American University of Antigua College of Medicine Federal Financial Aid Information:
AUA’s M.D. program has been approved to participate in the William D. Ford Federal Direct Unsubsidized Stafford and Grad PLUS Loan programs both of which are administered by the U.S. Department of Education. Additional information regarding these loan programs is available through the U.S. Department of Education website at www.studentaid.ed.gov.
Eligibility for Federal Loans:
To qualify for a Federal loan, a student enrolled at AUACOM must meet the following requirements in order to receive federal financial aid:
- The student must be a U.S. citizen or an eligible noncitizen. Eligible noncitizens are U.S. nationals (including natives of American Samoa and Swains Island), U.S. permanent residents or individuals who have an Arrival-Departure Record (I-94) from U.S. Citizenship and Immigration Services (USCIS) showing one of a list of acceptable designations. For the list of acceptable designations, click here.
- The student must have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
- The student must be registered with Selective Service (for males between the ages of 18 and 25);
- The student must be enrolled or accepted for enrollment at AUACOM;
- The student must be in good academic standing and maintain satisfactory academic progress (SAP) towards completing his/her M.D. degree (new students are deemed to be in good academic standing and making SAP);
- The student must not be in default of a federal loan or owe an overpayment on a federal grant or Federal Perkins Loan.
- The student must not have been convicted of possessing or selling illegal drugs while receiving federal financial aid;
- The student must not have borrowed more in federal financial aid than the annual or aggregate loan limits (see below for more information on annual and aggregate loan limits.)
There are two types of federal loans that are available for AUACOM’s qualified students: a Federal Direct Stafford Unsubsidized loan and Federal Direct Graduate PLUS loan. Below is a description of each loan program.
Federal Direct Unsubsidized Loans:
Interest rates on Direct Unsubsidized Loans:
The interest rate for Direct Unsubsidized loans disbursed from July 1, 2015 through June 30, 2016 is 5.84%. For more information on interest rates click here.
Direct Unsubsidized Loan fees:
Students who obtain a Direct Unsubsidized loan will pay an origination fee of 1.068% of the amount of the loan for loans disbursed from October 1, 2015, through September 30, 2016.
Direct Unsubsidized Loan limits:
There are three limits or caps on the amount of Direct Unsubsidized loans that students who are enrolled at AUACOM and are eligible for federal financial aid may obtain: the first limit or cap is on the amount of Direct Unsubsidized loans that a student may borrow in any award year; that limit is $20,500. The second limit or cap is on the amount that a student may borrow in Federal Direct loans in the aggregate. (This includes not only the amount of Direct Unsubsidized loans that the student obtained during his/her education at AUACOM but the amounts of any Direct loans whether Subsidized, Unsubsidized or Federal Family Education Loan (FFEL) Program that the student may have received at any other institution or educational program, undergraduate, graduate, non degree granting or otherwise). The aggregate limit is $138,500. The third limit or cap on the amount of Direct Unsubsidized loans that a student may obtain is the amount of AUA’s Cost of Attendance for the semester in which the loan is obtained minus the amount of “Estimated Financial Aid” that a student may receive to pay the Cost of Attendance for that semester. (see AUACOM’s Academic Catalog for its Cost of Attendance). Estimated Financial Aid, which is considered in determining the amount of Direct Unsubsidized loans that a student may obtain includes, but is not limited to: other federal financial aid, scholarships, grants and private loans. For more information on what types of financial aid will be included in determining the limit on Direct Unsubsidized loans that a student at AUACOM may obtain, click here.
Interest accrual on Direct Unsubsidized Loans:
Students are responsible for interest payments on their Direct Unsubsidized loans while in school. Interest begins accruing upon the first disbursement. A student may pay the interest monthly while still in school or he/she may capitalize the interest by allowing it to accrue and be added to the principal amount of the loan. In this latter case, when the loan goes into repayment, students will pay interest on the original amount of the loan and the amount of interest that accrued from the date that the loan was disbursed until the loan is repaid.
Repayment of Direct Unsubsidized Loans:
Repayment begins six months after the student graduates, withdraws or is dismissed or withdrawn from AUACOM. This time frame is known as the grace period. The standard repayment period is ten years from the date that the loan goes into repayment. For more information on repayment options click here.
For additional information on Federal Direct Unsubsidized loans, please click here.
Federal Direct Grad Plus Loans
The interest rate for Federal Grad Plus loans disbursed from July 1, 2015 through June 30, 2016 is 6.84%. For more information on interest rates for Grad Plus loans, click here.
Grad Plus Loan fees:
A student who obtains a Federal Grad Plus loan must pay an origination fee of 4.272% of the amount of the loan for loans disbursed from October 1, 2015, through September 30, 2016.
Grad Plus Loan limits:
Direct PLUS loan (or Grad Plus loan) amounts are limited only by the Cost of Attendance (COA) at AUACOM for the terms in which the loan is obtained as reduced by the amounts of “Estimated Financial Aid” that the student receives to pay the COA for those terms. Estimated Financial Aid, which is considered in determining the amount of Grad Plus loans that a student may obtain, includes but not limited to:
– Other federal financial aid including any Direct Unsubsidized loans that the student may obtain for the term
– Private loans
As an illustration, if
– the COA for two terms is $62,390 (with tuition and fees being $37,170)
– the student is granted a scholarship of $5,000 for each term, then
the student will be eligible to borrow $20,500 through a Direct Unsubsidized Loan and a Grad Plus loan of $31,890. Calculations are shown below:
Cost of Attendance $62,390
Less: Scholarship (for two terms) $10,000
Less: Federal Direct Unsubsidized Loan $20,500
Grad Plus loan eligibility $31,890
For more information on what types of financial aid will be included in determining the limit of amount of Grad Plus loans that a student at AUACOM may obtain, click here.
Interest accrual on Grad Plus Loans:
Students are responsible for interest payments on their Direct Grad Plus loans while in school. Interest begins accruing upon the first disbursement. A student may pay the interest monthly while still in school or he/she may capitalize the interest by allowing it to accrue and be added to the principal amount of the loan. In this latter case, when the loan goes into repayment, students will pay interest on the original amount of the loan and the amount of interest that accrued from the date that the loan was disbursed until the loan is repaid.
Repayment of Grad Plus Loans:
Repayment of Grad Plus loans begins immediately after the student graduates, withdraws or is dismissed or withdrawn from AUACOM. There is no grace period for Direct PLUS Loans—the repayment period for a PLUS Loan begins on the day after the final loan disbursement is made. The first payment will be due within 60 days after the loan is disbursed. However, AUACOM students can defer repayment while they are enrolled in school. Note, that interest accrues while loans are in deferment. The standard repayment period is ten years from the date that the loan goes into repayment. For more information on repayment options click here.
For additional information on Federal Grad Plus loans, please click here.
Receiving and Using the Money
The application processing and receipt of your Award Letter takes 3 to 4 weeks. The school will credit the student’s account for tuition, fees and other institutional charges within 3 days of receipt and, within 14 days, deliver any credit balance to the student. These funds are sent to your declared bank account. (AUACOM recommends that you use a U.S. bank account and sign up for the EFT system). Please click here to enroll in our direct deposit service.
Login User name = AUA Student ID (email firstname.lastname@example.org in you don’t know Student ID)
Login Password = Full Last name (First letter UPPER case) + last four digits of student ID
Example: John Smith ID 123456, pw=Smith3456
AUACOM is required to obtain your permission to credit your account or pay any obligation directly to any third party for “non institutional charges” such as housing, health insurance, utilities, parking, transportation, textbooks and other charges. To grant permission for AUA to do so, complete and return the Student Loan Authorization form.
American University of Antigua’s Office of Financial Services is located in AUACOM’s main building on its campus. Students may also contact the Office at email@example.com, or by telephone at 877-666-9485 or visit the office of Manipal Education Americas, AUACOM’s agent, at its offices at 1 Battery Park Plaza, 33rd fl., New York, New York 10004. Your assigned financial aid counselor is listed below. Please feel free to contact your counselor with any questions you may have about the loan process as well.
List of Student Financial Services Staff and email addresses:
Director of Financial Aid
Assistant Director of Student Financial Services
Sr. Debt Management Counselor
Debt Management Counselor
Student Financial Services Advisor
Financial Literacy Advocate
Financial Aid Assistant
AUA offers a limited number of scholarships to students who meet its scholarships criteria. For more information about the scholarships that AUA offers, please click here.
Financial Literacy is the ability to understand and analyze your finances and your financial opportunities. The decisions you make now, from choosing which student loan to borrow and how much to borrow, to how you use a credit card, will affect you for years after you graduate. AUACOM’s Office of Student Services provides debt management and counseling. Feel free to contact the Office for this service.
Financial Aid Code of Conduct
As a participating institution in the administration of Federal financial aid, American University of Antigua College of Medicine has a Financial Aid Code that is compliant with federal law.
Any American University of Antigua officer, employee, or agent who has responsibilities with respect to AUACOM’s U.S. students’ educational loans must comply with this code of conduct.
- Neither American University of Antigua (“the University”) as an institution or any individual officer, employee or agent of the University shall enter into any revenue-sharing arrangements with any lender. A revenue-sharing arrangement means an arrangement between the University and a lender under which the lender provides or issues loans to students attending the University or to the families of such students; and the University recommends the lender or the loan products of the lender and in exchange, the lender pays a fee or provides other material benefits, including revenue or profit sharing, to the University or its agent.
- No officer or employee of the University who is employed in the financial aid office or who otherwise has responsibilities with respect to education loans, or any of their family members, shall solicit or accept any gift from a lender, guarantor, or servicer of education loans. For purposes of this prohibition, the term “gift means any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimums amount.
- An officer or employee of the University who is employed in the financial aid office or who otherwise has responsibilities with respect to education loans, or an agent who has responsibilities with respect to education loans, shall not accept from any lender of affiliate of any lender any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
- The University shall not: for any first-time borrower, assign, through award packaging or other methods, the borrower’s loan to a particular lender; or refuse to certify, or delay certification of, any loan based on the borrower’s selection of a particular lender or guaranty agency.
- American University of Antigua shall not request or accept from any lender any offer of funds to be used for private education loans (non-Title IV loans), including funds for an opportunity pool loan, to students in exchange for the institution providing concessions or promises regarding providing the lender with:
A) specific number of loans made, insured, or guaranteed under Title IV,
B) a specified loan volume of such loans,
C) a preferred lender arrangement for such loans.
- American University of Antigua shall not request or accept from any lender any assistance with the call center staffing or financial aid office staffing.
- Any employee who is employed in the financial aid office, or who otherwise has responsibilities with respect to education loans or other student financial aid, and who serves on an advisory board, commission, or group established by a lender, guarantor or group of lenders or guarantors, shall be prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission, or group.