Financial Aid Frequently Asked Questions
David J. Pollock, Assistant Dean
Georgetown University School of Medicine
Office of Student Financial Planning (OSFP)
Butler Annex Room #6
Washington, DC 20057-1424
Tel: (202) 687-1693
The Office of Medical Student Financial Services (MSFS) at Georgetown University School of Medicine has an open door policy and welcome any questions you may have concerning financial assistance programs. Below is a listing of frequently asked questions which you may find useful during the application process.
What is Georgetown Unviersity School of Medicine’s federal code for FAFSA filing?
What is the FSA ID?
The FSA ID serves as your identifier to let you access your personal information in various U.S. Department of Education systems. With the FSA ID you may perform the following tasks: 1) electronically complete and sign your Federal Direct Loan Master Promissory Note(s), 2) electronically complete and sign the Free Application for Federal Student Aid (FAFSA), Renewal FAFSA, or FAFSA Corrections on the Web, 3) view the status and results of a processed FAFSA application on the FAFSA website, 4) access your Federal Student Financial Assistance information on the National Student Loan Data System (NSLDS) website, and 5) request a duplicate copy of your Student Aid Report (SAR).
How do I file the FAFSA?
- You may complete the FAFSA electronically (remember to include the GUSOM federal code)
What are the application deadlines for federal and institutional financial assistance?
Federal student loan applicants:
- There is no deadeline for applying for federal student loans, however, students who wish to have loan funds available for orientation/registration should complete the FAFSA and submit the GUSOM Federal Authorization form by June 1.
Institutional aid applicants:
- FAFSA must be received by March 1st.
- The Georgetown University School of Medicine Application for Financial Aid must be received by March 1st. If you have not yet been accepted to the college you still need to meet the financial aid deadlines to be considered for institutional aid.
Note: If you miss the March 1st deadline, you may not be considered for need-based instituional aid.
How do I submit my completed GUSOM Application for Institutional Financial Assistance?
Please email your completed application with all supporting documentation to firstname.lastname@example.org
Do I need an acceptance letter to be able to apply for Federal or Institutional financial assistance?
No, you do not need an acceptance letter to apply for financial assistance. We encourage all applicants to the School of Medicine to apply for financial assistance regardless of acceptance status; this should ensure that you do not miss the institutional scholarship application deadline of March 1st, in the event you receive an acceptance after that date.
What materials are required to apply for Federal and Institutional Financial Assistance?
- Federal applicants only
- FAFSA with GUSOM federal code (E00518)
- GUSOM Federal Authorization Form
- Student credit history report
- Institutional aid applicants
- FAFSA with federal code (E00518)
- Parent’s federal tax returns and W-2 forms (or spouse’s federal tax returns and W-2 forms if married)
- GUSOM Institutional Financial Assistance Application
- Student credit history report
What if my parents filed a request for a tax extension?
We require the following information for parents filing for a tax extension:
- Copy of the tax extension form
- Previous year signed parental federal tax return and W-2 forms
Do I have to provide parental information if I am independent or have a working spouse?
- Parent information is required for unmarried student applicants who wish to be considered for need-based institutional financial assistance, regardless of dependency status. Students applying only for federal student loans are not required to provide parent financial information.
- Married students with a spouse who is currently employed full-time must include financial information on their spouse. Married students with a spouse who is not currently employed must provide parent financial information to be considered for institutional financial aid.
Where can I obtain a credit history?
Choose one of the three credit bureaus on AnnualCreditReport.com to obtain free copy of your credit report.
What are common mistakes encountered in the application process?
- Not including the GUSOM federal code on the FAFSA
- Submitting the FAFSA for the incorrect academic year
- Submitting an incomplete financial aid application
- Not having the required signatures on the application documents or tax returns
- Missing the application deadline
Is there a deadline to pay tuition and fees?
- Medical students are billed twice each academic year on a semester basis. The fall bill is available in early July and payment is due August 1. Spring bills are available in December and payment is due January 2.
- Students may view and pay their tuition bill electronically via MyAccess
- Questions regarding payment may be directed to the Office of Payment and Billing Services
Are payment plans available to students?
Yes, questions regarding payment plans may be directed to the Office of Payment and Billing Services
How do I waive the cost of student health insurance?
Student Health Insurance is automatically applied to every student account. In order to waive coverage, complete the Student Health Insurance Survey in Myaccess. This survey will be available soon after the posting of your student account bill.
What is the cost of attendance budget (COA)?
- The Cost of Attendance (COA) budget is prepared by the Office of Medical Student Financial Services on an annual basis. The budget lists all expenses covered by financial aid funds for educational and living expenses during your budget term based upon your class year. For example, first year budgets are based on 10 months, since you will be a student from August to June.
- Adjustments may be made to student budgets for the expenses listed below with approval of the Associate Dean or Associate Director of Medical Student Financial Services. Receipts are REQUIRED for all budget adjustments.
- Medical, dental, vision expenses not covered by insurance.
- Child care expenses
- Auto insurance
- Away rotation costs approved by the Office of Medical Education
- Step 1/Step 2 study materials (registration costs are included in the COA budget)
What are some resources that can help me budget?
- Contact or visit the Office of Medical Student Financial Services
I have previous educational loans. Who processes my deferment forms?
- Deferment forms are processed by the Medical School Registrar. Most lenders, however, participate with the National Student Loan Clearinghouse. The Clearinghouse collects enrollment data on each student and sends that information to lenders electronically. Contact your lender to ensure that they are able to receive data from the Clearinghouse. If they are not, please bring your loan deferment forms with you to registration.
- If you have federal loans, you can view your lender information by logging into NSLDS. Private or institutional loans will not populate on NSLDS. You should look to your personal records or contact your undergraduate institution to identify any additional loans you may have.
How do I request a refund of financial aid fund in MyAccess?
A student tuition account refund occurs when financial aid is received in excess of tuition, fees and other institutional charges. Refunds are requested electronically via the MyAccess system and are processed by the Office of Payment and Billing Services. Students can opt to have a refund processed via either paper check or electronic funds transfer.
My tuition is paid by an outside agency (National Health Service Corps, military, etc.). What should I do?
Send a copy of your selection notice to the Office of Payment and Billing Services.
How does academic performance affect my financial aid?
Eligibility for financial aid funding is contingent upon a student maintaining a minimum standard of satisfactory academic progress. Additional information can be found on our website.
Do you have any valuable resources for understanding loan repayment?
Yes, you may contact the Office of Medical Student Financial Services with questions or to schedule an appointment. You may also utilize the online resource provided by the AAMC
What if I borrowed too much and would like to return funds?
Our office can return federal student loan funds on your behalf, without penalty, up to 120 days after disbursement. After 120 days, you will need to return loan funds directly to your loan servicer; you will be responsible for origination fees and accrued interest on the loan amount you are returning. Please contact our office for additional information regarding loan returns.
What if I borrowed too little and would like to accept funds I originally declined?
You have until two weeks before the end of the Academic Year to accept federal student loan funds you initially declined.
What is a “refund advance”?
A “refund advance” is a cash advance against an expected financial aid refund and is intended to help students meet their short term financial needs. Refund advances are available only to students receiving sufficient financial aid to create a credit balance after tuition and fees are paid. The maximum refund advance is $1,500 – a charge for the advance is applied to your tuition balance and is paid when financial aid funds disburse. There is no service fee or interest assessed for the advance. Second-, third- and fourth-year students are allowed one refund advance request per semester. First-year students are allowed one refund advance in the spring semester only. Refund advance request forms are obtained from the Office of Payment and Billing Services (located in the White-Gravenor Building on the main campus).