Q. When are Financial Aid Award Notifications provided?
At UNMC, financial aid awards are driven by the academic scholarship process. Each academic program has a different scholarship award process. The Office of Financial Aid does not determine or award scholarships. The academic programs are solely responsible for this process. Once your academic program has notified our office of their award scholarship sections, we will proceed with finalizing financial aid awards.
Historically, financial aid awards have been finalized as listed below. Anticipate your award letter based on your program affiliation.
College of Medicine: Late May
College of Nursing: Late June
College of Dentistry: Late June
College of Pharmacy: Late June
School of Allied Health: Late June
Graduate Studies: Late July
Q. How will I receive my financial aid award funds?
All financial aid must be delivered in ‘even, multiple disbursements’. Generally that means 50% fall and 50% spring. Financial Aid is credited to your Fall and/or Spring tuition and fee account to reduce the cost of your tuition and fees. Credit balances are refunded to students either by check or direct deposit to checking/savings accounts. Credit balances are generally the value the student has borrowed for books and equipment and living expenses for the semester.
Q. Do I have to accept/borrow all of my loan funds when offered on my Award Notification?
No, students are encouraged to review their costs, their living expense “needs’ (not wants) and borrow accordingly. We encourage students to develop a monthly budget and stick to that budget. The financial aid refunded to you after tuition and fees are paid can be a sizeable amount if you borrow enough to fund 100% of your living needs. That ‘lump sum’ refund of financial aid must fund your living needs from August to December or January to May. It is critical to establish a budget and live within that budget to ensure your funds last through the semester.
Q. Can I decline loans and ask for them to be re-instated if I realize I need more funds?
Yes, declined loans can be re-instated provided other aid has not been received to replace the loan offers. If you are offered a student loan for $5,000, and decline that loan because you are receiving an outside scholarship for $5,000, you may no longer qualify for the $5,000 loan offer when you request it be re-instated.
Q. Once I accept/decline my financial aid awards have I completed the financial aid process?
If you have been offered federal student loans there may be additional applications and processes to complete. Your Award Notification will direct you to your People Soft Self Service screens to review your additional requirements. A comprehensive tutorial will be provided with your Award Notification to guide you through the process of accepting/declining your awards, completing additional requirements, and familiarizing you with federally mandated financial aid policies and procedures.
Q. My academic program requires a summer period of enrollment. Are those costs built into my financial aid budget and awards?
Yes, student financial aid budgets and financial aid awards are built for the required periods of enrollment. If the required period of enrollment is 10, 11, or 12 months, financial aid is packaged for these non standard academic years. However, financial aid is delivered in fall and spring. The financial aid to pay for the summer period of enrollment is included in the fall and spring disbursements. Students are required to save this funding each semester to pay for the summer costs of tuition, fees, books and living expenses.
Q. If I choose not to borrow student loans to pay for tuition and fees, does UNMC have a payment plan?
Yes, UNMC offers a deferred tuition payment plan by making monthly payments through the UNMC Student Accounts Office. Semester tuition and fee balances are required to be paid in full over three months or by the end the semester. Students cannot register for subsequent semesters until the current semester balance is paid in full. Contact the UNMC Student Accounts Office at 402-559-4199 for payment plan information.
Q. I am a UNMC employee; does UNMC offer any tuition/fee benefits?
Please contact the UNMC Human Resources Office at 402-559-4391 or 402-559-4216 to discuss Employee Education Benefits.