Frequently Asked Questions

Financial Aid

  • What types of financial aid are available?
    Financial aid may consist of federal, state, institutional, or private sources. It may be in the form of loans, scholarships, grants, awards, or provided by a third-party such as veterans benefits. Funds are awarded to help students meet their educational expenses including tuition, books/supplies, and living expenses.
  • What scholarships does the medical school offer?

    The medical school annually offers merit- and need-based scholarships to MD degree seeking students that are awarded by the Student Scholarship Committee. All applicants and current students are considered for WMed merit-based scholarships, which do not require any application. The Free Application for Federal Student Aid (FAFSA) is required for consideration for WMed need-based scholarships.

  • Should I apply for financial aid?
    Students who do not have sufficient resources to attend medical school should apply for financial aid. Students are sometimes hesitant because they did not receive financial aid as an undergraduate student, or are uncertain about the income and asset criteria that must be met. There is no adverse impact to applying, and students can decline all or part of an aid offer if alternate personal resources become available. Students must complete the application process annually, so they can decide each year whether to accept an offer of aid.

    Applicants must meet the following general eligibility requirements to receive financial aid:

    • Have a Social Security number
    • Meet satisfactory academic progress standards
    • Be a United States citizen or an eligible non-citizen
    • Not be in default on any state or federal grant or loan received at any institution
    • Not have a prior drug conviction while receiving federal Title IV funds
    • If identified as a male at the time of birth, and between the ages of 18 and 26, be registered with the Selective Service
  • What application forms should I complete?
    All applicants and current students should annually complete the Free Application for Federal Student Aid to be considered for all possible types of aid.
  • In addition to the annual FAFSA application, are other forms or documents required?

    MD students applying for need-based aid may need to submit IRS tax transcripts, signed copies of federal tax returns, W2 forms or other proof of income for each individual whose income information is reported on the FAFSA.

    Students submitting a FAFSA may be selected by the federal processor for a process called “verification.” If selected, our office will notify students via email to submit proof of income or other documentation to confirm information reported on the FAFSA.

  • Are there deadlines by which financial aid forms and documents should be submitted?

    Yes. The priority deadline for the FAFSA and requested documents is March 1 each year.

    Federal student loan offers must be accepted and all loan requirements completed no later than 1 month prior to the beginning of the academic year in order for the funds to disburse by the scheduled date.

  • Are there any penalties for applying after the priority date?

    Institutional funds are limited and the Office of Financial Aid processes completed applications in the order received. Institutional funds may be awarded to late applications if funds remain after the review of all applications received before the priority deadline.

    Students may be expected to pay all tuition and other charges by posted payment due dates if their financial aid application is not complete at the time payments are due.

    Processing of all financial aid, including requests for additional loan funds, must be completed prior to the last day of the academic year. If a loan increase is needed, students should apply at least one month before their last day of classes to ensure that there is adequate processing time.

  • How is my financial aid eligibility determined?

    Consideration for financial aid may be based on merit, need, and other factors such as remaining enrolled full time and maintaining satisfactory academic progress. Donor-supported named awards may require additional information to determine eligibility for award criteria, according to the award requirements.

    All MD applicants offered admission and all continuing full-time MD students are considered automatically for WMed merit-based scholarships. Applicants are considered on the basis of their entire medical school application, and continuing students are considered on the basis of their entire record in medical school including academic performance, citizenship, and leadership.

    For need-based scholarships, an "expected family contribution" (EFC) is calculated from income and other information provided on the FAFSA. The calculation uses a federal methodology approved by Congress and passed into law. An applicant's financial "need" is the difference between the Cost of Attendance and the amount of the calculated EFC:

    COST OF ATTENDANCE - EXPECTED FAMILY CONTRIBUTION = FINANCIAL NEED

  • Am I an "independent" or "dependent" student for financial aid purposes?
    As a medical or graduate student, regardless of your dependency status for other purposes such as federal tax returns, you are considered an independent student. Parent information sections of the FAFSA must still be completed if you are an MD degree student applying for need-based aid unless you meet one of the conditions for an exception (see below).
  • Am I required to fill out parent sections of the FAFSA?
    All new and continuing MD degree students are required to submit parent information on the FAFSA to be considered for, and eligible to receive, WMed need-based scholarships unless they:
     
    • Are at least 30 years old, or will be 30 by December 31 of the academic year
    • Have dependents other than a spouse
    • Are a veteran of the armed forces
    • Have not been claimed as a dependent on someone else's tax return for seven years, or 
    • Were granted "independent" status by their undergraduate financial aid office.


    Parental information is not used to determine eligibility for federal student loans, institutional merit scholarships, or private/alternative loans.

  • I am financially independent. Why am I asked to provide parental information for need-based aid?
    Institutional need-based funding is limited and parental information is used to evaluate the family's ability to pay for the student's educational expenses. Using a standardized needs analysis application allows WMed to apply the same formula consistently to all students and their families.
  • How much financial aid do I qualify for each year?
    The maximum amount of financial aid from all sources cannot exceed the annual Cost of Attendance.
  • How much can students borrow in loans each year?
    Students may borrow up to the annual Cost of Attendance minus other aid (such as merit- or need-based scholarships). There are also annual and aggregate (life time) maximums in the federal Direct Loan programs which are listed on our Loan Programs page.
  • Can I adjust my loan after it disburses?
    Yes, requests for reasonable increases or decreases are made by completing the Loan Revision Request form and submitting it to financialaid@med.wmich.edu within the deadlines for each term.
  • What is the interest rate on federal student loans?
    The interest rate on federal student loans is a fixed rate and is determined by the date of the first disbursement of the loan. You can determine your interest rate at studentaid.gov.
  • Am I required to have health insurance? Where can I purchase health insurance if I do not have coverage?

    You are required to carry health insurance that provides coverage for preventive, diagnostic, therapeutic, and mental health services beginning at the start of courses and continuing until graduation. You may satisfy the health insurance requirement with annual documentation of health insurance coverage that meets the Essential Benefits requirements of the Affordable Care Act (ACA) under a parent plan, spouse/partner plan, or separate individual/family health insurance plan.

    If you do not have existing coverage, you may purchase individual/family health insurance coverage from IXSolutions, a private exchange partnership, at ixshealth.com/wmed. Additional premiums apply to include family members. You are responsible for the cost of individual/family health insurance.

    The cost of health insurance may be added to the Cost of Attendance upon request.

    The medical school provides students with disability insurance and professional (malpractice) insurance.

  • What if the amount of financial aid I receive is not sufficient to cover all of my educational expenses?
    In some circumstances, a student may have education-related expenses (such as uninsured medical/dental expenses, emergency travel home, or emergency car repairs) not accounted for in the Cost of Attendance. On a case-by-case basis, a student may submit an Appeal for a Budget Increase to the Office of Financial Aid. If approved, the Cost of Attendance will be increased and the student will then qualify for additional aid.
  • Is my tuition refunded if I leave the medical school?

    Students must obtain prior written approval from the associate dean for Student Affairs to withdraw or take a leave of absence to be eligible for a partial credit of tuition according to the following schedule. All unpaid, non-refundable charges, such as for electronic books, lost or damaged medical school property, excessive photocopying, parking, or other charges, must be paid in full before any tuition is refunded.

    100% refund of tuition within 7 days of the start of class for the term 75% refund of tuition within 14 days of the start of class for the term. 50% refund of tuition within 21 days of the start of class for the term. 25% refund of tuition within 28 days of the start of class for the term.

    There is no refund of tuition for withdrawal after 28 days of the start of the term unless an exception is made by the associate dean for Student Affairs due to extenuating circumstances.

  • What is the average education debt for medical student graduates?
    WMed Class of 2020
    Percentage with Medical School Debt 74%
    Mean (indebted only) $238,482
    Median (indebted only) $289,976


    Below is education loan indebtedness figures for the Class of 2020 published by the Association of American Medical Colleges (AAMC) in October 2020. More information can be found on the AAMC website at aamc.org/FIRST.

    Class of 2020 Public Private All
    Percentage with Medical School Debt 75% 71% 73%
    Mean (indebted only) $199,391 $219,829 $207,003
    Median (indebted only) $200,000 $220,000 $200,000

COVID-19 and CARES Act Money