The purpose of Financial Aid Office (FAO) is to provide assistance to qualified students to obtain the financial resources they need to pay their cost of attendance. Students may be eligible for the following financial aid options, according to their academic study program:
Financial Aid Programs:
Students who meet the requirements established by the US Department of Education may receive an Unsubsidized Direct Loan*, according to the academic program: graduate and professional students are eligible to receive up to $20,500 per academic year. Medical students enrolled in an accredited program may be eligible to receive an additional $20,000 in Unsubsidized Loan.
Undergraduate students (Bachelor in Sciences of Nursing) may be eligible to receive a Subsidized Direct Loan to cover cost of attendance if they are not eligible for Pell Grant, or need additional aid. The Financial Aid Office provides orientation about the process to apply for student loans, and the requirement the student must meet to qualify.
Subsidized and Unsubsidized loans has a fixed rate, and origination fees.
Graduate Plus Loan
This is a low fixed-interest loan for graduate and professional students to cover their cost of attendance. This loan requires a credit check; has a fixed interest rate and an origination fee*.
The interest begins to accrue from the date of the first disbursement. As part of the application process, the student must complete an electronic entrance counseling and submit a master promissory note on line, for the corresponding loan.
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or a professional degree. The amount you get, though, will depend not only on your financial need, but also on your costs to attend school, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less. The amount of Federal Pell Grant funds a student may receive over his or her lifetime is limited by a new federal law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding a student can receive each year is equal to 100%, the six-year equivalent is 600%.
Veteran educational and training benefits: the Department of Veteran Affairs provides education and training opportunities to eligible dependents of veterans who are permanently and totally disabled due to a service-related condition, or who died while on active duty or as a result of a service related condition. Students can obtain more information at http//www.gibill.va.gov.
Vocational Rehabilitation Program: This program seeks to help students with physical or mental disabilities, so that through various phases or stages they are able to develop their capabilities. The students must contact the regional office corresponding to the area where he/she lives.
Supplementary Educational Aid Program: this is a financial aid granted by the Puerto Rico Council on Education. The purpose of this program is to grant supplemental financial aid to students with economic disadvantage, and who are registered in qualified institutions. Students full-time enrolled who meet the requirements of the US Department of Education are considered for evaluation.
* - subject to change
Other financial aid options for medical students:
Military Scholarship Programs: Medical students interested in a military career may consider apply for one of the scholarships programs for healthcare professions offered by the US Army, the US Air Force or the National Guard. The students must contact the desired program:
- US Army: 1-800-USA-ARMY or www.healthcare.goarmy.com
- US Air Force: 1-800-423-USAF or www.AIRFORCE.COM
- Navy: 1-800-USA-NAVY OR NAVY.COM
- National Guard: 1-800-GO-GUARD or www.1-800-go-guard.com/
National Health Services Corps Scholarship Program: available for students in the primary health care specialties and committed to serving part or their entire career in federally designated health professional shortage area. Learn more about this program at nhsc.hrsa.gov/scholarships/
UPR-MSC Scholarships: This scholarship is administered and awarded by the University of Puerto Rico-Medical Sciences Campus. The amount of money granted varies depending of the student’s financial needs. For more information contact the UPR-MSC at (787) 758-2525.
Application Process for Financial Aid
Students interested in applying for federal financial aid, must comply with the following requirements and process:
- Have financial need.
- Be an US Citizen or an Eligible Non-Citizen.
- Have a valid Social Security number.
- Enroll in an eligible program as a regular student working toward a degree.
- Meet satisfactory academic progress standards
- Register (or have registered) with the Selective Service if you are a male between the ages of 18 and 25
- Certify that they are not in default on a federal student loan and do not owe money on a Federal student grant
- Student must not exceed the aggregate loan limit established by the Department of Education
- Comply with the Entrance Interview/Counseling.
- Provide all the documents and information required by the Financial Aid Office and
- Admissions Office
- Application: Fill the Free Application for Federal Student Aid (FAFSA) in order to be evaluated for eligibility for federal and state funds. It must be submitted on line at fafsa.gov, no later than March 15. The SJBSM school code is G3177300. You will need a pin number, which can be obtained at pin.ed.gov. If you have technical problems with the FAFSA website, you may contact the FSA Information Center 1-800-433-3243.
- Need analysis: once you submit your FAFSA, the U. S. Department of Education will send an Institutional Student Information Record (ISIR) to the Financial Aid Office, which will be used for the evaluation and need analysis. As part of the analysis, the FAO will take in consideration the Expected Family Contribution (EFC). The EFC is the amount that the student should contribute towards his/her cost of education. The need analysis consists of the following basic calculation: Cost of Education minus EFC equals Financial Need. The analysis will considered any other expected financial aid (external funds such as Vocational Rehabilitation, military scholarships, and any other grant or scholarship). The student cannot receive financial assistance in excess of the determined financial need.
- Notification of Award: the student will receive a Notification of Award with the application forms that must be completed and submitted to the Financial Aid Office. Direct Loan applicants must complete a master promissory note and the electronic entrance counseling at StudentLoans.gov .
Students who apply for the first time must submit the following documents at the Financial Aid Office:
- Copy of your Social Security card
- Copy of your US Passport or US birth certificate
- Documents of Immigration (if applicable)
- Any other document required by the Financial Aid Office
- Complete an electronic counseling session, and a Master Promissory Note (MPN) at StudentLoans.gov
Verification is the process by which certain required data reported on the FAFSA is reviewed for accuracy and completeness. The FAO will verify the application selected by the Department of Education, except in the case of an applicant who is eligible to receive only Unsubsidized student financial assistance.
Otherwise, FAFSA applications selected for verification by the Department of Education will be verified in the following items:
- Adjusted Gross Income
- Taxes paid
- Specific untaxed income items from tax return: untaxed IRA distribution, untaxed pensions, education credits, IRA deductions, tax exempt interest)
- Number in college
- Child support, Food Stamps
- Others items required by the Department of Education
The student is required to submit the following documents to the FAO, within a deadline for submission:
- Verification Worksheet (provided by the Financial Aid Office)
- Copy of the corresponding Tax Return
- Copy of the corresponding W-2 form(s)
- Evidence of wages, salaries, tips, etc, reported on FAFSA
- Other documents that may be required
If the student/parents are not required to file a Income Tax Return (IRS), they will be required to complete and sign a Certification of Income, provided by the Financial Aid Office, among other documentation.
Note: Financial aid will not be processed until the verification is completed.
Satisfactory Academic Progress Policies
Federal regulations require that every student who receives federal financial aid maintain a satisfactory academic progress toward the achievement of a degree. Progress is measure by the student’s cumulative grade point average and credits earned in relation to those attempted and the length of the academic program. Please, read the satisfactory academic progress policy included in Student’s Manual.
Title IV Federal Programs Funds Reimbursement Policy
This policy will apply to students that participate in the Title IV Federal Programs who, after initiating classes, withdraw, or are dismissed from the School within the sixty per cent (60%) of the semester’s term. This is a mandatory policy in accordance with the changes of the 1998 Reauthorization Law to the Higher Education Act, as amended, and is in force for all withdrawals and dismisses that come about in or after October 7, 2000.
Important Links and Numbers:
Fill-out your FAFSA Online: www.fafsa.gov
Get your Financial Aid PIN: www.pin.ed.gov
Manage your Federal Student Loans: www.StudentLoans.gov
View Your Loans: www.nslds.ed.gov
Register in the Selective Service: http://www.sss.gov
FSA Information Center: 1-800-433-3243