In order to qualify for institutional funds (MSM grants, MSM loans, SDS, LDS, Primary Care Loans) each student must complete the financial aid application, Selective Service Form, the FAFSA form (including the parent's section), and submit a signed copy of the 2006 IRS tax return, for the student, parents, and spouse (if applicable). 

Federal Perkins and FWS (if available) will be awarded first to those individuals who also qualify for institutional funds.  Remaining funds, if any, will be awarded based on financial need to students who did not qualify for institutional funds.

Once the student's file is complete, it is reviewed based on the policy outlined below.  This policy provides a mechanism for the institution to distribute institutional funds on a priority basis to the neediest of the needy students.

ESTABLISHED PACKAGING POLICY

1. Each student is assigned the appropriate budget based on academic year.  The basic budget has been designed to include the Minimum Education Cost (MEC) for room, board, transportation, and personal expenses.
2. The Expected Family Contribution (EFC), provided by an approved need analysis Servicer, is subtracted from the MEC to produce the Minimum Financial Need (MFN).
3. Each student must apply for a Federal Stafford Loan, if eligible.
4. The Federal Stafford loan ($8,500), outside scholarships, and/or grants are subtracted from the MFN to produce the Revised Minimum Financial Need (RMFN).
5. Once the RMFN is determined, it will be multiplied by .85.  The goal for 2008-2009 is to reduce everyone's need to $21,527 or less with MSM grants.

The goal of $21,527 is based on funds available for the 2007-2008 academic year.  If available funds are the same for 2008-2009, this goal will remain intact.  If available funds are higher or lower, the goal figure will change.  This is not a guarantee, it's only an estimate.

1. Once MSM grants are awarded the goal for 2008-2009 is to further reduce the need of each student to $16,527 or less with low interest loans (if funds are available).

The goal of $16,527 is based on funds available for the 2007-2008 academic year.  If available funds are the same for 2008-2009, this goal will remain intact.  If available funds are higher or lower, the goal figure will change.  This is not a guarantee, it's only an estimate.

1. The final step is to fund the balance of the RMFN of each student with private loans.

Outlined below is an illustration using the above policy.  This illustration is based on 2007-2008 available funds and loan limits.

If students are willing to live within the established budget, the amount of private loan a student is required to borrow would be $16,527 or less, if we are able to meet our goals for 2008-2009.

Institutional funds are awarded on a first come first serve basis to those M.D. students who submit all required documents by the established deadline date.

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