School of Medicine

Frequently Asked Questions

Do I have to apply for financial aid every year?

Yes.  If you are interested in receiving Federal financial aid assistance, then you must reapply each academic year.

I’m independent. Why must I supply parental information on my financial aid forms?

In the medical school community, Title VII programs of Health and Human Services (HHS) also provide funding. Parental income information is a requirement to assess eligibility for such funds (i.e. Primary Care loans and scholarships specifically for students defined as disadvantaged).

Wayne State University requires parental data as a guideline for ensuring that limited funds, i.e. low interest loans and grant funds are awarded to students with the most need, who may also have limited or no financial support available from their families.

I have a $5000 debt in credit cards and just purchased a new car.  Can I pay off these debts with federal loans from financial aid funds?

NO.  Financial aid programs are to assist you in paying educational expenses. Under regulations, all federal loans are intended for expenses related to the cost of your education for a given academic year. For example, transportation expenses may include gas associated with traveling to and from class but not car payments and insurance.

Can I afford medical school, even if I have ZERO RESOURCES? 

YES.  However, if you are completely dependent on financial aid programs, the following items are IMPORTANT:

• Make sure your credit rating is good.
• Come to school without excessive consumer debt (i.e. credit cards).
• Financial aid Cost of Attendance does not include "credit card payments".
• Learn all you can about "budgeting".
• Educate yourself about the various loan programs available to medical school students. 
• Keep complete records of all promissory notes, notifications and copies of all documents you submit to agencies and departments from year to year.

How will I be notified of my financial aid awards?

Once your financial aid has been packaged, you will receive a letter detailing your award. Most awards are based upon full-time enrollment. Check with the financial aid department if you plan to enroll less than full-time or take a "leave of absence".

The Office of Scholarships and Financial Aid reviews and assesses financial aid eligibility for all applicants.  Anticipate award letters during the Spring and early Summer months.

Must I pay my tuition up front?

WSU payment of tuition may be deferred if you are dependent on financial aid to cover your tuition costs.

Remember to submit all financial aid documents to the financial aid department in a timely manner to obtain such deferment.

How does one "budget" the financial aid funds they have received?

It is IMPORTANT to establish an estimated individual budget, listing your monthly routine expenses (i.e. rent, food, transportation and routine incidentals) at the beginning of the academic year.  Midway through the year, you may need to adjust the budget.

If you begin to wonder where all your "extra" funds go, keep track for one month or even one week of every penny you spend. Do you use the ATM machine more than once a week? Do you make "impulse" purchases when at the drugstore or department store?

It will take some discipline and practice to develop a practical but fairly comfortable budget.

I’m graduating and I don’t know which loans can be deferred through my residency?

It is IMPORTANT to confirm deferment options with the servicer of your loans. Federal loans may have different requirements from Private or Institutional loans.

How Do I know who all of my lenders are and how much money I owe?

1. Loan History

   To review an up-to-date record of your loan borrowing history, log onto: http://www.nsldsfap.ed.gov. To locate previous Federal loans, log onto http://www.loanlocator.org.