Jump to a question: 1. When should I apply for financial aid?
The deadline for applicants is generally mid-March each year. Returning students should submit their financial aid application by April 1 each year.
2. Do I need to reapply for financial aid every year?
Yes. Students must submit all of the required application documents each year they wish to receive financial aid.
3. Which forms are required in order to apply for financial aid?
The Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. Students must report their parents' income on the FAFSA. The University Aid Application Student Income Verification Form with attached tax returns. INCOMING STUDENTS ONLY: a copy of their parents' federal tax return and W2 forms.
4. What happens if my financial aid documents are not in by the financial aid deadline?
The Office of Financial Aid can not guarantee an award and funds will be posted to your account by the first day of classes. This may result in late fees, registration/transcript holds, and not receiving a living/book expense refund in a timely manner. If you are passed the deadline, please submit the missing items immediately. The sooner these are in the sooner you will receive an award. We ask that you allow 4 to 6 weeks to process an award after all of your financial aid documents are in. Please be sure to view your checklist to be sure no further information is required and all documents are received.
5. I filed and extension with the IRS. What can be done in the interim?
Please submit a copy of the extension form submitted to the IRS, the previous year's tax return and this year's W-2s. After this is received, a preliminary award can be completed. However, we will need a copy of the current year's required federal tax return once you file. Without this, the financial aid office can not do an official award.
6. How much is tuition for the Feinberg School of Medicine?
Based on tuition data for the 2008-2009 academic year, tuition for the Feinberg School of Medicine was $41,926 for the year. Tuition typically increases by a small percentage each academic year.
7. How is financial need determined?
There are several components taken into consideration when determining a student's financial need. A student's Expected Family Contribution (EFC) is determined by information provided on the FAFSA and other data reported on the University Aid Application. The Office of Financial Aid also inputs the parents' tax information into the federal calculation for need to determine the EFC. The EFC is then subtracted from the student's cost of attendance, which is an estimate of the expenses a student will incur during the academic year. The end result is the student's financial need.
8. How much of the costs will my financial aid cover?
Students will be offered financial aid to cover 100% of their cost of attendance for the academic year.
9. Are grants and scholarships available?
Students are considered for need-based grants and merit-based scholarships at the time of admission. Students who are not awarded grants and scholarships at the time of admission will not be considered for these awards in later years. The Office of Financial Aid lists links to outside scholarships on their website and also has information available in their office. Students may also look for outside scholarship assistance on the web at websites such as www.fastweb.com, www.scholarships.com or any other scholarship search engine. Please keep in mind that students should not be required to submit any form of payment in order to apply for outside scholarships.
10. What loans programs are available?
Please refer to the section entitled “Types of Aid” on the Feinberg School of Medicine financial aid page.
11. What is the difference between the Subsidized Stafford loan and Unsubsidized Stafford loan?
Essentially these two loans are the same, however the Subsidized Federal Stafford Loan's interest is paid by the government while a student is in school at a rate of half-time or greater and therefore does not accrue interest for the student while in school. The Unsubsidized Loan does accrue interest while in school and you, as the student, can choose to pay the interest while in school (so it does not compound) or defer all payments until out of school.
12. What lender should I choose?
Students are allowed to use any lender they wish. If students need help finding a lender, they may review the preferred lender list posted on the Financial Aid website.
13. What kind of financial aid is available for International Students?
International students are generally offered financial aid through an institutional loan program called the Northwestern University-Graduate Professional Alternative Loan (NU-GPAL). This loan requires the student to have a credit-worthy cosigner who is a US citizen or permanent resident.
14. I have an anticipated credit on my account. Can I receive those funds before classes start?
No. Students may not request a refund via CAESAR until the first day of class.
15. Classes have started but my funds have not yet disbursed. I need money for living expenses and books. What should I do?
If a student has completed all required documents and their term has officially started but their funds have not disbursed, they may see Cynthia Gonzalez in the Office of Medical Education or the Chicago Financial Aid Office. The maximum amount of cash advance per month varies per program. The cash advance will appear as a charge against the student's
anticipated credit.
16. I accepted more loan assistance than I need. Can I reduce or cancel my loans?
Yes. Students who wish to reduce or cancel their loans can e-mail the Office of Financial Aid from their NU e-mail account and request to reduce their loan assistance. Students must include their name and student ID number and state the loan program they wish to reduce or cancel. If they wish to reduce the loan and not completely cancel it, they should state the amount to which they want the loan reduced.
17. Am I able to request additional loan assistance beyond what I accepted?
If students rejected a portion of their loan assistance at the beginning of the year and decide later that they need those funds, they can request that the Office of Financial aid reinstates their originally offered loan amounts. Students may be required to complete additional loan applications or documents depending on the loan type. If students accepted 100% of the aid they were offered in their financial aid award, they are generally not eligible to receive additional funding unless they can document extenuating circumstances (i.e. medical bills not covered by insurance). For more information on requesting additional funding for extenuating circumstances, please contact the Office of Financial Aid.
18. How will an outside scholarship affect my financial aid?
If a student has accepted 100% of their loan assistance, the Office of Financial Aid will be required to return an equal portion of their loan assistance to make room in the cost of attendance for the outside scholarship. If a student has declined a portion of their loan assistance equal to or greater than the amount of the scholarship, their other aid will not be affected.
19. Where should my outside scholarship check be sent?
Scholarship checks should be sent to the Office of Financial Aid at 710 N. Lake Shore Drive, Suite 629, Chicago, IL 60611.
20. Do I have to submit my parents' information with my application?
Yes. For purposes of institutional grant and scholarship assistance, students must submit their parents' information as part of the application for financial aid. If students do not submit their parents information and do not meet the criteria for independent status, they will not be considered for institutional grant and scholarship assistance. Only students who can prove that they have earned a self-supporting wage of $2200 per month for thirty months or more will be considered independent students. Income earned while attending an undergraduate program or earned through a graduate fellowship or other sources of financial aid will not count toward the 30 month requirement.
21. I am getting married. Will that change my dependency status? How will it affect my aid?
Students who will be married on or before October 1 of the upcoming academic year are required to include their spouse's information with their financial aid application. Getting married will not change your dependency status from dependent to independent, so students are still required to include their parents' information with their application. Married students are also required to report their spouse's income on the FAFSA and on the University Aid Application and that income will be used to determine a student's financial need.
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