Financial Aid Facts: Your Questions Answered
Here are some common questions about financial aid at the University of Michigan Medical School:
Q: When is the school's financial aid deadline?
A: Admitted students are notified that the FAFSA and the University of Michigan Medical School financial aid application are due no later than February 1st or 2 weeks from the student's date of acceptance, whichever is later. Students who do not meet our deadline may not receive the amount of need-based aid, including any institutional low-interest loans and/or need-based grants, which they would otherwise be eligible.
Please note that all admitted students are automatically considered for Admissions scholarships, but Admissions does take need into consideration, so it is important to meet our deadlines. Admissions will announce scholarships in mid-March.
Q: Why does parental information need to be provided if my student is an adult?
A: We require parental information in order to help us equitably distribute institutional need-based aid. Without this information, your student cannot be considered for this type of financial aid.
This is mandatory for Department of Health and Human Services programs (such as the Primary Care Loan and Loans for Disadvantaged Students) as well as institutional funds.
Parental information is not necessary if your student is applying only for the William D. Ford Federal Direct Unsubsidized Stafford Loan and/or the GradPLUS Loan.
Even though you need to submit this information for some types of aid, we don’t expect parents to provide financial support and this information won’t jeopardize your student’s eligibility for the William D. Ford Federal Direct Unsubsidized Stafford or GradPLUS Loan Programs. This information is a tool to help us assess individual situations.
Q: How many students are awarded scholarships?
A: Our med school is one of the leaders in scholarship and grant disbursement in the country. We're proud to say that approximately 50% of every incoming class for the past few years has received a scholarship or grant of some type.
Q: How much will my student need to budget for medical school?
A: Every year, our Financial Aid Office updates a Guideline Budget to give your student a reasonable idea of what their expenses may be in each year of med school. Please note that students may borrow their entire need based on the Guideline Budget with federal loans (Stafford and Grad PLUS), however students must stay within this budget. For Grad PLUS, students will need to pass a “soft” credit check to qualify.
Q: Is it possible for my student to gain residency status?
A: Our Financial Aid Office cannot grant residency status, however your student may contact the University of Michigan Office of the Registrar for more details about what this process involves. If there are any doubts about residency status, contact that office immediately. Their review can take many weeks.
Q: What other types of support are provided by the Financial Aid Office?
A: Our school enjoys a fairly small student body, which allows our counselors to provide highly personalized service. They are available for individual counseling sessions as needed, in addition to hosting several Financial Aid Wellness Seminars each year.
By early April, the Financial Aid office will ask students who have completed their FAFSA and UMMS Financial Aid Application if they would like to request an estimate of their financial aid package. These estimates provide a clear outline of each student's budget and financial aid options.
Visit our Financial Aid Office website for more information on what other types of funding are available, or contact us with questions.
