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How to Apply for Financial Aid

Medical students who wish to apply for financial aid should complete the following steps by the appropriate dates. Applications for financial aid must be submitted each year.

The priority dates listed below are a target to assure timely notification of financial aid eligibility; they are not deadlines.

1. Submit the Free Application for Federal Student Aid (FAFSA)

Students applying for institutional, state or federal loans and scholarships must submit the FAFSA application. Submissions may be made as early as October 1 to begin the financial aid process for the next academic year. The school priority date for this form submission is May 1.

Information Needed to Complete the FAFSA:

Forms

In addition to completing the FASFA, medical students seeking the most financial support for their medical education at IU School of Medicine should submit the Application for Financial Assistance to the Office of Student Financial Services by May 31.

To file the FAFSA, first time applicants need to create a Federal Student Aid (FAS) ID. The FSA ID is a username and password combination used to securely access financial aid information and electronically sign federal student aid documents. Students who previously filed a FAFSA electronically, whether for undergraduate school or a previous year of medical school, should use the same FSA ID when completing a new FAFSA.

2. Accept, Reduce or Decline Loans and Awards

Students receive a financial aid notification (FAN) that reviews financial aid for the academic year. The financial aid portal on one.iu.edu allows students to access their financial aid information. In the portal, students can accept financial aid awards and reduce, accept or decline loans as well as view scheduled disbursement dates.

More information about the different types of loans available to medical students can help students decide how to respond to loan offers.

3. Complete Entrance Counseling

Students who have never used Federal loan funding are required to complete entrance counseling. The Federal Government requires new borrowers to complete the entrance counseling to ensure that students understand the responsibilities that come with borrowing Federal student loans. The entrance counseling needs to be completed only once.

4. Complete a Master Promissory Note

Students must complete a Direct Loan Master Promissory Note (MPN) to accept their first federal loans. The MPN is a legal document in which the student promises to repay loan(s) and any accrued interest and fees to the US Department of Education. It also explains the terms and conditions of a student’s loan(s). The MPN is completed only once in the four years of medical school. Borrowers are notified by the Office of Student Financial Services when the MPN is ready for completion, typically in June.

FAQ

Answers to frequently asked questions about medical school financial aid are available.

Federal Loans

Students exploring financial assistance benefit from understanding the types of loans that are available to them before borrowing money.