Types of Aid To qualify for a financial aid award, you will first need to apply for financial aid regardless of the type of aid you are seeking. The Applying for Aid tab at the top of this page will guide you through the application process. Most financial aid offered through OCOM is provided in the form of loans. However, limited funds are also available through our work-study program or through scholarships.
|
|
Student loans vary dramatically from program to program with respect to the interest rate and fees that may be charged, the subsidies that may apply, the repayment and postponement options that may be available, and many other program benefits and responsibilities. Carefully review the terms and conditions of any loan program before you apply for a loan. Remember that you will have to repay all loan funds that you receive, plus interest, so you should never borrow more than you need. Some key factors you should consider when evaluating student loans: - Federal or Private: Loans offered through one of the federal loan programs generally offer more favorable terms than loans offered through a private loan program. Private loans usually should be considered only after you have explored your options under the federal loan programs.
- Interest Rate: Every loan program has its own interest rate structure. Review the interest rate that will be charged, whether it is a fixed or variable rate, and under what circumstances, if any, the interest rate might change.
- Subsidized or Unsubsidized: Subsidized loans are those in which someone, usually the federal government, pays some or all of the interest on a loan during qualifying periods. Some, but not all, federal loans offer a subsidy. Private loans typically do not offer a subsidy.
- Repayment Conditions: Loan programs vary with respect to when you will be required to begin making payments, how your payments will be structured, what options you are offered for postponing payments, how long you are given to repay the loan.
Review the All About Loans section for more details about loan programs. |
|
|
Work-study awards are available to some eligible students. Under the work-study program, you will be paid bi-monthly for hours worked in a work-study position. Your work-study funds may be applied to your tuition costs, if these are not covered through some other means, or you may use them for other educational costs such as books and living expenses. A work-study award is the maximum amount that you are permitted to earn during the year. You are not guaranteed to receive this amount. It is your responsibility to secure a position with hours that fit into your class schedule, and to work the hours necessary to receive your full work-study award. If you would like to be considered for a work-study award, you may indicate your interest in work-study when you complete the OCOM Financial Aid Application. For more information on the work-study program, review the work-study handbook. |
|
When funds are available, OCOM offers scholarships to a limited number of students who demonstrate financial need. Also, if OCOM receives information regarding outside scholarships available to students engaged in oriental medicine programs, we will make this information and the program details available to our students. Board of Trustees Student ScholarshipThe OCOM Board of Trustees will award $12,000 in scholarships for the 2010-2011 academic year, which begins in September of 2010. This marks the third consecutive year that OCOM has offered the Board of Trustees Student Scholarships to new and current students. Twelve scholarships in the amount of $1000 each will be awarded to seven entering master’s students, three continuing master’s students, one entering doctoral student and one continuing doctoral student. Scholarship applications were due April 30, 2010. Please check back for 2011-12 scholarship information.
2010 nuherbs Scholarship Programnuherbs Co., the Future of Chinese Medicine, will award three scholarships to further the development of Chinese medicine by supporting the brightest and most passionate students of acupuncture and Chinese medicine. These scholarships are available to OCOM students who are registered for the Fall 2010, with a minimum cumulative 3.0 GPA. Three scholarships will be awarded:
• Nuherbs® Scholarship ($2,000.00)
• Herbal Times® Scholarship ($1,500.00)
• Jade Dragon® Scholarship ($1,000.00)
Deadline: Monday, April 5, 2010. The downloadable application and eligibility criteria can be viewed on the nuherbs Web site. |
|
|
|
|
