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 amounts are limited only by the Cost of Attendance at AUACOM for the semester in which the loan is obtained minus the amounts of “Estimated Financial Aid” that the student receives to pay the Cost of Attendance for that semester. Estimated Financial Aid, which is considered in determining the amount of Grad Plus loans that a student may obtain includes, but is not limited to: other federal financial aid including any Direct Unsubsidized loans that the student may obtain for the semester, scholarships, grants and private loans. For example, if the Cost of Attendance at AUACOM for Semester 1 is $30,000 and the student is granted a $5,000 scholarship for that semester, the student will be eligible to borrow $20,500 through a Direct Unsubsidized Loan and $4,500 through a Grad Plus loan.
Less Federal Direct Unsub Loan: ($20,500)
Remaining Grad Plus Eligibility: $4,500
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.
How to Apply for a Direct Unsubsidized or Grad Plus Loan:
The following are the steps that a student must take in order to obtain a Federal Direct Unsubsidized or Grad Plus loan:
- Obtain or recover a Federal Financial Aid ID (“FSA ID”). To obtain or recover an FSA ID, log on to www.fsaid.ed.gov and follow the steps to create or recover an FSA ID.
- Complete and submit the Free Application for Federal Student Aid (FAFSA) for the 2015-16 year. To do so, log on to the FAFSA website at www.fafsa.gov; select “foreign” from the State drop down menu; enter the school’s name: American University of Antigua College of Medicine, and enter the AUA Federal School Code, which is 04240100. A student may complete and submit a paper FAFSA. Please call the Federal Student Aid Information Center at 1-800-4FED-AID (1800-433-3243) for information and instructions on how to do this. AUACOM students are graduate students. As a result, AUACOM’s student will be classified as independent. A student who is independent is not required to provide any information about his/her parents. If the student is married or has dependents, the student must include his/her spouse’s and dependents’ information on the form. In order to simplify this task and insure that the information that the student provides is the same as that which the student had provided to the IRS on his/her most recent income tax return, FAFAS provides an IRS Data Retrieval Tool that allows the student both to access his/her IRS tax return and the return of his/her spouse and to transfer the data from the returns directly into their FAFSA. For more information on completing and submitting the FAFSA click here.
- Complete entrance counseling for the Direct Unsubsidized Loan and/or for the Grad PLUS Loan if applying for this type of loan. To do this, log onto www.studentloan.gov.
- If applying for a Direct Unsubsidized loan, log onto www.studentLoans.gov and complete a Master Promissory Note (MPN) for that loan. You will need your FSA ID to sign in. If applying for a Grad Plus, Loan, do the same for that loan. In order to complete an MPN for a Grad Plus loan, you must first apply for the loan by clicking the “Apply for Plus Loan” link on the student loan.gov home page and complete the application. If applying for both a Direct Unsubsidized loan and a Grad Plus loan, complete and submit an MPN for each type of loan. An MPN is the legal document that sets forth your promise to repay the United Stated Department of Education the principal amount of the loan and any accrued interest or fees in accordance with the terms of the loan The MPN explains the terms and conditions of the loans. You must complete and submit a new MPN for each type of federal loan that you will apply for during each award year that you are enrolled at AUACOM. Although you may have previously signed an MPN to receive a Federal Family Education Loan (FFEL) or a Direct loan while enrolled at a school other than AUACOM, that MPN cannot be used to borrow Direct or Grad Plus loans at AUACOM because there are special rules for institutions like AUACOM that are located outside of the U.S. Save and retain a copy of your MPN(s) after you complete the form electronically. You do not need to provide AUACOM with a copy since AUACOM will receive electronic notification once you have completed the MPN.
- GRAD PLUS loans require a credit check, which is the last step in the application process for a Direct Plus loan. You will receive a response to the credit decision almost immediately. A student with an adverse credit history may not be eligible for a Direct Plus loan. An adverse credit history is defined as (1) being more than 90 days late on one or more debts with a total combined outstanding balance greater than $2,085 (as of the date of the credit report), or that have been placed in collection or charged off (written off) during the two years preceding the date of the credit report; or (2) within the past five years being subjected to a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write off of a Title IV debt. A Direct PLUS Loan borrower with an adverse credit history who is denied may still receive a Direct PLUS Loan if he/she obtains an endorser who does not have an adverse credit history and the borrower completes Plus Counseling. The endorser is responsible for repaying the Direct PLUS Loan if the borrower fails to do so. The borrower may also appeal the denial.
- Complete the VFAO Interview by clicking on this link (approximately 20 minutes to complete). The VFAO Interview can also be found at https://auamed.vfao.com. Click “Start an Interview” and answer the required questions for the award year, which is two semesters in length. The VFAO will communicate notices to you via email. You will use the VFAO to request loan amounts, view your approved loans and accept or change your loan amounts.
- Complete the AUA Financial Aid Form. Students who have completed Steps 1-6 must complete AUACOM’s Financial Form and return it to the Office of Student Financial Services on campus, by fax at 1-646-417-6220 or by email at StudentFinancialServices@auamed.org
The Office of Student Financial Services is available on campus, by phone at 1-877-666-9485 or email StudentFinancialServices@auamed.org.
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 email@example.com 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 that you may have 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 firstname.lastname@example.org, 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 Financial Aid Office 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.