Financial Resources
Financial Counseling
LSS Financial
Financial counseling is available from LSS Financial to help you consolidate payments, protect your home, improve your credit, budget, and pay off loans. This service is available to medical residents and fellows.
- Call LSS: 1-800-528-2926
- More information on LSS Financial Counseling
Fidelity - Optional Retirement Plan
Optional retirement plans are available through the Office of Human Resources. For more information regarding these plans, please contact the Office of Human Resources directly by emailing [email protected] or calling 612-624-8647 or 1-800-756-2363.
Loan forgiveness
- GUIDE: University of Minnesota Residents/Fellows- Public Service Loan Forgiveness Process
- Consumer Financial Protection Bureau
- Federal Student Aid - U.S. Public Service Loan Forgiveness
- Minnesota Rural Physician Loan Forgiveness Program
- Minnesota Urban Physician Loan Forgiveness Program
- University of Minnesota - Medical School Loan Repayment Resources
FICA
FICA clarification - January 25, 2012
The IRS refunds referenced in the news today (January 2012) are not applicable to the University of Minnesota residents and fellows. The refunds referred to in the news are for the period of time prior to April 1, 2005. From 1998 to April 1, 2005, the University did not require residents and fellows to pay FICA taxes so no refunds are available. The University did receive refunds for the 1992-98 period, but those funds were distributed to residents and fellows many years ago.
Current IRS/FICA status
In compliance with final IRS regulations the University withheld the employer and employee portion of FICA from April 1, 2005 forward, and initiated a case against the United States of America, that was eventually heard by the US Supreme Court. On January 11, 2011 The Supreme Court affirmed the decision of the Eighth Circuit Court of Appeals in favor of the Treasury Department and against the University of Minnesota and Mayo. This means that the Mayo and University refund claims are denied and NO refunds will be available to residents.
We continue to withhold the employer and employee portion of FICA today, in compliance with the IRS regulations, and we are not entitled to any further refunds.
For more information about the FICA case contact:
Office of General Counsel
University of Minnesota
Contact
Graduate Medical Education Office
[email protected]