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| 2007 - 2008 MEETING COLLEGE EXPENSES |
A Guide for Seeking Financial Assistance
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Office of Student Financial Aid
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| Introduction |
As students prepare to attend UT Southwestern Medical Center at Dallas, they may discover their own financial resources, including help from their parents, are not sufficient to meet the costs of tuition, fees, books, supplies and living expenses. This guide is designed to inform you of the various options available to students for assistance in meeting these financial obligations. Additionally, it should ease you through the “financial aid maze.” The guide is not an encyclopedia of all existing financial aid programs. Rather, it is an introduction to the financial aid process and should provide useful information for students, spouses and parents.
Please read this guide in full before proceeding with the completion of your application for financial aid or your financial aid form. You will find the information to be helpful and may influence your responses. Additionally, we have included a glossary of terms at the back of the guide which should assist you in better understanding the world of financial aid. - The Staff of the OSFA
No student should allow the pressures of financial constraint to cause a postponement of educational plans without first consulting with the Office of Student Financial Aid (OSFA). We can provide you with necessary applications, forms and advice concerning the rules and regulations of all federal, state and institutional financial aid programs available to our students. Additionally, we can provide debt management counseling and assistance in finding outside sources of aid for which you may qualify. Students are under significant pressure while preparing for classes or clinical rotations, and the OSFA will attempt to alleviate additional financial burdens for that pressure.
The Office of Student Financial Aid is located in M2.200, and can be contacted at:
Office of Student Financial Aid
UT Southwestern Medical Center at Dallas
5323 Harry Hines Boulevard
Dallas, Texas 75390-9064
Phone: (214) 648-3611 / FAX: (214) 648-3289
http://www.utsouthwestern.edu/student
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| Applying for Aid |
Since a student’s financial situation can change from year to year, you must apply for financial aid annually. Should you encounter sudden dramatic changes, do not hesitate to contact the OSFA immediately for guidance and possible assistance. By following the application instructions outlined below, you are applying for all types of need-based Federal, State and institutional loans, grants and scholarships administered by UT Southwestern. (See the Student Financial Aid Program Summary for a detailed listing.)
You should always keep copies of the forms you submit to the school, governmental entity or lender as part of the financial aid process. Additionally, include your full name and Social Security Number on all correspondence. Most problems arise from communication problems or missed deadlines. Maintain an open line of communication with the Office of Student Financial Aid. Maintaining contact may alleviate future delays or difficulties.
To apply for student financial aid you should:
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Complete the Free Application for Federal Student Aid (FAFSA) via the internet or via the paper form available from your Financial Aid Office or public library. Continuing UT Southwestern students should access their Renewal FAFSA via the internet by using your Personal Identification Number (PIN) that was previously sent by the U.S. Department of Education. (If you have misplaced your PIN, follow the instructions via the internet at www.pin.ed.gov. Internet access to the FAFSA is at http://www.fafsa.ed.gov. The results from the internet form are received more quickly. |
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Complete all questions in Steps 1-7 of the FAFSA (if using the paper form, use black ink pen). |
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Allied Health and Graduate Students: |
Your answers to Step 3 of the FAFSA will dictate which sections of the remainder of the form to complete. |
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Medical Students: |
If you want to be considered for all types of aid available, you should provide parental information (purple sections) regardless of how you answer Step 3. See the Student Financial Aid Program Summary in this guide for aid programs that require parental income/asset information. Providing parental data will not affect the AMOUNT of aid you will receive, but may affect the TYPES of aid you will receive. |
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All Students: |
Indicate on Question 86 that you plan to attend UT Southwestern (school code 010019) so that the results of your need analysis will be delivered electronically to the Office of Student Financial Aid. |
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Within a few days of the date you submit your FAFSA to the Federal Processor, our office will receive your processed information electronically. |
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The Office of Student Financial Aid will begin corresponding with you regarding any required supporting documentation or missing forms. |
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Once the Office of Student Financial Aid has received your processed data electronically and any requested documentation, we will send you a notice indicating that your file is complete and ready to be awarded. |
For PRIORITY CONSIDERATION of funding, your file must be complete by:
»March 1 if you are a Graduate or Allied Health student
»April 1 if you are a Medical student
If your financial aid application is received and complete by the priority dates listed above, you can anticipate receiving an Eligibility Notice by:
»Mid-April if you are a Graudate or Allied Health student
»Mid-May if you are a Medical student
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| The Awarding Process |
The fundamental basis for the financial aid awarding process is the determination of student need. This determination utilizes a series of calculations deriving the cost of education and the student/family contribution. In the final analysis, student need is the difference between the cost of education and the student/family contribution from available resources.
Example of calculating financial aid need:
If a student's budget for the academic year is $18,000 and the expected student/family contribution and assets calculated by the FAFSA is $7,500, the financial aid need would equal $10,500.
| Cost of Education |
$ 18,000
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| - Student/Family Contribution |
-7,500
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| Financial Aid Need |
$ 10,500
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The Office of Student Financial Aid will, in the example listed above, attempt to compile a package, or combination of financial aid to equal $10,500.
The student/family contribution is derived during the needs analysis performed from information provided on the FAFSA. In determining the contribution, all assets and resources available to the student will be considered in the computation (regardless of the liquidity of those resources). Examples of resources considered include, but are not limited to:
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A.
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Student and/or spouse income during the academic year. |
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B.
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Student and/or spouse summer savings. |
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C.
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Student and/or spouse assets. |
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D.
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Parent’s income and/or assets (if student is dependent). |
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E.
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Child support resources. |
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F.
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Contributions from other relatives. |
Note: Military scholarships will not be considered as resources, but will be considered as supplemental financial aid.
Recipients are responsible for reporting this type of assistance to the OSFA and the Accounting Office.
All Medical and Graduate (masters or doctoral degrees) students are considered "independent" for financial aid purposes. Therefore, the parental data you provide will not result in a required parent contribution. You are encouraged, however, to utilize all outside resources (including family) in order to reduce your loan indebtedness. Following the evaluation and analysis of the FAFSA’s, the Office of Student Financial Aid will compile Financial Aid Packages of the types of aid available. In the LATE SPRING each student will be informed of his/her financial aid offer via an award notification email or letter with additional instructions to follow. If you choose to accept the entire offer, sign the award letter and any accompanying documents, and return them to the OSFA (keeping copies for your records). You may reject all or part of the award package offered by so indicating on the award letter. If you are rejecting the offer, please promptly notify the OSFA in writing so the financial aid can be offered to other applicants.
** An award letter must be SIGNED and RETURNED to the OSFA to continue aid processing **
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NOTE: To receive need-based financial assistance at UT Southwestern Medical Center at Dallas, a student must, at a minimum:
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A.
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Show financial need as established by Federal Methodology |
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B.
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Enroll, or be accepted for enrollment on at least a half-time basis as defined by university catalog. |
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C.
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Be in good standing academically at UT Southwestern and in the student’s school of record (i.e. Allied Health, Graduate, Medical)
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| Planning Your Budget |
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The key to successful management of your money is planning. It is crucial that you plan how you are going to spend your money. The Office of Student Financial Aid suggests that prior to the completion of the FAFSA you begin planning your budget for the academic year. Since the majority of your financial aid package will consist of loan(s), this would also be a good time to begin an estimation of your ability to repay your loans in the future. We have provided several tables at the back of this guide which may assist you in this speculative task. Above all, try to be realistic. An underestimation of your budget can result in an aid package which is not sufficient to meet your needs. An overestimation of your budget can result in a greater encumbrance of debt upon graduation or exit from school than can be accommodated by your ability to repay. Student budgets allow for approximately $1700/month for living expenses during the academic year covered by financial assistance. (NOTE: This budgetary amount was derived from random surveys by the OSFA of UT Southwestern students.)
Words to the wise:
The key to successful management of your money is planning.
If you need to borrow, borrow only what you need and
only what you can reasonably expect to repay.
Table A provides you with the budget of “Reasonable Expenses” which has been authorized for UT Southwestern students by the Texas Higher Education Coordinating Board. (For future estimations, we are adjust student budgets to reflect inflationary cost of living adjustments or tuition/fee increases.) These expenses have been determined based on a detailed survey of the Dallas-area market. The table is specific to your academic program and class.
As you review your personal budget, be aware that we cannot consider installment payments on credit cards, prior educational debt, automobile purchases or mortgage/ rent payments in excess of our allowance.
Medical and disability insurance is required of all enrolled students and the amount of the actual premiums for the academic year is included in the budget.
Married students should note that we expect a spouse to contribute to the support of your household while you are a student. If your spouse is also a student, your budget is determined by using the appropriate single living allowance and adding one-half of any child care allowance. Student spouses should apply separately for financial aid at the school they are attending.
Tables B and C provide you with budget worksheets while in school and after graduation, respectively. The in-school budget will indicate the approximate amount of aid you should request for the academic year. The post-graduation worksheet can be utilized with Tables D and I to provide an approximate future base for cost of living and loan repayment. Sound like a tax form? (Please keep in mind that these tables all reflect current average values, and do not reflect inflationary adjustments. They should only be used as a guide.)
Computers -- First and second-year medical students are required to have a computer which will meet minimum standards for using the computer-based curriculum. The one-time costs to upgrade or acquire a computer can be included in the financial aid budget. Medical students in the first and second-year classes have two options to meet the minimum equipment standards established by the Student Computerized Curriculum Committee:
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Purchase a computer. The purchase of equipment that meets or exceeds the minimum specifications may be completed through the University Store and paid directly from your financial aid disbursements within the installment payment plan. Financial aid up to $3,200 may be used for this purchase. |
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Use a computer you already own or purchase on your own. Detailed information regarding computer specifications and frequently asked questions are available on our website at http://www4.utsouthwestern.edu/stuaff//mdcomp/.
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The basic student budgets reflected in Table A of this guide include the computer hardware budget allocation. The cost for the first and second-year medical school software bundle is already included in the financial aid books/supplies budget. Additionally, students are strongly encouraged to verify the inclusion of the computer equipment in their homeowner’s or renter’s insurance. Students who will not need to borrow funds for the acquisition of a computer for this purpose are strongly encouraged to decline these funds offered in the award notification letter.
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| Dependent or Independent |
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Most of the aid forms you will submit will refer to your student status as dependent or independent. Students who are enrolled in graduate or professional (e.g., medical) degree programs are typically considered to be financially independent of their parents. Since the steps are finely detailed, please see the FAFSA for the qualifications to determine your dependency status.
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| Changes in Circumstances |
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The Office of Student Financial Aid recognizes that your financial circumstances are subject to change. Where money is concerned, these changes tend to be for the worse. Should your situation result in increased financial need, whether short-term or long-term, please contact the OSFA immediately. If funds are still available, you may be eligible for a revision of your financial aid package.
During times of unforeseen circumstances, we may be able to provide you with a short-term emergency loan to help you get by. The available emergency loan funds range in maximum ceiling from $200 to $1,500, depending on your program classification. In most cases, the loans can be issued within 72 hours of the request. If repaid according to the conditions of the promissory note, no interest is charged for the emergency loan. If the source of repayment is a financial aid disbursement check, the loan must be repaid prior to the release of that disbursement. However, these funds are not without limit or restraint. You must:
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Submit an application for review of need and available funds. The OSFA reserves the right to deny your request or reduce the amount of the loan. |
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Provide a reasonable basis for repayment of the loan. |
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Repay the loan within the time indicated on the promissory note (30, 60, or 90 days -- all emergency loans must be paid by the end of an academic semester, whichever comes first). Repayment of an emergency loan with next semester's financial aid is not permitted. |
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| Conclusion |
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If you have reached this portion of the guide, you now have a greater understanding than the average student of the three F’s of student financial aid: facts, funding's and frustrations. We have attempted to provide you with both a guide through the process and assistance in planning your budgets and debt encumbrance. Please do not hesitate to discuss any of your financial questions or concerns with a Financial Aid Counselor. We are staffed to provide a valuable student service and will try anything reasonable that is within our means to accommodate your individual situation. You can best assist us in this endeavor by being Punctual, Patient, Prepared, and Prudent.
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| Copyright ©2002 Student and Alumni Affairs |
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