The ACC, together with Education Funding Services (EFS), developed the ChiroLoan program in response to uncertain access to existing funding, most notably the Health Education Assistance Loan (HEAL) program. Partners in the ChiroLoan venture also include BAC International Credit Corp., The Education Resources Institute (TERI), and the United Student Aid Funds (USAF).
"There was some trepidation and anxiety associated with the emergence of this program," said ACC President Gerard Clum. "But after providing a total of $40 million to students attending every ACC member college, those concerns are well behind us."
The ChiroLoan program has offered chiropractic college students the opportunity to minimize or even eliminate the federally funded HEAL loan borrowing, an important goal of the ACC.
"It is exciting to bring a project like this together, meet a serious and genuine need, and do it on terms that are the best available in the market place," said EFS President Steve Galvin.
The first year of the program saw over $40 million provided to chiropractic students in the form of Guaranteed Student Loans (GSL), Supplemental Loans to Assist Students (SLS), Health Education Assistance Loans (HEAL), and through the new privately funded ChiroLoan.
"We are very proud of the success of our first year in this venture," enthused Henry Howard, senior vice president of BAC. "We look forward to an expanding and mutually rewarding relationship with chiropractic education."
Plans for the second year are ambitious: they include negotiations to lower loan fees to chiropractic students; development of new loan programs that will allow graduates to pay off higher interest rate HEAL loans; and to secure lower loan rates.
"It is a great feeling for the ACC to be leading the way in this area," said Dr. Clum. "We have much to be thankful for in the cooperation of our partners as well as the support of the financial aid departments of the colleges."
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