FAQs

A list of questions is displayed at the top with a list of answers below. At the bottom of the page is an area where a user can ask a new question.

1. How Do I Apply?
2. When Should I Apply?
3. How Much does It Cost?
4. How much and what types of aid can I receive?
5. Are there any scholarships available?
6. How and when do I get the money?
7. How long may I receive aid?
8. Who is eligible to receive federal aid?
9. Whom do I contact for more information?

1. How Do I Apply?

   All students must complete the Free Application for Federal Student Aid (FAFSA). You can complete the FAFSA or renewal FAFSA on the internet at www.fafsa.ed.gov (the FAFSA on the Web Worksheet can help you organize your information to complete the Web FAFSA). You can also complete a paper FAFSA and mail it to the processor. Enter the Five Branches Institute School Code: 031313 and take income tax information directly from your Federal Tax Return. If you have not yet, or will not file a tax return for the previous year, report earnings from your W-2s as income earned by student. We have both the FAFSA on the Web and the paper FAFSA applications available at both campus reception offices.
   In addition to completing the FAFSA, all students must also complete the Five Branches Institute Supplemental Financial Aid Form and bring or mail it to Five Branches Institute.
   Watch your mail and respond immediately to requests for additional information. Some of you may be required to submit IRS 1040s and other documents to complete your financial aid application process. The Financial Aid Office will request these documents if they are needed after the FAFSA has been received.
   Once the FAFSA has been processed, it is transmitted to Five Branches Institute electronically. You will receive a Student Aid Report (SAR) that lists the information reported on the FAFSA. Any errors or changes in information on the SAR should be reported to the Financial Aid Office at Five Branches Institute. Corrections will be made electronically.
   Five Branches Institute will send you an award notification letter to notify you of your eligibility. Once that notification is received, you can complete the loan application to apply for a Stafford loan.

2. When Should I Apply?

   You may submit your application anytime between January 1 of the current year and the end of the academic year for which you are applying. For continuing students to have their loans available to pay tuition at the start of Fall semester, you will want to complete your FAFSA by April 15 of the current year.

3. How Much does It Cost?

   For the costs of Five Branches Institute tuition, fees, and books and supplies for the ENTIRE MTCM program, you can expect to pay between $48,000 and $54,000. Your living costs would be in addition to this amount.
   The following budgets reflect reasonable costs associated with your attendance at Five Branches Institute for the nine-month academic year (Fall & Spring) and for students entering in the four-month Spring semester.
   

   Tuition & Fees Room & Board Books & Supplies Transportation Personal Expenses Origination Fee TOTAL

   1st Year (F&S) $12,000 $ 16,000 $ 1,000 $ 2,250 $ 1,800 33,250

   Following Semester Average $6,000 7,200 800 1,000 800 $12,515

   Living costs are reduced for students living at home with their parents while attending Five Branches Institute.
   The standard budgets above can be adjusted on a case-by-case basis to recognize extraordinary, non-discretionary costs associated with attending Five Branches Institute. Such adjustments might include documented child care, additional transportation, medical/dental/optical expenses, or other reasonable costs associated with your attendance. Budgets cannot be adjusted for California State Board or National Board exam costs, relocation costs to or away from Santa Cruz, or for the purchase of a car.

4. How much and what types of aid can I receive?

   The amount and types of aid you will be awarded depend upon your status as a graduate or undergraduate. The primary source of funding available to graduate students is educational loans. Five Branches University is approved for participation in the Federal Stafford Loan and the Federal Grad PLUS Loan programs. Loans are made to the student by a lending institution and are guaranteed by a guaranty agency.
   Stafford loans have an interest rate of 6.8% and can have up to 2.5% of the loan subtracted from the proceeds to pay fees. Origination fees of 1.5% go to the federal government and default fees of 1% can go to the guaranty agency. Grad PLUS loans have an interest rate of 8.5% and can have up to 4% fees for the loan, 3% to the federal government and 1% default fee to the guaranty agency.
   Subsidized Stafford Loan is based on need (the difference between the cost of attendance and the expected family contribution). The government pays the interest for the student while in school and for the six-month grace period following the end of half-time enrollment. Maximum academic year loans are $8,500 for graduate students. Note: Students admitted with less than 90 semester units, see “Undergraduate Financial Aid.” Unsubsidized Stafford Loan eligibility is not based on need. Even if there is no difference between the students’ cost of attendance and the expected family contribution, she/he can still borrow from this program. This loan does have a six month grace period following school but the student is responsible for the interest while attending school. Students can elect to pay the interest while in school or allow it to accrue and be capitalized (added to the principal) at repayment. Maximum academic year loans are equal to the cost of attendance minus any financial aid received (this includes any subsidized loan received) up to a maximum of $20,500 of both loans.
   Grad PLUS Loan eligibility is based on the student having no adverse credit history which is determined through a credit preapproval process completed with the lender. The amount a student can borrow is the difference between the students’ cost of attendance and other financial aid. The student is responsible for the interest while attending school, and repayment begins as soon as a student completes the program or is no longer enrolled on at least a half-time basis.
   Students who borrow from the loan programs must attend a loan counseling entrance interview at Five Branches University prior to the disbursement of their loan. Students are also required to attend a loan exit interview prior to leaving Five Branches University. Loans are generally repaid over a ten-year period. For every $10,000 borrowed at 6.8% interest, students can expect a payment of $115 per month for ten years. Students who borrow $20,500 of Stafford loans per year for four years would owe $82,000 at the conclusion of their program. To repay this amount in 10 years would necessitate a monthly payment of $943. Average loan debt of the Fall 2007 graduating class was $100,000.
   The Federal Work-Study Program provides jobs for undergraduate and graduate students with financial need, allowing you to earn money to help pay educational expenses. To apply for this award, complete the FAFSA. The number of awards is dependent upon the level of program funding received by Five Branches.
   Undergraduate financial aid Students who have not received a bachelor’s degree and who are admitted with less than three years of undergraduate study (90 semester units) are admitted as undergraduates for the first year of their program at Five Branches University for financial aid.
   Independent undergraduate student academic year Stafford loan limits are $5,500 for the Subsidized Stafford Loan and $5,000 for the Unsubsidized Stafford Loan. Undergraduates may also qualify for the Federal Pell Grant for their first year of full-time study at Five Branches. The Pell Grant is gift aid that does not require repayment. Pell Grants ranged from $400 to $4,310 for the 2007–2008 academic year. The amount of the award is determined by your EFC (expected family contribution) and enrollment status. Undergraduates with exceptional financial need—that is, students with Pell Grant eligibility—may be eligible for the Supplemental Educational Opportunity Grant (SEOG). This award is gift aid and does not have to be paid back. The amount of the award is dependent upon the amount of funding received by Five Branches University from the U.S. Department of Education.
   Undergraduate students are automatically considered graduate level and qualify for graduate-level financial aid once they have completed two semesters of full-time study in the Five Branches University MTCM program.

5. Are there any scholarships available?

   Students attending Five Branches are eligible for numerous scholarships ranging from $500 to $5,000 per academic year. Complete details regarding current scholarships may be found by contacting admissions at 831-476-9424 or sjadmissions@fivebranches.edu. A scholarship search on the web is: FastWeb at www.fastweb.com.

6. How and when do I get the money?

   Loans and grants are disbursed in two equal disbursements, one each at the beginning of the Fall and Spring semesters. When you only attend one semester, loans will be disbursed at the start of the semester. Financial aid you receive is first applied to any outstanding balance owed to Five Branches University. Aid in excess of what you owe will be issued to you by check, normally within five working days. Note: It is very important to keep Five Branches University informed of your current address.
   Earnings from the Federal Work-Study Program will be paid for work completed on a bi-monthly basis.

7. How long may I receive aid?

   You are eligible to apply for financial aid for each year you are a student at Five Branches University. You are required to progress through the Master of Traditional Chinese Medicine program at a satisfactory rate and complete your program within the maximum six-year time frame. You may receive financial aid as long as you are enrolled for a minimum of six units in each of the Fall and Spring semesters, exclusive of the Winter and Summer intersessions. Since students must complete the program in six years, receipt of aid for more than four semesters of less than full-time enrollment (less than 12 units) will require approval by the academic progress committee. Satisfactory academic progress will be reviewed biannually to determine your continued eligibility to receive financial aid.

8. Who is eligible to receive federal aid?

   To be eligible for federal financial aid, regulations specify that a student must meet all of the following criteria:
    Enrolled or accepted for enrollment as a regular student in the Master of Traditional Chinese Medicine program
    A U.S. citizen or an eligible non-citizen (Students attending Five Branches University on a student visa do not qualify as eligible non-citizens. Questions about eligible non-citizen status should be directed to the Financial Aid Office.)
    Have completed the FAFSA and had the application information verified through submission of supporting documentation, such as prior year federal tax forms, when applicable
    Make satisfactory academic progress and be in good standing according to Five Branches University’s academic policy
    Not be in default on a federal educational loan
    Not owe a repayment on a federal grant
    Registered with the Selective Service, if a male born after January 1, 1960.

9. Whom do I contact for more information?

   Mecca Matilda, Director of Financial Aid
   Five Branches University
   200 7th Avenue., Santa Cruz, CA 95062
   Tel: (831) 476-9424
   Fax: (831) 476-8928
   E-mail: finaid@fivebranches.edu