Texas College of Traditional Chinese Medicine

New Interest Rates for 2007-2008

Financial Aid

What types of Financial Aid are available?

Full-time or Part-time TCTCM students who are U.S. citizens or eligible permanent residents may finance their educational costs using the low cost U. S. government Federal Stafford Loan Program and the Federal Work Study. Additionally, certain applicants who have not earned a Bachelor’s degree or higher, or who have completed fewer than 90 semester hours of undergraduate coursework prior to enrolling in the College may be eligible for the Pell Grant.
International students may be eligible for privately-funded educational loans, provided a cosigner is provided who is a U.S. citizen or permanent resident. For more information on these loan types, please contact the TCTCM Financial Aid Office.
 
How much can I get?

U.S. citizens or eligible permanent residents classified as graduate student*  may borrow up to $20,500 in the Federal Stafford Loan Program per 2 semesters of study. Up to $8,500 of this amount may be subsidized or interest-free while enrolled. The remaining $12,000 may be in Unsubsidized Stafford Loans.
 
How mush is interest on the Stafford Loan?

For the loan originated after July 1, 2006:
During school, grace and deferment – 6.8% fixed
During active repayment (including forbearance) – 6.8% fixed
 
What about Work-Study?

Work-Study awards are made in limited amounts to fund on-campus and community service employment by eligible students.  Students must complete a FAFSA and other financial aid paperwork in order to be eligible for consideration for this type of aid.
 
What is this money for?

Financial aid funds are provided to cover direct educational costs and a modest and reasonable allowance for the living expenses.
 
 
How do I apply for Financial Aid?

All applicants for FA must complete the following 11 steps:
 
1) Complete the FAFSA (Free Application for Federal Student Aid).
                       
Electronic filing (fastest method)
Go to www.fafsa.ed.gov and request a PIN number.
Once you receive your PIN go back to the same website and file the FAFSA.
TCTCM’s federal school code is 031795
Application results are received 2-3 weeks after submission.
           
Paper Version
Request a paper FAFSA from TCTCM and send the completed application to the Central Processor (an envelope is provided with the application).      
            TCTCM’s federal school code is 031795
            Application results are received 4-6 weeks after submission.
                                                                       
2) Complete an on-line entrance counseling session at
 
www.mapping-your-future.org.
TCTCM will receive electronic confirmation once completed, however, please print a copy for your records (and as a back-up should we not receive the confirmation).
We will not request loan funds until the entrance counseling is confirmed.
 
3) Submit a signed copy of your (and your spouse’s, if applicable) tax returns for the previous year.

4) Complete an Institutional Verification Worksheet (provided by the Financial Aid Office or available online at http://www.texastcm.edu)

5) Sign an award letter.

6) Complete a Federal Stafford loan promissory note and return it to the Financial Aid Office.

7) Sign an Authorization Statement authorizing TCTCM to deduct tuition, fees and other charges from your loan proceeds.