1. HOW MUCH FINANCIAL AID WILL I NEED DURING
THE ACADEMIC YEAR?Estimate your
expenses for the year
Tuition and fees
Other educational expenses
Living expenses
Estimate your resources
Savings
Earnings from work during the year
Help from parents and/or other family members
2. WHAT ARE THE STEPS IN OBTAINING FINANCIAL
AID?
Complete the Free Application for Federal Student Aid (FAFSA)
or the Renewal Application and the UT Health Science Campus Financial Aid
application. Our school code is G07737.
The financial aid office will review your eligibility and if you are eligible
will provide you with an Award Letter.
Review the Award Letter carefully.
Accept your award by completing and returning any forms included with your
award letter.
If you are borrowing Federal Stafford loans, follow the directions sent
by your lender to complete and sign a Master Promissory Note (if you don't
have one already on file).
Submit University-Administered loan promissory notes, if also provided with
your award letter, with student sections completed, to the Student Financial
Aid Office.
If you are a first-time borrower at the UT Health Science Campus, attend the student
loan entrance counseling
scheduled during Orientation prior to the first day of class or complete entrance
counseling online. If you are unable to complete entrance counseling either
online or in the general session, you must contact your Financial Aid counselor
for individual counseling. Federal law requires first-time borrowers
must attend an entrance interview prior to receiving the first disbursement
of any federal financial aid.
3. WHAT HAPPENS TO MY LOAN REQUEST AFTER
I SUBMIT IT TO THE STUDENT FINANCIAL AID OFFICE?
First, your eligibility for the loan is certified by a financial aid counselor.
Your Stafford Loan is then certified online with the guaranty agency where
your eligibility is again verified. If everything is in order and an
MPN is on file, your loan application is guaranteed by the guaranty agency
(it guarantees that, should you die, become permanently disabled or default
on the loan, the loan will be paid to the lending institution).
If you do not have an MPN on file, an e-mail will be sent to you with an
internet link to complete and sign your promissory note (you promise to repay
all loans borrowed against this note).
The lender/guaranty agency then disburses the loan according to the schedule
provided by the financial aid counselor and transmits the loan proceeds electronically
to the Student Financial Aid Office.
4. WHAT ABOUT MY MONEY?
If you borrowed money in excess of your Student Account balance, or anytime
your student account reaches a credit balance, you may be entitled to a REFUND
of your credit balance.
Your eligibility will be verified again and if you are eligible for a refund,
one will be processed as soon as possible but no later than 14 days after
your account reached a credit balance.
All refunds are processed through the Student Accounts office.
You may have your refund paid to you by either a paper check or an electronic
deposit to your bank account.
5. WHAT ABOUT REPAYING MY STUDENT LOANS?
Most educational loans do not require repayment until after you graduate
or cease minimum half-time enrollment and after any grace period for which
they may qualify.
Your loan may be eligible for deferment during residency training or other
economic hardships
Your lender may provide you with a forbearance if you do not qualify for
a deferment.
5. WHAT IF I DON'T UNDERSTAND SOMETHING
ABOUT MY FINANCIAL AID ELIGIBILITY OR AWARDS?
See your counselor
or the Director of Financial Aid located on the first floor of Mulford
Library. We are here to help you through the process and answer any questions
regarding your eligibility.
