Graduate Programs - Award Process

Need Eligibility

After MUSM has received the results from the FAFSA need analysis, an award letter will be sent to the student. This letter will contain the student's individual budget (based on the standard student budget), expected family contribution, and resulting financial need.

How Awards are Determined

In determining a student's eligibility, outside resources and the student's maximum Federal Direct Subsidized and Unsubsidized Loan eligibility are considered.

Offer of Financial Aid

An award letter will be sent to each student after his or her file has been reviewed, verified, and awards made. The award letter will include the standard student budget, the expected family contribution, and, if the student is eligible, an offer of need-based funds.

All students who have met the April 1 FAFSA/RAFSA filing deadline will receive an award on or before July 1. Entering and transfer students who have not met the April 1 deadline due to acceptances offered late in the spring will receive an award letter shortly after the results of the FAFSA have been received in the Office of Financial Aid.

Appeals

Every student has recourse through the Executive Associate Dean of the School of Medicine to appeal decisions which cannot be resolved within the MUSM Office of Financial Aid. The appeal should be submitted in writing to the Executive Associate Dean of the School of Medicine.

Adjustment to Aid Awards

It is the student's responsibility to inform the Office of Financial Aid of any changes in his or her financial status during the course of the academic year. At any time after the financial aid application has been submitted or an award made, adjustments may be made by the institution if estimated resources cease to exist or fail to materialize. For example, if a spouse becomes unemployed, disabled, or dies, the applicant should submit written documentation to the Office of Financial Aid. Likewise, if a student receives funds which were not anticipated at the time of the application, the Financial Aid office should be notified so that the award may be reduced accordingly.

Entrance Interview

In an effort to assure that a student is an informed borrower, MUSM and federal regulations require that every student participate in an entrance interview before federal funds are disbursed. The entrance interview should be considered an integral part of the student's financial planning. It will communicate information about each loan the student plans to borrow and cover topics relating to consolidation options, debt management, and general repayment obligations.

Entering students may consider this bulletin and the entrance interview session fulfillment of the entrance interview requirement.

Applying for Loans

After the award letter has been signed and returned to the Office of Financial Aid, the student should begin the loan application process.

Direct Loans (both subsidized and unsubsidized) are awarded by the Financial Aid Office and promissory notes are printed by the Student Loan Office. Students are notified by the MUSM Financial Aid Office when they need to come by and sign their promissory notes.

Each student should carefully evaluate his or her projected financial needs for the academic year and borrow accordingly, without exceeding the limits established by the standard student budget and the student's own financial need. As previously mentioned, each student must borrow from the Federal Direct Subsidized Stafford Loan program to meet the first $8,500 of financial need.

The Office of Financial Aid has alternative loan applications from a variety of lenders. Interest rates and terms of loans may vary from lender to lender. Students are advised to do some comparison shopping before selecting a lender.

After the application has been completed, it must be returned to the Office of Financial Aid. Processing time depends upon the lender, but is usually four to six weeks. In order to have loan funds available in time for registration, students should submit loan applications no later than July 1 for fall semester.

If a student determines later in the academic year that he or she needs additional loan funds and is eligible for them, loan applications will be accepted until May 1 of the last year of the award period; i.e., 2001 for the 2000-01 award period. After that date, no loan applications will be processed until the following academic year.