|
Frequently Asked Questions
Question: What is the College of Medicine code number for filing the FAFSA?
Answer: E00588
Question: What is the College of Medicine Federal School code number for application for the Federal Direct and Stafford Loan Programs?
Answer: 001989 (if requested, the branch code is 02)
Question: What loan programs will require my U.S. Dept. of Education PIN number for completion of the Master Promissory Note (MPN) online?
Answer: Direct Loan Program and the Stafford Loan Program (if completing online with KHEAA).
Question: Is online entrance counseling required when completing the MPN?
Answer: Students who borrow from the Federal Direct Loan Program will complete entrance counseling online when completing the Master Promissory Note. Students who borrow from any lender in the Federal Stafford Loan Program must go to the following Web site to complete the entrance counseling: https://your.studentloanfunding.com/eCounUser?sch_id=00198902. The College of Medicine will automatically be notified when you complete this requirement.
Question: What is the Web address to complete the MPN online for a Direct Student Loan?
Answer: http://www.dlenote.ed.gov (The MPN must be completed in ONE SESSION (approx. 30-45 minutes)
Question: What is the Web address to complete the MPN online for a Stafford Student Loan from MedLoans?
Answer: http://www.opennet.salliemae.com
Question: What is the Web address to complete the MPN online for a Stafford Student Loan that originates through Kentucky Higher Education Assistance Authority (KHEAA)?
Answer: http://www.kheaa.com
Should you not be successful in completing the MPN online, please call 1-800-928-8926 and request that KHEAA print the MPN and send it to you. After completion, send it to the lender (verify the mailing address).
Question: What information is needed to complete the MPN?
Answer: US Dept. of Education PIN NO. (refer to No. 3); you can request a PIN at http://www.pin.ed.gov and, you will need complete contact information for at least two references (two separate US addresses) whom you have known for at least three years (one should be a parent or legal guardian).
Question: How often must the MPN be completed?
Answer: You will only need to complete the MPN one time (your first application for a Stafford or Direct Loan) as long as you remain enrolled in the College of Medicine and do not change lenders. Should you change lenders, a new MPN will be required at that time.
Question: Where will my University of Kentucky tuition statement be mailed?
Answer: Tuition statements will be mailed to the permanent address on file in the University system. Be sure that this is an address that you will be able to receive this information in a timely manner to prevent late tuition payment and the assessment of penalty charges.
Question: How will the loan funds be disbursed if you select the Direct Loan Program?
Answer: The loan funds will be posted in two equal payments, one at the beginning of the school year and the second one in February 2008. The payments will be posted to your University account for payment of tuition and fees and, if the loan exceeds that amount, a refund check will be issued to you by the University.
Question: How will the loan funds be disbursed if you select the Stafford Student Loan Program?
Answer: Currently, loan funds are being disbursed to the school in two equal payments (actual checks payable to the student), one at the beginning of the school year and the second one in the spring semester (mid-January). Students who have no other aid being credited to his or her account must pay in full.
Question: What other types of aid will be directly posted to tuition and fees?
Answer: Any other institutional loan or scholarship that is awarded by the College of Medicine, (i.e. Perkins, Shely and Primary Care Loans, academic scholarships, private scholarships sent to the school for disbursement, military scholarships, etc.).
Question: Where do you pay tuition and pick up Stafford Loan checks?
Answer: Checks for payment of tuition and fees will be collected and Stafford Loan checks disbursed in the Office of Medical Education, MN-104 , Medical Science Building.
Question: What options are available for the payment of tuition?
Answer: Students can pay tuition and fees by credit card online at https://myuk.uky.edu without any additional service charges or by personal check if no financial aid is involved or the aid is not directly posted to the student's account. Students who fail to meet the initial fall and spring semester deadlines will be assessed a monthly penalty of 1.25 percent of the unpaid balance.
Question: When will you be notified of what aid is being processed for 2008-09?
Answer: All new students who file an application for financial aid will receive a Financial Aid Award Notice Letter, if appropriate, by mail. The target date is June 1 or earlier, if possible. The recipient must accept, decline (may also increase or reduce) the aid offer and return the signed form to Financial Aid before the loan can be certified. The Financial Aid Award Letter Notice cannot be finalized until the financial aid application is complete.
Question: When will you receive a residual refund check from the University?
Answer: A residual refund check is generated when financial aid credit (actual funds directly posted to tuition account, i.e. direct loans, institutional loans and/or scholarships and certain Stafford Lenders who disburse by Electronic Funds Transfer (EFT) exceeds total charges. This check is made payable to the student and will normally be mailed within five business days after financial aid credits to the account. Residual checks are mailed to the Current Address on file in the University System. Without a current address, the check will be mailed to the Permanent address on file. The student is responsible for updating addresses on file to prevent payment delays.
Question: Does the school have to certify your eligibility for a Direct or Stafford Loan before you complete the MPN online?
Answer: No
Question: If you attended UK as an undergraduate student and you have an outstanding Direct Student Loan(s), is it necessary for you to complete another MPN to continue in the program as a first-year medical student?
Answer: No
If you are unable to complete the MPN online, how can you satisfy this requirement?
Answer: Consider the following: Request an MPN direct from the lender, download the MPN from the lender’s Web site, or check with Financial Aid for availability. After manually completing the MPN, send it to the lender (verify the mailing address).
Question: When will the first loan disbursement or refund check be available to pick up?
Answer: For all new students who select a lender that disburses by check to the school, the funds can be released to the student anytime once the student has enrolled, completed all necessary paperwork and satisfied the entrance counseling requirement.
Question: What is the verification process and how will you know if you have been selected?
Answer: It will be noted in the Student Aid Report (SAR) you receive once the FAFSA has been processed. If you are selected, please complete the Verification Worksheet (PDF). You will need to complete and return the worksheet to Financial Aid along with a copy of your 2007 federal tax and W2 forms, if applicable. Verification is a random selection process by the federal processor and serves to prevent fraud and abuse by documenting the financial information that is submitted on the FAFSA. The verification process must be completed prior to the disbursement of aid.
Question: Are students permitted to work during medical school?
Answer: Students are not encouraged to work while in school. Students wishing to seek an exception must see the Assistant Dean for Student Affairs.
Question: Can you purchase a computer and receive a federal loan for the cost?
Answer: Yes, with proper documentation of the purchase (maximum of $3,000) to Financial Aid. Note that this cost is only funded during the first-year curriculum.
Question: Who do you contact if you have remaining eligibility for veteran’s (VA) educational benefits by the State Approving Agency for use during your enrollment in medical school?
http://www.vba.va.gov/ro/stlouis/index.htm
Forms: http://www.warms.vba.va.gov/
Phone: 888-442-3551
http://www.gibill.va.gov
Question: Is a financial aid transcript required to be on file if you have previously attended a health professions school?
Answer: Yes, since all federal student loans are NOT reported to the National Student Loan Database (NSLDS), http://www.studentaid.ed.gov This requirement can be satisfied by a letter from the school you attended verifying the aid you received, if any, and the amount(s).
Question: What happens if the cost of attendance changes after the loan has been certified for the full budget?
Answer: Should any cost of attendance items increase after the loan has been certified, the loan amount initially requested will automatically be corrected to cover the additional cost if there is sufficient time remaining prior to the first disbursement. If not, a supplemental loan request can be processed.
Top of Page
|
