Available Financial Aid

Sherman College administers an extensive program of student financial aid. The goal of the program is to enable as many students as possible to pursue a chiropractic education, regardless of their personal financial situation. Recognizing that attending a professional college is costly, students should consider the expense of their total education, not just the cost of their first year of studies. It is important to begin planning early. Beside the usual sources of funds, such as family, personal savings, and part-time employment, there is a variety of other ways to pay college expenses.

Sherman administers federal student aid funds for the Perkins Loan and College Work-Study programs. In addition, Sherman College is an eligible institution for students receiving loans under the provisions of the subsidized and unsubsidized Stafford Loan Program, ChiroLoan, the Veterans Administration, the Bureau of Indian Affairs, Vocational Rehabilitation and Social Security.

Students are expected to investigate Stafford Loan Programs, which are administered by their home states, as well as other sources which may be available. These may include either out-of-state tuition programs administered by the boards of education of some states, social security benefits, vocational rehabilitation programs and loans or scholarships which are available through some state chiropractic organizations. The financial aid office takes into account all funds which are available to the student from sources other than the College, even though the student may choose not to apply for such funds. This is done in order to extend college-administered aid to as many needy students as possible.

To be eligible for financial aid, the student must maintain satisfactory academic progress in accordance with college policy.

Application for Financial Aid

Applications for any form of financial aid must be filed with the financial aid office a minimum of eight weeks prior to registration for the term for which the aid is requested.

The financial aid office requires the following documents to be on file before any financial aid can be processed:

Federal Programs

Outside Links to the government

An applicant MUST be approved for admission by the admission office before any application for financial aid can be processed. Most applications for federal and/or state monies take a minimum of two months to process. FILE EARLY to ensure that you will be considered for all the financial assistance for which you are eligible.

Students seeking financial aid in any form should request a descriptive handbook and an application from the director of financial aid. The handbook gives detailed information on all forms of financial aid available.

Financial aid funds which are controlled directly by the College are awarded on a year-to-year basis. The amount of aid offered to a student in any one year is determined by demonstrated financial need, the other financial resources available to the student, and the funds available to the College for that year. Priority is always based upon demonstrated need, although academic achievement is also a strong determining factor. Approval from the Sherman College Admission Office is required before any aid is disbursed.

Students who complete the application procedures by the deadline can expect notification of aid commitments two weeks prior to the term in which the aid will be given. Students applying for any form of government aid must meet the deadline established by that government program.

Application for Federal Programs

Eligibility for financial assistance involving federal funds is based primarily upon the student’s demonstrated need. That is, the student’s allowable costs must be greater than the financial resources of the family and/or student, as determined by a federally approved measure of the family’s and/or student’s financial strength.

Major federal programs are listed below. Complete details, requirements and procedures are subject to change annually, and can be obtained from the financial aid office.

The Perkins Loan
The advantages of this loan include low interest rates and generously extended repayment periods. The loan limit is $700 per quarter. Students must be in fourth quarter or above and demonstrate financial need to be eligible.
College Work Study Program
Part-time student employment positions are provided at Sherman College through a combination of institutional and federal funds.
Subsidized Stafford Loan Program
Under provisions of this program, a student may obtain, from participating lenders, low interest educational loans with repayment deferred until after the student completes his or her education. The loan limit for an independent graduate or professional student is $8,500 per academic year (three quarters) in addition to the Unsubsidized Stafford limits.
Unsubsidized Stafford Loan Program
The loan limit for an independent graduate or professional student is $10,000 per academic year (three quarters) in addition to the Subsidized Stafford limits.
ChiroLoan
The credit-based ChiroLoan may be used to supplement other forms of financial assistance. You may borrow $1,500 to $8,000 annually, provided you have a satisfactory personal credit history. The interest rate is variable and is based on the 91-day Treasury Bill yield plus 2.5% while you are in school, and on the 91-day Treasury Bill yield plus 2.9% when you begin repayment. A 10% guarantee fee is deducted from the loan check when the loan is disbursed.
Canadian ChiroLoan
The credit-based Canadian ChiroLoan may be used to supplement other forms of financial assistance. Canadian students, who have a satisfactory personal credit history, may borrow up to $10,000. The interest rate is variable and is based on the 91-day Treasury Bill yield plus 2.5% while you are in school, and on the 91-day Treasury Bill yield plus 2.9% when you begin repayment. A 10% guarantee fee is deducted from the loan check when the loan is disbursed.

U.S. Department of Education's FAFSA on the Web


Contact Information

Telephone
Local: 864.578.8770
Toll Free: 800.849.8771
FAX
864.599.4860
Address
2020 Springfield Road/PO Box 1452, Spartanburg, SC 29304
Electronic mail
General Information: admissions@sherman.edu
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Last modified: April 20, 1998