Jump to Main Content

New York College of Traditional Chinese Medicine - Financial Aid

Chinese artNYCTCM has been approved by the U.S. Department of Education and the New York State Education Department to administer financial aid programs. Interested students are encouraged to contact NYCTCM’s Financial Aid Office as early as possible to determine eligibility and begin the application process. Students who wish to be considered for financial aid must complete a Free Application for Federal Student Aid (FAFSA) and may be required to provide the Financial Aid Office with a copy of their and/or their parents’ federal and state income tax returns, as well as additional income and asset information. Students are required to apply on an annual basis for financial aid consideration. In order to be eligible for financial aid, a student must maintain satisfactory academic progress in his/her program of study.

NYCTCM currently participates in the following programs:

Grants

  • Department of Veterans Affairs: Educational Benefits and Educational Assistance (G.I. Bill)
  • Office of Vocational and Educational Services for Individuals with Disabilities (VESID): Vocational Rehabilitation Assistance Grants

  • TAP (Tuition Assistance Program)

TAP is a New York State funded grant program that helps pay the tuition of eligible full‑time students. If you receive a TAP award, the money comes directly to the College for payment of your tuition. Please see the TAP fact sheet for more information.

Loans

  • Federal Stafford Loans, Subsidized and Unsubsidized: these loans are available to eligible students enrolled or accepted for enrollment on at least a half-time basis. You must repay Stafford loans even if you don’t finish your program. You’re responsible for paying the amount you borrowed, the interest, and loan fees. Loan repayment starts within six months after you leave school.

  • Federal Stafford Loan Maximum for Dependent students is $5,500 per academic year. Federal Stafford Loan Maximum for Independent Students is $18,500 per academic year.

  • Subsidized Loans: The federal government pays the interest on these loans while the student is in school and during the grace period before repayment begins.

  • Unsubsidized Loans: The borrower is responsible for the interest on these loans as soon as the loan is taken out. Most of the terms and conditions of subsidized and non-subsidized Stafford loans are the same.

Federal Parent PLUS Loan for Undergraduate Students: these loans enable parents and family members to pay the education expenses of dependent undergraduate students enrolled at least half time. This loan is for parent borrowers of students classified as Dependents (per Federal guidelines),this loan provides additional funds for expenses. Your first payment is due within 60 days from when the loan is fully disbursed (when the lender sends the final disbursement to the college).

PLUS Loans for graduate or professional students (effective July 1,2006)

Graduate or professional students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance in both the FFEL and Direct Loan Program. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent in the FFEL program and 7.9 percent in the Direct Loan program. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.

Student eligibility requirements for Federal Student Loans (Stafford & Plus)

  1. U.S. citizen or permanent resident
  2. Valid Social Security Number
  3. Satisfactory academic progress
  4. Must register with Selective Service if required
  5. Minimum of 6 credit hours per semester

Required documents on file: Enrollment agreement, copies of most recent IRS tax return, social security card, alien number and alien card if applicable.

Alternative Financing

All students enrolled at least half-time may be eligible to apply for credit-based financing, which is intended to supplement the Stafford loan.

Interest Rate Update - Federal student loans

Stafford Loan: The interest rates on Stafford loan first disbursed beginning JULY 1, 2006 is fixed at 6.80%, and may change on JULY 1 of each year but will never exceed 8.25%.

Federal PLUS Loans: The interest rate on PLUS loans first disbursed beginning July 1, 2006 is fixed at 8.5%, and may change annually but will never exceed 9%.

Stafford Loan:  6.54% DURING IN SCHOOL, GRACE AND DEFERMENT – SUBSIDIZED $8,500   

                        7.14% DURING REPAYMENT – UNSUBSIDIZED $10,000

Plus-Parent Loan:  7.94%           

2006/2007 FAFSA form

The 2006/2007 FAFSA form should be completed by students applying for financial aid for the Fall 2006, Winter 2007 and Spring 2007 trimesters. 

Applying for a Student Loan

How to apply

Complete the paper FAFSA form or apply online at www.fafsa.ed.gov. After you have completed the on-line form, print out one copy and submit it to the financial aid office. For federal aid, submit your application as early as possible, but no earlier than January 1, and no later than June 1 of every year. You must come in to FINANCIAL AID office for your initial entrance counseling on the week the class starts.

School Code: Our school code is G34433.

For students who need assistance to complete the FAFSA form, please make an appointment with the NYCTCM Financial Aid office. Have the following items available:

  1. A signed copy of your last year’s federal income tax return (form 1040)
  2. A copy of your social security card
  3. A copy of you Alien Registration Card-front and back, if you are a permanent resident
  4. A copy of your passport or naturalization papers, if applicable

NOTE: Regulations governing all financial assistance programs are subject to change. For further information regarding financial assistance please contact the Financial Aid Office.

Revised July 2007