Graduate students at ICOM may be eligible for the following federal student loans: Direct Unsubsidized Loan and Graduate PLUS loan. The Free Application for Federal Student Aid (FAFSA®) is the form used to apply for the Direct Unsubsidized loan. To apply for the Graduate PLUS loan, students need to complete a PLUS application. The FAFSA is typically available for the upcoming academic year beginning on October 1st annually.
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 accept the loan amounts, completing entrance counseling and master promissory notes, and complete the PLUS loan application.
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
The Graduate PLUS Loan requires a separate application. Approval of your Graduate PLUS is contingent upon not having adverse credit history. ICOM will provide information in your aid notification about the PLUS loan application.
Maximum borrowing amounts
| Annual and Lifetime Aggregate Limits | Annual Limit | Lifetime Limit |
|---|---|---|
| Federal Direct Unsubsidized Loan | $47,166* | $224,000 |
| 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. | ||
| **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 Graduate PLUS loan amount for loans originated on or after October 1, 2020.
- Interest: Interest begins accruing for the borrower when funds are disbursed. The interest rate for the 2024-2025 year for the Federal Direct Unsubsidized loan is fixed through repayment at 8.08%. The interest rate for the 2024-25 year for the Graduate PLUS loan is fixed through repayment at 9.08%. View the interest rates on federal student loans first disbursed before July 1, 2024.
- 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 many 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.
Click here to access the Federal Student Aid Estimator
Private/Alternative Student Loans
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 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 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.
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.
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 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.