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Frequently Asked Questions

WHAT IS FINANCIAL AID?

Financial Aid is scholarships, grants, loans and work opportunities which assist students in meeting their college expenses.

Two common classifications of student financial aid are:
1. Gift Assistance: Scholarships and Grants, which do not have to be repaid.
2. Self-Help: Loans, which must be repaid, though in many cases not until the student has finished college. Student employment is also self-help assistance, whereby the student works and receives a biweekly paycheck.

WHAT DOES IT COST TO ATTEND THE UNIVERSITY OF MICHIGAN MEDICAL SCHOOL?

For 2003-04, the Financial Aid Office is using the following as an average budget of freshman student expenses. Costs vary depending on academic year. Annual increases are expected:

HOW IS FINANCIAL NEED DETERMINED?

Budget: The budget on your Financial Aid Notification represents a reasonable estimate of a student's average total of educational costs at UM for the 2003-04 academic year, including tuition and fees; room and board; books and supplies; and personal/miscellaneous expenses. Your actual costs may vary, so you should calculate your own estimated expenses to help you better manage your budget for the academic year.

Parental Contribution: The parental contribution on your Financial Aid Notification is calculated with a formula developed by the U.S. Congress called Federal Methodology. This formula considers factors such as parental financial resources (income, savings, and other assets), family size, and number of family members in college. Allowances for family living expenses and retirement income are built into the formula.

Student Contribution: Your contribution toward your educational costs is calculated using Federal Methodology, and includes a review of the income and assets you (and your spouse, if married) reported on the Free Application for Federal Student Aid (FAFSA).

Eligibility for Assistance: The formula used to determine whether you are eligible for need-based aid is Budget - Family Contribution = Eligibility for Assistance.

For institutional funds, the University of Michigan Medical School adheres to the traditional premise that the family bears the first responsibility to contribute toward college expenses to the extent that it is able to do so.

HOW AND WHEN DO I APPLY FOR FINANCIAL AID?

All medical students seeking any type of student financial aid assistance must file the Free Application for Federal Student Aid (FAFSA) or the Renewal Application for Federal Student Aid and the University of Michigan Medical School Institutional Application. To be considered for all types of aid available, parental information on the FAFSA is required. The FAFSA is to be completed on earlier than January 1, using prior year income information (ie 2003-04 FAFSA requires 2002 income tax information). Deadlines are as follows:

Incoming Class (Class of 2007)
You have 5 weeks from the date of acceptance (or March 29, whichever is later) to complete and mail your FAFSA or Renewal Application to the processor and return all required information to the Financial Aid Office. Applications submitted after this date are considered late and will be awarded university-administered-funding subject to funding availability. If university-administered-funds are exhausted, you must apply for external financial aid.

Continuing Students (Classes 2004 thru 2006)
Your Renewal Application or FAFSA must be mailed to the processor and all other required materials submitted to the Financial Aid Office by March 29, 2003. Students who meet this deadline will be eligible for full financial aid consideration (university and external funding) to the extent of their financial need. This deadline allows ample time for students and parents to complete the appropriate 2002 tax returns for accurate reporting of income information.

The Title IV School Code for the University of Michigan Medical School is E00398.

DO I HAVE THE RIGHT TO APPEAL?

If you have questions or concerns regarding a financial aid policy or decision, or you wish to present special circumstances in your case, you may present the appeal to a financial aid officer in writing. If the situation cannot be resolved, it will be referred to the Financial Aid Director. If you are questioning a financial aid policy and there are no unusual circumstances or you are dissatisfied with a policy, the Director will consult with the Associate Dean for Student Programs for appropriate action.

SATISFACTORY ACADEMIC PROGRESS

All students receiving federal student financial aid must adhere to the Policies and Procedures for Medical Student Evaluation, Advancement and Graduation as amended and approved by the Medical School Executive Committee. June 21, 2001, effective July 1, 2001.

REFUNDS AND REPAYMENTS

Medical students who withdraw or drop credits will have their tuition charges adjusted and may have to refund/repay financial aid dollars to the appropriate student aid sources, as required by federal law.

Medical School policy dictates that all financial aid recipients must meet with a financial aid officer before leaving the school for an approved Leave of Absence (LOA), withdrawal or dismissal. Students anticipating a need to leave medical school may meet with a financial aid officer to review their specific refund/repayment calculations to determine the appropriate refund/repayment amount.

If the refund policy changes, students will be notified.

WHEN ARE FINANCIAL AID APPLICANTS NOTIFIED?

Financial aid notification is an ongoing process. Every attempt will be made to notify applicants of their financial aid eligibility as soon as possible. As a rule of thumb, notifications will be mailed beginning in May and will be an ongoing throughout the year. Application received by the deadline will be the first to be processed.

BUDGETING

Managing your financial resources and expenses carefully can help you reduce costs. Planning ahead and establishing a budget is an effective way to help you spend your money wisely. The standard student budgets reflect a modest, but adequate standard of living. You may be able to cut costs significantly through careful planning. Possible areas of the budget to examine for cost reduction include room and board and personal expenses (recreation, clothing, laundry, transportation and miscellaneous expenses). Achieving lower costs is possible if you room with more people, live in a co-op, buy used books, and avoid non-essential purchases.

IS FINANCIAL AID RENEWABLE?

Students must reapply each academic year. Aid is awarded based on the new financial information submitted.