How Aid Works
Financial aid provides financial assistance to students who would otherwise be unable to pursue a medical education.
Who’s responsible for what?
The primary responsibility for financing your education rests with you and your family.
Financial assistance from the school and other sources is intended to be supplementary.
How financial aid is calculated
Financial aid is offered on the basis of demonstrated financial need and cannot exceed your cost of attendance. This is determined according to:
- Federal, state, and University regulations
- Available funding levels for each aid year
- Direct educational costs, such as tuition and fees
- Indirect costs, including housing, transportation, books & supplies, and other personal living expenses for a single student
Many types of aid
Financial aid may consist of:
- Loans from federal and University sources
- Scholarships and grants
- Work-related opportunities, such as work-study, graduate assistantships, and research grants
Want to apply for aid? Here are your three must-do steps:
- Submit your FAFSA application. You must complete the Free Application for Federal Student Aid (FAFSA) every academic year you wish to receive financial aid. If you wish to be considered for need-based institutional scholarship funding, include parental federal income tax information on the FAFSA and submit the Medical Student Scholarship Application. Annual application materials will become available in October for the FAFSA and December for the Medical Student Scholarship Application.
- Watch for and respond to any correspondence from the University of Minnesota. You may be asked to provide additional information.
- Accept, reduce, or reject your financial aid offer. In July, you will receive an email notice of your financial aid offer, which you will need to accept, reduce, or decline. You should not automatically accept your entire offer. Consider your actual needs and accept only what is necessary.
Connect with a counselor
Our dedicated financial aid staff can assist you with all aspects of financing of your medical education.