UMC Student Financial Services

Although all of these offices are located in The Learning Resource Center in Suite U017, each office is responsible for different aspects of the awarding, the monitoring, and the distributing of your financial aid. This separation of duties is required by the federal government. Therefore when you ask a question to one office, you may be referred to one of the other two offices for your answer although the offices are in the same area.
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2. What does the Office of Student Financial Aid do?

The UMC Office of Student Financial Aid is responsible for determining each student’s eligibility and then awarding the appropriate federal student financial aid such as Stafford loans, the Federal Pell Grant, or the Federal Perkins Loan and some institutional loans such as the George C. and Laura B. McKinstry Loan. State financial aid is awarded by the Mississippi Office of Student Financial Aid which will notify this office of a student’s awards. All institutional scholarships and some institutional loans are awarded by the appropriate school or department who then will notify The Office of Student Financial Aid of the student’s awards. Our office also receives all outside funds such as foundation scholarships and military scholarships. You may come into our office in The Learning Resource Center Suite U017 to see an advisor from 8:00AM until 4:30PM Monday through Friday excluding UMC holidays. You may reach us at (601) 984-1117 or at acct-financial-aid@accounting.umsmed.edu. Our fax number is (601) 984-6984.
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3. What does the Office of Student Loans do?

The UMC Office of Student Loans is responsible for the monitoring of campus-based federal loan programs, institutional loan programs, institutional scholarships, and service-based scholarships in accordance to all federal regulations, state regulations, and institutional rules. The Office of Student Loans does NOT process your Federal Stafford Loan.

After you have been awarded your financial aid, The Office of Student Financial Aid will notify The Office of Student Loans that you were awarded a campus-based federal loan such as The Federal Perkins Loan or The Federal Nursing Loan or an institutional loan such as The George C. and Laura B. McKinstry Loan or The Robert Wood Johnson Loan.

The Office of Student Loans will mail you your loan promissory note as well as other important documents that must be completed, signed, and dated. You may return this paperwork by mail or in-person; you may NOT return these documents by fax. No aid will be disbursed until you return all of the required paperwork to the Office of Student Loans.

The Office of Student Loans is located in Suite U017 of the Learning Resources Building, and you may come by the office anytime between the hours of 8:00AM and 4:30PM Monday through Friday excluding UMC holidays to see them. Their telephone number is (601) 984-1035, and their fax number is (601) 984-6984. Their e-mail address is acct-student-loans@accounting.umsmed.edu. HOWEVER, REMEMBER THAT NONE OF THE DOCUMENTS THAT THE OFFICE OF STUDENT LOANS MAILS TO YOU CAN BE RETURNED BY FAX.
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4. What does the Office of Student Accounting do?

The UMC Office of Student Accounting is responsible for the billing of tuition and other charges to your student account and is responsible for collecting these charges. This office also handles your student health insurance. You will pay your bill or pick up your refund check at the Office of Student Accounting. This office also will electronically transfer your refund to your checking account. If you withdraw from UMC, The Office of Student Accounting will determine if you meet fee refund requirements and will provide this refund. Their office is located in room U017 of the Learning Resources Building and is open between the hours of 8:00AM and 4:30PM Monday through Friday excluding UMC holidays. Their telephone number is (601) 984-1060, and their fax number is (601) 984-6984. Their e-mail address is acct-student-accounting@accounting.umsmed.edu.
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5. What is financial aid?

Financial aid is any source of funds available to assist students to pay for the cost of a college education. Some types of aid are a loan, a grant, or a scholarship. It can also be a resource like Veterans Benefits. Although some financial aid assistance is based on demonstrated financial need, some scholarships and some types of loans do not require financial need.
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6. Who is eligible to receive financial aid?

Each financial aid program has special criteria; but the following requirements are fundamental to almost all federal, state, and institutional programs.

To be eligible for financial aid, you must meet the following criteria:

1. Be enrolled or admitted to an eligible program of study. You may file for financial aid before you have been admitted to your program of study, but you will not be awarded financial until after you have been admitted to your program.

2. Be a United States citizen, national, or an eligible non-citizen.

3. Be making satisfactory academic progress as defined by the Office of Student Financial Aid
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7. How do I get financial aid?

Almost all aid except for some scholarships requires that you complete a Free Application for Federal Student Aid (FAFSA). You may file your FAFSA using the secured FAFSA website. It is recommended that you complete the FAFSA worksheet before you enter your information on line. The United States Department of Education estimates that it will not take you more than one hour if you are a first-time filer and that it will take you even less time if you are filing a renewal FAFSA. Many first-time filing students and parents file the FAFSA in even less time than the estimate. You will need to use your United States Department of Education Personal Identification Number (PIN) as your electronic signature; or you will need to print a signature page to sign and to mail to the Federal Student Aid Processing Center. If you are a dependent student as defined by the United States Department of Education, then one parent also must sign your FAFSA either on the website using the parent’s United States Department of Education PIN or on the printed signature page that will need to mail to the Federal Student Aid Processing Center. Remember to print a copy of your application and confirmation page.
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8. Should I hire a company or someone to file my FAFSA for me?

No, you do not need to use a fee-based service for the filing of your FAFSA. You WILL NOT receive a better package because a company or someone files your FAFSA. You are paying only for a convenience. If you have questions regarding the FAFSA, then contact the Office of Student Financial Aid and allow them to assist you.
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9. What is the FAFSA worksheet?

The FAFSA worksheet is a downloadable document that allows you to answer the FAFSA questions on paper before entering the information on the FAFSA website. Completing this worksheet before filing your FAFSA electronically will save you time and help you to avoid errors that will delay your aid. To download the worksheet, click HERE.
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10. How do I get a PIN?

You may apply for a PIN at the Department of Education’s PIN website. If you are considered a dependent student as defined by the United States Department of Education, then one of your parents should also obtain a PIN to use as an electronic signature.
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11. When should I file for financial aid?

It is recommended that every student files his/her FAFSA as soon as possible after January 1st. The deadline for priority packaging is March 31st for the upcoming academic year.
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12. I missed the priority deadline. Is it too late to file?

No. The Office of Student Financial Aid will process your application even if you file after the recommended filing date. However, your application must be received and completed while you are enrolled; and your financial aid may not be received until after the start of classes. You also are less likely to receive money from those sources with limited funding.
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13. I probably do not qualify for aid. Should I apply for aid anyway?

Yes. Many students mistakenly think that they will not qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are sources of aid such as the Unsubsidized Stafford Loan and the PLUS that are available regardless of need. The Free Application for Federal Student Aid (FAFSA) form is free; therefore, there is no excuse for not applying.
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14. How do I start the financial aid process?

File your FAFSA on-line. Click HERE.
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15. What is the University of Mississippi Medical Center’s school code?

UMC’s school code is 004688. Do not use the University of Mississippi in Oxford’s school code because UMC will not receive your information.
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16. How do I apply for a Pell Grant and other types of need-based aid?

You must submit a FAFSA. For student employment, student loans, and grants you should complete the FAFSA as soon as possible. Priority Deadline Processing Date is March 31st.
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17. What is a Student Aid Report?

The United States Department of Education will process your FAFSA and will send you your Student Aid Report (SAR). The SAR will reflect the information that you submitted on your FAFSA. If there are no questions or problems with your application, your SAR will provide you with your Expected Family Contribution (EFC) located in the upper right-hand corner. Your EFC will be used in determining your eligibility for federal student aid and some institutional aid. Your SAR also will tell you if you have been selected for verification.
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18. When and how will I receive my financial aid?

Financial aid awards are released according to your program’s disbursement dates. Please click here to see a list of disbursement dates. As a financial aid recipient, your financial aid award funds will be credited to your student account and will be used to pay your tuition and other charges. After your UMC bill is paid and if there is remaining financial aid fund, then the money will be issued to you in the form of a check or electronically transferred to your checking account by the Office of Student Accounting not the Office of Student Financial Aid or the Office of Student Loans.
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19. Do I have to reapply for financial aid every year?

Yes. You must apply for financial aid every academic year. If you filed a FAFSA in the previous year, you may file a renewal FAFSA.
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20. Can my financial aid change?

Yes. When you receive your award notification from the Office of Student Financial Aid, you may reduce or decline any of your awards. When declining awards, DO NOT DECLINE an award based on its amount but based on the type of award. For example if you are awarded $2000.00 in a Subsidized Federal Stafford Loan and $3000.00 in an Unsubsidized Federal Stafford Loan and you need to borrow only $3,000.00, then you should decline $2,000.00 of the Unsubsidized Federal Stafford Loan. Do NOT decline $2,000.00 of the Subsidized Federal Stafford Loan. After you have made your change to your financial aid package, you would have $2,000 in the Subsidized Federal Stafford Loan and $1,000.00 in the Unsubsidized Federal Stafford Loan for a total of $3,000.00 in Stafford loans. If you have questions about what to decline, then contact the Office of Student Financial Aid.
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21. How is my financial need determined?

The federal processor determines your ability to contribute to the cost of education (Expected Family Contribution) by using the information you provide on the Free Application for Federal Student Aid (FAFSA) and the applicable federal methodology formula. The formula considers your parents' and your income and assets, your family size, and the number of family members enrolled in college. The EFC will be the same at any college you attend. After receiving your Expected Family Contribution (EFC) amount from the federal processor, the Office of Financial Aid then subtracts your EFC from the standard student budget (average cost of attendance). In formula form: Cost of Attendance - EFC = Student Financial Need.
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22. Will our savings and other assets be considered when our financial need is being determined?

Family assets such as stocks and bonds, net business worth, and savings are taken into account in determining the student's expected family contribution (EFC) toward his/her education. Eligibility for federal financial aid funds is determined by regulations set by the United States government. The calculation of the EFC does provide for allowances for retirement needs and number of members in the household as well as other provisions for household expenses.
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23. How do I become an Independent Student for Federal Aid purposes?

The United States Department of Education sets the regulations and rules for determining if a student is independent for financial aid. When applying for financial aid, students are considered to be independent for the 2007-2008 academic year only if they can answer yes to at least one of the following questions:

1. Were you born before January 1, 1984?

2. At the beginning of the 2007-2008 school year, will you be working on a master’s degree or doctorate degree or professional degree such as an MA, MBA, MD, JD, PhD, EdD, or a graduate certificate?

3. Are you married?

4. Do you have children who receive more than half of their support from you?

5. Do you have dependents other than your children/spouse who live with you and who receive more than half of their support from you now and through June 30, 2008?

6. Are (a) both of your parents deceased, or (b) are you (or were you until age18) a ward/dependent of the court?

6. Are you currently serving on active duty in the United States Armed Forces for purposes other than training?

7. Are you a veteran of the U.S. Armed Forces?

A student who answers no to all these questions is considered to be dependent for financial aid purposes as determined by The United States Department of Education. If a student is not living with his/her parents and/or is receiving no support from his/her parents and has answered no to the preceding questions, then the student is a dependent student. A student’s United States Internal Revenue Service’s dependency status or parental support provided to a student or no parental support provided to a student are not factors that influence the student’s United States Department of Education’s dependency status. A dependent student must include his/her parent(s)’s household and financial information on his/her FAFSA. Your independent status will be verified as authorized by The United States Department of Education by The Office of Student Financial Aid.
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24. I am getting married during the school year for which I am applying for aid. May I fill out my FAFSA as married?

No. You must indicate your marital status as of the date you are completing the FAFSA. Once you have indicated your marital status you cannot change that status for the academic year that you have applied for financial aid.
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25. If my parents are divorced or separated, then whose financial data should be used when I am completing the Free Application for Federal Student Aid (FAFSA)?

If your natural parents are separated or divorced, then you use the natural parent with whom you lived the most in the past 12 months. If you lived with neither parent or lived with each parent an equal number of days, use the parent that provided the most financial support to you over the past 12 months. If that parent has remarried, then you must also include the stepparent's financial information on the application. Parent and stepparent should be reported as married on the FAFSA.

For example: You have been living with your mother and stepfather for the past 12 months. You would report your mother's income and stepfather's income on the FAFSA. You also would report on the FAFSA as the number in family as yourself, your mother, your stepfather, and any other children that your mother and stepfather support.
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26. What if I have unusual circumstances?

Refer to our Professional Judgment policy regarding any of the following circumstances that apply to you or your family:

1. divorce of parents or of parent and stepparent if you are a dependent student;

2. divorce of you and your spouse;

3. death of a major wage earner in the householder;

4. loss of employment of a major wage earner – must be at least ten weeks of lost employment;

5. loss of other income or benefits (such as Social Security or child support) by you and your parents if a dependent student;

6. loss of other income or benefits (such as Social Security or child support) by you or your spouse;

7. extraordinary medical or dental expenses; or child care.
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27. What is verification?

Verification is a process that fulfills a federal regulation that requires schools to collect financial documentation from students and the parents of dependent students for the purpose of verifying the information reported on a certain percentage of FAFSA’s. A FAFSA may be selected for verification for various reasons.

When a FAFSA has been selected for verification, both student and school are notified by an asterisk next to the Expected Financial Contribution (EFC) and a comment on the first page of the Student Aid Report. A student’s eligibility for aid cannot be determined until all verification documents have been received, have been reviewed, and have been confirmed with the data reported on the FAFSA.

If you are selected for verification, the Office of Student Financial Aid will notify you.
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28. What if I am selected for verification?

You will need to submit various documents to the Office of Financial Aid.

For dependent students, the verification documents required for the 2007-2008 academic year are as follows:

1. a signed copy of the student’s 2006 federal tax return and all schedules or a letter from the IRS certifying that the student did not and will not file a 2006 federal tax return and

2. copies of all of the student’s W-2 forms for 2006 and

3. a signed copy of the parent’s 2006 federal tax return and all schedules or a letter from the IRS certifying that the parent(s) did not and will not file a 2006 federal tax return and

4. copies of all the parent’s W-2 forms for 2006 and

5. a completed Verification Worksheet signed by the student and by one parent who signed the parental income tax form.

All of the documents must be submitted to complete the verification process.

For independent students, the verification documents required for the 2007-2008 academic year are as follows:

1.a signed copy of the student’s 2006 federal tax return and all schedules or a letter from the IRS certifying that the student did not and will not file a 2006 federal tax return and

2. copies of all of the student’s 2006 W-2 forms and if applicable copies of all of the spouse’s 2006 W-2 forms and

3. if married filing separately, a signed copy of the spouse’s 2006 federal tax return or a letter from the IRS certifying that the spouse did not and will not file a 2006 federal tax return and

4. a completed Verification Worksheet signed by the student.

All of the documents must be submitted to complete the verification process.

NOTE: Federal tax returns include IRS Form 1040 with all filed schedules or IRS Form 1040A with all filed schedules, IRS Form 1040EZ, IRS Telefile Tax Record, Puerto Rican tax return, or foreign tax return. If the student, parent, or spouse did not keep a copy of the 2006 federal tax return, then an official transcript may be requested from the IRS by calling 1-800-829-1040. This number also is used to call for an IRS statement of non-filing if a 2006 federal tax return was not and will not be filed.

Upon receipt of all of the required documents, the Office of Student Financial Aid will review the data reported on the FAFSA. If any discrepancies, omissions, and/or errors are discovered, then a letter will be mailed to the student requesting clarification and/or corrections will be to the FAFSA. Only after an accurate FAFSA has been received from the Department of Education will the Office of Student Financial Aid begin determining a student’s eligibility for aid.
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29. How do I select a Stafford lender?

Because many students utilize the Federal Stafford Loan program to help pay for their college expenses, the UMC Office of Student Financial Aid has complied a list of preferred-lender partners. Each year, a preferred-lender partner’s performance is reviewed. If the requirements and expectations as set forth by the Office of Student Financial Aid are met or exceeded, then the preferred-lender partner may remain on the list. If the lender’s performance does not meet the requirements and expectations, then the lender is placed on probation or removed from the list. Therefore, please see the current list of preferred-lender partners. Review this list, and compare the various borrower benefits and repayment benefits that each lender offers to its borrowers. Do your homework, and be an informed borrower before you choose your lender.
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30. I have been awarded a loan, and I do not need to borrow the full amount. May I ask for less?

Yes, and you should ask for less. The smaller the amount of funds that you borrow, the better it is for you. When you sign your award notification, request the amount you will need for the enrollment period. If you have received the loan funds, contact the Financial Aid Office to find out what action is required and what adjustments are needed.
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31. I want a Federal Work-Study job. How can I get one?

The Federal Work Study (FWS) Program is a federal campus-based need-based program. To qualify, a recipient must have completed the Free Application for Federal Student Aid (FAFSA) with the results indicating that he/she has financial need. Because the funding is limited and awarded on a first-come-first-served basis, all eligible students may not be awarded FWS.

A student may not work more than 20 hours per week while enrolled. A student may not work using the Federal Work Study Program when the student is not enrolled in school.

Note: Academic demands at UMC are such that Deans and Department Heads of certain programs prohibit students from working while enrolled. Therefore, Federal Work Study is awarded only upon student request and eligibility, availability of funds, and department approval. It is also the student’s responsibility to locate employment when eligible and approved.
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32. Do I have to pay taxes on the money I earn through Federal Work-Study?

Yes, work-study income is taxable. You will receive a W-2 form from UMC at the end of each year, and this form will indicate how much you made from all employment at UMC, including work-study employment in the prior year. However, you should list your work-study earnings as part of your income on your Free Application for Federal Student Aid (FAFSA) but then also report your work-study earnings as part of Worksheet C on your FAFSA.
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33. May I receive aid for summer school?

It depends on your situation. If you have not exhausted your yearly eligibility in the various student financial aid programs, then you may use this aid for summer school. Many scholarships are not available during the summer. College work-study is available, but MTAG/MESG is not.
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34. How do I apply for summer school aid?

You must contact the Office of Financial Aid and inform them that you plan to attend summer school. The deadline is March 31. If you are requesting federal aid (student loans, college work-study, or the Pell grant), then you must have a valid and verified Student Aid Report on file in the Office of Financial Aid. If you have not completed a FAFSA for the current year, contact our office as soon as possible.
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35. Do I need to be admitted before I can apply for financial aid?

No. You can apply for financial aid any time after January 1. To actually receive funds, however, you must be admitted and enrolled at the university.
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36. I deposit my financial aid in my savings account and withdraw it as I need it. Do I need to include the financial aid when I report my "Cash, Savings, Checking" on my FAFSA?

No. Do not include any funds from financial aid grant, loan, work or scholarship programs which you may have in your savings and/or checking accounts.
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37. Will the Office of Student Financial Aid estimate if I am eligible for aid?

The Office of Student Financial cannot determine the amount of a student's awards until a valid FAFSA has been received from the federal processor. Your eligibility is determined by the federal processor from information you and your family supply on the Free Application for Federal Student Aid (FAFSA). The federal processor determines your "Expected Family Contribution" according to a formula supplied by the U.S. Congress and then sends this information to the Office of Student Financial Aid. Upon receipt, the Office of Student Financial Aid can begin to determine the amounts of a student’s awards.
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38. When will I be notified of my financial aid?

The Office of Student Financial Aid will begin to mail student award notification in April; therefore you will want to complete your FAFSA early to get the process started.
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39. Can my award change?

Yes. However, many changes in awards involve factors of which you control or of which you should be aware. Your award may be increased, reduced, or even canceled, for any of the following reasons:

-Your family financial circumstance changes causing your need to change;

-You receive additional outside resources such as a privately awarded scholarship which was not listed on your initial award notification;

-You provided incorrect data on your FAFSA;

-You do not maintain satisfactory academic progress as required by the Medical Center;

-You are suspended by the Medical Center; and

-You did not enroll for the required number of hours to receive the awarded aid.
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40. Will an additional outside scholarship affect my awarded aid?

While all outside scholarships will affect your award package, not every outside scholarship will change the awarded aid. Each student is eligible for various types of financial aid; and these amounts of the different types of aid are dependent on your need and cost of attendance. Therefore, outside scholarships impact financial aid packages differently. If you receive an outside scholarship, then you should contact your financial aid adviser to determine how it will affect your award package.

PLEASE NOTE THAT YOU MUST REPORT ALL OUTSIDE SCHOLARSHIP AND/OR AWARDS TO THE OFFICE OF STUDENT FINANCIAL AID. FAILURE TO REPORT ANY TYPE OF AID THAT YOU ARE OR WILL BE RECEIVING IS IN VIOLATION OF FEDERAL REGULATIONS; AND YOU ARE SUBJECT TO A FINE NOT TO EXCEED $20,000 AND/OR A PRISON-TERM NOT TO EXCEED FIVE YEARS.
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41. Why is the amount of my Pell Grant different from the amount listed on my award notification?

The federal government makes final Pell Grant awards based on your actual enrollment status and are contingent upon verification of any discrepancies in data you provide on your financial aid application. Also, the amount on your award letter is made assuming that you will enroll full time. In general, if you enroll half time, you receive half of the award; if you enroll three quarter time, you receive three quarters of the award; if you enroll full time, you receive the full award.
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42. What are some reasons why my financial aid is not crediting my account?

-You have been chosen for verification but have not completed the process;

-You have signed and returned your award notification;

-You have not completed your online loan entrance counseling;

-You have not signed and returned your Stafford Promissory Note to your lender; or

-You have not signed and returned your institutional loan paperwork or your federal campus-based loan paperwork to the UMC Office of Student Loans.
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43. Who do I speak to about a question or problem with my bill?

Billing transactions and associated student account issues are administered by the UMMC Office of Student Accounting. This office is separate from the Office of Student Financial Aid and from the Office of Student Loans.
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44. What are alternative loans?

Alternative loans are private (non-federal) loans. Specific terms and eligibility requirements will vary. You (and if applicable your co-borrower) should carefully research the options and apply for the alternative loan that best suits your needs. Before applying for an alternative loan, you should complete a FAFSA to determine your federal loan eligibility. If you do decide to use an alternative, you must provide all documentation requested by the sponsor of the loan and follow its application instructions. Please see our list for alternative lenders. You are not required to use one of these lenders, but the Office of Student Financial Aid does have a working relationship with each of these lenders. If you chose another lender, then the Office of Student Financial Aid will work with your lender-choice.
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45. Why would I apply for an alternative loan?

After you have taken advantage of all the federal loan programs available to you and you still are in need of funds to help pay for educational costs, then an alternative loan may be an appropriate option.

An alternative loan also may be a viable choice if government regulations make you ineligible for a federal loan. Although you may not meet federal loan program requirements, you still may qualify for a alternative loan because such programs are not bound by the same restrictions as federal loan programs. For example, if you are not making satisfactory academic progress or are enrolled for less than 6 hours or are ineligible for federal loans for other reasons, then you may be eligible for an alternative loan.

Most alternative loans are more expensive than federal loans, and some do not have full deferment options. Therefore, you should NOT borrow more funds than are needed. Also note that like federal loans that these loans are educational loans as well. Therefore, you must be a registered student, and the amount that you can borrow cannot exceed the cost of attendance. Specific alternative loan programs may have fixed minimum and maximum amounts for which you can apply. Individual lenders may, at their discretion, evaluate credit history.

Before choosing an alternative loan, contact the Office of Student Financial Aid and discuss your financial aid options with them. Also before selecting an alternative lender, do your homework about borrower benefits, repayment requirements, deferment options, and repayment benefits; and be an informed borrower.
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46. What happens to my financial aid status if I withdraw from school?

Check with your financial aid advisor before withdrawing from school. Depending upon when you withdraw from school, you may be required to repay a specified percentage of any aid you have received in the term in which you are withdrawing because the funds you receive are designed to help you meet your living expenses for the entire term.
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47. If I take a leave of absence, do I have to start repaying my Stafford loans or my Perkins Loans?

No, you will not have to begin payment immediately. Stafford loans have a grace period of 6 months, and the Perkins loan a grace period of 9 months before the student must begin repaying the loan. When you take a leave of absence you will not have to repay your loan until the grace period has ended. If you use up the grace period, however, when you graduate you will have to begin repaying your loans immediately. It is possible to request an extension to the grace period, but this request must be made before the grace period has ended. If your grace period ends during your leave of absence, you will have to start making payments on your student loans.
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