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The information in this booklet is presented to enable you to better
understand the types of financial aid available and to assist you in
making informed and realistic decisions about financing your education.
The purpose of the University's financial aid program is primarily
to provide assistance to those students whose families cannot help them
meet the cost of their education, and secondarily to ease the burden
for those families more able to assist. To achieve these goals, a program
of institutionally administered financial aid is coordinated with aid
programs from outside agencies. Aid from the institution is intended
primarily for those students who need additional aid beyond what is
available from outside sources.
In general, financial aid consists of loans. Scholarships and opportunities
for part-time employment are limited, especially for graduate and professional
students. The total funding available for financial aid through the
Health Sciences Center will not be sufficient to meet the total needs
of all students qualified for assistance. Therefore, it is essential
that students take advantage of all available outside sources of aid,
i.e., family and friends, local sources, county, state, federal, and
private organizations.
The following guidelines have been established to help achieve a fair
distribution of the financial aid funds that are available to comply
with current federal and state guidelines on financial aid administration.
(1) The primary responsibility for the costs incurred by the student
rests with the student and his/her family. Other sources are viewed
as supplementary to this primary effort.
(2) All financial aid is based on need. The total amount of financial
aid awarded cannot exceed the student's demonstrated need. The determination
of need will be based upon confidential analysis of information provided
by the student and his/her family.
(3) The evaluation of a student's need will be determined by the financial
aid coordinator in the Health Sciences Center on the basis of each student’s
economic circumstances and the guidelines that govern each financial
aid program. The final responsibility for determining the amount and
distribution of financial aid rests with financial aid coordinator.
(4) Students who apply after the established deadline will be given
lower priority for aid.
(5) Receipt of any financial funds is based, in addition to need and
specific program eligibility, in maintaining satisfactory academic progress
according to the established federal and state guidelines.
(6) In order to receive any form of aid the student cannot be in default
of payment of any previous educational loans or owe any refunds to a
state or federal aid program. Even in cases the aid has already been
awarded, it will be necessary to cancel disbursement of funds when the
University is informed of such situations.
It must be clearly understood that the philosophy and policy of the
U.S. Department of Education places greater responsibility on students
and their parents to meet the cost of education.
The information included in this document is current as of November
2004. Subsequent legislative changes by the United States Congress or
New York State Legislature could alter the conditions of the various
financial aid programs described.
Financial aid for School of Medicine students may be divided into
two major categories: federal and state programs administered by off-campus
agencies to which the student applies directly, and campus-based aid
programs administered by the Office of Student Services and the Office
of Financial Aid. In all cases, the School of Medicine Office of Student
Affairs serves as the liaison between the student and the agency involved
by providing relevant information, assisting with application forms,
forwarding pertinent documentation, and coordinating the award and disbursement
of funds process. The first contact for a medical student or applicant
interested in applying for financial aid should be the Office of Student
Affairs located in the Health Sciences Center , level 4 Room 147 telephone
number (631) 444-2341.
The following is a list of the major financial aid programs available
for 2007-08. For more information about these and other programs see
the section titled FINANCIAL AID PROGRAM DESCRIPTIONS.
OFF-CAMPUS FINANCIAL AID PROGRAMS
Federal Subsidized Stafford Loan
Federal Unsubsidized Stafford Loan
Federal Grad PLUS Loan
Private Loan Programs
Tuition Assistance Program (TAP)
CAMPUS-BASED FINANCIAL AID PROGRAMS
SOM Fellowships and Scholarships
College Work Study Program
Tuition Waiver Program for Economically Disadvantaged Graduate Student
Tuition Waiver Program for Former EOP Graduate Students
APPLICATION PROCESS - In order to apply for campus-based financial
aid, the student must submit required forms and information EACH YEAR
by the announced deadline, usually March 1. (FOR CONTINUING STUDENTS
ONLY)
The complete application file consists of the following documents:
(1) Free Application for Federal Student Aid (FAFSA),
The FAFSA is produced by the U.S. Department of Education and employs the Federal
Methodology for determining students needs. The FAFSA can be completed of the January
1 each year, and should be completed prior to march.
All students applying for aid must complete the FAFSA. The application
can be found at www.fafsa.ed.gov
(2) The Institutional Application for Financial Aid for Medical Students .
All first time financial aid applicants must complete the Institutional Application.
It provides supplemental information to the FAFSA.
(3) Other documents may be requested as part of Institutional or Federal
verification process. Students selected for verification will be notified
of their selection and documentation needed.
(4) Completed Master Promissory Note must be submitted to the lender you have chosen.
DETERMINATION OF FINANCIAL NEED
Financial need is determined by comparing the costs of attendance
for the academic year at Stony Brook with the students' resources. These
resources may include family contribution, savings from summer earnings,
Social Security benefits, veterans benefits, earnings from employment,
student assets, and funds from scholarships and loans other than those
administered by the Health Sciences Center.
Estimated Cost of Education -The School of Medicine financial aid
coordinator prepares budgets each spring semester for the next academic
year to be used in the evaluation of financial need. These budgets include:
(1) Actual cost of tuition and fees for the different academic programs
at Stony Brook (undergraduate, graduates, graduate professional).
(2) Estimated expenses for rent, food, books and academic supplies,
transportation, medical and dental costs, clothing and laundry, and
miscellaneous expenses.
(3) Added to the original budget as requested by the student may be
extraordinary circumstances such as child care, very high medical expenses,
unusual transportation expenses, extra tuition cost for an out-of-state
resident, and other.
Since the availability of financial aid funds is severely limited,
students applying for aid are expected to hold their expenses to a minimum
wherever possible. The budgets established for medical students represent
reasonable levels of expenditures that will allow students a moderate
standard of living. Students wishing to maintain single rooms or apartments,
or a generally higher standard of living, cannot be funded by the School
of Medicine financial sources. Such items can be supported only by the
individual’s reduction of expenses in other areas of his/her budget.
Financial Aid Resources Used in the Determination of Need
Family Resources - A needs analysis system is used to determine financial
need for those students applying for financial aid. To determine the
ability of a student's family to meet the cost of education, the School
of Medicine relies upon the Federal Methodology Analysis system authorized
by the federal government. The analysis of a family's ability to contribute
begins by examining the current income and assets of the family. Allowances
are made against the family's income for taxes paid, medical expenses,
employment expenses, casualty or theft losses, and basic living expenses.
Family assets may be considered and allowances are made for outstanding
debts and retirement needs. A portion of the income and assets remaining
after allowances is expected to be available to help offset the student's
educational expenses.
Off-Campus Financial Aid Awards - Each student applying for aid is
expected to apply for the New York State Tuition Assistance Program
(TAP), the maximum Stafford Loans. Students who are residents of other
states are expected to take advantage of similar programs in their home
state.
In addition, other scholarships and loans from private organizations
are included as resources in the needs analysis. Students are expected
to provide information about these resources to the financial aid coordinator
in order to avoid over packaging conflicts. Further checks are made
through documents received from awarding agencies and through the Bursar's
office.
Re-evaluation of Financial Need - If, after the submission of the
financial aid application form, a change occurs in the family or the
student's financial situation, the student may request a re-evaluation
of the initial application by submitting to the financial aid director
a written statement of the changes and pertinent documentation as proof
of the new situation. The written request will be reviewed and a decision
will be made about the student's eligibility for aid. The student must
be aware that, while he/she may be considered eligible for aid, the
preferred financial aid funds might have been exhausted already. Examples
of changes in financial situations which MUST be submitted for re-evaluation
of financial aid eligibility include the following:
(1) You, your spouse, or your parents win the lottery.
(2) Any sources of income not previously reported in the financial
aid application.
Examples of changes in the financial situation which may be submitted
for re-evaluation of financial aid eligibility include the following:
- A drastic change in income of the student parent or spouse from
the last calendar year to expected income during the academic year.
- Extraordinary medical or dental expenses, transportation expenses,
child care expenses, educational expenses, and other.
Financial Independence - For the purposes of awarding Federal Title
IV aid, all graduate/professional students are considered to be independent
of their parents. If applying for federal aid only the Parent’s
Information section of the FAFSA need not be completed. However, of
a student wishes to be considered for any Institutional Awards, then
the Parent’s Information section must be completed, along with
the Student Information section.
Selecting a student loan lender is a major decision. Your medical school loans represent a significant financial commitment. Med school lasts for four years, repayment may last 5 or 6 times as long.
Taking the time to review, question and interview a potential lender is important. The Student Affairs Office cannot suggest a lender as the perfect match for you. Inquiry with the lender is the best and most accurate method to know and understand the terms and conditions that a lender offers.
What is best for one student may not be best for others. Only you can fully understand your individual financial situation, your educational and career plans and your philosophy and attitudes towards money. The responsibility, as well as the decision, to select one lender over another fall to you, the student loan consumer. Some of the major considerations involved in this decision include cost, flexibility and customer service.
- Is the program designed to meet the borrowing and repayment needs unique to medical school students and graduates? Is there a residency interview/relocation loan available?
- What benefits are offered? What percentage of students qualifies for the benefits?
- How often is loan interest capitalized? When is it capitalized?
- Is the customer service responsive? Call the lender hotline and ask questions? What are the hours? Can you access information over the internet?
- Is extra effort put forth to help students avoid default?
- Does the lender use a servicer? Who is the servicer?
- Does the lender sell their loans to a secondary market?
- Does the borrower retain the borrower benefits if the loan is sold to a secondary market?
- Are the origination fees discounted?
- Can the benefits offered change? How? When?
- What are the terms and conditions for deferments?
- Are the benefits in writing? Where can you find them?
- How long has the lender been in the student loan industry?
- How is the APR calculated?
- Is there a “restoration of benefits” available should I miss payments and lose a benefit?
Use common sense when evaluating a potential student loan lender. If something sounds too good to be true, it usually is.
A lender list is a tool used to assist students with the decision making process. There are, literally, thousands of student loan lenders from which you can choose. A lender list will give you an idea of some of the loan programs from which our students commonly borrow. The list also provides an indication of loan programs which are well suited to the needs of medical students. But keep in mind, the final choice is yours. This choice includes the decision to select a lender NOT included on any list. Financial Aid Administrators are in the business of providing information to you, not making decisions for you.
Lenders are reviewed annually before their programs are recommended to borrowers. Program elements that are evaluated include but are not limited to: how lenders have performed in the past; superior customer service and benefits; streamlined electronic processes; good alternative and residency loans; minimal processing issues and/or complaints; quality of the loan servicer; transparency regarding the sale of loans to secondary markets and the retention of borrower benefits should the loan be sold. Programs that fail to meet the following guidelines will not be recommended to borrowers.
Students should receive quick, efficient and accurate processing of student loans. Student borrowers want a simplified application process and state of the art operations including 24/7 access to loan information online and/or 24/7 call center availability.
Programs should interface easily with PeopleSoft (the university’s financial aid processing system), assuring a streamlined, electronic loan certification and funds delivery system.
Timely and responsive processing with excellent problem resolution service is essential. A toll free number for borrower information is required. Ideally, there should be separate dedicated toll free numbers for borrowers in school and in repayment status.
Lenders should be divisions/affiliates of federally-insured banks, federally-insured savings banks, credit unions, other established financial services companies or contracts with loan services that have been actively engaged in the student loan industry to a minimum of five years. Lenders must have a proven record of superior customer service in dealing with our borrowers. This includes offering a variety of payment options, while maintaining trained staff to answer questions via a toll-free number. It is important that borrowers get the same great service from the student loan lender they would get from us. It is also important that a lender offer programs specifically designed for medical school borrowers, such as residency interview/relocation loans.
Lenders must have competitive rates and repayment benefits must mirror industry standards. High value loan services must be offered. Some lenders offer prompt payment discounts that can reduce the cost of the loan. These repayment incentives, also referred to as borrower benefits, include interest rate reductions, full or partial origination fee rebates and principal balance reductions. They reward students for using automatic direct debit of monthly payments and/or for making on-time monthly payments.
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