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The process of applying to medical school requires a great deal of preparation and planning-- from the initial application and interview process to the day the letter of acceptance is offered. It is equally important to begin thinking about your financial obligations for medical school and planning on how you will pay for your medical education and training. ONE IMPORTANT FACT….be prepared to borrow money, since educational loans are the primary source of funding for medical students. As a result, it is important for you to begin thinking about the impact that borrowing money and repaying educational loan debt may have on your personal and professional life. Rest assured that the Office of Student Financial Services will work with you every step of the way to provide you with information on current funding sources, as well as debt management counseling to help you plan for your financial future. It is very important that you file your Free Application for Federal Student Aid (FAFSA) before the filing deadline. Since it is possible that some students are not interested in applying for financial assistance, the FAFSA form is not part of the admissions materials. You may request a FAFSA application from the Office of Student Financial Services after January 1st. You may also submit your application on the Internet at www.fafsa.ed.gov. For University-based funding, the deadline for application receipt at the Federal Processor is MARCH 1st preceding the September term. While you do not need to be accepted to Temple University Medical School to apply for financial aid, please be advised that a financial aid offer cannot be made, and loans cannot be certified, until you have been accepted. TEMPLE MEDICAL SCHOOL FAFSA CODES: Medical Students: E00352 MD/PHD Students: E00350 University-based aid, as well as non-University-based programs such as the Federal Stafford Loan (FFELP) and private Alternative Loans (ALP) require the following forms each year: 1. An upcoming year Free Application for Federal Student Aid (FAFSA). This will be a part of the financial aid package that you request. This form must be completed and sent to the address indicated on the application. As mentioned earlier, students may also file the FAFSA form on the Internet at www.fafsa.ed.gov. If you are not comfortable doing so, you must request an application from the Office of Student Financial Services. Using Federal Methodology, the federal processor performs a need analysis based on the responses that you (and your family, if applicable) give on the FAFSA. This information assists us in determining the extent to which you and your family can contribute toward your educational costs. Need based financial aid can only be approved after the FAFSA has been processed. Eligibility for University-based funding requires that parent information appear on the FAFSA regardless of your age, dependency, or marital status.
2. Approximately 2-6 weeks after filing the FAFSA (considerably less time if you file electronically), you will receive in the mail, at the permanent address you listed on the application, a Student Aid Report (SAR). You must review the SAR for accuracy and make any necessary or required corrections. DO NOT LOSE IT! If you need to make corrections, please do so on the form, sign it, and mail it to the Office of Student Financial Services. 3. If you are applying for University-based funding, you must provide both your and your parents’ tax returns. Signed copies of federal tax returns should be submitted to the Office of Student Financial Services as soon as they are available. If you or your parents will not file a tax return, you must submit a letter stating the following: 1.) A Federal Income Tax Return (1040) has not and will not be filed; 2.) All information on the financial aid application is true and correct; 3.) The amounts and sources of all income earned during the filing year. 4. If you do not qualify for University-based funding and you will be dependent upon loan funding (Stafford and Alternative Loans) you still must submit a FAFSA each year. Throughout the year the Office of Student Financial Services is available to assist students in all aspects of education financing. Whatever questions or concerns arise about financial aid issues, students are encouraged to make a telephone or in-person appointment at 215.707.2667 or 8978 to speak with a Financial Counselor. Together you and the Counselor can review the possibilities and limitations of available funding, and the effects of borrowing on your future plans. We can also be of help with any questions about billing of tuition/fees, payment plans and loan deferments.
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