Determining Financial Aid Eligibility
According to federal and institutional guidelines, the student and his/her family are responsible for the educational costs incurred during the academic period (tuition, fees, books, and living expenses). The responsibility of the financial aid office is to use the FAFSA calculated Student and/or Family Contribution to determine financial aid eligibility.
The formula to determine the amount which the student will need from non-family resources is as follows:
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Total cost of school budget (minus) — Student/family contribution (equals) = Eligibility for financial aid |
The Student Contribution is determined by a mathematical formula called Congressional methodology. It was established by Congress to determine both the student and parent contribution.
Financial aid packages are composed of a variety of sources and vary among students, not only at different medical schools, but also within the same medical school. Financial aid packages will vary from year to year due to program restrictions, government regulations, and amount of limited resources. You must also apply each year for financial aid.
The financial aid package is primarily composed of loans, since scholarship funds are extremely limited.
A student must meet the following criteria in order to be eligible for financial aid programs:
- Be a U.S. citizen or permanent resident
- Be enrolled/accepted at the University of Minnesota Medical School at least half-time
- If required, register with the Selective Service and file a statement indicating Selective Service registration status
- Maintain satisfactory academic progress
- Not be in default on a previous federal educational loan and not owe a repayment on a previous federal educational grant
- Not have borrowed in excess of federal loan limits
- Be creditworthy according to alternative loan requirements
