Application Process
1) Complete the FAFSA
The most important document in your financial aid application is the Free Application for Federal Student Aid (FAFSA) (www.fafsa.ed.gov). It is strongly recommended that you and/or your parents file your federal income tax forms before you complete the FAFSA. (Significant delays result if you estimate tax information on the FAFSA.)
The application packets are mailed to all accepted students beginning in January, including currently enrolled medical school students. You should complete your FAFSA as soon as possible after January 1. You can apply online at www.fafsa.ed.gov. You may submit your renewal application on the Web at this address, too.
In order to apply on the web site, you must have a Federal Student Aid Personal Identification Number (PIN). The PIN web site can be accessed at www.pin.ed.gov. The Medical School priority application deadline is March 1.
2) Submit Medical School Scholarship Application
(Optional) To be considered for any campus-based scholarships (MMF, Medical School), you need to submit the Medical Student Scholarship Application form to the Medical School Financial Aid Office.
3) Complete Work-Study Application
(Optional) This form is available by request from the Medical School Financial Aid Office.
4) Respond immediately to any correspondence from the University of Minnesota
During the processing of your application, additional documentation may be requested. Your financial aid may be placed on hold or withdrawn if any of the additional information requested from you is not provided promptly.
5) Accept/Reject the Financial Aid Offer
After your application is processed, you will be sent (sometime in late spring/early summer) an e-mail notification directing you to a Web link and a Web-version of the Financial Aid Award Notice listing estimates of available financial assistance. You may qualify to receive more than one type of aid, so your Financial Aid Award Notice (FAAN) may list a combination of financial aid funds: loans, grants, scholarships, or College Work-Study. Your FAAN will tell you how much financial aid to expect each semester (semester disbursements may vary). You must make a decision to accept all or a portion of the financial aid offered within 3 weeks of the date you receive your notification; otherwise, some awards may be canceled.
Creditworthiness
Since some financial aid programs require you to be creditworthy, it is strongly recommended that you request and review your credit history for accuracy and completeness and to correct any errors as quickly as possible. The best time to check your credit history is BEFORE you need a loan -- ideally, this process should be done before you start medical school. If any corrections need to be made, you would have plenty of time to straighten things out. Don't wait until your loan is rejected because of errors in your credit report to investigate your credit. It is also recommended that you obtain a credit report annually.
The "credit score" is a snapshot that focuses on individual borrower behavior. Some examples of the factors used to calculate your credit score are: (1) promptness in paying bills; (2) number of credit cards; (3) total credit limit; (4) the amount owed on accounts; (5) other information in the credit report.
Some examples of negative factors that affect the credit score are: (1) serious delinquency, derogatory public records, or collection accounts; (2) the proportion of revolving balances to revolving credit limits is too high; (3) the proportion of loan balances to loan amounts is too high; (4) too many new accounts; (5) too many accounts with balances; (6) insufficient time since account was established; (7) too many credit inquiries in the past 12 months; (8) too many finance accounts.
You are allowed to receive one free comprehensive disclosure of all the information in your credit file from each of the three national credit reporting companies once every 12 months through a central source. You may contact the central source by visiting www.AnnualCreditReport.com or call 1-877-322-8228.
TransUnion Corporation
P.O. Box 1000
Chester, PA 19022
Phone: 1-800-916-8800
www.transunion.com
Experian
P.O. Box 2104
Allen, TX 75013
Phone: 1-888-397-3742
www.experian.com
Equifax
P.O. Box 105851
Atlanta, GA 30348
Phone: 1-800-685-1111
www.equifax.com
One could request a free credit history report every four months (e.g., TransUnion in January, Experian in May, and Equifax in September) in order to keep abreast of one's credit history throughout the year.
