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 that do not have to be repaid.
   
   
2. Self-help: Loans that 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.

Budget: The Guideline Budget represents a reasonable estimate of a student's average total of educational costs at U-M 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 Direct 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 additional Federal Direct Stafford Loan and/or Graduate PLUS Loans. 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.

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.

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 Assistant Dean for Student Services for appropriate action.

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.

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.

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.

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

Satisfactory Academic Progress (SAP) is the term used to describe a student's successful completion of coursework toward a degree or certificate. All students receiving federal student financial aid must adhere to the Policies and Procedures for Medical Student Evaluation, Advancement and Graduation, approved by the University of Michigan Medical School Executive Committee yearly in order to maintain SAP.

The Medical School utilizes a periodic review and promotion system. Academic Review Boards convene monthly throughout the academic year to review the progress of students, take action as indicated and, when necessary, make recommendations to the Medical School Executive Committee. The Financial Aid Office is notified of pertinent actions by the Review Boards and Executive Committee through the Medical School Registrar’s Office.

The normal timeframe for completion of required course work for the M.D. degree is four academic years. Due to academic or personal difficulties, a student may require additional time. In such situations a schedule may be established for the student that departs from the norm that may require repeating a year of study. To be considered to be making Satisfactory Academic Progress for financial aid eligibility, the student must complete the pre-clinical phase of the curriculum by the end of the third year after initial enrollment and clinical course work within 3 years of beginning the clinical phase. The maximum time permitted for federal financial aid eligibility is six years.

A student may be granted a personal leave of absence for a variety of reasons. The period of leave for which the student has been approved may be excluded from the maximum time frame in which an individual student will be expected to complete the course work.

Students who do not meet SAP requirements will lose their eligibility for all federal financial aid administered by the Medical School Financial Aid Office. Although the School does not have an official financial aid probationary period, students may appeal loss of financial aid eligibility, in writing, to the Assistant Dean for Student Services. An appeal letter must show the existence of mitigating circumstances which should be taken into consideration in considering the appeal. The Assistant Dean will consider each appeal on its merits and notify the Director of Financial Aid of the outcome of the appeal.

The University of Michigan Medical School Executive Committeel reviews, updates and approves the Policies for Medical Student Evaluation, Advancement, and Graduation on a yearly basis and distributes it annually to all students, faculty and staff.

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