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  • Introduction | Financial Aid | Medical Education | University of Minnesota
    component They vary each semester and are not fixed 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 disability insurance 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 However for need based institutional scholarship consideration you must provide parent information on the FAFSA PLEASE SEE INFORMATION BELOW IN THE NEXT TWO PARAGRAPHS Do I need to fill out parent information If you are a continuing student and you are committed to

    Original URL path: https://www.meded.umn.edu/financial/introduction.php (2014-11-22)
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  • Determining Financial Aid Eligibility | Financial Aid | Medical Education | University of Minnesota
    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 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 3 credits per semester 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 What s Inside Financial Aid Basics Aid Programs Money Debt Repay Forms Instructions Duluth

    Original URL path: https://www.meded.umn.edu/financial/eligibility.php (2014-11-22)
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  • Application Process | Financial Aid | Medical Education | University of Minnesota
    Reject the Financial Aid Offer After your application is processed you will be sent sometime in late June early July an email notification directing you to a website and a web version of the Financial Aid Award Notice listing amounts of available financial assistance You may qualify to receive more than one type of aid so your electronic Financial Aid Award Notice eFAAN may list a combination of financial aid funds loans grants scholarships or College Work Study Your eFAAN 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 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 out things 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

    Original URL path: https://www.meded.umn.edu/financial/application_process.php (2014-11-22)
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  • Rights & Responsibilities | Financial Aid | Medical Education | University of Minnesota
    complete and accurate information Notify the Medical School Financial Aid Office of changes in your enrollment status financial status scholarship awards or Graduate Assistantship appointment and the Office of the Registrar if your name and or address changes Report to your University employer and the Medical School Financial Aid Office if you cancel from classes or terminate your studies Attend an entrance exit interview and repay all loans according to the terms of your truth in lending and promissory note forms Refrain from disorderly conduct as defined in the Student Conduct Code Maintain Satisfactory Academic Progress toward your Medical School degree Read all information published by the Medical School Financial Aid Office Satisfactory Academic Progress SAP Policy Students are in good academic standing when they obtain a passing grade in each course in the curriculum complete other requirements including Milestone Examinations and make Satisfactory Academic Progress toward degree completion In order to make Satisfactory Academic Progress students must adhere to the established Medical School schedule for degree completion within four years of the beginning date of enrollment including satisfactory completion of the established curriculum in each successive term The COSSS may modify this schedule by giving a student permission for a leave of absence part time status or other modified programs such as the Flexible MD Even with modifications approved by the COSSS students will be expected to complete Years One and Two curriculum and USMLE Step 1 within four years of the beginning date of enrollment and the Years Three and Four curriculum and USMLE Step 2 within a three year period not to exceed seven years total from the beginning date of enrollment with the exception of those enrolled in the MD PhD program or other dual degree programs Students who fail to meet this expectation are not

    Original URL path: https://www.meded.umn.edu/financial/responsibilities.php (2014-11-22)
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  • General Information | Financial Aid | Medical Education | University of Minnesota
    credit balance refund You must make sure that your bank account information is ALWAYS current and accurate by checking the same Direct Deposit Quick Link listed above at www onestop umn edu and making any changes or updates as necessary if you close or switch bank accounts You can see your student account information and recent transactions on the web at www onestop umn edu use the Student Account Quick Link Tuition Fees Payments Billing notifications are sent at the start of the University semester These notifications are sent to your University assigned email address the umn edu email address Billing notices list both a new balance and usually a minimum payment amount Billing notices will list financial aid credits received electronically as of the billing sent date Late fees are assessed if you are not paid in full on the due date An installment plan is available with an additional fee that is explained within the billing notification email For more information www onestop umn edu finances pay billing statement Unpaid Tuition Bills Students with unpaid tuition bills from the previous semester are not able to be officially registered for subsequent semesters A hold is put on a student s record and the student s registration is not processed until the back tuition has been paid No further coursework will be recorded on transcripts Registration will be completed when the student s account is paid in full Financial aid cannot be processed or released if there is a hold on the student s record For more information www onestop umn edu finances pay past due accounts html Loan Deferments Student loan deferment forms provided by your lender are completed by the University Certifications Office at One Stop Deferment Certifications 130 Coffey Hall 1420 Eckles Ave St Paul MN 55108 Phone 612 624 1111 Depending on your lender or servicer you may have to defer loans yearly or each semester The latest information the Medical School Financial Aid Office has received states that if you have used all grace periods on loans prior to beginning medical school you may be required to submit semester deferments If you have not used any grace periods in most cases you will be required to defer yearly If you have questions regarding your specific case you should contact your bank or servicer directly Deferment forms can be requested directly from the servicer of your loans or you may use the Enrollment Degree Verification form found on the One Stop Forms online page under Student Records forms Verifying your Academic Record Request for Enrollment Degree Verification form Entrance Exit Interviews Before receiving a Federal Direct Unsubsidized Loan or a Federal Direct Graduate PLUS Loan first time borrowers at the University of Minnesota are required by federal regulations to participate in an entrance interview with a financial aid counselor along with completing the Direct Loan online Entrance Counseling session and or the Graduate PLUS online Entrance Counseling session To fulfill the entrance interview requirement medical students

    Original URL path: https://www.meded.umn.edu/financial/general.php (2014-11-22)
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  • FAQ | Financial Aid | Medical Education | University of Minnesota
    a separate component They vary each semester and are not fixed 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 However for need based institutional scholarship consideration you must provide parent information on the FAFSA PLEASE SEE INFORMATION BELOW IN THE NEXT TWO PARAGRAPHS Do I need to fill out parent information If you are a continuing student and you are committed to a primary care specialty and you want to be considered for the Primary Care Loan you will need to submit parent information on the FAFSA This is a Title VII program which requires parent information and signature regardless of your age dependency or marital status However due to its strict residency practice commitments first and second year medical students will NOT be considered for this loan New matriculants and all other continuing students are required to submit parent information on the FAFSA in order to be considered for and eligible to receive any University of Minnesota need based 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 Is there a deadline for applying for financial aid There is a priority deadline of March 1 2015 for the Medical Student Scholarship Application and March 15 2015 for the FAFSA 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 matriculants accepted to the Medical School after March 1 2015 both of these deadlines are waived How do students receive scholarships To be considered for University need based scholarships grants you need to complete the online Medical Student Scholarship Application 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 to request work study funds The applications are available on the Medical School Financial Aid Forms page 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 University student accounts through One Stop Student Services Your financial aid will automatically be applied to your tuition and fees assessment each semester If a credit balance remains in your student account after your tuition and fees charges have automatically paid the excess funds will be electronically deposited in your bank account through Direct Deposit Always make sure that your bank account information is current and accurate by checking the

    Original URL path: https://www.meded.umn.edu/financial/faq.php (2014-11-22)
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  • Resources | Financial Aid | Medical Education | University of Minnesota
    along with a repayment calculator University of Minnesota Medical School Financial Aid This is financial aid information specifically for students at the University of Minnesota Medical School Twin Cities One Stop Student Services Resources for University of Minnesota student services such as billing and student account details Financial Aid Award Notices eFAANs and Direct Deposit of financial aid funds are found here along with other University resources Estimated Student Parent Contribution These are tools and calculators by the College Board Income Based Repayment IBR Plan Information This is an independent non profit source of information about new federal student loan repayment and student loan forgiveness programs StudentLoans gov Federal Student Loans Scholarship Information CollegeNET Mach25 This is a 1 6 billion scholarship database Fastweb Scholarship Search This is the leading online resource in finding scholarships to help pay for school Government Agencies U S Department of Health and Human Services Information on loans and scholarships for students pursuing health professions is found here Free Application for Federal Student Aid FAFSA This is the federal student financial aid application website What s Inside Financial Aid Basics Aid Programs Money Debt Repay Forms Instructions Duluth Student Info Financial Aid Home Office Hours

    Original URL path: https://www.meded.umn.edu/financial/resources.php (2014-11-22)
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  • Loan Programs | Financial Aid | Medical Education | University of Minnesota
    at least 6 credits per semester and be a U S citizen U S national or U S permanent resident Students must agree to complete a primary health care residency program within 4 years of graduation and practice primary care through the date the loan is paid in full The annual interest rate is 5 percent Interest charges do not accrue during the in school grace or residency fellowship deferment periods but begin one year after graduation or the end of deferments The repayment period is 10 years There is no prepayment penalty and this loan is canceled upon death or total and permanent disability Defaulting on the primary care component changes the interest rate to 7 and payment begins immediately Federal Perkins Loan The Perkins Loan is a need based federal student loan program available through the University of Minnesota You must be a U S citizen U S national or U S permanent resident in order to apply Full time students may borrow up to an aggregate maximum of 40 000 including all undergraduate Perkins loans The interest rate is 5 percent and interest does not accrue during the in school and grace periods Repayment of this loan begins 9 months after a student graduates enrolls less than half time or leaves school There is a 10 year repayment period There is no prepayment penalty and this loan is canceled upon death or total and permanent disability University Trust Fund Loan UTFL Medical students may borrow a maximum of 6 000 per academic year with a cumulative maximum of 14 000 The annual interest rate ranges from 3 percent to 7 percent For loans with interest rates under 7 annual interest must be paid one year after loan disbursement even while in school and interest is billed annually thereafter until repayment begins 7 loans do not accrue in school interest Repayment of the loan begins 3 months after graduation or termination from the University and may be spread over 10 years There is no penalty for prepayment and this loan is canceled upon death or total and permanent disability Ford Federal Direct Unsubsidized Loan The Unsubsidized Federal Direct Loan Program is a non need based federal student loan program The maximum amount medical students may borrow is 40 500 every 9 months You must be a U S citizen U S national or U S permanent resident to be eligible Direct Loan funds are disbursed in semester installments There is a 1 073 fee Loans disbursed after July 1 2013 are fixed variable annually The annual interest rate will change yearly for each new loan Currently the interest rate is 6 21 Interest begins to accrue on the date the loan funds are disbursed Forbearance is available for the length of residency Payment of interest and principal may be spread over 10 25 years There is no penalty for prepayment and this loan is canceled upon death or total and permanent disability Federal Direct Graduate PLUS Loan The

    Original URL path: https://www.meded.umn.edu/financial/loans_umn.php (2014-11-22)
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