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 accepted to ICOM.
- ICOM encourages students to budget carefully concerning the amount they need to borrow to assist in covering educational costs and living expenses for the academic period.
- The student completes a loan application with the private lender of their choice; detailing selection of a graduate student medical school loan and ensuring that their application is within the lender designated timeframes for the academic year.
- If the application is approved, the lender sends a certification request to ICOM’s Office of Financial Aid. Otherwise, the lender will contact the student with request(s) for additional documentation, steps and/or suggestions.
- 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 to complete the disbursement process.
- If the disbursement creates a credit balance on the student’s account, ICOM will issue a refund to the student.
*These timelines are estimates provided to assist students with planning. They do not constitute a guarantee as there are many factors that may affect the financial aid processes described above.