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<p>Dear Class of 2022: Instead of an email update, I thought it would be good to provide you with questions that I am getting where the answers could be of interest to others in the class. Is there a deadline for accepting the student loans on my financial aid record? Although there is not a [&hellip;]</p>

Incoming Student Financial Aid FAQs: Class of 2022


Dear Class of 2022:

Instead of an email update, I thought it would be good to provide you with questions that I am getting where the answers could be of interest to others in the class.

Is there a deadline for accepting the student loans on my financial aid record?

Although there is not a deadline for accepting student loans, in order to have everything in place to receive your financial aid refund by the first day of Orientation in August, it is highly encouraged that you accept loans by no later than Monday, July 16, 2018. This includes the additional steps of completing the Grad PLUS Loan application at This includes having completed the Master Promissory Notes (MPN) for the Federal Stafford Unsubsidized Loan(s) and the Grad PLUS Loan as well as the entrance counseling for the loans. Ultimately, you want to have the Direct Deposit for Bursar Refunds set up as well. With the scheduled release of financial aid slated for Friday, July 27 2018, you want to be certain all has been processed and in place for the anticipated release to occur.

When do we get our funds for the fall semester?

The timeline for the disbursement of refunds is on our website under 2018-2019 Financial Aid Cost of Attendance and Timelines Phase 1 Year 1. As mentioned above, the release of funds is slated for Friday, July 27. Once the funds are received by the IUPUI Bursar, they are applied to your outstanding balance of tuition and fees (and the student health insurance premium). What is left after paying tuition, fees and the student health insurance premium, is then issued as a refund to your direct deposit account. The refund will likely be issued the morning of Monday, July 30 to the Federal Reserve. That evening the Federal Reserve will receive the funds and make them available in your checking account by Wednesday, August 1. Some banks are faster than others so we generally say it takes 24-48 hours to get the funds into your direct deposit account once the refund has been issued.

I will be waiving the student health insurance because I can stay on my parent’s or spouse’s insurance. When will that process be available?

I have inquired about the student health insurance waiver process and I was told that students have to be registered for the fall semester first before a roster is created and emails can be sent out about the waiver process. The medical school registrar is working to get students registered the week of July 6. According to the student health insurance folks, the waiver process can be available as early as mid-July. Once registration has taken place, I will inform you so that you all know and can access your tuition and fees assessment. The assessment will automatically bill you for the tuition (flat fee rate), repair and rehab fee, the microscopy fee, the interprofessional fee and the student health insurance premium. With this in mind, it is highly doubtful that the waivers submitted in July will be approved in time to be applied before the financial aid release date of July 27. So, what will likely happen? Those who paid the premium with financial aid, the student insurance premium credit will be refunded at a later date once the waiver has been approved and posted to the bursar account.

I have received a scholarship, will I get that money above the Cost of Attendance?

Unfortunately, the scholarship through the school and for any outside scholarship(s), it has to be accommodated within the Cost of Attendance (COA). As a result, we will reduce the Grad PLUS Loan first to accommodate any scholarship. This is why it is very important that in accepting loans the student accepts first the $20,500 unsubsidized, then the $20,000 unsubsidized (or any portion thereof) before accepting and applying for the Grad PLUS Loan. If you are receiving an outside scholarship, please make sure the scholarship agency sends the scholarship the address listed on our website here.

I have funds in a 529 that I will be using to pay for my first year, so I will not be needing to borrow.

Rather than use your funds all in the front end of the four years, it is suggested spreading the funds out over the four years so you minimize or eliminate the use of the Grad PLUS Loan, which is your more expensive loan type.

I am paying on my student loans from undergrad (or grad school) and I want to get them in-school deferred. How do I go about doing that?

The IUPUI Office of the Registrar will send enrollment information to the National Student Clearing House in late August after the 100% refund period (expected enrollment certification available August 27). Until then, your loan servicer will not have access to your enrollment information. If you need to communicate your enrollment information to the loan servicer prior to late August (to ward off the August loan payment), then at Orientation you can submit your In-School Deferment Form to us and we will complete them on the first day of classes (August 6). According to the U.S. Department of Education, that is the earliest we can complete the form and be in compliance.

The views expressed in this content represent the perspective and opinions of the author and may or may not represent the position of Indiana University School of Medicine.
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Jose Espada

Jose Rivera Espada is the director of financial aid at IU School of Medicine, a nine-campus allopathic medical school in Indiana. Jose’s experience includes working as an assistant director of financial aid at Butler University and a financial aid coun...