Direct Loan Eligibility
In addition to the insitutional requirements, a student must satisfy all the following criteria in order to be eligible for federal student aid in the form of Direct Loans:
- be enrolled at least half-time* as a degree-seeking student in the master of acupuncture and Oriental medicine (MAcOM) program; or doctor of acupuncture and Oriental medicine program (DAOM);
- have completed the equivalent of at least 90 baccalaureate-level semester credit hours;
- be a U.S. Citizen or eligible non-citizen;
- be making satisfactory academic progress toward completion of the degree program as defined in the Financial Aid Manual, and by AOMA standards and policies;
- not be in default on a federal student loan at AOMA, or at any other institution;
- not have borrowed in excess of the aggregate loan limits set for the federal direct loan programs;
- not owe money on a federal student grant at any institution;
- certify that he/she will use federal student aid only for educational purposes;
- if a male born after January 1, 1960, be registered for the Selective Service;
- have a valid Social Security number;
- complete the Free Application for Federal Student Aid (FAFSA) by June 30 of each year;
- attend financial aid entrance counseling at the beginning of enrollment;
- attend regular loan recertification sessions throughout enrollment; and
- complete financial aid exit counseling prior to graduating, taking a leave of absence, withdrawing from the program, or reducing enrollment below half-time.
*For financial aid purposes, half-time is six credits and full-time is at least 12 credits.
Direct Unsubsidized Loan Eligibility
Direct Unsibsidized Loans are non need-based aid. Therefore, any borrower who meets the requirements outlined above qualifies for Direct Unsibsidized Loans.
Direct PLUS Loan Eligibility
Direct PLUS Loans allow students to borrow funds in excess of the federal Direct Loan limits, up to their Cost of Attendance. As a result, eligibility for Direct PLUS Loans is restricted to students who do not show an adverse credit history. In addition to the requirements listed above, a borrower must pass a credit check in order to be eligible for Direct PLUS loans. A borrower is considered to have an adverse credit history if:
- he/she is 90 or more days delinquent on any debt, or
- he/she has been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of Federal Student Aid debt (e.g. a Direct Loan or Federal Stafford Loan) within five years of the date of the credit check.
A student who is interested in applying for Direct PLUS Loans meets with the Financial Services Administrator for advising, and completes a credit check through the Department of Education. Should the borrower's Direct PLUS Loan application be rejected based on credit history, he/she may be eligible to reapply with an endorser (someone who agrees to repay the loan if the student does not repay it). For additional information, potential borrowers may visit the Direct Loan webpage.