AIMC Berkeley offers financial aid through federal loan programs.
Our Financial Aid officer, Victoria Labrador, can assist you and answer all your questions.
The Federal Direct Loan Program, available at a fixed rate, constitutes the primary source of funding for financial aid at AIMC Berkeley. Detailed financial aid information on the various federal financial programs, as well as free information on preparing for and funding education beyond high school, is available from the US Department of Education (USDE) at www.studentaid.ed.gov.
Graduate students may be eligible for two different financial aid programs (1) Direct Unsubsidized Loans and/or (2) Graduate PLUS loans.
(1) Direct Unsubsidized Loans
Direct Unsubsidized Loans are available to graduate or professional degree students. You are not required to show financial need to receive a Direct Unsubsidized Loan. Students who are admitted to AIMC Berkeley as graduate students, i.e., possess a bachelor’s degree or the equivalent of three years of undergraduate study (90 semester units), are eligible to borrow graduate-level Direct Unsubsidized (“Stafford”) Loans. For each academic year, a student may borrow a combined total of $20,500 from unsubsidized loan programs.
As of July 1, 2018 the Federal Unsubsidize Loan interest will increase from 6% to 6.595% and the Grad-Plus will increase from 7% to 7.595%
This has been approved by the congress office. Origination fee is still pending. Any students requesting for federal loans as of July 1, 2018 will be subject to the new rate.
(2) Graduate PLUS loans (“Gradplus”)
Students needing additional assistance may consider the federal Graduate PLUS loan. This loan is based on your personal financial credit history. This loan has a 4% origination fee and a higher interest rate of 7.9%. Please contact the financial aid office for further details on the eligibility requirements for this program.
Reimbursement to Veterans and Eligible Persons. For information or for resolution of specific payment queries, veterans should contact the Department of Veteran’s Affairs nationwide toll free number at 1-888-442-4551.
To maintain your financial aid status once your application is approved, you need to maintain satisfactory academic progress.
If you would like to receive financial aid, please follow the checklist below:
Students must complete their financial aid applications in a timely manner, at least one month before the beginning of a term if the financial aid is needed to pay tuition. Late tuition payment due to failure to make timely application will result in a late fee of $100 being assessed.
The rights and responsibilities of students receiving aid are provided in detail in the USDE Student Guide (available at www.studentloans.gov). In addition, prior to receiving a first loan disbursement at AIMC Berkeley, all recipients are required to attend a Loan Entrance Interview with the Director of Financial Aid. The Entrance Interview provides information required by federal regulation for all Federal Direct Loan borrowers.
If a student has special circumstances or a change in circumstances not already reflected on the FAFSA (such as loss of employment, retirement, or loss of untaxed income) he or she can ask the college to review the changed circumstances by submitting the college’s Policy Appeal Form defining the situation and providing actual figures. In addition, a student may request to have his or her Cost of Attendance adjusted due to special or unusual circumstances. Examples include medical or dental or nursing home expenses not covered by insurance, unusually high child care costs, etc. The appropriate documentation of the unusual circumstances and/or expense must be attached to the college’s Policy Appeals Form and submitted to the financial aid office for review and final submission to the Appeals Committee. The student will be notified in writing of the committee’s decision.
An academic year for financial aid purposes is two trimesters. Annual loan and grant awards are paid in two trimesters. For example, a student who begins AIMC Berkeley in the Fall trimester receives eligibility for annual loan and grant maximums for the first and second trimesters, (first academic year). Eligibility is renewed for the third and fourth trimesters, (second academic year.) Students may potentially borrow for five two-trimester academic years while completing the program (on the 10 trimester schedule), or longer, depending on available aid.
Federal work-study is based on financial need as determined by the FAFSA. Awards are given first to those with Expected Family Contribution (EFC) $5,000 or less (as determined by the FAFSA) and it based on available funding. Jobs include on-campus positions such as clinic reception assistants, library assistants, herb room assistants and peer tutoring. The College also offers limited institutional work-study that is not based on financial need, as available.
Both federal and institutional work-study students are paid an hourly rate for the work performed. Students may work up to 20 hours a week in a variety of positions. Students must be enrolled at least half-time and provide proof of employment eligibility in the US, as stipulated by the INS.
"One of my favorite things about AIMC is the sense of community. We come together to support each other through challenges. Instead of a sense of competitiveness between students, there is a caring community that lifts everybody up. The faculty and staff are approachable and provide wonderful support during your graduate journey."- Master’s Student