Frequently Asked Questions

What Is Financial Aid?

Financial Aid is scholarships, grants and loans, 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.

What Does it Cost To Attend The University of Michigan Medical School?

Please see our current Guideline Budget.

How Is Financial Need Determined?

Budget: The Guideline Budget represents a reasonable estimate of a student's average total of educational costs at UM for an 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 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 (Parental Contribution + Student Contribution) = Eligibility for Assistance.

Financial Aid Packaging: Financial need is packaged with a combination of Federal Subsidized Stafford Loans, institutional and/or other federal loans, and institutional grants to the extent of the student's eligibility. An unmet need component (i.e. Individual Resource) is also built into packaging. This item can be covered, at the student's request, by borrowing a Federal Unsubsidized Stafford Loan. The Individual Resource as well as the institutional and/or other federal loan to grant ratio can change yearly, and is determined based on funding availability.

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.

Do I Have To Provide Parental Information If My Parents Don't Support Me?

You must provide parental information if you wish to be considered for all types of aid available, including institutional loans and grants. If you only wish to apply for Federal Stafford, Grad PLUS and private loans, parental information is not necessary. Providing parental information will not jeopardize your eligibility in the Federal Stafford Loan programs.

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.

What About A Budget?

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.

What If I Have A Financial Emergency?

It is understood that medical students may experience unanticipated and unexpected financial emergencies. Family emergencies, uninsured medical and dental expenses, just to name a few, do arise. If you experience such an emergency, please arrange to meet with your financial aid counselor. In many instances, funds may be available to assist you. The University of Michigan Medical School has a Special Needs Program designed to assist students with needs such as these.

When Will I Be Notified Of My Financial Aid Eligibility?

Notification to on-time applicants will begin in April and will continue on an ongoing basis. You will be notified electronically and will be given specific instructions on how to accept, decline or change your aid. Notify us promptly if there is a change in your financial status, such as the receipt of additional aid or a change in your enrollment plans.

Is Financial Aid Renewable?

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

What About 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.

What If I Take a Leave of Absence or Withdraw From School?

Please read the Refund Policy section for information about leave of absence or withdrawals from school.