Tuition and Financial Aid
Tuition and Fees Information
|Basic Sciences semester 1||$18,220||$300||$18,520|
|Basic Sciences semester 2||$18,220||$430||$18,650|
|Basic Sciences semester 3||$18,220||$225||$18,445|
|Basic Sciences semester 4||$18,220||$640||$18,860|
|Basic Sciences semester 5 (BSIC)||$18,220||$315||$18,535|
|Clinical Sciences 6||$18,795||$150||$18,945|
|Clinical Sciences 7||$18,795||$150||$18,945|
|Clinical Sciences 8||$18,795||$150||$18,945|
|Clinical Sciences 9||$18,795||$150||$18,945|
|Clinical Sciences 10||$18,795||$150||$18,945|
|FIU Clinical Clerkship Certificate Program tuition semesters 6-10 is $23,000 per 15 weeks. Tuition will be prorated for any rotation of a different duration.|
|FIU/AUA Global Program tuition carries a $2,000 surcharge for semesters 1-5.|
|Basic Life Support Fee||$75||BASIC 1|
|Pre-Advance Cardio Life Support Fee||$40||BASIC 2|
|Comp Shelf Testing Fee||$165||BASIC 2, 4, & BSIC|
|Advance Cardio Life Support Fee||$250||BASIC 4|
|Student Services Fee||$75||BASIC 1-4|
|Technology Fee||$150||ALL SEMESTERS|
|Health Insurance (See below for further insurance information)|
|Semester rate (Basic Science)||$780|
|Trimester rate (BSIC and Clinical||$520|
Health insurance is required. Insurance premiums are charged automatically at the beginning of each premium period in which students are actively enrolled. A limited benefit injury and sickness plan (United Healthcare) is provided to all students who have not opted out of University provided coverage. See plan information HERE. Basic Science Premiums are charged by semester February-July, & August-JanuaryClinical Science Premiums are charged by trimester Jan-Apr, May-Aug, & Sep-DecStudents who have privately obtained health insurance must provide adequate proof of their active insurance by emailing acceptable proof to email@example.com prior to the beginning of the next premium period. There will be no pro-rating of premiums. Proof of insurance provided after the start of a new premium period will be applied to the next premium period.Acceptable forms of proofScanned copy (front and back) of valid insurance ID cardLetter from insurance company confirming coverage and coverage periodsCertificate of active insurance
Housing and Housing Damages DepositNew students are required to live in student housing for one semester and must pay a $1,000 housing damages deposit (HDD). Both rent and HDD are due prior to the start of classes along with all other charges for tuition and fees per due dates specified on student tuition billing statements and in billing emails sent 5 to 6 weeks before the start of a new term. The HDD will be held until the first semester housing obligation is met. At the end of the lease — after the student has moved out, the apartment has been inspected, and appropriate loss and damage charges have been posted — the HDD will be credited back to the student’s account.University Refund PolicyRefunds are given for tuition and academically related fees, only when students officially withdraw and a credit balance condition results from the appropriate tuition adjustment. Refunds are not given for leaves of absence. Official withdrawal forms can be obtained from the campus registrar’s office. Clinical students should contact the New York registrar for the proper forms.Tuition credit adjustments will be given according to the following:
• Official withdrawal prior to the first day of class – Credit adjustment for 100% of tuition.
• Official withdrawal after the start of classes — Prorated credit adjustment for tuition based on the percent of time not attended after the official date of withdrawal. There will be no tuition credits after 60% of the semester has passed. Click HERE for sample calculations.
Other InformationEstimated food and entertainment expenses — $2,500 per semester.Bus service (from the seven housing options to the AUA campus) — $450 per semester.Temporary (10 ride) bus passes are available in the Campus Bursar office.Campus parking permit — $150 per semester.Required textbooks and clinical attire (lab jackets, scrubs, and patient exam kits) may be purchased through the University bookstore, or from other sources.*Tuition and fees are subject to change as deemed appropriate by the Executive Committee.
American University of Antigua College of Medicine Federal Financial Aid Information:
AUA’s M.D. program has been approved to participate in the William D. Ford Federal Direct Unsubsidized Stafford and Grad PLUS Loan programs both of which are administered by the U.S. Department of Education. Additional information regarding these loan programs is available through the U.S. Department of Education website at www.studentaid.ed.gov.
Eligibility for Federal Loans:
To qualify for a Federal loan, a student enrolled at AUACOM must meet the following requirements in order to receive federal financial aid:
• The student must be a U.S. citizen or an eligible noncitizen. Eligible noncitizens are U.S. nationals (including natives of American Samoa and Swains Island), U.S. permanent residents or individuals who have an Arrival-Departure Record (I-94) from U.S. Citizenship and Immigration Services (USCIS) showing one of a list of acceptable designations. For the list of acceptable designations, click here.
• The student must have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
• The student must be registered with Selective Service(for males between the ages of 18 and 25);
• The student must be enrolled or accepted for enrollment at AUACOM;
• The student must be in good academic standing and maintain satisfactory academic progress (SAP) towards completing his/her M.D. degree (new students are deemed to be in good academic standing and making SAP);
• The student must not be in default of a federal loan or owe an overpayment on a federal grant or Federal Perkins Loan.
• The student must not have been convicted of possessing or selling illegal drugs while receiving federal financial aid;
• The student must not have borrowed more in federal financial aid than the annual or aggregate loan limits (see below for more information on annual and aggregate loan limits.)
There are two types of federal loans that are available for AUACOM’s qualified students: a Federal Direct Stafford Unsubsidized loan and Federal Direct Graduate PLUS loan. Below is a description of each loan program.
Federal Direct Unsubsidized Loans:
Interest rates on Direct Unsubsidized Loans:
The interest rate for Direct Unsubsidized loans disbursed from July 1, 2015 through June 30, 2016 is 5.84%.
The interest rate for Direct Unsubsidized loans disbursed from July 1, 2016 through June 30, 2017 is 5.31%. For more information on interest rates click here.
Direct Unsubsidized Loan fees:
Students who obtain a Direct Unsubsidized loan will pay an origination fee of 1.068% of the amount of the loan for loans disbursed from October 1, 2015, through September 30, 2016.
Students who obtain a Direct Unsubsidized loan will pay an origination fee of 1.069% of the amount of the loan for loans disbursed from October 1, 2016, through September 30, 2017.
Direct Unsubsidized Loan limits:
There are three limits or caps on the amount of Direct Unsubsidized loans that students who are enrolled at AUACOM and are eligible for federal financial aid may obtain: the first limit or cap is on the amount of Direct Unsubsidized loans that a student may borrow in any award year; that limit is $20,500. The second limit or cap is on the amount that a student may borrow in Federal Direct loans in the aggregate. (This includes not only the amount of Direct Unsubsidized loans that the student obtained during his/her education at AUACOM but the amounts of any Direct loans whether Subsidized, Unsubsidized or Federal Family Education Loan (FFEL) Program that the student may have received at any other institution or educational program, undergraduate, graduate, non-degree granting or otherwise). The aggregate limit is $138,500. The third limit or cap on the amount of Direct Unsubsidized loans that a student may obtain is the amount of AUA’s Cost of Attendance for the semester in which the loan is obtained minus the amount of “Estimated Financial Aid” that a student may receive to pay the Cost of Attendance for that semester. (see AUACOM’s Academic Catalog for its Cost of Attendance). Estimated Financial Aid, which is considered in determining the amount of Direct Unsubsidized loans that a student may obtain includes, but is not limited to: other federal financial aid, scholarships, grants and private loans. For more information on what types of financial aid will be included in determining the limit on Direct Unsubsidized loans that a student at AUACOM may obtain, click here.
Interest accrual on Direct Unsubsidized Loans:
Students are responsible for interest payments on their Direct Unsubsidized loans while in school. Interest begins accruing upon the first disbursement. A student may pay the interest monthly while still in school or he/she may capitalize the interest by allowing it to accrue and be added to the principal amount of the loan. In this latter case, when the loan goes into repayment, students will pay interest on the original amount of the loan and the amount of interest that accrued from the date that the loan was disbursed until the loan is repaid.
Repayment of Direct Unsubsidized Loans:
Repayment begins six months after the student graduates, withdraws or is dismissed or withdrawn from AUACOM. This time frame is known as the grace period. The standard repayment period is ten years from the date that the loan goes into repayment. For more information on repayment options click here.
For additional information on Federal Direct Unsubsidized loans, please click here.
Federal Direct Grad Plus Loans
The interest rate for Federal Grad Plus loans disbursed from July 1, 2015 through June 30, 2016 is 6.84%.
The interest rate for Federal Grad Plus loans disbursed from July 1, 2016 through June 30, 2017 is 6.31%. For more information on interest rates for Grad Plus loans, click here.
Grad Plus Loan fees:
Students who obtain a Federal Grad Plus loan must pay an origination fee of 4.272% of the amount of the loan for loans disbursed from October 1, 2015, through September 30, 2016.
Students who obtain a Federal Grad Plus loan must pay an origination fee of 4.276% of the amount of the loan for loans disbursed from October 1, 2016, through September 30, 2017.
Grad Plus Loan limits:
Direct PLUS loan (or Grad Plus loan) amounts are limited only by the Cost of Attendance (COA) at AUACOM for the terms in which the loan is obtained as reduced by the amounts of “Estimated Financial Aid” that the student receives to pay the COA for those terms. Estimated Financial Aid, which is considered in determining the amount of Grad Plus loans that a student may obtain, includes but not limited to:
– Other federal financial aid including any Direct Unsubsidized loans that the student may obtain for the term
– Private loans
As an illustration, if
– the COA for two terms is $62,390 (with tuition and fees being $37,170)
– the student is granted a scholarship of $5,000 for each term, then
the student will be eligible to borrow $20,500 through a Direct Unsubsidized Loan and a Grad Plus loan of $31,890. Calculations are shown below:
Cost of Attendance $62,390
Less: Scholarship (for two terms) $10,000
Less: Federal Direct Unsubsidized Loan $20,500
Grad Plus loan eligibility $31,890
For more information on what types of financial aid will be included in determining the limit of amount of Grad Plus loans that a student at AUACOM may obtain, click here.
Interest accrual on Grad Plus Loans:
Students are responsible for interest payments on their Direct Grad Plus loans while in school. Interest begins accruing upon the first disbursement. A student may pay the interest monthly while still in school or he/she may capitalize the interest by allowing it to accrue and be added to the principal amount of the loan. In this latter case, when the loan goes into repayment, students will pay interest on the original amount of the loan and the amount of interest that accrued from the date that the loan was disbursed until the loan is repaid.
Repayment of Grad Plus Loans:
Repayment of Grad Plus loans begins immediately after the student graduates, withdraws or is dismissed or withdrawn from AUACOM. There is no grace period for Direct PLUS Loans—the repayment period for a PLUS Loan begins on the day after the final loan disbursement is made. The first payment will be due within 60 days after the loan is disbursed. However, AUACOM students can defer repayment while they are enrolled in school. Note, that interest accrues while loans are in deferment. The standard repayment period is ten years from the date that the loan goes into repayment.
For additional information on Federal Grad Plus loans, please click here.
Receiving and Using the Money
The application processing and receipt of your Award Letter takes 3 to 4 weeks. The school will credit the student’s account for tuition, fees and other institutional charges within 3 business days of receipt and, within 14 days, disburse any credit balance to the student. These funds are sent to your declared bank account. (AUACOM recommends that you use a U.S. bank account and sign up for the EFT system). Please click here to enroll in our direct deposit service.
Login User name = AUA Student ID (email firstname.lastname@example.org in case you don’t know Student ID)
Login Password = Full Last name (First letter UPPER case) + last four digits of student ID
Example: John Smith ID 123456, pw=Smith3456
AUACOM is required to obtain your permission to credit your account or pay any obligation directly to any third party for “non-institutional charges” such as housing, health insurance, utilities, parking, transportation, textbooks and other charges. To grant permission for AUA to do so, complete and return the Student Loan Authorization form.
American University of Antigua’s Office of Financial Services is located in AUACOM’s main building on its campus. Students may also contact the Office at StudentFinancialServices@auamed.org, or by telephone at 877-666-9485 or visit the office of Manipal Education Americas, AUACOM’s agent, at its offices at 1 Battery Park Plaza, 33rd fl., New York, NY 10004. Your assigned financial aid counselor is listed below. Please feel free to contact your counselor with any questions you may have about the loan process as well.
List of Student Financial Services Staff and email addresses:
Sr. Associate Director of Student Financial Services
Sr. Financial Aid Counselor
Sr. Financial Aid Counselor
Financial Aid Counselor
Financial Loan Coordinator
Financial Aid Counselor
Financial Aid Counselor
AUA offers a limited number of scholarships to students who meet its scholarships criteria. For more information about the scholarships that AUA offers, please click here.
Financial Literacy is the ability to understand and analyze your finances and your financial opportunities. The decisions you make now, from choosing which student loan to borrow and how much to borrow, to how you use a credit card, will affect you for years after you graduate. AUACOM’s Office of Student Services provides debt management and counseling. Feel free to contact the Office for this service.
Financial Aid Code of Conduct
As a participating institution in the administration of Federal financial aid, American University of Antigua College of Medicine has a Financial Aid Code that is compliant with federal law.
Any American University of Antigua officer, employee, or agent who has responsibilities with respect to AUACOM’s U.S. students’ educational loans must comply with this code of conduct.
1. Neither American University of Antigua (“the University”) as an institution nor any individual officer, employee or agent of the University shall enter into any revenue-sharing arrangements with any lender. A revenue-sharing arrangement means an arrangement between the University and a lender under which the lender provides or issues loans to students attending the University or to the families of such students; and the University recommends the lender or the loan products of the lender and in exchange, the lender pays a fee or provides other material benefits, including revenue or profit sharing, to the University or its agent.
2. No officer or employee of the University who is employed in the financial aid office or who otherwise has responsibilities with respect to education loans, or any of their family members, shall solicit or accept any gift from a lender, guarantor, or servicer of education loans. For purposes of this prohibition, the term “gift means any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimums amount.
3. An officer or employee of the University who is employed in the financial aid office or who otherwise has responsibilities with respect to education loans, or an agent who has responsibilities with respect to education loans, shall not accept from any lender of affiliate of any lender any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
4. The University shall not: for any first-time borrower, assign, through award packaging or other methods, the borrower’s loan to a particular lender; or refuse to certify, or delay certification of, any loan based on the borrower’s selection of a particular lender or guaranty agency.
5. American University of Antigua shall not request or accept from any lender any offer of funds to be used for private education loans (non-Title IV loans), including funds for an opportunity pool loan, to students in exchange for the institution providing concessions or promises regarding providing the lender with:
1. specific number of loans made, insured, or guaranteed under Title IV,
2. a specified loan volume of such loans,
3. a preferred lender arrangement for such loans.
6. American University of Antigua shall not request or accept from any lender any assistance with the call center staffing or financial aid office staffing.
7. Any employee who is employed in the financial aid office, or who otherwise has responsibilities with respect to education loans or other student financial aid, and who serves on an advisory board, commission, or group established by a lender, guarantor or group of lenders or guarantors, shall be prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission, or group.
UA recognizes the service and sacrifice of U.S. military veterans. The Department of Veterans Affairs (VA) has approved VA educational benefits to all qualifying students attending AUA College of Medicine. Eligible persons may receive veterans benefits under one of the following:
• Chapter 30 — Montgomery GI Bill
• Chapter 31 — Disabled Veterans Vocational Rehabilitation Program*
• Chapter 32 — Veterans Educational Assistance Program (VEAP)
• Chapter 33 — Post 9/11 GI Bill
• Chapter 35 — Dependents Educational Assistance Program
• Chapter 1606 — Montgomery GI Bill/Selected Reserve Educational Assistance Program
• Chapter 1607 — Reserve Educational Assistance Program (REAP)
We encourage all interested VA applicants to visit the Department of Veterans Affairs (VA). Please click the Road Map for Success to begin the process.* Once you have completed your Road Map for Success you will receive your Certificate of Eligibility, which you will need to submit to our VA representatives at American University of Antigua. AUA also offers veteran applicants a $2,500 U.S. Military Veterans Recognition Grant during Basic Sciences. For additional information, click on the scholarship tab above.
For further details, please contact our VA representative, Ms. Lynnise Pimentel at email@example.com or visit the VA website.
*Benefits vary by state.
November Financial Aid Presentation: http://www.auamed.org/wp-content/uploads/2015/11/Financial-aid-presentation-11-24-15.pdf
Step-by-Step Guide to Applying for a Direct Unsubsidized or Grad Plus Loan:
The following are the steps that a student must take in order to obtain a Federal Direct Unsubsidized or Grad Plus loan:
Please download the AUA Financial Aid Form. This form will allow you to keep track of the steps completed in the process. As you complete each step you will enter the date completed and answer all questions provided. You will submit this form at the end of the process via the upload link provided at the end of the instructions below.
1. Obtain or recover a Federal Financial Aid ID (“FSA ID”). To obtain or recover an FSA ID, log on to https://fsaid.ed.gov/ and follow the steps to create or recover an FSA ID.
2. Complete and submit the Free Application for Federal Student Aid (FAFSA) for the 2016-17 year. To do so, log on to the FAFSA website at www.fafsa.gov; select “foreign” from the State drop down menu; enter the school’s name: American University of Antigua College of Medicine, and enter the AUA Federal School Code, which is 042401. A student may complete and submit a paper FAFSA. Please call the Federal Student Aid Information Center at 1-800-4FED-AID (1800-433-3243) for information and instructions on how to do this. AUACOM students are graduate students. As a result, AUACOM’s student will be classified as independent. A student who is independent is not required to provide any information about his/her parents. If the student is married or has dependents, the student must include his/her spouse’s and dependents’ information on the form. In order to simplify this task and ensure that the information that the student provides is the same as that which the student had provided to the IRS on his/her most recent income tax return, FAFAS provides an IRS Data Retrieval Tool that allows the student both to access his/her IRS tax return and the return of his/her spouse and to transfer the data from the returns directly into their FAFSA. For more information on completing and submitting the FAFSA click here.
3. Complete entrance counseling for the Direct Unsubsidized Loan and/or for the Grad PLUS Loan if applying for this type of loan. To do this, log onto www.studentloans.gov.
4. If applying for a Direct Unsubsidized loan, log onto www.studentloans.gov and complete a Master Promissory Note (MPN) for that loan. You will need your FSA ID to sign in. If applying for a Grad Plus, Loan, do the same for that loan. In order to complete an MPN for a Grad Plus loan, you must first apply for the loan by clicking the “Apply for Plus Loan” link on the studentloans.gov homepage and complete the application. If applying for both a Direct Unsubsidized loan and a Grad Plus loan, complete and submit an MPN for each type of loan. An MPN is the legal document that sets forth your promise to repay the United Stated Department of Education the principal amount of the loan and any accrued interest or fees in accordance with the terms of the loan The MPN explains the terms and conditions of the loans. You must complete and submit a new MPN for each type of federal loan that you will apply for during each award year that you are enrolled at AUACOM. Although you may have previously signed an MPN to receive a Federal Family Education Loan (FFEL) or a Direct loan while enrolled at a school other than AUACOM, that MPN cannot be used to borrow Direct or Grad Plus loans at AUACOM because there are special rules for institutions like AUACOM that are located outside of the U.S. Save and retain a copy of your MPN(s) after you complete the form electronically. You do not need to provide AUACOM with a copy since AUACOM will receive electronic notification once you have completed the MPN.
5. GRAD PLUS loans require a credit check, which is the last step in the application process for a Direct Plus loan. You will receive a response to the credit decision almost immediately. A student with an adverse credit history may not be eligible for a Direct Plus loan. An adverse credit history is defined as (1) being more than 90 days late on one or more debts with a total combined outstanding balance greater than $2,085 (as of the date of the credit report), or that have been placed in collection or charged off (written off) during the two years preceding the date of the credit report; or (2) within the past five years being subjected to a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write off of a Title IV debt. A Direct PLUS Loan borrower with an adverse credit history who is denied may still receive a Direct PLUS Loan if he/she obtains an endorser who does not have an adverse credit history and the borrower completes Plus Counseling. The endorser is responsible for repaying the Direct PLUS Loan if the borrower fails to do so. The borrower may also appeal the denial.
6. Complete the VFAO Interview by clicking on this link (approximately 20 minutes to complete). The VFAO Interview can also be found at https://auamed.vfao.com. Click “Start an Interview” and answer the required questions for the award year, which is two semesters in length. The VFAO will communicate notices to you via email. You will use the VFAO to request loan amounts, view your approved loans and accept or change your loan amounts.
7. Complete the AUA Financial Aid Form. Students who have completed Steps 1-6 must complete AUACOM’s Financial Form and return it to the Office of Student Financial Services on campus, by fax at 1-646-417-6220 or by email at StudentFinancialServices@auamed.org
The Office of Student Financial Services is available on campus, by phone at 1-877-666-9485 or email StudentFinancialServices@auamed.org.
American University of Antigua (AUA) College of Medicine congratulates you on taking the first step toward your dream, and we at Student Financial Services are here to support you as you complete the necessary steps to process your FAFSA (Free Application for Federal Student Aid) and Direct Loan(s). Please note, that you will be required to complete additional steps to complete the loan process as well. These steps can be found on the step by step guide tab.
Starting the loan process for Federal Student Aid can be quite overwhelming. In efforts to make navigating the loan process easier we have created TIPS (Tools for International Prospective Students). We have also provided answers to the most Frequently Asked Questions (FAQs) we receive, regarding the application process. In addition, we highly recommend you visit the Federal Student Aid website to familiarize yourself with the process.
What are some of the frequently used e-mail addresses to add to my contacts?
Adding these addresses will avoid important notifications from being labeled as SPAM:
Tracking Letters FinancialAid@vfao.com
The FAFSA Overview
Check out this video for info about how to fill out the FAFSA properly as an independent student. All students at AUA are independent students.
FAFSA Help with Questions 27-30:
Question 27: Students must enter in the name of the High School they attended. Click on the drop down menu to enter in your school. Please note that no student should ever choose ‘none of the above’.
Question 28: Please indicate whether or not you will have a bachelor’s degree before you start.
Do all students need to select they are pursuing a graduate or professional degree, if they don’t have a Bachelors Degree? Yes, the medical program at American University is a graduate program .
Question 29: All students must select a grade level of either “1st year graduate/professional” student (for new students) or “continuing graduate/professional or beyond” (for continuing students)
Question 30: All students must select – “Graduate or Professional Degree”
What happens after I submit my FAFSA?
Once you have completed the FAFSA, you must ensure that all the steps listed in the step by step guide are completed. Most importantly, you must submit your AUA institutional form either via the upload link you received in your email instructions of how to apply for federal student aid, or to StudentFinancialServices@auamed.org. Once your form is received, Student Financial Services (SFS) will e-mail you confirming receipt and advising that your loan information will be verified shortly.
There are two stages to the loan completion process: Verification and Confirmation of Packaging. You will be assigned two counselors, one to assist you at each stage. Once you’ve completed the FAFSA, a report will be uploaded to the Virtual Financial Aid Office. We will then utilize your AUA form, FAFSA, along with the information you submitted to the VFAO to verify your loan information. Finally, the information is sent to the Confirmation team for packaging.
What types of FSA am I eligible for?
Where is my award letter?
You can see your award by going into ‘Interviews’ and clicking on ‘Status Report’. It will show you what you’ve been awarded. Or you will receive an encrypted e-mail from firstname.lastname@example.org that contains your award information.
Where can I make corrections and updates to my FAFSA?
You can make changes to your FAFSA here.
What is an outstanding verification? I don’t understand.
Verification requests occur when information completed throughout the financial aid process conflicts with information which you have previously submitted. In this case, students must work with their financial aid counselor to amend information and/or verify that the information submitted is correct. Some examples include proof of citizenship, HS Diploma, graduate degree, etc.
Do all students need to select if they are pursuing a graduate or professional degree, if they don’t have a bachelor’s degree?
Yes, American University of Antigua’s medical degree is a graduate or professional degree. (Please see Question 29 on the FAFSA)
How many terms do I request aid for?
Every two terms are equivalent to one academic year regardless of your start date. Each student must apply for the academic year.
What if I have no more unsubsidized eligibility left?
Students that have reached a maximum aggregate of $138,500 in a combination of subsidized, unsubsidized and Federal Family Education Loans (FFEL) are still eligible to complete their education using Grad Plus Direct Loans, as long as the eligibility requirements are met.
Exit Counseling – For:
• Withdrawals (WD)
• Extended Leave of Absence (ELOA)
• Temporary Withdrawal (TWD)
• Leave of Absence (LOA)
Students will be contacted by the Office of Student Financial Services to complete Exit Counseling. Exit Counseling is required when you graduate or leave school for any period of time longer than 4 weeks. This will provide you with important information needed to prepare to repay your federal student loan(s). You’ll need to provide the name, address, e-mail address, and telephone number for your closest living relative, two references who live in the United States, and your current or expected employer (if known).
Who do I contact about statement charges on my account for a past term?
Contact the Bursar’s office at 212-661-8899, option 6, or e-mail your questions to Bursar@auamed.org.
What is the difference between Student Financial Services and Bursar?
Student Financial Services assists students with applying for various types of financial aid. The Bursar is responsible for the managing student statements, receiving payments, and disbursing aid received for the student from various aid sources.
Why did it take longer to receive my Clinical Sciences package than when I applied during Basic Sciences?
Students who apply for FSA under Basic Sciences have fixed dates. However, as a clinical student, your dates will be based on your scheduled rotations that may vary from term to term.
Why was I selected for the outstanding verification for Unusual Enrollment History (UEH)?
Students who are selected for UEH must work with their financial aid to resolve this flag.
The US Department of Education is concerned about an enrollment pattern in which:
• A student attends an institution long enough to receive Title IV credit balance funds—but leaves without completing the enrollment period—and then enrolls at another institution and then repeats the pattern of remaining just long enough to collect another Title IV credit balance without having earned any academic credit.
• Some students with unusual enrollment histories have legitimate reasons for their enrollment at multiple institutions. However, such an enrollment history requires a review to determine whether there are valid reasons for the unusual enrollment history.
What is the difference between Entrance Counseling vs PLUS Credit Counseling (Plus Counseling)?
Entrance Counseling is required for all first time loan borrowers at a new institution, regardless if received Direct Loans in the past for undergrad or another graduate institution. You will need to complete Entrance Counseling when borrowing for the first time at AUA.
Plus Counseling is required if the US Department of Education has informed you that you have an adverse credit history and you have obtained an endorser. It is also required if you have documented to the satisfaction of the US Department of Education that there are extenuating circumstances related to your adverse credit history.
PLUS Counseling can be completed voluntarily at any time. If Plus Counseling is completed voluntarily and you are determined to have an adverse credit history by the US Department of Education within 30 days of counseling completion, your PLUS Counseling requirement will be considered fulfilled.
Why do I keep getting e-mails to complete Entrance Counseling?
Log back into studentloans.gov, click on ‘Completed MPN’ and ‘View Completed Counseling.’ Confirm that the information listed is correct. Confirm Entrance Counseling was completed (NOT – Plus Counseling, Financial Awareness Tool or Exit Counseling).
Why do I keep getting e-mails to complete Plus Credit Counseling?
Log back into studentloans.gov, click on ‘Completed MPN’ and ‘View Completed Counseling.’ Confirm that the information listed is correct. Confirm Plus Counseling was completed (NOT – Entrance Counseling, Financial Awareness Tool or Exit Counseling).
What is an anticipated disbursement vs. an actual disbursement?
Anticipated disbursement is the date for which your aid has been officially scheduled. The scheduling of an anticipated disbursement results in an award letter and a disclosure statement that the you receive. The Actual disbursement date is the date which the university receives your aid.
Am I still eligible for aid if I am attending multiple schools?
Students who have received any AID during the school award year (ie 2016-2017) will have an increase in Estimated Financial Aid (EFA), resulting in a decrease of an award. It is possible that this decreased award will be packaged for one term at a time. If processed for one term, your loan for the term will be disbursed in two equal payments, one at the beginning of the term and one at the midpoint of the payment period.
How do I increase or decrease my loans? What if I don’t want the entire amount of funding I was awarded?
E-mail ReturnLoan@auamed.org with any changes you wish to make to your FSA disbursement or to inquire about receiving a disbursement after a change in your enrollment status.
What is the interest rate on Direct Unsubsidized loans?
• The interest rate for Direct Unsubsidized loans disbursed from July 1, 2015 through June 30, 2016 is 5.84%.
• The interest rate for Direct Unsubsidized loans disbursed from July 1, 2016 through June 30, 2017 is 5.31%. For more information on interest rates click here.
What is the origination fee on Direct Unsubsidized Loans?
• Students who obtain a Direct Unsubsidized loan will pay an origination fee of 1.068% of the amount of the loan for loans disbursed from October 1, 2015, through September 30, 2016.
• Students who obtain a Direct Unsubsidized loan will pay an origination fee of 1.069% of the amount of the loan for loans disbursed from October 1, 2016, through September 30, 2017.
What is the interest rate on a Grad PLUS Loan?
• The interest rate for Federal Grad Plus loans disbursed from July 1, 2015 through June 30, 2016 is 6.84%.
• The interest rate for Federal Grad Plus loans disbursed from July 1, 2016 through June 30, 2017 is 6.31%. For more information on interest rates for Grad Plus loans, click here.
What is the origination fee on a Grad PLUS Loan?
• Students who obtain a Federal Grad PLUS loan must pay an origination fee of 4.272% of the amount of the loan for loans disbursed from October 1, 2015, through September 30, 2016.
• Students who obtain a Federal Grad PLUS loan must pay an origination fee of 4.276% of the amount of the loan for loans disbursed from October 1, 2016, through September 30, 2017.
How do I know what my repayment options are?
Use www.nslds.ed.gov to review all federal loans borrowed and the servicer for each loan. Contact the servicers to set up repayment plans. AUA recommends all students complete financial awareness counseling. This will provide tools and information to help you understand your financial aid and assist with managing finances.
What can I do if I am denied for a Grad PLUS Loan?
On www.studentloans.gov, if a PLUS Loan is denied a student has the option to appeal the decision via a credit override or add an endorser – A co-signer or endorser may be added to a denied PLUS loan. The endorser may sign the application at www.studentloans.gov/.
How to Qualify for a PLUS Loan Despite an Adverse Credit History?
There are two separate issues. One relates to eligibility for federal student aid in general. The other relates specifically to eligibility for federal student loans.
Per the regulations at 34 CFR 668.32(g)(1), a student who is in default on a federal student loan — such as a Federal Perkins, Federal Stafford or Federal PLUS loan — is ineligible for any federal student aid. (A Federal Parent PLUS loan borrower must likewise not be in default on a federal education loan.)
However, a borrower who is in default on a federal education loan may nevertheless qualify for federal student aid if the borrower rehabilitates the defaulted loan or repays the loan in full, per the regulations at 34 CFR 668.35. To rehabilitate a defaulted federal education loan, the borrower must make six consecutive on-time full, voluntary, monthly payments under an arrangement that is satisfactory to the holder of the loan. These payments cannot include involuntary payments made through wage garnishment or the offset of federal and state income tax refunds. (The payments, however, must also be “reasonable and affordable.”) To be considered on-time, the payment must be received within 15 days of the due date. Rehabilitation is a one-time opportunity to regain eligibility for federal student aid.
To be eligible for the Federal PLUS loan, the borrower must not have an adverse credit history. An adverse credit history is defined in the regulations at 34 CFR 685.200(c)(1)(vii)(B) as including a current delinquency of 90 or more days on any debt or having had certain derogatory events within the last five years. These derogatory events include bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or default determination. It also includes the write-off of federal education loan debt.
Borrowers who are rehabilitating a defaulted federal education loan can clear the default from their credit history by making nine out of ten consecutive, voluntary, on-time, reasonable, and affordable monthly payments under an arrangement satisfactory to the loan holder. To be considered on-time, the payment must be received within 20 days of the due date for Federal Stafford and Federal PLUS loans and within 15 days of the due date for Federal Perkins loans.
A borrower who has an adverse credit history may nevertheless still qualify for a Federal PLUS loan by documenting to the satisfaction of the US Department of Education that extenuating circumstances exist. Extenuating circumstances can include evidence that the debt was included in a Chapter 13 bankruptcy (as opposed to a Chapter 7, 11 or 12 bankruptcy), a divorce decree showing that the borrower is not responsible for repayment of the debt, proof that a defaulted federal education loan was repaid through consolidation and the consolidation loan is not delinquent, documentation that the wage garnishment has been released, documentation that a short sale has been approved and completed, documentation that the mortgage has been paid in full, documentation of an executed loan modification agreement, or documentation that the derogatory event occurred more than five years ago, among other circumstances. To ask for a review based on extenuating circumstances, select “Document Extenuating Circumstances” on the left-side navigation after logging in to StudentLoans.gov or call Applicant Services at 1-800-557-7394.
Borrowers can also qualify for a Federal PLUS loan despite an adverse credit history by presenting the US Department of Education with evidence that demonstrates that the credit report information that caused the borrower to have an adverse credit history is incorrect.
Finally, borrowers can qualify for a Federal PLUS loan despite an adverse credit history by obtaining an endorser (co-signer) who does not have an adverse credit history. The extenuating circumstances exceptions do not apply to the endorser. So long as the student is not in default on a federal student loan and the co-signer does not have an adverse credit history, the student should qualify for the Federal Grad PLUS loan. But if the student is in default on a federal student loan, the student will not qualify for a Federal Grad PLUS loan even with a creditworthy co-signer.
A student who is denied a Federal Grad PLUS loan because of an adverse credit history is unlikely to qualify for a private student loan. However, the student might qualify for the private student loan with a creditworthy co-signer. See the following article for more information on this subject: “How to Qualify for a PLUS Loan Despite an Adverse Credit History”
What You Need to know about Graduate PLUS:
What are the eligibility requirements?
You must be enrolled in a graduate or professional program (for example, a program that leads to a master’s degree or to a law or medical degree) at a school that participates in the William D. Ford Federal Direct Loan Program (Direct Loan), and must meet all of the other general eligibility requirements for the Federal Student Aid programs. In addition, you must not have an adverse credit history (a credit check will be done).
What is considered to be an adverse credit history?
You are considered to have an adverse credit history if you are 90 or more days delinquent on any debt or if, within 5 years of the date of the credit report, you have been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Federal Student Aid debt (for example, a Direct Loan or Federal Stafford Loan). It is important to note that your credit score is not used to determine your eligibility. You may have a low credit score but may still be eligible for a Direct Plus Loan as as long as you do not have anything considered to be derogatory by the standards set by the Department of Education.
What are my options if I have an adverse credit history?
You may still receive a Direct PLUS Loan if you obtain an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the loan if you do not repay it. Click Here to learn about Grad Plus Denials.
Can I decline Direct Unsubsidized Loans and use only Direct PLUS Loans to pay for my education?
Yes. However, Direct Unsubsidized Loans have some advantages over Direct PLUS Loans. Direct Unsubsidized Loans have a lower fixed interest rate (5.31% from July 1, 2016 – June 30, 2017) than Direct PLUS Loans (6.31% from July 1, 2016 – June 30, 2017. Interest is charged on Direct PLUS Loans during all periods. In addition, Direct Unsubsidized Loans have a six-month grace period after you leave school during which you are not required to make payments. There is no grace period for Direct PLUS Loans. Direct Plus Loans may be deferred at the time you submit your application as long as that option is chosen
How do I apply for a Direct PLUS Loan?
You must complete the Free Application for Federal Student Aid (FAFSA) and a Federal Direct PLUS Loan Application and Master Promissory Note (PLUS MPN), and complete any additional steps requested by the Office of Student Financial Services.
Can I cancel a Direct PLUS Loan after I’ve applied?
Before your loan money is disbursed (paid out), you may cancel all or part of the loan by notifying AUA. After your loan money is disbursed, you may cancel all or part of your loan within certain timeframes. AUA will return funding up to 30 days from the date it was posted to your account. For details, refer to the Borrower’s Rights and Responsibilities Statement that accompanies your PLUS Master Promissory Note (MPN). Student that received their Federal Student Aid Disbursement Notification will also receive instructions on how to return monies to the Bursar’s office if you chose to return any funding.
Can the MPN (Master Promissory Note) that I signed for my Direct Unsubsidized Loans be used for Direct PLUS Loans?
No. You must sign an MPN for both Unsubsidized and Plus Loans. Each loan type (ie Unsubsidized and/or Grad Plus) and award year must have its own MPN.
Can I take out Direct PLUS Loans for myself under a PLUS MPN that I signed for Direct PLUS Loans to pay for my child’s education?
No. You must sign a separate PLUS MPN to borrow for yourself.
How much can I borrow in Direct PLUS Loans?
There are no set annual or aggregate limits. You may borrow up to your full cost of attendance, less any other financial aid you receive (including but not limited to Direct Unsubsidized Loans, scholarships, grants, etc.) for each term.
Do Direct PLUS Loan amounts count toward the $138,500 Direct Subsidized or Unsubsidized Loan aggregate loan limit for graduate and professional students?
No. Only Direct Subsidized and Unsubsidized Loans, and Federal Stafford Loans (subsidized and unsubsidized) made through the Federal Family Education Loan (FFEL) Program count toward the $138,500 aggregate.
Am I eligible for a Direct PLUS Loan if I have reached the $138,500 Direct Subsidized or Unsubsidized Loan aggregate loan limit for graduate and professional students?
Yes. However, if you have exceeded the $138,500 aggregate, this will be considered an over award and you must either repay the excess loan amount or make satisfactory arrangements to repay it before you can receive any additional Federal Student Aid, including Direct PLUS Loans.
If I have an adverse credit history but cannot find an endorser, can I receive additional Direct Unsubsidized Loan funds?
No. If you are not eligible for a Direct PLUS Loan, the regular Direct Unsubsidized Loan annual loan limit for graduate and professional students applies. You may not borrow more than $20,500 for an academic year.
When do I have to begin repaying a Direct PLUS Loan?
The first payment on a Direct PLUS Loan is due within 60 days after the loan is fully disbursed. There is no grace period for Direct PLUS Loans. However, you can postpone payments on your Direct PLUS Loan while you are in school – see the following three questions.
Can I postpone payments while I am in school?
Yes. While you are enrolled in school on at least a half-time basis, you are eligible for an in-school deferment that allows you to postpone payments on your Direct PLUS Loan until you graduate or drop below half-time status.
How do I obtain an in-school deferment?
In most cases, the Direct Loan Servicing Center will automatically grant an in-school deferment on your Direct PLUS Loan based on information reported, by your school, to the US Department of Education, showing that you are enrolled at least half-time. The Direct Loan Servicing Center will notify you of the deferment, your option to cancel the deferment and begin making payments on your loan. If your school does not report the enrollment information that is needed for the Direct Loan Servicing Center to automatically grant an in-school deferment on your Direct PLUS Loan, you will need to submit an In-School Deferment Request form to the Direct Loan Servicing Center. You may obtain an In-School Deferment Request form from online at www.dl.ed.gov, or by calling the Direct Loan Servicing Center. AUA Registrar Department must certify your enrollment status on the deferment request form.
Will my ‘in-school deferment’ need to be renewed each year?
Generally, the in-school deferment on your Direct PLUS Loan will remain in effect until you graduate or drop below half-time enrollment status, and will not have to be renewed each year.
How soon do I have to begin making payments after my in-school deferment ends?
Your first payment will be due within 45 days after the deferment end date. The Direct Loan Servicing Center will notify you 60 days before your deferment ends.
Can I postpone payments on a Direct PLUS Loan during the grace period on my Direct Subsidized and Unsubsidized Loans?
If you are unable to make payments on your Direct PLUS Loan after you leave school and your in-school deferment ends, you may request a forbearance that will allow you to temporarily postpone payments. You will have to explain why you are unable to make payments. To request a forbearance, contact the Direct Loan Servicing Center.
Is interest charged during a deferment or forbearance?
Yes. Interest is charged on a Direct PLUS Loan beginning on the date of the first loan disbursement, and it continues to be charged during periods of deferment or forbearance. You may either pay the interest as it accrues (the Direct Loan Servicing Center will send you a quarterly interest statement), or you may allow the interest to be capitalized (added to your loan principal balance) at the end of the deferment or forbearance. Capitalization increases the total loan amount that you must repay.
What repayment plans are available?
You will be able to choose from a variety of repayment plans that are designed to meet your individual needs. The Direct Loan Servicing Center will provide you with information on available repayment plans.
How much will I have to pay each month?
Your monthly payment amount on a Direct PLUS Loan will vary depending on the repayment plan that you choose and how much you borrowed. The table below shows estimated monthly payment amounts under the Standard Repayment Plan (fixed monthly payments over a 10-year repayment period) at various debt levels, based on the Direct PLUS Loan interest rate of 6.31%.
Standard Repayment Plan
Direct PLUS Loan
|Amount Owed When You Enter Repayment||Estimated Monthly Payments||Estimated Total Amount Repaid|
You can obtain estimated monthly payment amounts for different debt levels or for other repayment plans by contacting the Direct Loan Servicing Center.
Can I consolidate my Direct PLUS Loans with my other student loans? If so, when can I consolidate?
You may consolidate your Direct PLUS Loans with your other eligible student loans into a single consolidation loan, after you leave school. Note that the repayment period for a consolidation loan begins as soon as the loan is made – there is no grace period. Therefore, if you want to consolidate your Direct PLUS Loans with your other student loans that have a grace period, you should wait to do so, until shortly before the end of the grace period on the other loans.
AUA is approved by the Canadian Ministry of Education, allowing eligible students to receive Canadian federal loans, provincial loans, and participate in grant programs.
The Canada Student Loans Program (CSLP) offers loans, grants, and repayment assistance to full-time and part-time students seeking postsecondary education. Student financial assistance is provided through a partnership between the CSLP and most provinces and territories. However, Quebec and the Northwest Territories manage their own programs.
• British Columbia
• New Brunswick
• New Foundland/Labrador
• Nova Scotia
• Prince Edward Island
• Territory of Yukon
The approval process may take up to 12 weeks. In addition to being on the MDL, these provinces also require a student to request school designation by completing an application, which can be found on their student aid websites.
OUR FOUR-DIGIT EDUCATIONAL INSTITUTION CODE IS: ZUCL.
Applying for a student loan is easy!
Step 1: Determine if you are eligible for a Canada Student Loan. Find out if you are eligible for a Canada Student Loan.
Step 2: Complete the application. One form is all you need to be assessed for loans and grants. Apply online through the Provincial and Territorial Student Financial Assistance offices. You can speed up the process by submitting your application online, or allow four to six weeks by mail. Specific application procedures are determined by province/territory. Application procedures are based on where you are a permanent resident. If you are a permanent resident of Ontario, British Columbia, Saskatchewan, New Brunswick, or Newfoundland and Labrador:
• Complete one application and submit it to your province of permanent residence.
• You are assessed for both federal and provincial student loans and grants.
• You may be eligible to receive one loan: a combination of federal and provincial student loans.
• You manage and repay your student loan through the National Student Loans Service Centre (NSLSC).
If you are permanent resident of Alberta, Manitoba, Nova Scotia or Prince Edward Island:
• Complete one application and submit it to your province of permanent residence.
• You are assessed for both federal and provincial student loans and grants.
• You may be eligible to receive two loans: one from the Government of Canada and the other from your provincial government.
• You manage and repay your loans through two loan providers: the NSLSC website for your Canada Student Loan, and your provincial government’s student financial assistance office or their service provider for your provincial loan.
If you are permanent resident of Yukon:
• You apply for a Canada Student Loan through Yukon Student Aid.
• You are assessed for both federal and territorial grants as well as a Canada Student Loan.
• You manage and repay your student loan through the NSLSC.
If you are a permanent resident of the Northwest Territories, Nunavut:
• You apply to your province or territory of a permanent residence for student loans.
• Canada Student Loans and Canada Student Grants are not available. These jurisdictions operate their own student loan programs, which are partly funded by the federal government.
• You manage and repay your student loan to your province or territory of permanent residence.
If you are a permanent resident of Quebec:
• Student loans are not available to medical students attending outside of Quebec.
Need help? Contact your provincial or territorial student financial assistance office. Note: You must reapply for a Canada Student Loan every school year.
Step 3: Check your mail or email for your Notice of Assessment. Your Notice of Assessment will tell you if you qualified for a loan or grant. You may receive it by mail, or email. If you qualified:
• You may get a Master Student Financial Assistance Agreement (MSFAA). You must read, sign, and return it to the NSLSC along with your banking information.
If you are not approved for funding or you are not happy with the approved amount:
• Contact the student financial assistance office in your province or territory. There is a formal reassessment process for students who disagree with the amount they have been awarded. Amounts can be reassessed according to your province’s or territory’s own criteria and those of the federal government.
Step 4: Review your loan documents and confirm enrollment with your school If you are approved, you must review your Master Student Financial Assistance Agreement:
• Your MSFAA is a legally binding contract. It is important that you review it carefully and read the terms and conditions.
• Check your personal information to make sure it is correct. If it is not, contact your provincial or territorial student financial assistance office.
• Include your banking information and a voided cheque if you want your money to be deposited directly into your bank account.
• The MSFAA is a multiyear agreement. The next time you apply for student financial assistance, you won’t have to sign and submit a new MSFAA. Just complete and submit an application through your province of residence and wait for your Notice of Assessment to come by mail or online.
• Before you can receive your student loan and/or grant money, your school must confirm you are enrolled full-time at a designated postsecondary institution.
• A Confirmation of Enrollment may be completed electronically by your school, or a Confirmation of Enrollment form will be mailed to you or your school.
Step 5: Sign your student loan documents. Make sure you fully understand your responsibilities and commitments before signing. Your loan agreement is a legal document, and your signature means you agree to be bound by its terms and conditions. Once you’re sure that all the information is correct, and you have read and accepted the terms and conditions, sign your agreement. Step 6: Submit your loan documents. Submit your completed and signed MSFAA. Bring the following identification to a Canada Post outlet:
1. A valid photo identification issued in Canada by the federal or a provincial or territorial government, such as a:
• valid driver’s license
• provincial health card with a photo
• permanent residency or citizenship card
• certificate of Indian status
• federal or provincial employee identification card
• Record of Landing accompanied by an expired Permanent Residence Card
2. A document proving that the Social Insurance Number (SIN) on your loan or grant authorization document is yours. For example, you can show your SIN card or present an official Government of Canada document that has your SIN on it, such as a:
• Canada Revenue Agency Notice of Assessment
• Canada Pension Plan Statement of Contributions
• Confirmation of Social Insurance Number from Service Canada
• temporary SIN card
3. Bring your signed MSFAA. Don’t forget to attach a voided cheque or fill out your banking information. Step 7: Wait for your money to arrive! Your loan or grant money will be deposited directly to your bank account.