Frequently-Asked Questions
What is Financial Aid?
Financial aid is awarded to help students meet educational expenses and may consist of loans, scholarships, or College Work-Study. The student budget at the University of Minnesota Medical School includes tuition and fees, room and board, books and supplies, transportation, medical expenses, and personal expenses.
Should I apply for financial aid?
The decision to apply for financial aid can be a difficult one. You may not be sure if you should apply for aid because you did not receive financial aid as an undergraduate student or you are uncertain about the income and asset criteria you would have to meet in order to qualify for assistance. You may have heard that financial aid is limited for medical students.
If you do not have sufficient resources to attend medical school, you should not hesitate to apply for financial aid. For medical students, the available funds and the eligibility criteria are different, in some instances, than those for undergraduate students. There is no application fee. You can always decline financial aid if you have enough resources to support your expenses.
How is my financial aid eligibility determined?
The amount of aid you are eligible to receive is based on your financial need as calculated by the federal Central Processor, your enrollment status, and the amount of aid available. Your financial need is the difference between our estimate of what attending this medical school costs and the amount the federal government expects you to contribute to those costs.
Financial aid is intended to supplement, not replace, financial support from you and your family. Your financial need is the difference between the "cost of attendance" budget at the University of Minnesota Medical School and the Student Contribution (SC), as determined by the Congressional methodology formula used by the Free Application for Federal Student Aid (FAFSA).
Your student contribution is based on income and other data you report on the FAFSA. Your earnings through employment, for example, will be a factor in determining your financial need.
How is my cost of attendance determined?
The cost of attendance figures include an estimate of the total cost to support yourself while you are a student. These costs include both direct (tuition and fees, books and supplies) and indirect (living expenses) costs for a single student. (See Budget)
How is my tuition assessed?
Tuition rates for new matriculates are fixed for all four years of medical school through an innovative cost-of-degree tuition policy. Once determined, tuition remains set until completion of the M.D. degree. All students are required to pay 11 semesters of tuition (5 semesters of basic science tuition and 6 semesters of clinical rotations).
What is the difference between an independent and a dependent student with respect to financial aid?
As a medical student, regardless of your dependency status, you will be considered an independent student for financial aid purposes.
Do I need to fill out parent information?
No, UNLESS you are committed to a primary care specialty and you want to be considered for the Primary Care Loan. This is a Title VII program which requires parent information and signature regardless of your age, dependency or marital status. Due to its strict residency/practice commitments, first- and second-year medical students will NOT be considered for this loan. As a medical student, regardless of your dependency status, you will be considered an independent student for financial aid purposes.
Is there a deadline for applying for financial aid?
There is a priority deadline of March 1, 2008. Many funds are distributed on a first-come, first-served basis, so early and on-time applicants are considered first for the available funds. However, for new matriculates accepted to the Medical School after March 1, 2008 this deadline is waived.
How do students receive scholarships?
To be considered for University scholarships/grants you need to submit the Medical Student Scholarship Application form and the FAFSA (Free Application for Federal Student Aid). A new application must be submitted each year for both of these applications.
Do I have to complete additional forms in order to be considered for College Work-Study (CWS) funds?
Yes, you must complete a separate application for work-study funds. The application is available in the Medical School Financial Aid Office. There are two CWS applications. One application is for fall and spring semesters and another application is for summer semester funding.
How do I receive the money once I've accepted the aid offer?
Financial aid is disbursed at the beginning of each academic semester. Payment is credited electronically to individual student accounts through Accounts Receivable/One Stop. Your financial aid will automatically be applied to your tuition and fee assessment each semester. If a credit balance remains in your account after your tuition and fee charges have automatically paid, the funds will be mailed to your current mailing address or electronically deposited in your bank account if you are signed up for Direct Deposit. (It is important to keep www.onestop.umn.edu informed of any address changes using the Personal Information "Quick Link.")
When do I actually receive my financial aid?
Financial aid is usually disbursed the week before classes begin each semester. In order to have your financial aid ready for disbursement, you must first have received, completed, and returned a Financial Aid Award Notice (FAAN). Also, you must have received, completed, and returned your promissory note(s) for any student loans you have been awarded. If your financial aid does not pass into your account by the first scheduled disbursement of the semester, the payments will be credited to your account on a DAILY basis as funds are received. Credit balance refunds are put in the mail/deposited each week. Credit balance refund disbursements begin January 2nd for Spring Semester 2008, May 12th for Summer Semester 2008, and approximately August 30th for Fall Semester 2008.
How does a Graduate Assistantship position affect my financial aid?
If you work 195 hours (25%-time, which is the most the Medical School allows students to work), you will be eligible to receive a tuition benefit in the amount of $3426 for the 2007-08 academic year. The tuition benefit is considered financial aid and could affect your loan eligibility. Make sure to inform your financial aid counselor if you are working in a Graduate Assistantship position, otherwise you may be billed due to an over-award of financial aid. For additional information regarding Graduate Assistantships, please refer to the Handbook for Graduate Assistants available from the Graduate Assistant Office, located at 200 Donhowe Building, 319 15th Ave SE (phone 612-624-7070) or at their web site www.umn.edu/ohr/gae.
My roommate received a financial aid refund but I didn't. Why?
If you think something is not right about your financial aid, let us know. If you think something has gone wrong with the processing of your aid, look into it BEFORE you run out of money. Don't assume everything is OK—call us and ASK! We like questions better than problems!
