Editors’ note: How much did it cost you to attend chiropractic college? And how much did you borrow? In 1968, chiropractic students at one college were given a new option to financing their education — federally subsidized student loans.

1968 — Los Angeles College of Chiropractic has been informed by the Department of Health, Education and Welfare that it is eligible immediately to process student loans under the National Vocational Student Loan Insurance Act. This announcement was made by Dale R. Stoddard, dean of instruction at the College.

This means that students planning to enroll now have the opportunity to apply for financial aid to defray the cost of the four years of their college education. “In fact, over 20% of our present students have already applied for loans to complete their remaining years,” a spokesman for the College reported.

The Higher Education Act and the National Vocational Student Loan Insurance Act authorizes programs of Federally Insured Student Loans. These programs enable students to borrow from participating lending institutions to help pay their educational costs while attending schools ranging from vocational or technical to degree granting institutions.

These loans are insured by the Federal Government and in the even of a student’s death, total and permanent disability or failure to pay, the lender will be reimbursed 100% of the unpaid principle balance of the loan.

During the student’s in-school period, the Federal Government pays the total interest up to 6% simple interest per annum for those students whose adjusted family income is less that $15,000 per year. During the loan repayment period, the Federal Government pays 3% simple interest per annum on the unpaid principle balance. Students who do not qualify for Federal interest benefits may borrow, but they must pay all the interest on the loan.

Who May Borrow? Regardless of family income, any student desiring to pursue a post secondary education is eligible to apply for a loan provided he or she:

• Is enrolled and in good standing or has been accepted for enrollment at an eligible school.

• Is carrying at least one-half of the normal full-time workload as determined by the school; and

• Is a citizen or national of the United States or is in the United States for other than a temporary purpose.

Maximum Loan Account. A. $1,000 maximum for each academic year or its equivalent. B. $2,000 aggregate for all academic years or the equivalent.

The Office of Education charges the lender an insurance premium of one fourth of one percent per year on the amount disbursed for the term of the in-school note. The lender may collect the premium from the borrower or deduct it from the proceeds of the loan.

Repayment of the loan begins no earlier than 9 months nor later than one year after the date of graduation or withdraw from school. The minimum annual repayment is $360, payable in installments over not less that five (unless sooner repaid) nor more than ten years. Repayment may be deferred while the borrower is a member of the Armed Forces, a volunteer in the Peace Corps or VISTA, or for any period during which he is pursuing a full-time course of study at an eligible school.

Loan application procedure is quite simple. The student obtains an application from the school and after completing submits to the proper officer for verification and for approval or declination. If approved the application is submitted for an insurance commitment. Upon its return the lender may then disburse the funds to the student.

Dr. George Haynes, administrative dean of LACC, commented, “I regret that up to now LACC is the only chiropractic college that has qualified for participation in the Federal Insured Student Loan Program of 1965 but this has been a goal we have long been seeking and now we have reached it. This should open the way for many students to enter our college and the chiropractic profession. I hope that the doctors in the field will spread the news of the loan program to those men and women who might be prospective students for LACC.”

All questions and requests should be submitted to: Mr. Dale R. Stoddard, Dean of Instruction, Los Angeles College of Chiropractic, 920 East Broadway, Glendale, California 91205.