How To Apply
At this time, ICOM is not eligible to participate in federally sponsored student loan programs for the first two years of instruction In the interim, ICOM has worked with private financial lending partners who have approved ICOM for select health professions loans for our students. ICOM will apply for and comply with Title IV regulations to achieve eligibility at the earliest possible time.
While ICOM cannot offer federal aid during at least the first two years, you may find the following resources of use in understanding the basics of the application process, types of aid available, and other resources for graduate and professional degree students:
Financial Aid for Graduate and Professional Degree Students - provides an overview of federal aid programs and how to apply for them.
Financial Aid Tips for Graduate Students - is a helpful blog.
There are two steps you should take in preparing to apply for a loan to help with your annual academic costs.
1. Set a realistic budget
ICOM’s cost of attendance (COA) includes an amount for tuition and fees, books and supplies, room and board, transportation and personal expenses. The cost of attendance was constructed using national data sources including the US Census, USDA, national surveys, and US Bureau of Labor Statistics. Students aid cannot exceed the established COA per Federal regulations. The aid a student receives includes all sources of financial aid including loans, outside scholarships, institutional scholarships and any other form of estimated financial assistance a student may be receiving.
It is important to remember that financial aid is available to qualified students to assist in paying for the cost of their education. Financial aid is meant to fund the student’s education and expenses, not the family’s. ICOM encourages you to consider what you need to borrow to cover the cost of your education and living expenses carefully and not to live beyond your means in medical school or residency.
2. Apply for loans
The application process will need to be completed each year. The application process should not be completed more than 180 days in advance of the semester start date. Not all borrowers will qualify on their own, be aware you may need to find a credit worthy co-signer to qualify. Most private/alternative student loans offer a co-signer opt out provision after so many on-time payments. Entrance Counseling is required for all students who borrow a private/alternative loan. ICOM encourages you to be conscientious of the debt you are agreeing to and your ability to repay it later.
- The applicant is admitted to ICOM.
- ICOM sends the student an award notification including the types and amounts of aid that may be available and require an additional application process. During the first two years this will be a private/alternative loan that student will need to apply for and it will be listed at the full cost of attendance. ICOM encourages students to carefully consider the amount they need to borrow to cover educational costs and the living expenses of the student.
- The student completes a student loan application with the lender of their choice (no earlier than 180 days prior to the semester start date).
- If the application is approved, the lender sends a certification request to ICOM’s Office of Financial Aid. If it is not approved, the lender may contact you with additional steps and/or recommend adding co-signer.
- If the student is receiving other sources of aid such as scholarships, they must notify ICOM’s Office of Financial Aid with the source and amount.
- The Office of Financial Aid sets the disbursement dates for the loans and scholarships accepted by the student.
- On the scheduled disbursement date(s), the Office of Financial Aid confirms that the student is still eligible for aid and authorizes the disbursement of funds to Student Accounts (the Business Office). Funds from the eligible aid types are posted to the student’s ICOM account. Disbursement is now complete.
- If the disbursement creates a credit balance on the student’s account, ICOM will issue a credit balance payment (refund) within the corresponding payment window, but not later than 14 days from the disbursement date. If appropriate documentation is on file, ICOM’S Business Office will send an ACH payment to the student’s chosen financial institution. Otherwise, a check will be issued to the student.
*Timelines provided are estimates and included to assist students with planning. They do not constitute a guarantee as countless factors may affect the financial aid processes described above.