Financial Aid Office

2015-16FinancialAidInformation

YourFinancialAid
AwardLetter / Yourawardletteroutlinesyour estimated cost of attendance(budget),reported contributions from you and your parents,andfinancialaidoffered basedoneligibility andpackagingpolicyestablishedbytheFinancial AidOffice(FAO)and theDepartment of Education.
Tothedegreepossible, yourfinancialaidwill bedistributedequallyoveryourenrollmentperiods.
Statementof
EducationalPurpose / FundsreceivedthroughtheFAO– includingStanfordUniversityGrantsandLoans,Federal DirectUnsubsidizedand GradPLUSLoans, andPerkinsLoans, are solelyfor educationalexpensesrelatedtoyourattendanceat StanfordUniversitySchoolofMedicine.
All funding sources, includingresearchorteaching assistantships, outside scholarships, etc.,are considered educational resources, and must be reported to the FAO.Failuretodosomayresultinthelossof need-based (grant)funding.
Youmay not keep excess funds above your annual budget and areresponsibleforrepayinganyfundsthatarereceivedwhichcannotreasonablybe attributedtomeetingyourmedical school educationalexpenses.
StanfordUniversity
(SU)Grant / SUGrantisaneed‐based; FAO does not offer or award merit-based institutional scholarship as part of the financial aid package. Financial needis calculated bytheestimated budget, less estimated family resources.Family resources include theestimated parentandstudent contributionswhich arecalculated usingfinancialinformationprovidedintheFAFSA,NeedAccess,and Supplemental Financial AidApplications. Income is verified against federalincometaxreturns. The FAO use these figures similar to a “deductible”in determining establishing SU grant eligibility.
Basic SU Grant iscapped at$12,000 per quarter if payingfull tuition and $3,498 for students payingthe reduced researchrate.SUGrant above this cap, covering full tuition and/or living expenses, are offered upon matriculation and limited to students who matriculate after Fall 2014. SU Grant is notawarded during quarters in which students engage in100% research and are funded by other sources (e.g. MedScholars, etc.).SUGrant is applied directly to yourUniversity bill.
ThenumberofsiblingsincollegemayaffectyourSU Granteligibilityas itinfluencesthe parentalcontribution (financial need).It isyourresponsibilitytoprovideverificationof sibling enrollmentuponrequest. Failuretoprovideverificationofsiblingenrollmentincollegemayresultin a reductionorcancellationofyourSU Grant.
SU Grantfundsarenamedfundsandwillappearonyouraccountas “MedicalAlumni
Scholarship,”etc.Youmaybeaskedto writethankyouletterstodonor(s)acknowledgingtheir generosity.TheFAO willcontactyouduring thewinter quarterif yourscholarshipfundrequires you to write a thank youletter.
Federal PerkinsLoan / The Federal Perkins Loan is a need-based loan and the maximum award amount is set at $8,000 per academic year. This loan accrues 0% interest while in school and during anine month grace period after graduation. The interest rate is 5% in repayment.
You will be notified via email toe‐sign the required promissorynote at
The Perkins loan program is phasing out. First-time borrowers will be eligible for oneyear only. Additionally, in order to be eligible for the loan the first disbursement must occur before 10/1/2015. Prior borrowers will have eligibility through 2020.
Federal DirectLoans
(DL)
DL Unsubsidized Stafford
DL GradPLUS / StanfordUniversitySchoolofMedicineoffersfederal loansthroughthe Departmentof Education’s DirectLoanProgram.DONOTapply for loans directlywith DirectLoans.FederalDirectLoans includeUnsubsidizedStaffordLoansandGraduatePLUS loans.StudentsshouldcontacttheFinancial Aid Officefor initial offers and to make adjustmentstotheirloans.
Borrowinglimitsfor eachacademicyear:
•$40,500‐$47,167UnsubsidizedStaffordLoan(amountisbasedon9 or 12 month enrollmentperiod)
•TheDLGradPLUSLoan is credit-based andhasnoannualoraggregateborrowinglimits
Interestratesfor the2015–2016academicyear:
DLUnsubsidizedStaffordLoan
•5.84%interestwhileenrolledandduringrepayment
DLGradPLUSLoan
•6.84%interestwhileenrolledandduringrepayment
LoanOriginationFees:
DLUnsubsidizedStaffordLoanshaveloanfeesof 1.073%or1.068%(if first disbursedafter 10/01/15)
DLGraduatePLUSLoans haveloanfeesof 4.292%or
4.272%(ifdisbursedafter 10/01/15)
CreditCheck:
A credit check isnotrequiredforUnsubsidizedStaffordLoans.Ifyouare notindefaultona prioreducationalloan,donotowearepaymentoffederalgrantfunds,andmeetfederalaid eligibilityrequirements,youwillbeapprovedtoborrowtheseloans. TheDLGraduatePLUS Loan is subjecttoa creditcheck. There is anoptiontoapply witha co‐signer.
Payments:
Nopaymentsarerequiredwhile youareenrolledat least half‐time.If yougraduateordrop
belowhalf‐timeenrollmentrepaymentbeginsafterninemonthgraceperiodforPerkinsLoan,a six
monthgraceperiodforUnsubsidizedStaffordLoans,andimmediatelyfor GraduatePLUSLoans. Thestandardrepaymenttermistenyears.
IMPORTANT:OnlyNEW borrowers intheMD programmustcompletea Master Promissory Note (MPN). The MPNandrequired loan entrance counseling may be completed at StudentLoans.gov. For Graduate PLUS borrowers, acreditcheckandseparateGraduate PLUS MPNare requiredto be completed at StudentLoans.gov.
StanfordUniversity
(SU)Loan / StanfordUniversityLoansmay beneedor non-needbased.Intereston SU loans doesnotaccruewhilein school,residency,orfellowship.
If awardedan SULoanyouwillreceivean emailfromsignmyloan.comtoe‐signapromissory note, complete astatementof rightsand responsibilities,a personaldatasheet, anda PrivateEducationLoan Applicant Self‐Certificationform. Pleasefollow instructionsin the email to completethisprocess.
Note: If awardedmorethanoneSU loanaseparatepromissorynoteand self-certificationis requiredforeachloan.
SatisfactoryAcademic
Progress(SAP)for
FinancialAid / Federallawandregulationsrequirethatstudentsreceivingfederalfundsas partoftheir financialaid packagemustmaintainsatisfactoryacademicprogress.Thefollowingpolicy representsthestandardsadoptedbyStanfordUniversitySchoolofMedicineforthestudent receivingfinancialaid. Thispolicysupersedesprior policy.
1.Studentsmustmaintainthefollowingunit requirements:
PerQuarter:autumn,winter,spring:9medicalschool unitseachquarter(medical schoolcourseworkincludesall coursesandresearchunitsofferedthroughthe medicalschool);summer:a minimumof 9 units(3of whichmustbemedical school units).
PerAcademicYear:minimumof36medicalschool unitsearned per academicyear.
Students planningnottoregisterfora quarter,ortoregisterforsummerandtake only 3medicalschool units,mustbe carefulthatduringeachacademicyearthey completea minimumof 36medicalschool units.No financialaidwill bedisbursedto a studentwho completeslessthantheminimumrequiredunits. Unitsfora dropped coursearenot becountedtowardsthis creditrequirement.
2.Academicdeficienciesmustbecorrectedwithinthetimeframeestablishedbythe
CommitteeonPerformance,Professionalism,andPromotions(CP3).
3.MaximumFinancialAidEligibility:
Fora studentintheM.D. program:fiveyears(i.e.20quarters)
Fora M.D. studentworkingona master’sdegreeatthemedicalschool: sixyears(i.e.
23quarters)
Fundingbeyondthemaximumtimeframewill beprovidedonlyifapprovedbytheCP3 and/oracademicadvisor.
Themaximumtimealloweddoesnot includeapprovedleavesofabsence. Fortransferstudents,quarterscompletedpriorto matriculatingaresubtractedfromthe maximumfinancialaid eligibility.
4.Advanceddegreesoutsidethemedicalschool donot qualifyforfinancialaid fundingthroughthemedicalschool.
5.Astudentwho has completedtheM.D. degreerequirements,withtheexceptionofthe
ACLS, will not beeligibleforfinancial aidfunding.
ThemedicalschoolRegistrarwillmonitorall studentrecordsandwill informtheFAOandtheCP3 aboutthosestudentswhoseacademicprogressmaybein question.Studentswhodonotmake SAP,maybe placedonfinancialaidprobation.PleaserefertoMDPolicyHandbookfor further information.
FinancialAidand
BudgetAdjustments / Costof Attendance(Budget):If youhaveexpensesthatarenotaddressedinyourbudget,you mayrequesta budgetandfinancialaidawardrevision.Somecommonexpensesthatmay
beapprovedfora budgetincreaseinclude:
*ComputerPurchase
*ChildCareExpenses
*Medical/DentalExpenses(notcoveredbyinsurance)
Pleasenotethat budgetadjustmentswill increaseloaneligibilityand inmostinstances,will not changeyour SU Grant.AnSULoan isgenerallyawardedfortheseexpenses.Thistypeof SULoan hasa 0%interestratewhilein schoolanda 5‐9%interestrateduringrepayment.
OverFunding:Duringtheacademicyear,changesinyour enrollmentorfinancialresourcesmay resultin “overfunding.” Theterm“overfunding”meansthatyourtotalfinancialaidmayexceed yourcostofattendanceina giventerm.Commonadditionsincludea research/teaching assistantships,MedScholarsawardsorreceiptofanoutsidegrant/scholarship.The“overfunding” situationmayberesolvedeitherbyallowingyoutokeepfundstooffsetfutureexpenses(within thesameacademicyear),reducingorcancelingloans, oraskingyoutorepayloans.If youhavean “overfunding”situation,pleasefeelfreeto contactouroffice.
2015-16Disbursement
Requirementsand
Calendar / Studentsreceivingfinancialaidwill havetheirfundsdisbursedtotheirstudentaccountprior tothestartofthequarterifthefollowingrequirementsaremet:
1.Enrollmentintheminimumnumberofrequiredunits(9MED unitsinautumn, winterand spring;9unitsinsummer,3of whichmustbeMED units).
2.Completionandsubmissionof allrequiredloan documentsfor SU LoansandPerkins
Loans.
3.Completionof MasterPromissoryNoteandEntranceCounselingfor Federal
Staffordand/orGradPLUSLoans(appliestonewstudentsonly).
4.Thereareno“holds”onyourstudentaccount.
5.StudentismakingSatisfactoryAcademicProgress(SAP)towardtheirMDdegree.
If theserequirementsaremetpriorto thestartoftheacademicquarter,financialaid should disbursetoyour studentaccountonthefollowing(approximate)dates:
AutumnQuarter: September13,2015
WinterQuarter:January1,2016
SpringQuarter:March20,2016
Summer Quarter: June13,2016
REFUNDS
Afterfundsaredisbursedto youraccountand paymentappliedtoyourUniversitybill,excess fundswill berefundedtoyou.Toexpediteaccesstorefunds,westronglyrecommendthat studentsenrollin directdeposit; thiscanbedoneviaAXESS.