Undergraduate Financial Aid Resources - National University of Natural Medicine

The NUNM undergraduate aid package awarded to a student may consist of a loan, grant, scholarship, part-time job, or any combination of these programs. The total amount of aid the student receives depends on the student’s cost of attendance, expected family contribution, meeting application deadlines, outside resources, academic history, and the availability of funds.

At National University of Natural Medicine (NUNM) the Financial Aid staff will make every attempt to help you reach your educational goals because we believe everyone should have access to a university education. We will assist you in the process of filing for federal aid and evaluate your information to determine your eligibility for everything from grants and work-study, to federal loans. We will make every attempt to ensure your transition into our degree completion programs is as seamless as possible.

The following is a summary of the types of assistance that may be available to eligible students at NUNM. Students should be aware that many of the programs are subject to change without notice by the state or federal government.

Federal Pell Grant

The Federal Pell Grant program provides funds to students demonstrating financial need. Students should submit the Free Application for Federal Student Aid (FAFSA) at https://studentaid.gov/ to apply for this program. This grant is available to undergraduate students who are pursuing their first baccalaureate degree.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The FSEOG program was created to provide additional grant support to students with exceptional financial need. Exceptional need is measured by comparing the Expected Family Contributions (EFC) of all students attending the NUNM. Priority of funding is given to students who receive Federal Pell Grants. The US Department of Education distributes FSEOG funds to each University that participates in the program. Unlike the Federal Pell Grant program, FSEOG funds are often exhausted before the end of the school year. Interested students should be sure to submit their FAFSA applications as early as possible.

Oregon Opportunity Grant

The Oregon Opportunity Grant program was created by the Oregon State Legislature to help needy Oregon students to attend Oregon Universities. Oregon residents who attend the NUNM may be eligible to receive an Oregon Opportunity Grant. These grants are awarded on the basis of financial need, based upon the information provided on your FAFSA. Students who already have a bachelor’s degree are not eligible to receive an Oregon Opportunity Grant.

For more detailed information regarding the Oregon Opportunity Grant go to: Oregon Opportunity Grant website

Federal Work-Study Program

Federal Work-Study is available to students on the basis of financial need, based upon the information provided on your FAFSA. Funds from this program are earned as a result of working part-time in a position on or off campus. Students completing a FAFSA will automatically be considered for this program. Awards are based on availability of funds and the student’s financial need.

Federal Direct Loan (Subsidized and Unsubsidized)

Direct Subsidized Stafford Loans

Direct Subsidized Stafford Loans are available to undergraduate students with financial need. The U.S. Department of Education pays the interest on a Direct Subsidized Loan

while you’re in school at least half-time,
for the first six months after you leave school (referred to as a grace period*), and
during a period of deferment (a postponement of loan payments).

Direct Unsubsidized Stafford Loans

Direct Unsubsidized Stafford Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods. However, If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

Borrowers must complete entrance counseling and a Master Promissory Note (MPN).

Annual and aggregate limits for subsidized and unsubsidized loans.

Year	Dependent Students (except students whose parents are unable to obtain PLUS Loans)	Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
First-Year Undergraduate Annual Loan Limit	$5,500—No more than $3,500 of this amount may be in subsidized loans.	$9,500—No more than $3,500 of this amount may be in subsidized loans.
Second-Year Undergraduate Annual Loan Limit	$6,500—No more than $4,500 of this amount may be in subsidized loans.	$10,500—No more than $4,500 of this amount may be in subsidized loans.
Third-Year and Beyond Undergraduate Annual Loan Limit	$7,500—No more than $5,500 of this amount may be in subsidized loans.	$12,500—No more than $5,500 of this amount may be in subsidized loans.
Subsidized and Unsubsidized Aggregate Loan Limit	$31,000—No more than $23,000 of this amount may be in subsidized loans.	$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.

Further information on the terms or repayment of a Federal Direct Loan can be found on the student loans website.

Federal Direct Parent PLUS Loan

The Federal Direct PLUS Loan is a part of the William D. Ford Federal Direct Loan Program. Direct PLUS Loans are available to the parent (biological, adoptive, or in some cases, stepparent) of a dependent undergraduate student enrolled at least half-time at a participating school. Direct PLUS Loans are designed to cover any portion of the student’s estimated cost of attendance not already being covered by other types of financial aid.

To be eligible for a PLUS Loan, you must have a valid FAFSA on file, the parent must agree to and pass a credit check, and both the student and the parent borrower must meet the following general criteria: 1) must be a U.S. citizen, U.S. national, or an eligible non-citizen, 2) must provide his or her valid social security number, and 3) must not be in default on any federal education loan or owe an overpayment on a federal grant or loan program. For full details review the Department of Education’s PLUS Loans page.

Returning Loan Funds To Your Lender

We will return loan funds if your written request is received within 14 days after the disbursement notification has been sent to you.

After this time, you can return Direct Loan funds by check to your servicer.

To ensure that the payment is properly credited, you will need to include a cover letter stating whether the funds are for a loan payment or for canceling (inactivating) a loan. This note should indicate which loan(s) the returned funds should be applied to, and in what amounts (if repayment is split between loans).

A borrower has up to 120 days after the disbursement date to return Direct Loan funds without being responsible for paying fees and any accrued interest on the amount canceled.

Deferment of Payment and Forbearance

Payment of a PLUS Loan may be deferred if the student and/or the parent borrower is enrolled in school on at least a half-time basis. Payment may also be deferred if the borrower is unemployed or in a situation of demonstrable economic hardship, or during some periods of active duty military service. During a deferment, interest continues to accrue on the loan and may be capitalized (added to the principal of the loan).

In situations not covered by deferment, a borrower may ask for a forbearance. By granting forbearance, the lender permits a temporary cessation of payments, allows an extension of time for making payments, or temporarily accepts smaller payments than were previously scheduled.

Full details about deferment and forbearance can be found on the Department of Education’s Federal Student Aid website.

Interest and Repayment

A PLUS Loan borrower enters repayment at the time the loan is fully disbursed. For more information, visit: studentaid.gov

Emergency Loans

Emergency loans are permitted in the event of an actual emergency and only in the term they occur. Loan requests may range from $100 to $500 depending upon the availability of funds. Emergency loans are only available to students with an acute immediate need at the discretion of the Director of Financial Aid. Additional criteria for this loan is outlined in the application process.

Emergency Loan Examples:

Personal/Family Crisis – a situation or period in which things are very uncertain, difficult or painful, especially a time when action must be taken to avoid complete disaster or breakdown.
Disaster – an event that causes serious loss, destruction, hardship or death.
Tragedy – serious illness, financial ruin or fatality.
Theft – having property stolen, vehicle damage, etc.

Alternative Loans

Alternative (private) loans are administered and processed by private lending institutions to be used for educational costs after exhausting potentially more favorable federal and state financial aid options first. Alternative loans are not part of the Federal student loan programs, and should only be used in circumstances where you have exhausted all other options in regards to financing your education.

Eligible students who elect to decline participation in the Federal Direct Loan Program to borrow alternative loan must contact the NUNM Financial Aid Office to schedule a counseling session and sign a Federal Student Loan Waiver Form. If you have additional questions please contact the NUNM Financial Aid office.

Application Process

As a result of the Truth in Lending Act (TILA) of 2009, lenders are required to provide multiple disclosures to the borrower and to collect a Self-Certification Form from the borrower. Please keep in mind that due to these new requirements, your alternative loan disbursement may be delayed as required by this new law.

Below is an example of what to expect if you apply for an alternative loan:

Search for an alternative loan lender through ELMSelect.
Apply online through the lender’s website. You will receive an Application Disclosure Statement from the lender.
Submit the Self-Certification Form to your lender.
If approved for the loan, you will be provided an Approval Disclosure Statement from your lender.
Your lender will contact the NUNM Financial Aid Office for certification that you meet certain requirements of the loan.
After the NUNM Financial Aid Office certifies your eligibility with your lender, you will receive a Final Disclosure Statement, and are allowed up to three days to cancel the loan before it disburses.
Disbursement of alternative loan funds typically takes place ten to 14 days business days after the NUNM Financial Aid Office certifies the loan.

Points to consider when choosing a lender

Interest Rate – It may be capitalized: therefore, increasing the amount of money you ultimately owe. Consider using a cosigner. You may qualify for slightly lower rates.
Fees – The interest rates and fees that you pay are based on your credit score and the credit score of your cosigner if you choose to use one.
Borrower Benefits – These vary by lender.
Repayment Terms – Some lenders require you to pay while you are in school. Others will defer payments until after graduation.
Eligibility Requirements – Check the requirements for the loan.

Please use these general loan term dates when filling out an application. However, your loan will be processed using specific enrollment dates for your program.