2015-2016 Federal Student Aid Financial Aid Office: Fill & Download for Free

Financial Aid at Harvard Medical SchoolThe goal of the HMS financial aid program is to help students find the resources necessary to attend HMS. In academic year 2015-16, the HMS Financial Aid Office has administered over $34 million in loans, employment, and scholarship funding from various federal, private, and school sources to approximately 80 percent of the HMS student body.Application for financial assistance is completely separate from the application for admission. In evaluating applicants for admission, the Committee on Admissions maintains a strict policy of selecting candidates without regard to their ability to pay for medical school. Candidates selected for admission or the wait list are invited to apply for financial assistance and will be sent the necessary forms.The Financial Aid Office awards financial assistance solely on the basis of financial need and availability of funds; there are no merit-based scholarship awards.The decision to attend a high-cost private medical school should involve the entire family. Individual students (and spouses, if married) and their parents have the primary responsibility for financing the cost of a medical education at Harvard. Our financial aid program strives to help students meet a shortfall of funds after the student and his/her family have made the maximum financial effort.IMPACT OF FINANCIAL AIDWatch this video featuring alumni and students sharing how financial aid impacted their ability to come to HMS and make a difference in people’s lives.HMSAbout Financial Aid at HMSThe objective of the HMS financial aid program is to assist eligible students and their families in managing a financial plan for obtaining the Harvard medical degree. Financial need, as determined by a national need analysis formula, is the only consideration in determining how much total aid an individual receives; a student's financial aid package is then constructed using the funds available at the time the application is completed. For the 2016-2017 award year, HMS students wishing to be considered for HMS scholarships and low-interest institutional loans are required to file the HMS Application for Financial Aid, the Free Application for Federal Student Aid (FAFSA) and the Need Access Application, along with copies of parent 2015 federal tax returns.Each student applicant is assigned by alphabetical designation to a Financial Aid Officer. Although many students become acquainted with their Officers during the application process prior to entering HMS, the first required meeting between incoming students and Officers takes place during early fall when loan recipients have an entrance loan counseling interview. Entrance counseling is the first module in HMS's debt management/personal finance program. Loan counseling/financial literacy presentations are held for second and third year students; and in the fourth year a financial planning seminar is held as well as individually scheduled exit loan interviews prior to graduation. Throughout each year, students remain in contact with the Financial Aid Office staff to work out the details of their financial aid processing.The Financial Aid Office maintains a small library of outside scholarship directories and a bulletin board listing of part-time employment opportunities. The Office also prepares a number of materials which describe the financial aid programs, policies and procedures. Students and applicants are welcome to stop by the office on the second floor of Gordon Hall to have any general questions answered.Click on the links below for an introduction to our programs. More detailed information is available in the HMS Financial Aid Guidebook.Financial Need - how aid eligibility is determinedFinancial Aid Resources - summary of available aid sourcesFinancial Aid Packaging - how financial aid awards are constructedApplication ProceduresFor More Information

FAFSA = free application for federal student aidFAFSA is not a lender. It does not dispense funds of any kind to anyone. It is merely a financial statement that helps determine your eligibility for student aid programs. So you must complete a FAFSA. Do so immediately.When you complete the FAFSA, you will enter a code for your school. The information from FAFSA will be fowarded to the school. (You must be accepted for grad school before you are considered for aid.)Contact the Student Financial Aid Office and speak to someone who handles graduate students. (Depending on the size of the school, there might not be a dedicated SFA counselor, but do ask.) Arrangements will be made for your loan.This link offers a lot of details about the direct loan program that you'll find helpful, including aggregate amounts, interest, etc.https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidizedThe student loan program is now run by the federal government. There are no private or regional lenders anymore. There are private lenders (Well-Fargo, Sallie Mae, e.g.) for PLUS loans, which are based on credit-worthiness.It sounds complicated but it isn't. Read the info at the link above, and check in with the Financial Aid Office. They are eager to assist you in getting the funds to assure your enrollment.Good luck!EDIT: You must file a new FAFSA for each year you want to be considered for student aid, even a loan for grad school. Federal aid is an entitlement; it doesn't run out. Monies offered by the school (and the state for undergrads) are limited. Moving forward, file your FAFSA as soon after midnight December 31 as you can. The government generally waits until that day to make any updates, so you might not be able to access until late on January 1 or until the next day. I think you'll likely be okay for the fall; but do yourself a favor and apply early in 2016.

Are more scholarships provided for undergraduates than graduate students?College and University EducationIn fall 2016, some 20.5 million students are expected to attend; full time is estimated 12.7 million compared with about 7.9 million part time About 17.5 million undergraduate students will enroll and about 3.0 million will enroll in postbaccalaureate programs (National Center Education Statistics Fast Facts)Because the definition of scholarship varies, this number would be difficult to calculate. First, the actual amount would be a false equivalence since graduate student education is more expensive than undergrad.Second, what is the definition for scholarship?Undergraduates receive non-loan financial assistance titled scholarships or grants whileGraduate students often receive stipends, teaching assistanceships, research assistanceships, fellowships, and subsidies for such things as healthcare and supplies.Scholarships may come with contingencies for service as teachers or military that must be paid back if commitments are not madeStudents may receive unreported scholarships if they have independent means and never deal with their institution’s financial aid officeStudents may receive grants or federal work studyscholarship is a form of student financial aid that does not need to be repaid. Selection of scholarship recipients is usually based on a set of criteria … grant is a form of student financial aid that does not need to be repaid…usually based on financial need. The terms scholarship and grant are often used synonymously. (FinAid | Scholarships | Number of Scholarships)ImageSource: ncesIn 2014-15, about two-thirds of full-time students paid for college with the help of financial aid in the form of grants and scholarships. Approximately 57 percent of financial aid dollars awarded to undergraduates was in the form of grants, and 34 percent took the form of federal loans.Pay for College - Financial Aid: FAQs - Big Future - The College ...The College Board Report of Student AidIn 2015-16, undergraduate students received an average of $14,460 per FTE student in financial aid, including $8,390 in grants from all sources, $4,720 in federal loans, $1,290 in education tax credits and deductions, and $60 in Federal Work-Study (FWS).Graduate students received an average of $27,740 per FTE student in financial aid, including $9,300 in grants, $17,460 in federal loans, $890 in tax credits and deductions, and $90 in FWS.Undergraduate and graduate students received a total of $240.9 billion in grants from all sources, FWS, federal loans, and federal tax credits and deductions. In addition, students borrowed about $11 billion from nonfederal sources.Trends in Higher Education