Academic Transitions & Financial Aid Implications

• No tuition/fees will be charged for this semester (provided that the LOA is taken prior to the start of the semester). You will be an inactive student with privileges (ie: Net ID, etc.). Students become ineligible for financial aid of any kind while on a LOA. Additionally, while on a LOA, you will be an inactive student, so you will begin and use up your federal loan six-month grace period (as long as you have not exhausted it already) until you return to active student status.
  • While on a LOA, you will be an inactive student. As soon as your loan servicer recognizes you as an inactive student, you will begin your 6-month grace period (as long as you have not exhausted it already) until you return to active student status.
    • Once your grace period is exhausted, you will have to immediately begin federal loan repayment, unless you are approved for a deferment. If approved for a deferment, interest will still accrue but payments are not required until you return to active student status. You will need to apply through and be approved by your federal loan servicer for a deferment.
    • Repayment provisions for private loans are determined by each specific lender and may yield different repayment/grace period options.
  • While on your LOA, while you will not be taking on any additional debt, your interest will accrue.

Please note that you can only receive federal aid for 6 academic years or 12 semesters AND must also maintain compliance with Satisfactory Academic Progress. You have a lifetime Direct Stafford Loan limit of $224,000.

Any student wishing to initiate a LOA after the official start of the term has unique stipulations, as outlined below: 

• Because tuition and fees would have already been assessed at the start of a term, any institutional refund you are eligible for is based on a sliding scale. Further information is available in the GUSOM student handbook under Policies and Procedures listed under Tuition Refund Policy.
  • During the first and second week of classes, 100% credit will be issued. After the ninth week of classes, NO credit will be issued.
• In addition to the institutional refund, we will be required to return a percentage of your federal loans based on federal Return to Title IV (R2T4) regulations. The percentage of days you were actively enrolled in the semester vs. total days in the semester governs the R2T4 formula and how much federal aid you are eligible to keep. Any additional federal aid will be required to be returned.
  • For institutional aid recipients: this formula will also govern the process for returning institutional aid. Even though you will not get to keep your full institutional aid disbursement, this still counts as a semester toward your institutional aid limit. Please note that institutional aid is only guaranteed for four years or eight semesters if awarded prior to M1 year (i.e., no institutional aid eligibility for an M5 year).
• It is critical to note that you may end up owing the institution money because of your LOA – if it is determined that after the institutional refund of tuition & fees and return of financial aid that there is a balance on your account, it will need to be paid immediately.
• While on a LOA, you will be an inactive student. As soon as your loan servicer recognizes you as an inactive student, you will begin your 6-month grace period (as long as you have not exhausted it already) until you return to active student status.
  • Once your grace period is exhausted, you will have to immediately begin federal loan repayment, unless you are approved for a deferment. If approved for a deferment, interest will still accrue but payments are not required until you return to active student status. You will need to apply through and be approved by your federal loan servicer for a deferment.
  • Repayment provisions for private loans are determined by each specific lender and may yield different repayment/grace period options.
• While on your LOA, while you will not be taking on any additional debt, your interest will accrue.
• Please note that you can only receive federal aid for 6 academic years or 12 semesters AND must also maintain compliance with Satisfactory Academic Progress. You have a lifetime Direct Stafford Loan limit of $224,000.

Students who are seeking an educational experience that does not fall within the four-year medical school curriculum (i.e. a year-long research position) but wish to remain an active full-time student may request to participate in a Supplemental Educational Experience (SEE).

• Students wishing to receive financial aid while on a Supplemental Educational Experience must be working toward specific graduation requirements during their SEE (e.g. your ISP project, documentation required) and receive appropriate approval. The decision to pursue this enrollment option (and receipt of associated approval) must be made before the semester formally starts (NO EXCEPTIONS).
• If approved, this would be accompanied by tuition/fee assessment at the start of the semester.
• You may apply for federal loans or private loans to support you financially during your SEE year; however, specific requirements must be adhered:
  • You are enrolled full-time in 12+ credit hours
  • Your research is directly related to your ISP
  • Please note that students who are pursuing a paid research position are not eligible for full-time enrollment. Additionally, students who will be pursuing an outside degree (ie: MPH), are not eligible as full-time enrollment at only one institution is permissible at a time.
• Any institutional aid would be reinstated upon your successful return to the curriculum. Please note that institutional aid is only guaranteed for four years or eight semesters if awarded prior to M1 year (i.e., no institutional aid eligibility for an M5 year).

Please note that you can only receive federal aid for 6 academic years or 12 semesters AND must also maintain compliance with Satisfactory Academic Progress. You have a lifetime Direct Stafford Loan limit of $224,000.

• You will be enrolled at the institutionally-established remedial tuition rate. 
• Any institutional aid you are receiving will be paused for as long as you are on discounted tuition and be reinstated with your subsequent academic year aid package (as long as you are paying full tuition). Institutional aid is guaranteed for 4 years or 8 semesters if awarded prior to M1 year. 
• By maintaining active student status, you will not exhaust your 6-month grace period. As such, your grace period will begin subsequent graduation. 

Please note that you can only receive federal aid for 6 academic years or 12 semesters, if also maintaining compliance with Satisfactory Academic Progress.

• Click here for details of the LOA vs. SEE options available to you.

• Should you decide to remain an active, full-time student for an M5 academic year, you will be eligible to receive a federal loans-only package so long as you have outstanding graduation requirements.
  • You must be registered for 12+ credits/ term to be eligible. Please complete the renewal FAFSA and Returning Student Fin Aid application by March 1st application deadline to be considered for federal financial aid. 
  • You have a lifetime Stafford loan allotment of $224,000, while GradPLUS does not have a set maximum allotment. Your Cost of Attendance for M5 year will be based on the approved M5 tuition rate and cost of living expenses. In this scenario, your federal loans will not enter repayment, so your six-month grace period and subsequent repayment would begin after graduation (so long as you have not already exhausted your grace period on a previous leave of absence).
• Should you decide to complete all graduation requirements and no longer be enrolled at GUSOM for the upcoming academic year, you would not be eligible for financial aid of any kind. As such, you would immediately begin your six-month grace period and subsequently be required to begin federal loan repayment once the grace period is exhausted.