“Knowledge is like money: to be of value it must circulate, and in circulating it can increase in quantity and, hopefully, in value.” Louis L’Amour
Seekers of knowledge know the value of a great education. The cost of attending graduate school can be daunting to those who don’t know all of their options. Learners at AOMA have many choices for funding the masters and doctoral degrees in acupuncture and Oriental medicine.
Financial Literacy
Developing financial literacy should be the first step in the process of exploring your funding options. Learners who manage their finances closely while enrolled lay a foundation for better financial health after graduation. Many AOMA students choose to work while they are in acupuncture school, and use this income to offset the amount they need to borrow for tuition expenses.
In an effort to encourage students to avoid and/or minimize debt, AOMA recommends that you to investigate all possible sources of financial support prior to borrowing, and borrow only if absolutely necessary. In situations where other funding sources do not exist and you choose to fund your education through student loans, we encourage you to budget carefully. Careful financial management before, during, and after enrollment can reduce overall debt and create a solid financial foundation from which you can grow after graduation.
To assist students in this process, the AOMA financial aid office provides support and resources for students in the area of budgeting and money management. You can read more on our financial literacy page or contact the financial services administrator to make an appointment for financial advising.
Types of Financial Aid
Financial aid opportunities for studying acupuncture and Oriental medicine at AOMA include Federal Direct Student Loans, Federal Work Study, veteran's/military tuition benefits, and scholarships.
Direct Student Loans
AOMA is certified by the Department of Education to participate in the Title IV Federal Student Aid program. Loans include the Direct Unsubsidized and Direct PLUS Loans for graduate students. Direct Loans are low-interest loans issued by the federal government to students enrolled in eligible programs at least half-time (six credits). Read more about Direct Loans.
Federal Work Study
The Federal Work Study (FWS) program provides part-time employment to AOMA students with financial need, in order to help cover the cost of attendance. In addition to financial support, the FWS program offers relevant training that supports post-graduate student success. Finally, the FWS program encourages students to participate in community service activities and literacy projects throughout the Austin area. Find out more about work study jobs at AOMA.
Scholarships
AOMA awards a number of scholarships each year to current students. Scholarships include: the President’s award, the AOMA Scholarship, and the Golden Flower Chinese Herbs Scholarship. The number and amount of scholarships awarded depend on the funds available each year. Peruse an extensive list of available scholarships.
Veteran’s Benefits
AOMA is approved by the Department of Veterans Affairs (VA) for the training of veterans and other eligible persons. In order to receive Veteran’s Benefits, the veteran must first establish his/her eligibility with the VA. Once eligibility has been established, AOMA certifies the veteran’s enrollment. Read more about veteran’s benefits and military tuition assistance.
Applying for Financial Aid
Step 1: The FAFSA
The first step in applying for financial aid for acupuncture college is the completion of the Free Application for Federal Student Aid (FAFSA). The FAFSA is used to determine your eligibility for all forms of federal aid, including Direct Unsubsidized Loans and Federal Work Study. AOMA also awards some scholarships on the basis of financial need, so we encourage you to complete a FAFSA even if you do not intend to request student loans. Veteran's/Active Duty Military benefits have an alternate application process.
The FAFSA is completed online at www.fafsa.ed.gov and the process typically takes five to seven days. In addition to supplying your Social Security Number (or alien registration or permanent resident card if you are not a U.S. citizen), you will also need to have records of money earned during the previous tax year and AOMA's School Code (031564).
FAFSA Results
You receive the results of your FAFSA in the form of a Student Aid Report (SAR). The SAR is delivered electronically in an email from the Federal Student Aid office of the Department of Education. Please review your SAR very carefully! The SAR is multiple pages long and contains important information about your financial aid eligibility, including your EFC and a report of any potential issues that may prevent you from obtaining financial aid.
Once you have received and reviewed your SAR, please contact the AOMA Financial Aid Office. We can advise you regarding your eligibility and the remaining steps in the application process.
Step 2: AOMA Financial Aid Process
After completion of the FAFSA, prospective students should communicate with the Admissions Office and complete their application to the Master’s or Doctoral program according to the published admissions deadlines.
If accepted into an AOMA graduate program in Chinese medicine, your next step will be to register for classes and meet with the Financial Services Administrator for preliminary financial aid advising. During this meeting you will be able to discuss financial options, develop a budget for your first terms, and to complete all necessary financial aid paperwork. Students can work with the Admissions Office to schedule both their registration and financial aid advising appointments.
This week, we'll introduce you to Nicole Rivera, Financial Services Administrator, who works with applicants and current students to answer their questions about financial aid.
