Frequently asked questions
What are your office hours and contact information?
Office hours: Monday through Friday 8:30 am – 5:00pm
Mazurek Education Commons
320 E. Canfield, Suite 317
Detroit, MI 48201
Telephone: (313) 577-1039
Fax: (313) 993-1342
I have $5,000 in credit card debt and I just purchased a new car. Can I pay off these debts with federal loans from financial aid funds?
No. Financial aid funds are awarded annually to help pay for the educational expenses incurred during that year. For example, the annual transportation allowance may include gasoline, maintenance and parking, but not car payments and insurance. Credit card payments are not included in the Cost of Attendance.
Can I afford medical school if I have zero resources?
Yes. However, if you are completely dependent on financial aid programs, the following is strongly advised:
- Come to school without excessive consumer debt (e.g., credit cards and car loans).
- Access the Loan Programs page of this website for information about loans available to medical students.
- Maintain a good credit rating, which is required for private (alternative) loans.
- Establish and follow a personal budget, which is essential to managing limited resources. Budget preparation guidance is available on the website of the American Association of Medical Colleges.
How will I be notified of my financial aid awards?
Once the amount of your financial aid has been determined, you will receive a paper award letter as a new, incoming student. In subsequent years, you will receive email notification (sent to your WSU email address) with instructions to log into Academica and access your award information. 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 Student Financial Aid begins making awards in the spring for the upcoming academic year.
When is my tuition payment due?
Please access the Office of the Bursar website for tuition payment due dates.
When is financial aid disbursed, and when are refund checks generated?
Financial aid is disbursed two times during the academic year: once at the start of the year, and once at the mid-point of the year. The actual disbursement dates are calculated based on the length of the academic year for each class. More information is available on the Disbursements page.
What is the financial aid refund policy?
The Office of Student Financial Aid follows federal guidelines that require a Return of Title IV Funds calculation when a student drops below halftime due to a reduction in enrollment, withdrawal, dismissal, or leave of absence. More information is available on our Policies page.
What is the tuition refund policy?
The University has a tuition refund policy that stipulates the amount of tuition and fees that are refunded to a student who withdraws from all classes during a term. This information is available from the Records & Registration Office.
What is the Satisfactory Academic Progress (SAP) Policy?
Satisfactory Academic Progress (SAP) is the term used to describe a student’s successful completion of coursework toward a degree or certificate. More information is available on our Policies page.
Which loans can be deferred during residency?
Find information about your federal student loans in the U.S. Department of Education’s National Student Loan Data System. Federal loans may have different requirements from private (alternative) or institutional loans.
|Federal Direct Subsidized and Unsubsidized Loans||The loans do not have residency deferment. Repayment begins six months after you graduate, leave school, or drop below half time enrollment.|
|Federal Perkins Loan||The loan does not have residency deferment. Repayment begins after a nine-month post-graduation grace period. Interest does not accrue until repayment begins.|
|Federal Direct Grad PLUS Loan||The loan does not have residency deferment. However, repayment can be deferred while the borrower is enrolled at least halftime and for an additional six months after the borrower is no longer enrolled at least halftime. Interest that accrues during these periods will be capitalized if not paid by the borrower during the deferment.|
|Primary Care Loan||Payments are deferrable throughout residency training. The 5 percent interest rate is subsidized during school and during residency.
Note: Borrowers who receive a PCL on or after March 23, 2010, and fail to comply with the service requirements of the program will have their loans begin to accrue at a rate of 2 percent per year greater than the rate at which the student would pay if compliant. For example, the compliant rate is currently 5 percent per year; the service default rate would be 7 percent per year.
|WSU Private Institutional Loan||This loan does not have residency deferment.|
|Alternative (Private) Loan||Generally deferred through 3 – 4 years of internship and residency. See specific lender information for details.|
If you temporarily cannot meet your repayment schedule but your loans are not eligible for a deferment, your lender might grant you forbearance – temporarily reduce or postpone your student loan payments – or a limited and specific period of time. Generally, your lender can grant forbearance for periods up to 12 months at a time, for a maximum of three years. However, interest continues to accrue and you are responsible for paying it.
How do I locate the names of all of my lenders and how much money I owe?
To review an up-to-date record of your loan borrowing history, log onto the National Student Loan Data System: http://www.nslds.ed.gov.
When do I complete Exit Loan Counseling?
Upon completion of a degree, dropping below halftime enrollment, or departure (withdrawal/dismissal) from the School of Medicine, student borrowers are required to complete a loan exit counseling session in-person or online. Exit counseling provides information such as: borrower rights and responsibilities, loan indebtedness, lender/servicer contact information, repayment and consolidation options, and consequences of delinquency or default. Borrowers must provide current references and confirm they are aware of their rights and responsibilities.