School of Medicine

Disbursement Information

Federal Title IV Authorization Form: To authorize payment of Health Insurance Premiums, Short Term Loans, or other allowable charges from your financial aid. 

WSU Student Accounts Receivable: To sign up for Student Direct Deposit, view your eBill, review payment options or make online student account payments.

School of Medicine Cashier’s Office: To make student account payments, pick up short term loan checks.  

When Financial Aid is Disbursed
The School of Medicine is on a “payment period” basis rather than a semester/term basis.
The first payment period begins on the first day of the academic year and ends at the mid-point; the second payment period begins at the mid-point and ends on the last day of the academic year. 
Financial aid is disbursed (paid to your account) at the beginning of each payment period (two times during the academic year.)

2011-2012 WSU School of Medicine Financial Aid Disbursement Dates 

First disbursements occur by the first week of school.  Late financial aid filers will receive their aid approximately two weeks after they have:

• Submitted all requested documents or requests for additional information
• Enrolled at least half-time and begun attending classes
• Completed/signed all applicable loan promissory notes
• If a first-time federal student loan borrower, completed all applicable Entrance Counseling requirements.

  
Students on a Leave of Absence will receive financial aid after their leave ends and the above requirements are met.

How Financial Aid is Disbursed
Funds are applied directly to your WSU Student Account.

If Financial Aid Exceeds Student Account Charges
Financial aid will be credit to your Student Account to pay 1) tuition and fees 2) room and board, if you contract with the University. Students whose financial aid exceeds the tuition, fee and institutional charges on their WSU Student Account will receive the excess funds as a refund to pay other educationally-related expenses.

To Authorize Payment of Health Insurance Premium or Other University Charges
You must authorize the University to deduct a health insurance premium or other University charge from your federal financial aid. Complete the Title IV Release Form online at https://cardinal.wayne.edu/fa/titleiv/

Options to Receive Your Refund
You may choose to receive a financial aid refund via direct deposit to your bank account. You may enroll for Direct Deposit on Pipeline under the “Student” Tab.

Your Direct Deposit will remain effective until you rescind it. To cancel Direct Deposit, please contact the University Student Accounts Receivable Office.

If you do not enroll for Direct Deposit, your refund will be mailed to you at the mailing address in Pipline. To change your mailing address, please contact the Records/Registration Office.

How Aid Eligibility is Calculated
While it is the primary responsibility of the student and family to pay educational costs, financial aid programs are available to assist those who demonstrate need.

Formula for Calculating Financial Need: 

Cost of Attendance (COA)
- Expected Family Contribution (EFC)
___________________________
=    Financial Need
 
Cost of Attendance (Student Budget)
 To determine your financial need, the Expected Family Contribution (EFC) is subtracted from the Cost of Attendance (COA) also referred to as “the student budget.”  There is a separate COA for each year of medical school – these can be viewed on the “Cost of Attendance” web page. 

The COA is the total of reasonable estimated expenses for attendance at the School of Medicine for one academic.  It includes tuition, fees, room and board, books and supplies, transportation, and miscellaneous expenses.  Students may request increases for other necessary education-related expenses such as daycare, health insurance, or expenses related to a disability by contacting the Office of Student Financial Aid.

Use the COA as a guideline to establish and follow your own personal budget.  This will assist you in managing your financial resources during medical school.

Expected Family Contribution (EFC):
The EFC is calculated from a federal methodology using the information provided on the Free Application for Federal Student Aid (FAFSA.) Factors taken into consideration include: family size; number of family members in college; amount of adjusted gross income, taxes paid, and/or other earnings; and the amount of savings and other assets.  

Student and Parent EFC: Student and Parent EFCs will be calculated separately and then added together for a combined total. Students applying for federal student loans only need only provide their (and spouse, if married) data on the FAFSA . Students applying for Campus-Based Aid must also provide parental data on the FAFSA. Providing parental data does not affect eligibility for federal student loans.