Applying for Financial Aid

MD Financial Aid

Applying for Financial Aid

Students applying for any of the aid programs described herein must complete the forms described on the following pages. These forms must be completed in order for you to be evaluated for any loan or scholarship program, including all federal and institutional programs. Loan and scholarship applications will not be processed until the Financial Aid Office has received all required documents. If you are applying for any of the following aid programs, you must complete all forms listed under SECTION 1:

Unsubsidized Federal Direct Loan (USFL)
Federal Direct Graduate PLUS Loan (Grad PLUS)
Private Alternative Loan Programs (ALP)

Free Application for Federal Students Aid (FAFSA)

  1. First Time FAFSA Applicant:
    1. Completing an "electronic" FAFSA that is available on the U.S. Department of Education web page located at http://www.fafsa.ed.gov (processing time: 10-12 days).

      -or-
    2. Completing a "paper" FAFSA that is also available http://www.fafsa.ed.gov. Mail the completed document to the Department of Education for processing (processing time: 2-3 weeks).
  2. Previous FAFSA Applicant: If you did complete a FAFSA for the 2012-2013 academic year, you may pre-fill your application electronically by using your PIN ID. If you cannot locate your PIN ID, you may request a duplicate be sent to you by way of U.S. mail or e-mail.

    Note to all applicants

    Which ever method you use, please complete the FAFSA according to the instructions provided. An incorrect or incomplete application will delay the financial aid process.When completing "Step Six" of the FAFSA, please provide the Institution Code for USF Morsani College of Medicine, which is E00568. This will insure that the College of Medicine will receive your financial information.

  3. Student Aid Report (SAR): You will receive a SAR (U.S. Mail or E-mail, depending on the method you used to submit your FAFSA) in approximately 1 to 3 days after you have completed the FAFSA. The SAR is the final output document generated by your submission of the FAFSA indicating your Expected Family Contribution (EFC). Review the SAR to insure all data is correct. If corrections are necessary, please follow the instructions that are provided with the SAR.
  4. Financial Aid Award Notice: Once your FAFSA has been received, and the College of Medicine Financial Aid Office has determined financial aid eligibility, you will be notified through OASIS that your Financial Aid Award Notice is ready for your review and action. You will be able to accept some or all of the awards in this notice. The requirements further outlined below will also be forwarded to you as the necessary steps needed in order to receive your student aid. Notification e-mails that you receive through the e-mail address you have listed in OASIS are an essential part of the financial aid process.
  5. Master Promissory Notes: Please visit the U.S. Department of Education's website at www.studentloans.gov, create an account and successfully complete all necessary master promissory notes/applications. Students must complete one master promissory note when applying for the Subsidized/Unsubsidized Loans and Graduate/Professional PLUS loans. No loan will be processed without a completed master promissory note on file with the Department of Education.
  6. Online Entrance Counseling: Also offered at www.studentloans.gov, must be completed successfully to receive these loans in addition to the MPN(s).
  7. Graduate/Professional PLUS Loan: This is a credit-based loan. Once you have successfully completed an online application and master promissory note at www.studentloans.gov the financial aid office will be notified. Before initiating this application it is recommended that you contact the Financial Aid office for advice in the timing of initiation of the application.
  8. Alternative/Private Loans (ALP): Students who wish to apply for this credit based loan must first speak with a Financial Aid Officer before any application materials are processed.

    Even if requesting ALP, the FAFSA and College of Medicine Financial Aid Application must be completed for the following programs:

    • USF Morsani College of Medicine Institutional Funds (Loans and Scholarships)
    • Primary Care Loan (PCL)*
    • DHHS Scholarship for Disadvantaged Students (SDS)

    * This program carries the requirement of a commitment to train and practice in a primary care area (Family Medicine, General Internal Medicine, General Pediatrics or Preventive Medicine). If you are applying for this program, you must provide a letter to the Morsani College of Medicine Financial Aid Office Application for M.D. Students that illustrates your commitment to primary care and indicates in which primary care area you intend to practice. If a letter of commitment is not provided, you CANNOT be considered for this program.

  9. Parents and the FAFSA: Your parents (both parents even if divorced) must also complete their section of the FAFSA. The programs listed above are "need based" programs that require an assessment of your parent's ability to contribute to your educational expenses. However, parental information is not used when evaluating your eligibility for the USFL, Grad PLUS or ALP.

    If your parents are divorced or separated, both parents must provide their financial information on the FAFSA. One parent may include their information online and the second may submit their information on a paper FAFSA submitted directly to the Morsani College of Medicine Financial Aid Office.
  10. Answer Every Question: If the response to any of the financial questions is zero, please enter a zero (0). A zero will indicate that the question was not overlooked. If any item is left blank, your application materials cannot be processed.

Verification

The federal financial aid programs administered by the U.S. Department of Education, Department of Health and Human Services and the University of South Florida College of Medicine are subject to a process called verification. A percentage of the FAFSA's processed at the USF Morsani College of Medicine will be selected for verification. If your application is selected, there will be a note under "My Requirements" and instructions for completing the verification. The verification process must be completed within 30 days of notification. Loan and/or scholarship funds will not be disbursed until verification is completed. Any documents requested should be directed to the USF Morsani College of Medicine Financial Aid Office.

The FAFSA, Master Promissory Note(s), Entrance Counseling(s) and verification (if required) must be completed in order to obtain Federal Unsubsidized Direct Loans, and Graduate PLUS loans (Grad PLUS).

Determining Financial Need

Completing the FAFSA will calculate your Expected Family Contribution, or EFC. Federal, state, private, and institutional aid programs assume that the family (student, spouse, and parents) has primary responsibility for financing your education, and that the family should contribute amounts in accordance with its income and assets before financial aid can be expected. Need analysis is accomplished through one or two mechanisms, depending upon the requirements of the specific aid program: those that require the analysis of parental financial data, and those that do not.