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The American Academy of Acupuncture and Oriental Medicine provides two financial aid programs to its students through its Financial Aid Office. - Federal Department of Education Title IV funds are available through the William D. Ford Federal Direct Student Loan Program (DSL Program) in the form of subsidized and unsubsidized federal student loans.
- State financial aid in the form of the Student Educational Loan Fund (SELF) Program is available through the Minnesota Higher Education Services Office (MHESO).
- AAAOM's program has also been approved for veteran's education benefits by the Minnesota State Approving Agency.
William D. Ford Federal Direct Student Loans (DSL) To apply for and receive federal financial aid, students must be enrolled at least half-time (8 credits) and maintain satisfactory academic progress. Subsidized loans are available to students who meet certain financial-need criteria, usually based on income. The federal government pays the interest on subsidized loans and defers repayment of the principle while the student attends school, during a six-month grace period after the student leaves school, and during periods when the student is authorized to defer loan payments. Unsubsidized loans are available to students regardless of financial need. Interest accumulates on unsubsidized loans from their inception: while attending school, during the grace period, and during any periods when loan payments are deferred. Repayment of the principle is deferred until six months after the student graduates or withdraws from the program.
SELF Program: Minnesota Student Educational Loan Fund
To receive a SELF loan, students must be enrolled at least half-time (8 credits) and maintain satisfactory academic progress. In addition, a credit-worthy individual must co-sign the loan. While in school, borrowers pay only the interest on SELF loans; repayment of the loan begins after graduation, with a number of repayment plans available. Qualified students may borrow up to $9,000 per year (2009-2010). Federal Student Loan Application Procedures: - Complete a Free Application for Federal Student Aid (FAFSA) online at www.fafsa.gov, or simply search for "FAFSA." To complete the FAFSA, and also to complete your Master Promissory Note, you will need AAAOM's Federal School Code: 03833300. You will also need to refer to your most recent tax returns to complete the FAFSA.
- Complete a Master Promissory Note (MPN) online at www.studentloans.gov. Including the loan counseling process, completing and signing an MPN can take approximately 50 minutes. Please note: Students who apply for a Graduate Plus loan will need to fill out a separate MPN for the Graduate Plus loan amount. However, before you apply for a Graduate Plus loan, you should discuss this option with the school's Financial Aid Administrator.
- Meet with AAAOM's Financial Aid Administrator (FAA) about a week after completing the FAFSA and Master Promissory Note to go over the results of your Individual Student Information Report (ISIR). The FAA will answer any questions you may have about structuring your loan, and will tell you if you need to supply any verification materials. In 2009-2010, qualifying graduate-level students could receive up to $8,500 in subsidized loans and $12,000 in unsubsidized loan money annually.
- Students who are new to the school must complete Student Entrance Counseling. This is done online at www.studentloans.gov and may be done at the same time as the MPN or at another time. Both the MPN and Student Entrance Counseling must be completed, however, before your first financial aid disbursement can be released to you.
- Once your loan has been processed, you will receive an Award Notice in your student mail box. Sign the Award Notice and return to the FAA.
- Financial aid is typically disbursed at the beginning of each trimester. At AAAOM, trimesters begin in September, January, and April. The FAA will notify you when you have a check waiting for disbursement.
*Click here for links to FAFSA, to complete a Master Promissory Note, and to other resources.
Contact the Financial Aid Administrator with any student-loan-related questions: 651-631-0204 ext. 5 Tuition and Fees
American Academy of Acupuncture and Oriental Medicine strives to provide a high-quality education at a reasonable cost to the students. Tuition is based on the number of credits taken. - Application $50
- Foreign Student Application $100
- Registration $25
- Late Registration $25
- Tuition per Credit for Academic Courses $210
- Tuition per Credit for Clinic Courses $330
- Transfer Application $50
- Graduation Fee $100
- Malpractice Insurance Fee (per trimester) $100
- Drop/Add Fee $25
- Make-up Exam Fee $50
- Withdrawal Fee $100
- Charge for Returned Check $25
- Official Transcript Fee $10
- Copy of Diploma $15
The same rate of tuition and fees applies to both certificate and master's degree programs. All fees are subject to change with sixty (60) days notice. Refund Policy Each student who applies to matriculate in the AAAOM Master's degree program shall be notified of acceptance/rejection in writing. Matriculating students must sign a Student Enrollment Contract. Notwithstanding anything to the contrary, if a student gives written notice of cancellation within five business days of the execution of the Student Enrollment Contract a complete refund, with the exception of the Application Fee, will be given regardless of whether or not the program has started. If a student gives written notice of cancellation after five business days of the execution of the Student Enrollment Contract, but before the start of the program, any tuition, fees, or other charges paid will be refunded to the student, with the exception of the Application Fee, which will be retained by the school. Written notice of cancellation of the Enrollment Contract shall take place on the date the letter of cancellation is postmarked or, in the case where the notice is hand carried, it shall occur on the date the notice is delivered to the school. Any notice of cancellation shall be acknowledged in writing within 10 days of receipt of such notice, and all refunds shall be forwarded to the student within 30 business days of receipt of such notice. Once a student is enrolled, AAAOM's refund policy is based on the Registration Form, which is a subset of the Student Enrollment Contract. Like the Enrollment Contract, a Registration Form is considered a binding contract once it is signed by the student. Refunds for dropped classes depend on the amount of time which has elapsed since the first day of the trimester. The following refund schedule indicates the tuition amount refunded based on days elapsed since the beginning of classes: One week (1-7 days) elapsed = 100% refund
Two weeks (8-14 days) elapsed = 75% refund
Three weeks (15-21 days) elapsed = 50% refund
Four weeks (22-28 days) elapsed = 25% refund
NO REFUND AFTER THE FOURTH WEEK If a student who receives financial aid drops all classes and withdraws from the program before the ninth week of classes (60% of trimester), it may be necessary for the school to refund a portion of that student's financial aid disbursement to the lender. AAAOM's Financial Aid Administrator calculates such refunds based on a Return of Title IV Funds form (federal financial aid) or on Appendix 14 from the Minnesota State Grant Program (SELF loans). A student who withdraws from AAAOM's program before the ninth week of a trimester must be aware of his/her liability for loan repayment. Contact the Financial Aid Administrator with any student-loan-related questions: 651-631-0204 ext. 5
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