Understanding Financial Aid for Educational Expenses
Financial aid encompasses various forms of assistance to cover educational expenses such as tuition, fees, books, supplies, and living costs. It includes grants, scholarships, loans, and other benefits like Veteran's Benefits. Financial aid can cover a wide range of items but does not typically include automobile payments, consumer debt, or certain review courses. Various budgets are provided for different years of study, and applying for financial aid involves completing the FAFSA form. The process is outlined for medical students, who are considered independent on the FAFSA.
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MSI Orientation Financial Aid
What is Financial Aid Financial aid is defined as assistance to pay for your educational expenses. These expenses include tuition, fees, books, supplies, instruments and living expenses while in school. Any assistance is considered financial aid regardless of the source. These sources are: Grants Funds from Federal and State sources that do NOT require repayment Scholarships State, Institutional, Organizational funds that do NOT require repayment Loan Programs Money that must be paid back. May consist of Federal and Private loans Ex. Federal Direct Unsubsidized Loan, Federal Direct Graduate Plus Loan Departmental Payments/Waiver Assistance with tuition/fees while in school Veteran s Benefits Hazelwood, GI Bill, Vocational Rehabilitation, etc. https://www.ttuhsc.edu/veterans-resource-center
Items Covered By Financial Aid Tuition & Fees Books & Supplies (including lab equipment) Housing and food (rent, utilities, phone, groceries) Transportation (insurance, maintenance, gasoline) Health Insurance Personal and miscellaneous (medical, dental, clothing, cleaning, etc.) Travel and living expenses for away rotations (4th year only) Transportation costs for residency/job interviews (4th year only - additional documentation required) USMLE clinical skills exam Computer (budget adjustment form and proof of expense required; may only be submitted once during degree plan)
Items NOT Covered by Financial Aid Automobile payments Consumer debt (credit cards, loan payments) USMLE review courses Spouse s expenses (such as medical expenses or insurance)
First Year 10 mo Second Year 10 mo Third Year 12 mo Fourth Year 11 mo 2nd Year Fast Track 12 mo Tuition and fees Away Rotations (MSIV only) Bks/supp'ls Housing/food Transportation Personal/Misc. Step 2/Clinical Skills Loan Fees Estimated Total Budget n/a $ 22,076 $ 22,076 $ 22,076 $ 22,076 3,000 1,734 15,642 5,500 9,350 22076 - - - 0 1,734 14,220 5,000 8,500 1,734 14,220 5,000 8,500 610 520 52,660 1,734 17,064 6,000 10,200 2,000 520 59,594 1734 17064 6000 10200 610 520 58,204 - $ $ $ 520 520 52,050 57,822 Total for 4 years = $222,126 Total for FMAT 3 years = $168,076 Financial Aid Budgets
Applying For Financial Aid Complete a 2022-2023 FAFSA (Free Application for Federal Student Aid) Go to: www.fafsa.ed.gov Follow the instructions as directed. Our FAFSA school code is: 016024. If you need a FSA ID # go to https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid. As a medical student, you are now considered an independent student on the FAFSA. This means you are no longer required to provide parent information on your FAFSA, nor does TTUHSC require you to provide your parental information on your FAFSA. Your FAFSA data will be sent to our office once it has been processed. Please allow 5 business days for the data to be reviewed and processed. You will receive an email from the Student Financial Aid Office if we need any additional information to finish processing your file. All Student Financial Aid emails are sent to your TTUHSC Student Email Account. Please be sure to check this account for correspondence from our office.
2022-2023 FAFSA FAFSA applications are processed using prior, prior year tax information. This means you will use your Federal 2020 Tax Return information on your 2022-2023 FAFSA. You will no longer have to wait until you (and your spouse if married) have completed the current year s tax return More students should be eligible to use the IRS Data Retrieval Tool since many more tax returns will be on file with the IRS. 2023-2024 FAFSA will be available beginning October 1, 2022. This FAFSA will use your 2021 Tax Return information.
Typical Financial Aid Award Packages Annual AmountLoan Type MSI MSII MSIII MSIV Unsubsidized Loan $40,500 $40,500 $47,167 $44,944 Grad Plus Loan/ Alternative Loan $11,550 $12,160 $12,427 $12,878 Total $52,050 $52,660 $59,594 $57,822 Federal Loan Interest Rates for July 1, 2022 through June 30, 2023 Unsubsidized Loan: 6.54% Alternative Loan: Variable between lenders (please note, grad plus and alternative loans require credit approval) *new year s interest rates are announced in June of each year Grad Plus Loan: 7.54%
Financial Aid Annual Process Beginning October 1st of each year: Student completes new year s Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov TTUHSC receives FAFSA data from the Federal processor electronically. March: TTUHSC begins sending missing information emails to the student if additional documents are needed. Student returns those necessary documents to complete the financial aid file. May: TTUHSC emails award notice to the student. The award offer outlines the programs and funding the student is eligible to receive for the school year. Student completes the Federal Direct Loan Application process for the year. (only for students borrowing Federal Direct Loans). Student completes Grad Plus/Alternative loan application (only for students borrowing one of these loans) 10 days prior to the start of each semester: Student Business Services (SBS) Tuition Due date ONLY for students not receiving Financial Aid 10 days prior to the start of each semester: Federal Direct Loan and alternative loan processing service electronically sends loan funds to the school Financial aid funds (loans, grants, & scholarships) are posted towards student s tuition accounts The week before the start of each semester: HSC SBS Office sends any refunds to student based on student s refund preference.
Emergency Tuition & Short Term Loans Emergency Tuition Loans are available at 5% interest for currently enrolled TTUHSC students. Short Term Loans for up to $1500 are also available to currently enrolled students for other types of emergencies. These loans have interest rates that range from 4% to 8%. Both types of loans must be repaid within 90 days.
Applying For School of Medicine Scholarships TTUHSC School of Medicine offers competitive scholarships to qualified medical students. To be eligible to receive a scholarship, a student must remain in good academic standing for the entire academic year. All scholarships are a one-time scholarship award and are based on the availability of funds. To renew or be considered for a scholarship, students must submit a scholarship application annually by April 1st. Applications must be submitted to the TTUHSC SOM Office of Admissions in Lubbock. Students must also submit a FAFSA to the Financial Aid Office to be considered. For more information and to access the application, please go to www.ttuhsc.edu/medicine/admissions/scholarship-information.aspx
Financial Planning Resource The AAMC website is an excellent resource for many of your medical school needs; both academic and financial. Some of the financial aid resources include, loan repayment calculators, budgeting and debt management. Their Financial Aid First website is: https://www.aamc.org/services/first/
You can locate loan servicer information and current federal loan totals on the Federal Student Aid website. https://studentaid.gov/h/ manage-loans You will need your FSA ID and password to access the information. Federal Loan Information
Mandatory Medical Residency Forbearance Loan Servicers are required (upon your request) to provide you with this forbearance for your federal student loans (excluding Perkins loans) Postpones loan payments in annual increments You must request the Medical Residency Forbearance each year Capitalization of interest may occur at end of residency Timely request of forbearance (30 days before each annual request) allows a continuous forbearance (without a gap between years) and will allow you to postpone capitalization until the end of your residency. Remember, subsidized, unsubsidized and grad plus loans will be accruing interest. For a student with approximately $180,000 of loans, the amount of monthy interest is approximately $1,100 Residency
Student Business Services Please contact Student Business Services (SBS) at (806) 743-7867 or at SBS@ttuhsc.edu for questions regarding: Tuition and fee information, tuition payment options, and payment plans Tuition waivers, bordering county waivers, etc. How refunds are processed or how to set up direct deposit information How to submit 3rd party payment information
Office of Financial Aid Student Services Suite 2C400 TTUHSC Office of Financial Aid 3601 4th Street MS8310 Lubbock, TX 79430-8310 (806) 743.3025 phone (806) 743.2304 fax financial.aid@ttuhsc.edu Mia.C.Myers@ttuhsc.edu www.ttuhsc.edu/financial-aid Office hours: Monday-Friday 8am-5pm No appointment needed to see an advisor
