ICOM is eligible to participate in Title IV (federal) aid programs. Students applying for federal financial aid should complete the Free Application for Federal Student Aid (FAFSA®). The FAFSA is the application for the Direct Unsubsidized loan and is typically available for the upcoming academic year beginning on October 1st. For students that are eligible, the Direct Graduate PLUS loan requires a separate application which is typically made available in May prior to the start of the academic year. Both of these applications are an annual application for a specific school year. There are times when two FAFSA applications are open at the same time, please double check to ensure you are submitting the FAFSA for the academic year you are intending.
ICOM’s Federal School Code is 043072.
ICOM does not have a formal deadline for FAFSA completion, however the FAFSA must be completed during the academic year for determination of eligibility. Including ICOM’s federal school code (043072) on the FAFSA ensures that your information is sent to ICOM to be reviewed for eligibility for federal aid. Current students should check their ICOM email often. New incoming students should check their personal email often. The Office of Financial Aid will contact you if there are any questions or if any additional information or documentation is needed. Note: Students must complete a new FAFSA prior to the start of each academic year.
In the Spring of each year, the Office of Financial Aid will set the Cost of Attendance (COA) and will also begin contacting students that filed a FAFSA via email with instructions on accessing their Financial Aid notification which includes details on loan eligibility. Students will need to complete additional steps including accepting, declining, or reducing the loan amounts, completing entrance counseling and master promissory notes, and completing the Direct Graduate PLUS loan application (if eligible).
Contact the Office of Financial Aid if you have any questions about federal or private student loans.
Federal Student Loans
To be eligible to apply for Federal Direct student loans, a student must:
- Be a U.S. citizen or an eligible non-citizen
- Possess a valid Social Security number
- Enroll or be accepted as a degree-seeking student in an eligible degree or certificate program
- Be enrolled at least half-time
- Maintain satisfactory academic progress
- Not have a record of default on a federal student loan
Starting July 1, 2026, Graduate Professional students are not eligible for the Direct Graduate PLUS Loan and will be subject to new annual and aggregate limits on the Direct Unsubsidized Loan. Some students that received federal students loans at ICOM in previous academic years, and maintained enrollment in the DO program, may be grandfathered in for eligibility for the Direct Graduate PLUS Loan and different limits on the Direct Unsubsidized Loan as outlined in the One Big Beautiful Bill Act (OB3).
For students that are grandfathered, the Direct Unsubsidized Loan amount varies by the length of the academic year and includes an additional amount for qualified health professions programs. The amount in the notification may vary from what the student sees on the FAFSA output due to this additional amount. All other eligible students can borrow up to $50,000 per academic year through this loan. This loan requires students complete entrance counseling and a Master Promissory Note (MPN) to receive these funds, both of which can be found at www.studentaid.gov.
For students that are grandfathered, the Direct Graduate PLUS Loan has a separate loan application. This loan application typically opens in May ahead of the fall academic year start date. This loan has its own Master Promissory Note (MPN) that must be completed to receive these funds which is also found at www.studentaid.gov. New students and students that had not borrowed federal loans at ICOM prior to July 1, 2026, are not eligible for this loan. Approval of the Direct Graduate PLUS Loan is contingent upon qualifying for the grandfathering provision for this loan and not having adverse credit history. ICOM will provide information via email when the Direct Graduate PLUS loan application is available, this is not a notification of eligibility.
Maximum borrowing amounts
| Annual and Lifetime Aggregate Limits | Annual Limit | Lifetime Limit |
|---|---|---|
| Federal Direct Unsubsidized Loan* | $47,166/$50,000 | $224,000/$200,000 |
| Federal Direct Graduate PLUS Loan** | Capped by Annual COA | Capped by COA |
| *Limits are based on a 12 month year and will vary based on the length of the academic year for grandfathered students under the provisions of the One Big Beautiful Bill Act (OB3). The lifetime limit for these students is $224,000.Starting with the 2026-2027 academic year, students that are not grandfathered are eligible for up to $50,000 per year with a $200,000 life time limit. | ||
| **OB3 grandfathered students may borrow up to the full cost of attendance (COA) less any Unsubsidized funds received or any other qualifying financial assistance. | ||
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- Loan Fees: A loan origination fee of 1.057% will be assessed based on the total accepted gross Federal Direct Unsubsidized loan amount for loans originated on or after October 1, 2020. A loan origination fee of 4.228% will be assessed based on the total accepted gross Federal Direct Graduate PLUS loan amount for loans originated on or after October 1, 2020. These fees can change as of October 1, 2026.
- Interest: Interest begins accruing for the borrower when funds are disbursed. The interest rate for the 2025-2026 year for the Federal Direct Unsubsidized loan is fixed through repayment at 7.94%. The interest rate for the 2025-26 year for the Federal Direct Graduate PLUS loan is fixed through repayment at 8.94%. View the interest rates. Interest rates are for federal student loans first disbursed on or after July 1, 2025 and before July 1, 2026.
- Grace Period: Each borrower has a six-month grace period for the Federal Direct Unsubsidized loan. The grace period must be used before the borrower is eligible for deferment or forbearance.
- Repayment: Borrowers using a standard repayment plan have up to 10 years to repay this loan. There are repayment plan options to research and consider. Each borrower will go into repayment six months following graduation, withdrawal, or reducing to less than half-time enrollment status unless the borrower qualifies for an economic hardship deferment. Please note that borrowers may have already used a grace period if they left school and returned at a later date or for loans for prior programs they were enrolled in.
Click here to access the Federal Student Aid Estimator
Private/Alternative Student Loans
Eligibility for private student loans, also referred to as “alternative loans”, are based on several factors including credit worthiness of the borrower and co-signer, if needed. Interest rates can be fixed or variable and are typically market-based. Repayment and forgiveness options are less plentiful than federal loans. Students must meet the lenders eligibility requirements in order to secure funding through a private student loan.
Students should be aware that these types of loans are not subject to the same oversight and regulations governing federal loans and they do not qualify for the same benefits as federal loans. The terms and conditions of loans made under Title IV (Federal Direct Unsubsidized or Federal Direct Graduate PLUS Loans) may be more favorable than those of private education loans.
Students should carefully compare the loan options available. Some students may secure interest rates on private loans that are lower than those on federal student loans. It is also important to note that some private student loans do not have an origination fee like federal student loans. Students should evaluate the overall cost of the loan including origination fees, interest rates, and expiration of grace periods when interest is capitalized and added to the principal of the loan to determine which loan type is best for their situation.
Students initiate the private loan application process electronically through the lender of their choice. The lender will contact ICOM to certify the approved loan via an electronic certification form. If needed, a copy of the Self Certification form can be provided upon request. ICOM reviews each student’s eligibility and only completes certification for eligible students.
Information on private student loan can be found in the student loan information portal. The portal includes an option to compare loan products from lenders who have health professions loans for medical students. ICOM does not recommend any particular private lender. The lenders listed in the student loan information portal are based on historical lists of lenders at ICOM.
Click here to access the Student Loan Information Portal
Enrollment Requirements
In order to be eligible for federal loan funds, a student must complete the FAFSA, provide any documentation requested to the Office of Financial Aid, accept/reduce the loan type and amount, be enrolled at ICOM, and meet the eligibility requirements
In order to be eligible for private/alternative loan funds, a student must complete the loan application with the lender of their choice, be enrolled at ICOM, and meet the lender’s eligibility requirements. Please refer to the Private/Alternative Loan paragraphs.
Other Important Considerations for Loans
ICOM encourages you to consider the amount you are borrowing carefully and avoid additional student loan debt whenever possible. Student loans must be repaid, with interest, just like car loans and home mortgages.
Before you borrow:
- Exhaust all other possible sources of funding such as scholarships.
- Understand your tuition and fee charges versus the full cost of attending.
- Protect your future financial health by making a plan to avoid over-borrowing.
- Understand the terms of the loans and your repayment options including your monthly payment amount.
There are several important things to know about loans to help you plan to borrow only what you need to cover the costs of your education.
- Loans cannot be canceled because of dissatisfaction with the education you receive, the inability to secure a job in your field of study, or because of having financial difficulty.
- Loans are legal obligations which must be repaid with interest.
- Defaulting on your student loans can lead to serious consequences including the loss of eligibility for federal student aid, collection fees, damage to your credit, and IRS garnishment of your state and federal tax refunds.
- If you are having difficulty making your monthly payments, do not hesitate to ask for help from your loan servicer or the Office of Financial Aid. Early intervention is critical. Many options are available which may help you to avoid default.
- Federal student loans cannot be discharged in bankruptcy.