Office of Medical Education

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 Loan Program?
Answer: 001989 (if requested, the branch code is 02)

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.

Question: What is the Web address to complete the MPN online for a Direct Student Loan?
Answer: http://studentloans.gov/mydirectloan/index.action (The MPN must be completed in ONE SESSION approx. 30-45 minutes)

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 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 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 e-mailed to you at the beginning of each semester.

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 January. The payments will be posted to your University student billing account for payment of tuition and fees and, if the loan exceeds that amount, a refund check will be issued to you by Student Billing. This check will be direct deposited into your designated checking account, be sure to update your direct deposit information at the myUK portal.

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, Primary Care Loans, academic scholarships, private scholarships sent to the school for disbursement, military scholarships, etc.).

Question: What options are available for the payment of tuition?
Answer: Students can pay tuition and fees by credit card or electronic check online at myUK portal. 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 2012-2013?
Answer: All new students who file an application for financial aid will receive a Financial Aid Award Notice Letter. The target date is June 1 or earlier, if possible. The recipient must accept, decline (may also increase or reduce) the aid offer at the myUK portal ("Financials" tab; go left to Navigation bar--financial aid; go to view/accept awards).

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). Residual checks are directly deposited into your bank account.

Question: Does the school have to certify your eligibility for a Direct 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

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 2010 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. This cost is funded only once during your medical school career.

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?
Forms: http://www.warms.vba.va.gov/
http://www.gibill.va.gov

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.

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