am a prospective student. When do I start the financial aid application
The Free Application for Federal Student Aid () and are
available at the beginning of October. You should complete both as soon as
possible, using prior-prior year tax information.
is the deadline to apply for financial aid?
deadline for submission of all financial aid information is March 15.
Consideration for institutional scholarships and loans will only be given to
those students who complete all three steps (see Need Based Scholarship Application Process above) by
should I start the financial aid process if I have applied to WFSM, but have
not yet been accepted?
The March 15th deadline is strict regardless of your acceptance status—if you
are accepted after the 15th and your file is not complete, you will NOT be considered
for institutional aid. DO NOT WAIT for acceptance to apply! If a deadline
extension is needed, please contact our office at [email protected]. Students who
want consideration for Federal Student Loans only, need only complete .
application material must be filed?
Free Application for Federal Student Aid () must be
submitted by all students who wish to receive Federal loans. The , parental and
personal tax returns and the must be submitted for those who wish to be
considered for CepEsperu School of Medicine need-based scholarships.
am I sometimes required to submit additional information even after I have
completed the published financial aid application requirements?
applicants may have special circumstances that could affect financial aid.
Letters explaining any special circumstances, unusual expenses or other details
which will present a clearer picture of a family’s financial situation may be
e-mailed as a PDF to [email protected].
is the expected processing time from the date my application is complete?
Review of aid applications begins immediately following the application
deadline. You should expect to be notified by email within two to three weeks
of the application deadline.
Do I have to follow the same process every year?
The process for applying for financial aid must be completed each academic year
if you wish to receive federal loans or aid from WSFM.
How does WFSM make financial aid decisions?
Demonstrated need is calculated using federal and institutional methodologies
widely accepted among private institutions. Parental income, assets, size of
family, number of family members in college, and other individual circumstances
are among the factors considered in determining need and eligibility for WFSM
The is used to
determine eligibility for financial aid under Federal regulations (parental
information is not required on the FAFSA). The is used to
determine eligibility for WFSM funds, including scholarships and loans.
I’m financially independent from my parents. Do I need to submit parent
Financial assistance from the school is limited and these funds (loans and
scholarships) are considered supplemental to other resources such as the
student’s and parental contributions, federal, state, and other
scholarships and loans, etc. WFSM, along with most medical schools, requires
parental information from ALL students applying for school funds.
parental contribution is not considered in calculating the student’s
eligibility for the Federal loans. School funds are limited and must be distributed in the most equitable
manner possible. A family's ability to contribute to the student's educational expenses will be determined by the financial aid office, regardless of their inclination to
What if I have no contact with my non-custodial parent?
Please contact the Office of Financial Aid at 336.716.4264.
Why do married students have to submit financial information from both their
parents and spouse?
considers all available family resources when determining a student's financial
need for institutional funds. This policy ensures that the criteria for awarding need-based institutional funds are the same for all students.
considering a spousal financial contribution, WFSM
recognizes that some finances must be protected to cover the spouse's own
living expenses. The spouse's presence in the calculation does not necessarily
result in an increased expected contribution.
parents are not going to contribute to my medical education. How do I cover the
expected parent contribution?
Students may borrow federal or private loans to
cover their expected family contribution.
I have dependents. How do they affect my financial aid package?
Cost of attendance includes only the expenses associated with the cost of living for the student. A dependent care allowance, which most often means the
cost of day care for dependent children, may be added to the cost of
amount allowed for day care is based on the ages of the children and on
reasonable costs in the area of the medical school. Keep in mind that this
results in borrowing more money. Students with these circumstances should
discuss them with the Office of Financial Aid early in the
Other sources of dependent support that should be explored include social
services, religious organizations, and financial assistance from parents or
Students and spouses should review their lifestyle expectations and be in agreement
before making the financial commitment to attend school. Each one needs to be
prepared to live like a student, which often means giving up “extras” that were
taken for granted before.
How do I appeal the financial aid award decision?
the event of a substantial change in family circumstances (loss of employment,
death, high medical bills), you may notify the Office of Financial Aid and request a re-evaluation of your award.
request should be in writing and should describe the changes in detail,
specifying dollar amounts and providing documentation to support the appeal.
Any award adjustment is contingent upon your eligibility according to program
regulations and the availability of funds.
How do I find information about outside scholarships?
Students should visit the and the for information
on potential outside scholarship sources. Students are encouraged to check with
their local towns for potential scholarship funding sources as well.
Office of Financial Aid receives scholarship information from
various organizations periodically throughout the academic year. Students are
notified about these scholarship opportunities via email.
following resources are a great start as you search for outside scholarships:
• Website searches from , , and the
How do outside scholarships affect my financial aid package?
of outside scholarships and other resources must be reported to the Office of Financial
Aid and will result in a review of your financial aid package. Students should
inform the Office of Financial Aid of these resources in writing.
A portion of my financial aid will cover my living expenses. When and how do
I receive this money?
Funds are disbursed at the beginning of each semester and dates vary depending
on your class. After tuition and other fees have been paid, you will receive a
refund of any remaining funds. After receipt of your refund, you should
consider the following:
- Track your
expenses for one month to establish a baseline of your expenses.
- Divide your
disbursement by the number of months you need to cover. Spend only this
amount each month and your funds should last until your next disbursement.
your whole disbursement into your savings account and pay yourself
- Pay all
fixed expenses for the semester (rent, insurance, car payments, etc.) as
soon as you receive your disbursement.
should I do if my costs exceed the standard budget?
Students are not allowed to receive loans or scholarships in excess of Cost of
Attendance, which is determined based on the anticipated expenses of a single
student. COA cannot be increased for consumer debt, car payments or a standard
of living beyond that of a typical medical student.
What should I do if I need to apply for additional funding, either because I
realize I did not borrow enough to meet the standard budget or because my
financial situation has changed?
Financial aid is flexible. If you do not take out the full COA and realize you
need more money, you may request up to the full COA at any point during the
financial aid year. If you choose to take out the full COA and realize later
that you will not need the full amount, you can return funds within 120 days of
What is the average graduating debt of a WFSM student? How does this compare
with other schools?
The average debt for the 2017 Class was $186,370. Average debt information for
public and private schools can be obtained from .
What are Federal Service Scholarships?
The Armed Forces Health Professions Scholarship Program allows you to
receive funding for medical school for every year of service in a qualifying
branch of the military.
AFHPS can provide tuition assistance for up to 4 years and a monthly stipend
paid directly to the student of at least $1,235. Required fees and expenses,
books and equipment are paid by the military and the value of the program is
estimated to be in excess of $200,000 or more over the course of a four year
medical school program.
The pays tuition, fees, and a monthly stipend in
exchange for a year for year (2-year minimum) service obligation in a health
care shortage area.
must commit to family medicine, general internal medicine, general pediatrics,
or obstetrics/gynecology. Students who participate in this program must be
committed to serving in primary health care in communities of greatest need.
How do I qualify for loan forgiveness?
Public Service Loan Forgiveness (PSLF), is available ONLY to borrowers from the
Federal Direct Loan Program, which allows forgiveness of the remaining balance
of one’s federal student loans after 120 qualifying payments while employed
full time by a public service organization.
employment requires you to work full-time for 10 years in either a nonprofit, government, military, or public service
organization. While working in a qualifying public service position, you must
make 120 on time payments.
more information visit , and .
can I find more information about WFSM financial aid?
visit our website at Financial Aid - MD Program. You may also
contact us by phone at 336.716.4264 or email [email protected].