Applying for Financial Aid
Cost of Attendance
If you are planning to use financial aid as a means of paying your tuition, you need to complete the Free Application for Federal Student Aid (FAFSA) or renewal FAFSA at www.fafsa.gov each academic year. Be sure to indicate that you want your information released to Central Michigan University College of Medicine, by using the following school code: 002243.
If this is your first time applying, you will need to request a pin number (www.pin.ed.gov.) As a medical student, you are considered independent for financial aid purposes.
If you need help completing the FAFSA, contact the U.S. Department of Education at: 800-433-3243.
Information you reported on the FAFSA, (income, assets, number of family members, number in college, etc.) is applied to a formula established by the U.S. Congress. The formula calculates your family's ability to pay for your educational expenses and produces a figure that is referred to as your Expected Family Contribution (EFC). Your financial need is the difference between your cost of attendance (COA) and your Expected Family Contribution (EFC).
This calculation is often expressed as follows:
Cost of Attendance – EFC = Need based Eligibility
Your award package may consist of the federal financial aid you are eligible to receive and any institutional scholarship(s) or non-institutional (outside) assistance you are receiving. Your total award package cannot exceed the cost of attendance determined by the Central Michigan University College of Medicine (CMED). Federal regulations require you to inform (CMED) of all educational assistance you may be receiving. Failure to do so can result in a financial aid over award and require you to repay funds. Your award package may need to be recalculated and you may even owe a repayment.
Your award will be made on the assumption that you will be enrolled as a full time student in eligible coursework, are not a defaulted borrower of any student loan funds, nor owe a repayment to any student financial aid program and are maintaining satisfactory academic progress (SAP). Your financial aid will be canceled if you are in default, owe a repayment to a student financial aid program or are not meeting satisfactory academic progress (SAP) guidelines.
Scholarships and Grants
The Cost of Attendance (COA) is the cost of a student's medical education for an academic year, as calculated by the Central Michigan University College of Medicine. It takes into account tuition, fees, books, supplies, estimated room and board, personal, and transportation costs. The COA covers expenses for only the period of enrollment. For example, most first-year students are enrolled for ten months. Financial aid covers expenses only for those months. Periods of continuous non-enrollment are not included and are not funded. Your financial aid is based on the cost of education, a standard allowance, and not on your preferences and spending habits.
The cost of education does not include consumer debts, such as car payments, bank loans, or credit card obligations which students may have established prior to medical school. Students should try to eliminate previous debts before beginning their medical school career.
Married students and/or students with dependents should note that federal regulations stipulate that your budget for the year only include living expenses solely for you. The expectation is that the living expenses of your spouse and dependents will be met through spouse’s earnings.
In exceptional circumstances, students may apply to receive additional funds for child day care costs and for certain other expenses. Students will be required to provide documentation for any exceptional circumstances.
Estimated Tuition and Fees for First Year Students
Room, Board and Transportation
* Health Insurance fees will be added to your charges if you are not covered by other insurance.
** Fees charged by the Direct Loan program at disbursement.
Federal Loan Program
Various scholarship funds are administered by Central Michigan University College of Medicine are based on financial need and/or academic potential as ascertained by the Scholarship Committee. Preference is given to those students who meet the mission of the school and the criteria outlined by each scholarship description. Accepted students will be emailed directly when the scholarship application becomes available each year.
National Health Service Corps Scholarship Program
This program provides tuition, educational expenses and a monthly stipend on an annual basis to students who will serve not less than one year for every year of scholarship support, or two years whichever is greater. Students must be full time and maintaining satisfactory academic progress. To request an application, call 1-800-221-9393.
Armed Forces Health Professions Scholarship Programs
Information is available on Navy, Air Force, and Army Health Professions scholarship in the Student Affairs Office. These scholarships provide educational expenses and a monthly stipend. Students who apply and are accepted accrue active military duty on a year-to-year basis, with a minimum of two year service obligation. There are also grants available during residency.
William D. Ford Direct Loan Program
Direct Loans are low-interest loans for students to help pay for the cost of their education. The lender is the U.S. Department of Education rather than a bank or other financial institution. To apply for a Direct Loan, a medical student is required to file a FAFSA, complete a master promissory note (MPN) and Entrance Counseling. The current interest rate is 6.8%. Students will pay 1% at the time of disbursement, and so will receive 99% of the gross loan amount.
Central Michigan University College of Medicine students may borrow loans to cover their total Cost of Attendance minus any other financial assistance they receive. For first- year medical students the maximum amount of Direct Loan they can receive is $40,500. The aggregate loan limits (maximum outstanding total subsidized and unsubsidized Direct Loan debt) for medical students is $224,000. This amount includes loans from undergraduate and graduate study. No more than $65,500 of this aggregate amount may be in the form of subsidized loans. You will however, be charged interest on the unsubsidized portion of the Federal Stafford Loan while you are enrolled in school. Repayment of Federal Stafford Loans begins six months after you graduate or cease to be enrolled at least half time.
Federal Grad PLUS Loan
Federal Grad PLUS Loans are available to graduate students who file the FAFSA and pass a credit check. The loan limit for each year is the annual cost of attendance (COA) minus other financial assistance. If your requested amount is too high, it will be reduced to fit within the COA budget. Central Michigan University College of Medicine must determine your William D. Ford Direct Loan eligibility before you may borrow under the Grad PLUS program. The interest rate is 7.9%. As with William D. Ford Direct Loans and private loans, interest begins to accumulate at the time the first disbursement is made. You may choose to pay the interest while in school in order to avoid "paying interest on interest" (capitalizing interest). The Federal Direct PLUS Loan Program requires a 3% origination fee and a 1% default fee. Students will pay the full 4% at the time of disbursement, and so will receive 96% of the gross loan amount.
Entrance & Exit Session
All students who borrower a William D. Ford Direct Loan must complete loan entrance counseling prior to the release of loan funds.
Federal Direct Loan and Graduate PLUS Loan Activation
You can complete both your Master Promissory Notes (Direct loan and Graduate PLUS Loan) and Entrance Counseling online after signing in at: www.studentloans.gov.
Please allow 15-20 business days to process a Federal Direct Loan and Graduate PLUS Loan.
You may check the status of your financial aid via CentralLink:
- Login to CentralLink with your CMU global ID and password at: https://centrallink.cmich.edu
- Select "My Account" and then select "Financial Aid Status" under "Finances".
- Then select the 2013-2014 academic year.