The New Zealand College of Chiropractic participates in the Federal Student Aid Direct Loan program
This scheme allows American citizens and eligible non-citizens to access some US Federal student loans while studying for the Bachelor of Chiropractic at the College.
Information for Students who want to receive financial aid
Types of Direct Loans
The U.S. Department of Education (ED) offers Direct Loans through the William D. Ford Federal Direct Loan (Direct Loan) Program. There are three types of Direct Loans that are available for eligible students while studying at the New Zealand College of Chiropractic.
Direct Subsidized Loans
- For undergraduate students with financial need.
- For loans first disbursed on or after July 1, 2022, and before July 1, 2023, the interest rate is 4.99%.
- You’re not usually charged interest on the loan during certain periods, such as when you’re in school at least half-time.
- The U.S. Department of Education (ED) is the lender; payment is owed to ED.
Annual Award (subject to change)
Up to $5,500 depending on grade level and dependency status*
For the total lifetime limit, go to: Direct Subsidized Loans
Direct Unsubsidized Loans
- For undergraduate, graduate, and professional degree students; financial need isn’t required.
- For loans first disbursed on or after July 1, 2022, and before July 1, 2023, the interest rate is:
- 4.99% for loans made to undergraduate students, and
- 6.54% for loans made to graduate and professional degree students.
- You’re responsible for paying the interest during all periods.
- ED is the lender; payment is owed to ED.
Annual Award (subject to change)
Up to $20,500 (less any subsidized amounts received for same period) depending on grade level and dependency status*
For total lifetime limit, go to: Direct Unsubsidized Loans
Direct PLUS Loans
- For graduate and professional degree students and parents who are borrowing money to pay for their dependent undergraduate child’s education, * financial need isn’t required.
- For loans first disbursed on or after July 1, 2022, and before July 1, 2023, the interest rate is 7.54%.
- You must not have an adverse credit history (unless you meet certain additional eligibility requirements) **.
- ED is the lender; payment is owed to ED.
Annual Award (subject to change)
Maximum amount is the cost of attendance (determined by the school) minus any other financial aid the student receives
Eligibility for US Federal Loans?
US citizens and eligible non-citizens must meet eligibility criteria set by the US Department of Education to qualify for US Federal Student Aid.
To be eligible for the US Department of Education’s Direct Loan Program loans, students must:
- be an eligible US citizen or eligible non-citizen
- Have a valid social security number
- not be in default or owe a return payment on any federal student loans
- You must be enrolled for more than half time in an eligible program
- not be enrolled in any online or distance courses in whole or part
- maintain Satisfactory Academic Progress (SAP)
- be on track to complete your degree program within 150% of the allocated course timeframe (maximum timeframe).
- Complete all the steps of the application process to be considered for a loan
The Bachelor of Chiropractic at the New Zealand College of Chiropractic is a professional degree and is recognised as an eligible Graduate/Professional programme by U.S. Department of Education.
Satisfactory Academic Progress
New Zealand College of Chiropractic students must maintain satisfactory academic progress to remain eligible for a loan. You can find out more in the Student Handbook.
Students must complete all steps in the application process within a reasonable timeframe to receive financial aid and must comply with all requirements relating to communication and confirmation of disbursements.
How much can I borrow?
Students are eligible to borrow loans up to their cost of attendance less any alternative education income such as grants, or study-related employment.
How much students need to borrow over the course of their degree will vary according to: access to private funds, employment opportunities, lifestyle choices, practicum selection, prevailing exchange rates, planned travel, and whether they obtain NZ Permanent Residence.
Cost of Attendance
The cost of attendance is the expected cost that the average student will incur to complete their Bachelor of Chiropractic at The New Zealand College of Chiropractic. Each component of the cost of attendance calculation is reviewed annually, once the College’s fees have been set. It should also be noted how exchange rate can affect the amount of money you borrow and receive.
Cost of attendance elements can include some or all of the following:
Programme tuition fees
The tuition fee component is dependent on the international student fees set for the year you study. For information on the International Student tuition fees please refer to the Fees and Finance. Tuition fees are subject to change and are reviewed each year. Tuition fees are charged at domestic rates for students with NZ Citizenship or Permanent Residence.
Course related costs
The compulsory non-tuition fees differ according to the year you are enrolled in for each year. Fees are factored into your cost of attendance. You can view the course related costs for each year on our website. All students enrolled at the college are required to pay the student services levy.
Fee paying foreign students must hold acceptable insurance as a condition of their visa from the period of their enrolment until the expiry of their student visa. New Zealand government under the Pastoral Care of International Students require all international students to have insurance before they leave their home country and to maintain insurance throughout their studies until they return to their home country. For the current 2023 academic year this estimated at NZD $620.
Books and supplies
An allowance of NZD $1,000 is included in the cost of attendance for books and supplies. This is included as part of Course related costs above.
Living Expenses allowance
The living costs allowance includes the cost of rent, utilities, food, local transportation and personal expenses. This is currently estimated at NZD $506 per week.
Each student is awarded a contribution towards the cost of a return flight to New Zealand (NZD $2,500 allowance) for each year of study; this is not provided to students with NZ Citizenship or Permanent Residence.
Allowances for purchase of a motor vehicle are not permitted.
An allowance is made to cover the cost of origination/loan fees. Origination fees are revised every October and are published on the US Financial Aid website: Interest rates and loan fees
If you need to find out more about the cost of attendance, please contact the Financial Aid Administrator
Exchange rate conversion policy
It is important to read and understand this policy before accepting US financial aid and committing to study at New Zealand College of Chiropractic.
Use XE.Com currency converter to find out the exchange rate from New Zealand dollars (NZ$) to US dollars (US$).
Your cost of attendance (COA) for US financial aid purposes is calculated in NZ$ and then converted to US$ to create the US$ COA. This calculation is made at the time of the financial aid eligibility assessment.
New Zealand College of Chiropractic has a policy not to recalculate the COA after this point based on exchange rate movements, which may result in a positive or negative gain by the time the money is received by the College.
An exchange rate conversion occurs at two separate stages:
Stage 1: When your eligibility is assessed, COA is created, and award letter is issued.
When your US financial aid application is assessed, the COA is calculated based on the exchange rate at that point in time.
Stage 2: When loan funds are received by the College.
When the loan funds have been received, the College must convert the US$ to NZ$. The exchange rate used is the rate on the day we received the payment from the United States Reserve Bank.
It is important to note that as the two exchange rate conversions occur at different points during the year, each conversion will result in an exchange rate risk due to any movement in the US$/NZ$ exchange rate.
The College is unable to set the same exchange rate for both conversions (NZ$ to US$ and then US$ to NZ$), so it is the student or parent borrower’s responsibility to understand and accept this risk as part of studying at a foreign university and borrowing US federal or private loans.
How to apply for a US Federal Loan?
There following are the steps to apply for financial aid at New Zealand College of Chiropractic once you have been offered a place at the College.
- Complete a Free Application for Federal Student Aid (FAFSA)
It outlines your eligibility for aid and provides the Department of Education with the financial information to calculate your Expected Family Contribution (EFC). Complete the form at the FAFSA website, listing New Zealand College of Chiropractic (G40854) as your school, and indicating the correct level you will be studying (Graduate/Professional Level).
- Complete entrance counselling
All students are required to undergo entrance counselling, this step provides you with all the relevant information about borrowing and repaying loans and ensures you what is involved as well as your rights and responsibilities. Students need to complete Direct/Direct PLUS entrance counselling if they intend borrowing either one of these loans from New Zealand College of Chiropractic. You will need an ED pin to log in (the same as you used when submitting your FAFSA)
- Complete a Master Promissory Note (MPN)
This outlines the terms and conditions of your loan and is your promise to repay the loan funds. Please read the conditions carefully and decide whether you wish to pay interest whilst you are in school. You need to complete an MPN for each loan type you intend to receive Direct loan, Direct PLUS or both.
- Complete and submit the New Zealand College of Chiropractic Direct Loan Application Form
This lets us know to look out for the rest of your application materials and provides us with more information about your loan eligibility in the Foreign School context. You will also need to advise us of any grant, aid, or scholarship that you are in the receipt of when you submit your application for aid.
Once completed send to email@example.com
- Assessment of eligibility and Award letter
You must complete the full application process before your financial aid application can be assessed by the College. Once we have determined your eligibility, we will notify you by email with a letter called an AWARD letter and associated AWARD offer detailing your cost of attendance, loan types, and loan amounts you are eligible for.
Graduate students and parents of dependent undergraduate students may be eligible for a Direct Plus loan. Depending on your eligibility and status, relevant information about a Direct PLUS loan will also be included in your AWARD letter if appropriate.
Students who are ineligible for a Direct PLUS loan and require additional loans to cover their study can consider a private education loan.
- Complete Financial AWARD offer, sign & return
Read your AWARD letter carefully. Make sure you understand US financial aid and know what taking out a federal loan means.
- You need to accept the AWARD offer by email. You do not have to accept the full amount you are offered.
- If you accept, confirm the amounts you want to borrow and sign the AWARD offer. Then scan it and return it to us by email.
- If you decline the loan, please let us know by email.
- Receive your Direct Loan Funds
Students in the NZCC Bachelor of Chiropractic Degree programme will receive two equal disbursements per year which coincide with the start of each semester.
Students must be in good academic standing and be registered full-time or at least half-time to receive their loan payments.
U.S. Direct Loan payments will be made in NZ dollars to the student’s account after having first paid out any outstanding tuition fees. Any remaining amount after outstanding fees have been paid will be refunded to the student by the Accounting and Finance office.
Students must set up a New Zealand bank account and provide their NZ Bank Account information to the Financial Aid administrator.
Borrower’s Responsibilities and Obligations
- Maintain Satisfactory Academic Progress each year to continue to be eligible for further funding. See Satisfactory Academic Progress Policy.
- Immediately inform the Financial Aid Administrator of any academic (including course load reduction or withdrawal), financial, marital status or personal information changes. Such changes may result in the student being ineligible for further funding and being required to repay unearned loan funds. See Return of Title IV U.S. Direct Loan Funds Policy.
Students must also complete an Exit Counselling interview and begin repayment of their student loans when they are no longer registered in full-time studies (i.e., graduation, withdrawal, or course load reduction to less than half-time).
Repayment begins six months after a student graduates, leaves school, or drops below a half-time course load. Please visit Student Loan Repayment for more details.
Loan Default Management Plan
NZCC has the following strategies in place to ensure that students and their parents are fully informed about and supported through the U.S. Direct Loans process. Supporting students in the U.S. Direct Loans process ensures that they maintain their eligibility for U.S. Direct Loans while they are registered at NZCC.
Student Consumer Information
As per the Higher Education Opportunity Act (HEOA) of 2008, the US government requires institutions offering federal student loans to disclose the following consumer information. If you require further information, please contact the Financial Aid Administrator at the New Zealand College of Chiropractic (the College).