Southwest Acupuncture College

Financial Aid        

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

Federal financial aid is processed independently at SWAC following US Department of Education guidelines. Our Federal Financial Aid Director is available to assist you with any questions you may have and guide you through the loan application process, from filling out the FAFSA to counseling on repayment. Appointments are accepted, but not required students are encouraged to stop by the office, call or email.

Financial aid for both campuses (Santa Fe and Boulder) is handled at the Santa Fe campus. There is a liaison person at the Boulder Campus to receive paperwork and route it to the Financial Aid office. Students and prospective students should contact the Director or Financial Aid at the Santa Fe campus with any questions. Our office communicates with students via E-mail, phone, and posted notices, once you are a student; notices are put in your on-campus mailbox.

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.
Borrowing is a necessity for many students, and the Financial Aid Office encourages and supports you in borrowing wisely.

•     Borrow only the amount you absolutely need.
•     If uncertain about future expenses, borrow only what you need now. You can apply for additional eligible funds if and when they are needed.
•     Keep track each year of how much you have borrowed and what your monthly loan payments will be to avoid surprises when you graduate.
•     Remember, loans must be repaid.

An unsubsidized loan is not awarded on the basis of need. Students awarded unsubsidized loans are charged an origination fee of 1.066% (effective on or after October 1, 2017 and before October 1, 2018) taken out prior to funds being disbursed and a 6.00% interest rate from the time the loan is disbursed until it is paid in full (Interest rates are fixed for the life of the loan and can change for future loans each July 1st of each year).

A Graduate Plus (GP) loan is a credit-based loan. The maximum GP Loan amount you can borrow is your cost of attendance (determined by the school) minus any other financial assistance you will receive. Student's eligible for the Direct Graduate Plus Loan is charged an origination fee of 4.264% (effective on or after October 1, 2017 and before October 1, 2018) taken out prior to funds being disbursed and an interest rate of 7.00% (Interest rates are fixed for the life of the loan and can change for future loans each July 1st of each year). 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.

Student Loans:

Students applying to Southwest Acupuncture College who have 72 previous college credits coming in are eligible to borrow the graduate/professional level loan amount of $20,500 per loan period, which is every two terms made up of unsubsidized loan amounts. The loan is disbursed in two equal installments, each at the beginning of each term of the academic year.

Students who enter SWAC with the minimum 60 credit requirement can still get a loan at a lower amount. The maximum loan for the first term is $6250. As long as you take enough credits to bring your credits up to the 72 by the end of your first term, then you will be eligible to increase your loan level to graduate/professional level loans for the second term.

Maximum aggregate loan limit is $138,500 outstanding principle balance (opb) including all undergraduate and Graduate/professional level loans.

A student can choose to pay the interest while in school or allow it to accumulate. When allowing the interest to accumulate, it will be capitalized, adding the interest to the principle amount of the loan and will increase the amount owed.

If you would like to 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.

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

Grace Period:

Click on the link below to find out 6 Little-Known facts about Student Loan Grace Periods...
https://www.usnews.com/education/blogs/student-loan-ranger/2014/05/28/6-little-known-facts-about-student-loan-grace-periods

Federal Pell Grants
Due to the degree level of our program students are not eligible for Federal Pell grants. Also a student who has earned a baccalaureate degree or a first professional degree cannot receive a Pell Grant.

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 $1,500.

For incoming students Southwest Acupuncture College offers the Future of Medicine Scholarships. 

The Future of Medicine Scholarships are designed to recognize academic achievement and foster achievement in the fields of acupuncture and Oriental medicine. The basis of the award will be on a combination of previous academic performance and the personal statement that is part of the application process.

In the fall of 2019 Southwest Acupuncture College will award 10 Future of Medicine Scholarships to students who demonstrate promise to become a licensed acupuncturist. Each scholarship is worth $5,000 for the program selected. It is dispersed over the course of the student’s enrollment. For instance in a 3 yr program (9 semesters) the student will receive a credit of $555 towards their tuition each semester.

In order to be considered for the Future of Medicine Scholarships the student needs to do the following:
1. Apply to the college
2. Be accepted into the program no later than June 30, 2019
3. Fill out the scholarship interest form information below and
4. Return this form to admissions at admissions[at]acupuncturecollege[dot]edu

Click here to download the Future of Medicine Scholarship Form
 

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. (see links provided).

Veteran's Benefits
Southwest Acupuncture College is approved for Veteran's benefits at both 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 in addition 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. You will also need to notify the financial aid office if you apply for one.

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.

Example:  A student has a $6,000 bill due for the Spring Semester.  The student will need to make a total of 4 payments of $1,547.17, which includes the late fee charge of $188.66.  The first payment would be due by the first day of class in January and then the next payments would be due on:  February 15th, March 15th and April 15th.