Financial Aid

Southwest Acupuncture College provides a financial aid program that consists of student financial aid counseling, a federal loan program, and several small scholarships.

Federal Loan Program

Through Title IV of the Federal Higher Education Act, Southwest Acupuncture College participates in the William D. Ford Direct Loan (DL) program, and, through it, offers unsubsidized Federal Direct loans and Graduate Plus Federal Direct loans only as of July 1, 2012.

An unsubsidized loan is not awarded on the basis of need. Students awarded unsubsidized loans are charged of 6.8% from the time the loan is disbursed until it is paid in full.

A Graduate Plus loan is a credit based loan. The maximum PLUS Loan amount you can borrow is your cost of attendance (determined by the school) minus any other financial assistance you will receive. The interest rate for Direct PLUS Loans is a fixed rate of 7.9%. The repayment period for a Direct PLUS Loan begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final disbursement. However, you may defer repayment while you are enrolled at least half-time. If your Direct PLUS Loan was first disbursed on or after July 1, 2008, you may also defer repayment for an additional six months after you cease to be enrolled at least half-time.

A student can choose to pay the interest while in school or allow it to accumulate. If the interest is allowed to accumulate, it will be capitalized-that is, the interest will be added to the principle amount of the loan and will increase the amount owed.

Most students are eligible to borrow the graduate level amount of $20,500 per every two trimesters made up of unsubsidized loan amounts. The loan is disbursed in two equal installments, each at the beginning of the three terms of the academic year.

If you want an estimate of your repayment schedule, go to www.studentloans.gov (interactive loan calculator) on the web. The program will calculate your monthly repayment schedule when you insert the amount borrowed, length of repayment, loan type, and the interest rate charged.

Scholarships

Southwest Acupuncture College has four small scholarships available at each campus. These scholarships are awarded to students who have demonstrated outstanding promise as a practitioner, or high levels of scholarship and academic achievement. There is no application, as all students are considered. These annual awards range from about $250 to $1,000.

Other Scholarships and Grants

There are private corporations and foundations that offer scholarships and grants to students. Most public libraries will have information on scholarships and grants from the private sector. Occasionally the college receives applications for scholarships from private foundations and makes these available to students. In addition, students can search for private scholarships at www.fastweb.com.

Veteran’s Benefits

Southwest Acupuncture College is approved for Veteran's benefits at all three campuses. Contact your local VA office or our school for application forms if you are eligible and have been accepted as a student at this college.

Alternative Financial Aid Loans

Alternative student loans are private sources of financial aid. They can be obtained inaddition to the Federal Direct loan administered by the college. Alternative loans are available for students who may need to borrow more money to meet their educational needs that exceed what is available from government loans.

Though the college will accept alternative loans, it is the responsibility of the student to research and contact a lender and carry out their own alternative loan transaction with a lender of their choice. Keep in mind that the interest rate and terms will be different. You will want to make sure to review them.

Payment Plans

The college has a payment plan program for those students who cannot pay their tuition at the time of registration. Payment plans are made with a monthly late fee charge of 1.25% of the unpaid balance (15% per year). Balances must be paid in full each semester. Students may make arrangements for a payment plan with the Bookkeeping Office.

Click here for information on how to obtain a Direct Loan.

For further information about financial aid at Southwest Acupuncture College, call the Financial Aid Office at 505-888-8898 or send an e-mail to: financialaid@acupuncturecollege.edu

You may also call the U.S. Department of Education at 1-800-433-3243.