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Consumer Information for Student Dentists

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Consumer Information for Student Dentists GENERAL INFORMATION University of Kentucky College of Dentistry The University of Kentucky College of Dentistry Financial Aid Office has carefully analyzed the information you provided on your Free Application for Federal Student Aid (FAFSA). The types and amounts of aid we can offer you for the academic year are listed on your Financial Aid Award Notice. Please read carefully. Your financial aid award package is designed to meet need that may not be Con su mer covered by other sources. All awards are contingent upon the following. Information for 1. Availability of funds from federal and institutional sources. Student Dentists 2. Accuracy of information provided on your application by you, your spouse, and your parent(s) if you chose to include them. 3. Notification of additional aid from sources affecting your eligibility. If you receive aid in addition to that listed on your Award Notice (such as scholarship aid from sources outside the University) causing you to exceed the Cost of Attendance, your aid must be adjusted. Costlier loans will be reduced first. 4. Full-time enrollment, anything less than half-time requires a re- evaluation of aid. 5. Maintaining satisfactory academic progress. 6. Compliance with our request for additional documentation to support your application, such as verification information. COST OF ATTENDANCE INFORMATION The Cost of Attendance (or budget) includes curriculum costs as well as living expenses, and is determined by your residency classification. This budget uses average costs provided by a survey of medical and dental students and covers everything from tuition to toothpaste. However, you will only be billed for tuition/fees, prepared tray sterilization, instruments, CPR and required fees. Telephone: 859-323- Financial Aid will always cover tuition and fees imposed by the University, required, instruments, sterilizations, and any fees required by the College of 5280 Dentistry. Other items are allowances for living costs you may incur and are based on the survey mentioned above, the community standard, and the Consumer Price Index. WHAT CAN BE ADDED TO THE BUDGET? Child Care—if you are a single parent (full amount up to cost allowance) or if you are married with a working spouse (half amount). Documentation is required. Transportation Allowance—this is an estimated amount to cover the cost of car operation including gasoline and minor upkeep for local travel. If you are a resident of a state other than Kentucky, the cost of one round trip with documentation may be added. Loan Fees—charged by lenders of the William D. Ford Federal Direct Loan (Subsidized, Unsubsidized and Grad Plus Loans). Extraordinary medical and dental expenses incurred by the student—if costs are not covered by insurance, including immunizations. Documented costs can be added at the discretion of the Financial Aid Coordinator. WHAT CANNOT BE INCLUDED IN THE BUDGET? Consumer debt, including student loans, personal loans, or car payments—do your best to eliminate debt before beginning your career in dental school. Cost of living for dependents—spouse and/or children, parents, or siblings—your financial aid covers only YOU. Students with dependents who have no other means of support are urged to consult state or local social services agencies for assistance. Moving costs, rent, or mortgage payments that are greater than the standard amount budgeted—financial aid covers basic living expenses associated with a student’s education. Interviews for residency or advanced education program—the Department of Education considers the expense of residency interviews to be a career cost, not an educational one. Some lenders offer private loans for fourth year students for costs associated with residency and relocation. WHAT YOU NEED TO REMEMBER: Make sure you know the “priority date” for applying for financial aid is April 15th. Always apply early. You will need to apply for aid each year you are in dental school. As a professional school student, you will be automatically independent of your parents for federal aid purposes. Be aware, however, that some aid programs require that you submit parents’ information to qualify, no matter how long you have been independent and regardless if you are married and/or have dependents. An aid program can choose to evaluate your need in whatever way it sees fit. If you reported earnings of significant assets on your FAFSA, you are expected to make a “contribution” to your education. Your need for aid is determined by subtracting your contribution (EFC) from the total cost of education (or budget). Your contribution cannot be replaced by a federal subsidized Direct Loan, but it can be replaced by the unsubsidized Direct Loan, or Grad Plus loan. We are able to meet your total cost of education using a combination of school-managed funds (if eligible), the Subsidized, Unsubsidized Direct Loans and a Grad Plus Loan, if necessary. Bad Credit can keep you from being approved for the Grad Plus loans. It’s a good idea to obtain your credit report from the credit bureaus (www.annualcreditreport.com) before beginning school and resolve any outstanding problems. Financial aid will be disbursed to Student Billing Services during the first week of classes in August and January. All Curriculum Fees may be deferred until loan money is received provided the delay is beyond your control. You may, however, be responsible for deposits for rent and utilities, as well as the first month’s rent, before your aid arrives. You may also receive assignments for which books are required before aid is received. Be prepared—have cash in hand when you arrive. Student Billing Services on Main Campus will deposit your refund into the appropriate account you specify on the Automatic Deposit Form, provided you complete the form. The refund is the money from the financial aid you have accepted over the curriculum expenses. These funds are used to pay your living expenses. You must budget appropriately to make it last through the term. Keep in mind, also, that the spring semester is longer than the fall semester, so you will need to budget your money accordingly. The “BANK” will reopen for two weeks in October and again for two weeks in March for those students who have remaining financial aid eligibility that will need additional loan money to cover their expenses till the end of their academic year. WHAT TO KNOW IF YOU HAVE BEEN AWARDED A …. * Scholarship Scholarship aid is gift assistance funded and awarded by the federal government, the College of Dentistry, the Medical Center, the University, or outside sources such as your church, community, civic groups, etc. If you have been awarded a scholarship from a source not connected to the University, you must report the type and amount of your award to the Financial Aid Office. Campus scholarships are applied to your tuition account; however, scholarships from some departments may be posted to your account by the first day of school, but if they are listed on your Financial Aid Notification, you are assured of receiving them. * Federal Perkins Loan (School-managed aid) A Federal Perkins Loan is federal assistance that must be repaid. Repayment begins 9 months after you cease to be enrolled at least half-time. Interest is a 5% fixed rate that does not accrue until repayment begins. You will be required to sign a Promissory Note and complete Entrance Counseling before your Perkins Loan is official. The funds are applied directly to your tuition account. You will receive the required instructions from Campus Partners a few weeks after you have accepted a Perkins Loan on your financial aid award letter. No fee is deducted. Parents’ information on the FAFSA is required for eligibility. *Health Professions Student Loan (School-managed aid) The Health Professions Loan is federal assistance that must be prepaid. Repayment begins 12 months after you cease to be enrolled full-time in an eligible health professions program. Interest is a 5% fixed rate and does not accrue until repayment begins. The funds are applied to your tuition account. You will receive the required instructions from Campus Partners a few weeks after you have accepted a Health Professions Loan on your financial aid award letter. No fee is deducted. Parents’ information on the FAFSA is required for eligibility. * Federal Direct Loans If you are awarded a Federal Direct loan (subsidized, unsubsidized, or grad plus), you will complete the Electronic Master Promissory Note (eMPN) on-line. Loan funds will be applied directly to your tuition account. Repayment for subsidized and unsubsidized Direct Loans begins six months after you cease to be enrolled at least half time. Repayment for the grad plus Direct Loan begins 30 days after graduation or when the student is no longer enrolled. An origination fee is deducted from the amount borrowed. No interest accrues on the subsidized loan while you are enrolled. Fixed interest begins to accrue on unsubsidized loans and grad plus loans. HOW DO YOU RECEIVE YOUR AID? As indicated, some financial aid awards are credited directly to your tuition account with Student Billing Services. If a credit balance remains after tuition charges are subtracted, the University will issue you a residual check for the overpayment. Disbursement of financial aid takes place at the beginning of each semester. All refunds will be posted to an account you provide to Student Billing Services, usually the day after your aid has been applied to your account. TUITION REFUNDS and AID REPAYMENT An aid recipient who enrolls at the College of Dentistry and then withdraws from ALL classes will have any tuition refund returned to the fund(s) from which the assistance was disbursed. The student may also be required to repay a portion of the aid disbursed determined an “unearned” by a calculation devised by the federal government called Return to Title IV or R2T4.
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