Introduction
The primary purpose of medical student financial aid is to provide financial resources to students who would otherwise be unable to pursue a medical education. As you become involved in the financial aid process at the University of Minnesota Medical School, it is important to understand the following statements:
The primary responsibility for financing your education rests with you and your family. Financial assistance from this institution and other sources is only intended as supplementary to the efforts of the family.
You are expected to apply for a Federal Direct Loan before being considered for any additional financial assistance through the Medical School.
Financial aid is based on a twelve-month standard student budget covering fall, spring, and summer semesters for years 2, 3, and 4 of medical school. Year One students are funded for 10.5 months.
Tuition rates for new matriculates are fixed and guaranteed for all four years of medical school through an innovative cost-of-degree tuition policy. Once determined (in the month of May for the Year One entering class), 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).
The standard student budget consists of direct educational costs consisting of tuition, fees, books, supplies, and indirect costs which are personal living expenses for a single student.
Financial aid is awarded on the basis of demonstrated financial need as calculated through Congressional methodology and cannot exceed your cost of attendance.
You are responsible for notifying the Medical School Financial Aid Office if you are the recipient of any non-University educational loan and/or scholarship money.
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.
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?
If you are a returning student who entered the University of Minnesota Medical School prior to 2010, you do not need to submit parent information on the FAFSA, 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.
For new matriculates entering the Medical School in Fall 2010, you will be required to submit parent information on the FAFSA in order to be considered for and eligible to receive any University of Minnesota scholarships awarded through the University of Minnesota Medical School Financial Aid Office. Parental information, however, will NOT be used to determine your eligibility for federal or institutional loan funding.
