Welcome Class of 2015. Financial Aid Entrance Counseling and Orientation. Financial Aid Overview. Approximately 88% of UVA medical students receive some kind of financial aid. To receive aid, you must apply each year. Our priority deadline for returning students is May 1 st .
Welcome Class of 2015
Financial Aid Entrance Counseling
Financial Aid Overview
Approximately 88% of UVA medical students receive some kind of financial aid.
To receive aid, you must apply each year. Our priority deadline for returning students is May 1st.
To apply, you must submit the FAFSA (www.fafsa.ed.gov), the UVA School of Medicine application (in SIS), and the previous year’s tax returns. Unless you have been told otherwise: For federal loans, we need only your information. For school aid, we also need your parents’ information and tax returns.
Read over all of your paperwork and disclosures – the master promissory note, award letters, any statements that you receive – and keep them in safe place.
Use the budgeting spreadsheet on our website to determine how much you need to borrow.
Request loans by July 1st to ensure that they appear on your fall tuition bill.
Aim low – if you don’t have it, you won’t spend it. If you borrowed too much, you can reduce your loans.
You can always request more loan money later if needed, up to your maximum – just contact your counselor. Make final loan requests by March 1st each year.
Loans must be accepted online through SIS.
In July, after you have accepted your loans, you will receive an official award letter showing all of your aid and an estimated summary of your student account.
At the bottom of your award letter is a brief summary of your med school borrowing and repayment information.
UVA does not mail paper tuition bills.
You will receive an email from Student Accounts every year in July and November notifying you that your bill is available online through QuikPay.
You can access QuikPay through the link in the email, or through SIS. SIS shows up-to-date info.
If you have more financial aid than the cost of tuition, you will see a negative amount due on your bill.
Tuition payments can be made online or by check. Mail checks with the printable statement.
To set up your parents to receive email notifications and pay bills online, click on “Authorize Payers.”
All financial aid is applied towards payment of tuition & fees in equal portions for fall and spring. If your financial aid is more than the cost of tuition & fees, then the overage is refunded to you to help with living expenses.
You will receive your refund in a lump sum at the beginning of each semester. Remember to set aside money that you will need for things like boards, travel, and health insurance.
Although you will receive equal amounts in fall and spring, your semesters may not be of equal length, so budget carefully! Your fall refund will be in late August, your spring refund will be in late January.
August – January = 5 months
January – next August = 7 months
This means you should have money left over from fall to help with spring!
ALL students should sign up for direct deposit online:
If you do not sign up for direct deposit, the University will mail a check to your local mailing address. This may take up to 2 weeks longer than direct deposit. Make sure your address in SIS is correct (www.virginia.edu/sis).
The University of Virginia, like all schools now, is a Direct Lending School.
If you are receiving federal loans this year, you MUST complete the Master Promissory Note and the online entrance counseling at studentloans.gov.
If you have not done this, DO IT TODAY.
If you are eligible for a need-based School of Medicine loan, you will be notified on your preliminary award letter.
These institutional loans:
Required paperwork: you must return the self-certification form and do a promissory note online through Campus Partners each year. No online entrance counseling required.
Costs and Borrowing
2011/2012 Cost of Attendance Budgets
The maximum that you can receive in any kind of financial aid, according to federal regulations, is the official Cost of Attendance.
Only borrow what you really need. Start planning for how to keep your debt down. Take how much you’re borrowing this year and use that to project your borrowing over the next four years. Then, you can take your total debt and estimate your monthly payment at www.finaid.org.
The approximate average debt of our 2011 medical school graduates who borrowed was about $121,000 (including debt from undergrad).
Keeping Your Debt Down
*For Class of 2015, assuming a 4% increase in the costs each year for 4 years.
A Virginian who borrowed this entire cost of attendance for four years, and did not prepay any interest, would owe $309,088 and have a standard monthly payment of about:
A non-Virginian who borrowed this entire cost of attendance for four years, and did not prepay any interest, would owe $359,361 and have a standard monthly payment of about:
Keeping Your Debt Down
Owed at Graduation
(Borrow $266,808, repay over 10 Years)
(Borrow $266,808, repay over 25 Years)
(Borrow $308,873, repay over 10 Years)
(Borrow $308,873, repay over 25 Years)
Although your salary as a physician will be relatively high, large student loan debt can be a burden. Even earning $200,000 a year, you may find it very difficult to make a $4000+/month student loan payment. And your student loan debt can affect your ability to get other credit!
In addition, you do not want to have to take your loan debt into account when choosing a specialty. You should choose a specialty based on your interests and your abilities, rather than the salary that you need to pay back your loans.
So: Borrow ONLY what you really NEED. The cost of attendance budget represents the maximum that you should need to get through school. You should find that with careful budgeting you are able to get by on less. Work with your parents, your family, your roommates, your spouse, and your friends to make sure that you are not going into unnecessary debt.
Live cheaply now, so that you don’t have to when you are a doctor!
Your Financial Aid Office
(Last names A-H)
(Last names I-R)
(Last names S-Z)
Claude Moore Medical Education building, Room 1140
8 AM – 5 PM, Monday – Friday
No appointment necessary – feel free to drop by and see your counselor any time.