Financial Aid

Several educational loan options are available at ITEA. To begin the application process for federal financial aid, a student must complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov and use ITEA’s school code (G41212). Our financial counselor is happy to speak with prospective students about financing for our Master of Acupuncture in Classical Five-Element Acupuncture program. Please contact Angela Smith at finance@itea.edu.

Federal Direct Stafford Loans

The Federal Stafford Loan, subsidized or unsubsidized, is available to students enrolled at ITEA. Loans of up to $20,500 are available from the federal government to cover costs of training, of which a maximum of $8500 may be subsidized. Subsidized Stafford Loans are based on financial need, and the government pays the interest on the loan while the student is in school, for the first six months after leaving school and during authorized deferments. If students cannot demonstrate need, they may be granted an unsubsidized loan. For this type of loan, the student is responsible for interest from the time the loan is disbursed until the time it is paid in full. The interest rate is variable but will not exceed 8.25%. The student may choose to pay the interest, or choose to add the amount of interest to the principal amount of the loan.

Repayment of a Stafford Loan begins after the student graduates, with a six month ‘grace period’. During the grace period for both subsidized and unsubsidized loans, the principal does not have to be repaid. For subsidized loans, no interest is charged during the grace period. For unsubsidized loans, interest is charged during the grace period. If a student leaves the program before graduating, repayment of the loan begins immediately.

Federal Graduate PLUS Loans

The Graduate PLUS Loan is not based on need. It does require a credit check to insure the student does not have an adverse credit history. A student must have applied for their annual Stafford loan maximum eligibility before applying for the Graduate PLUS loan. A student can receive up to the cost of attendance in the ITEA program, less other financial aid, in this loan. The interest is a fixed 6.8%. An origination fee of 3% and a default aversion fee of 1% may be deducted from the loan before it is disbursed. Interest begins to accumulate on the date of the first disbursement. Repayment begins when the loan is fully disbursed.

Federal Loans

If a student receiving funds from a federal loan leaves the ITEA program during any payment period, the school will return any federal funds disbursed and not earned by the student to the lender no later than 30 days after the effective date of termination of enrollment. Termination of enrollment is effective on the date of written notice by ITEA or by the student. Leaving the program includes withdrawal, dropping out, dismissal, and leaves of absence. The amount to be returned will be calculated based on the number of didactic days in the payment period and the date of student termination of enrollment. If a student completes more than 60% of the didactic days in the payment period, complete funding for that period is received.

Any balance remaining on the student’s account after funds are returned to the lender will be due ITEA. If a student earned more aid than was disbursed, ITEA will owe the student a post-withdrawal disbursement to be paid within 120 days of the effective date of the student’s termination of enrollment.

Veterans Loans

ITEA is approved by the Colorado Office of Veterans Education and Training for Veterans Education and Benefits.

State Vocational Rehab Programs

ITEA has been approved for Colorado Vocational Rehabilitation Programs.