Important Information About Your Financial Aid

 

HOW FUNDS ARE DISBURSED

Unless otherwise indicated in your award letter, your financial aid for the year will be divided into two equal payments and applied to your fall and spring charges.  Institutional loans or scholarships will go first toward payment of any parking and library fines, returned check charges, University Housing charges, meal plan or health insurance charges before being applied toward tuition and fees.

 

RESIDUAL REFUNDS FOR LIVING EXPENSES, BOOKS, INSTRUMENTS

If your combined financial aid and personal payments exceed your charges, you will be refunded the overpayment to use for living expenses, books and instruments in one of two ways.

Preferred Method - Direct Deposit Into Your Personal Bank Account: All students should sign up for direct deposit through the Bursar's Office.  Click here to download the direct deposit form.  Students with direct deposit will receive their refund in their designated bank account, and will receive their money more quickly than those without direct deposit.

Alternative method - Check Mailed to Your Local School Address.  If you do not sign up for direct deposit, a check will be mailed to your local address. It is important to keep your address updated in SIS.

NOTE: Refunds will begin being mailed or direct-deposited to eligible students who have been final registered for the semester.  Your refund will not be processed if you are not final registered due to a financial obligation hold on your account (unpaid tuition, unpaid Lee Emergency Loan, parking fines, tickets, etc.) or a Student Health hold. 

 

PART OF YOUR SCHOLARSHIP MAY BE TAXABLE!!!!!

This will apply to very few students.  However, if the total amount of all scholarships awarded (NOT LOANS) exceeds the cost of your tuition, fees, books & instruments during a calendar year, the excess portion may be subject to federal and state income tax.  If the total of other income plus the excess portion of your scholarship brings your income to a level required to be reported to the IRS, you must file a return and pay the appropriate tax.  You will not receive a W2 from the university and you are responsible for your own record keeping and reporting.

Example:  For the 2008 tax year, a single medical student would have been required to file a tax return only if his/her total income plus the portion of scholarship in excess of tuition/fees/book charges exceeded $8,950. The federal tax liability on a combined income & excess scholarship of $10,000 would have been $105.00.  ($10,000 - $8,950 exemption/deduction = $1,050 taxable income assessed at 10% rate.) 

 

STUDENT RESPONSIBILITIES
  • You are responsible for reading and understanding all financial aid forms you sign.
  • You are responsible for retaining copies of what you sign.
  • All loans must be repaid in full, even if a borrower does not complete the program, is unable to obtain employment upon completion, or is otherwise dissatisfied with the educational or other services purchased from the school.
  • You must notify the School of Medicine Financial Aid Office if you withdraw from school, take a temporary leave of absence, become less than a half-time student, change your name, social security number, telephone number, permanent or local address.
  • You must notify the School of Medicine Financial Aid Office if you receive additional scholarship or loan assistance from a non-University source not already shown on your award notification letter. If this outside award results in over-award per federal regulations or school policy, your financial aid will be reduced accordingly.
  • You must contact the financial aid office to arrange an in-person exit interview with your counselor if you withdraw or take a leave of absence.
  • All graduating fourth-year students with loans will be scheduled for an exit interview during their final semester. Attendance at these sessions is required.
  • KEEP GOOD RECORDS.  Set up a financial aid file and save copies of all promissory notes you sign, disclosure statements your lender provides to advise you of the terms and conditions of your loan, and copies of your award letters.