized Stafford Loan Program. The current annual maximum loan amount for this program is $10,000 annually.

Aggregate Loan Limits and MSOM Stand Alone Cap
The aggregate loan limit for eligible graduate students is $138,500, of which no more than $65,500 can be in subsidized loans. Students that are enrolled only in the Master of Science in Oriental Medicine (MSOM) must adhere to these limits.

NEW IN 2005— Extended Loan Limits and Aggregate Cap for Naturopathic Degree Students
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 Naturopathic Medicine (ND) degree. In either case, loan limits cannot exceed the student’s cost of attendance budget. The new aggregate limit for eligible students is $189,125, 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. Limits are not increased for subsidized loans.

Emergency Loans
The College provides Emergency loan assistance on a short-term basis to students who experience financial hardship resulting from unexpected situations. The maximum amount that can be borrowed is $500 and an
additional $10 loan processing fee is charged for each loan. These loans are considered a loan of last resort and students must meet with the Director of Financial Aid for application consideration.

Alternative Loan Program
This program is available to students to help offset the cost of their education. It is an alternative to federal loan programs to fill the gap between any other forms of financial aid the student may receive and additional money greatly needed for school. Students should keep in mind that the interest on these loans continues to accrue while enrolled in school and that the interest rates are generally higher than in the Federal Loan Programs.



Scholarships and Grant Programs


2005 Academic Achievement Award Scholarship

National College of Natural Medicine anticipates awarding twenty-six Academic Achievement Scholarships to new students entering the ND and MSOM programs in the Fall Term, 2005. These awards will be for either $1,500 or $2,500, which will be credited to tuition during the student’s first three terms.

Decisions on scholarship awards 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.


Wise Woman Herbals Scholarship

The National College of Natural Medicine is proud to announce the availability of a $1,000 Wise Woman Herbals "Botanical Medicine Scholarship." This merit scholarship will be awarded to a current third or fourth year student in either the MSOM or ND program

Brant Ashton Memorial Scholarship

The Brant Ashton Memorial Scholarship is a restricted fund of The National College of Natural Medicine, established in memory of Brant Ashton, whose passing came as a result of AIDS related complications. As a gay man, Brant was keenly aware of the impact of HIV in the gay community. After his own diagnosis of HIV, Brant left his successful business and moved from Toronto , Canada with his life partner to begin his training as a naturopathic physician at The National College of Natural Medicine in Portland , Oregon . Brant had a strong interest in homeopathy and wanted to pursue research in the treatment of AIDS.

The Brant Ashton Memorial Scholarship is available to full-time students of The National College of Natural Medicine. The scholarship is specifically established to assist those students whose studies include homeopathy and who also intend to do AIDS treatment and research or work with those who have an HIV/AIDS related illness.

2005 Founders Scholarship

The National College of Natural Medicine is proud to announce multiple $3,000 "Founders Scholarships". These merit scholarships will be awarded to current students in the MSOM and ND programs. These scholarships are made possible from the NCNM Advantage Institutional Lending program generated from student loans.

Criteria
All current full-time students in good academic standing may apply. Finalists will be 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.

Awards
These awards are for one year only. Students enrolled for the 2005-2006 academic year will receive their scholarship funds equally over the fall, winter and spring quarters. Graduating students are not eligible to apply for this scholarship.

I.N.M. Annual Natural Health Scholars Program

Institute for Natural Medicine (INM), the philanthropic foundation founded in 1993 for the purpose of promoting naturopathic education and research, is proud to announce the annual international scholarship program for naturopathic medical students. INM will award $800.00 scholarships for 2005/ 2006 academic year; to naturopathic medical students selected for their capacity to strengthen the leadership, creativity, excellence, and diversity of the naturopathic medical community.

I.N.M Application (.pdf 220 Kb)

HELIO Scholarship

Helio Medical Supplies Incorporated will award one $1,000 scholarship to a National College of Natural Medicine student who is enrolled in the Master of Science in Oriental Medicine Degree Program. The Classical Chinese Medicine Curriculum Committee has determined that this scholarship will be awarded to the MSOM student in their last year of study selected by the College who has consistently exhibited: sound academic standing and exceptional patient care with integration of CCM principles contribution to further development to the CCM program and community.


Other Programs

Advantage Program
NCNM has traditionally used banks as the lenders and servicers of federal loans to students through the FFEL Program (FFELP), however NCNM has now become an Institutional Lender. As an Institutional Lender NCNM is able to customize their student lending program in ways that most benefit the students. The institution maintains control over timelines from loan application to student completion, and the transition from the current process to institutional lending is seamless. In performing the responsibilities as a lender, NCNM receives the benefits that are normally provided to a lending institution.

The advantage program allows NCNM to insure the availability of educational loan funds for its student population and, at the same time earn an investment return as a result of providing such assistance to its students. The interest, special allowance and premium
earned on all loans disbursed provide a constant stream of revenue for NCNM. However, under the federal law authorizing the FFELP Program regulations, there are limitations on the uses of some of the funds earned by NCNM. These limitations stipulate that interest benefits and special allowance payments be utilized for need-based grant programs.

Government Program
Administered or recognized by a federal, state, or local government agency or court, the program must be qualified to receive or currently receive payment directly or indirectly from a state-licensed insurance company or
administered or recognized by a state-licensed hospital, health clinic, or medical doctor.

Work Study

Part-time employment while enrolled in school will help make ends meet. However, due to the demands of the program, 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 and maintains a work study database. Several departments also offer non-work-study employment opportunities to students.

NCNM administers an annual federal award which funds student work study positions. Federal Work Study eligibility is also determined through the need analysis process described previously. The typical annual Federal Work Study award is $1500.00, and generally most students applying for financial aid are eligible for Federal Work Study. Federal Work Study allows qualified students to work at jobs at the College to earn money for their education. The College has a variety of jobs available to students: clerical aides, campus guides, library aides, medicinary assistants, community clinic aides, community service, etc.


Federal Student Aid Student Application

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.


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 -- US Treasury site–contains publications on federal tax benefits for education.

http://vabenefits.vba.va.gov/vonapp/main.asp -- Veteran’s Administration website 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.salliemae.com -- CASHE free scholarship search, loan servicing and origination and consolidation.

http://www.hrsdc.gc.ca/en/home.shtml -- Canadian student loan programs with links to provincial websites.
 

www.nasfaa.org -- National Association of Student Financial Administrators site. Provides general financial aid information with many links to other resources.

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

http://www.internationalstudentloan.com -- Student loans for international students.

www.students.gov is a new government wide website 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.

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: scholarshipinquiries@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 website 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 website.

Student loan Ombudsman

http://www.ombudsman.ed.gov -- USDOE 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/ -- US Treasury site-contains publications on federal tax benefits for education.

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

Contact NCNM Financial Aid

For additional financial aid information, please contact:

Financial Aid Office
049 SW Porter Street
Portland, OR 97201
503.552.1616
Email Carissa
Carissa Tunis, Financial Aid Counselor