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Credit

Good credit will play an important role in financing your education if you plan on using an alternative loan prior to completing your education. A credit check is done eachtime you apply for a Grad Plus or an alternative loan. Poor credit and/or excessive student loans could diminish your ability to secure an alternative loan. The financial aid office encourages all prospective alternative loan applicants to order a credit report. You can request a free credit report from three main bureaus at www.Annualcreditreport.com.

If something is incorrect now is the time to start the dispute process. Listed below are the three main credit bureaus and how to contact them:

Entrance and Exit Counseling

Every student who borrows student loans is required to have entrance and exit counseling. The entrance interview is done online as part of the financial aid packet available here: http://www.dmu.edu/FA/entranceinterview/index.htm. The confirmation document is electronically sent to the financial aid office. Until the certification is received no loans will be processed. On-line exit counseling is also required when you leave DMU and is available on the portal.

Verification

The Department of Education randomly selects students to verify financial information. You will be notified of this on your SAR and the financial aid office will send you written notification of what needs to be done. Verification requires a student to provide a verification worksheet, tax form and W-2 information to the financial aid office to verify the information on the FAFSA is the same as the other forms. If something needs to be corrected the financial aid office will notify you in writing of the discrepancy. If corrections need to be made to the FAFSA, the financial aid office must have the corrected one before any funds can be released. If a student can not complete the verification process within 45 days federal regulations require the loan proceeds to be returned to the lender. They can be re-issued upon satisfactory completion of verification.

Budgets

Based on federal regulations, student cost of attendance budgets are designed for the student only and are not intended to cover family living expenses. If you are married the Department of Education along with the University expects your spouse to be a contributor to family expenses. Regulations allow budget increases to help with day care expenses. If you have children for whom your spouse chooses to be a caregiver and will not be working, you must arrange for outside support in addition to financial aid through the University.

The University works conscientiously to provide a reasonable expense budget and to monitor long term debt and maintain low default rates. Financial aid and financial counseling is available on campus to help provide advice and to answer questions pertaining to your financial concerns.

Student Cost of Attendance Budgets are an estimate of average living costs in the Des Moines area for the number of months you are in school and an allowance for tuition books and fees; this is the maximum you can receive. Each program and year of study will have a different budget. Each student is allowed to receive funding (from all resources i.e.: loans, scholarships, etc.) up to the budget. Budgets are adjusted each academic year to reflect any necessary changes. Click here to view current budget information.

Here are some examples of 2008-2009 Year I Student Cost of Attendance Budgets

DO(10)* DPM(10)* DPT(10)* PA(12)*
Tuition and Fees 34,698 25,265 21,194 25,184
Books and Equipment 3,392 2,350 2,327 4,709
Rent, Food, Utilities, Clothing, Personal 13,740 13,740 13,740 16,488
Travel and Transportation 3,285 3,285 3,847 3,745
Health Insurance 2,107 2,107 2,107 2,107
Total 57,222 46,747 43,215 52,233

*Indicates number of months of term

Using one of the examples, the maximum amount you could receive from ALL resources (loans AND scholarships combined) is the total for your program. If you do not need to borrow the maximum, request only the amount necessary to meet your needs. We will certify your request up to the budget maximum; if you only need $25,000 then apply for $25,000. If during the year you realize you may need more than the $25,000 you may apply for additional funds based on your remaining student budget eligibility.

Remember, based on federal regulations, budgets are designed for the student only and are not intended to cover family living expenses.

In certain documented circumstances a student's budget may be increased to receive additional funds. These may include but are not limited to: child day care costs, excessive un-reimbursed medical bills (student only) costs associated with a disability, or certain other unusual or unforeseen circumstances (not associated with living expenses, car payments, credit card payments, etc.). Please contact the financial aid office for information.

Disbursement Information

Federal regulations require that all loans be disbursed in two equal payments, one the week of registration and one halfway through the loan period. Disbursement and tuition due dates are distributed in registration packets, and are available on the accounting website. The lender will also send a notice of guarantee that has disbursement dates as well as approved loan amounts and interest rates. You can also contact the financial aid office or the accounting office. All funds are delivered directly to the business office. If there is a balance on your tuition account that amount is deducted from the loan proceeds and a refund is issued within three working days. Please note disbursement dates may vary each year of your program.

Refunds

Federal regulations require the University to calculate a possible return to the lender of Title IV federal financial aid you obtained for tuition and fees if you withdraw, are suspended, are dismissed or take a leave of absence of more than 180 days, before completion of the term for which you are registered. Return of funds calculations are based on the effective date of your withdrawal or leave of absence or the effective date of an administrative action. That is, any time your status changes from full time student, there could be a return of financial aid.

Financial aid included in these regulations is grouped under what is termed Title IV. (Federal Subsidized Stafford Loans, Federal Unsubsidized Stafford Loans and Federal Perkins Loans) Only Title IV financial aid funds are used to calculate a return of funds.

Each University program collects tuition and fees by academic term or by trimester (payment period). You receive financial aid by academic term or trimester. A return of funds calculation is based on how many days you actually spent in your current term or trimester (payment period). In specific terms, a return of funds calculation will be made if you change your status before you complete 60 percent of the term or trimester for which you have been charged tuition and fees. A change in your status after completion of 60 percent of the term or trimester (payment period) results in no refund. This method will apply regardless of whether you received financial aid or not.

MPH, MHA and Post Professional DPT have separate policies that cover dropping classes and refunds (see handbook for details). As with all programs a student must be at least half time to qualify for financial aid. If a student drops a class and becomes less than half time they lose financial aid eligibility. This includes borrowing and deferment.

Satisfactory Academic Progress

In order to maintain financial aid eligibility you must maintain satisfactory academic progress. Each program has its own satisfactory academic progress policies. Check your student handbook for details.

Dual Enrollment

Full-time students may register to take a course in one of the MPH, MHA, MSA, or MBS programs. If a student meets the eligibility requirements they can apply for admission into their selected program as a degree-seeking student. A student must be unconditionally accepted into the program to be eligible for financial aid. Student must have permission from the MPH/MHA program and the Dean of primary program. See handbook for details on dual enrollment for the degree program. If a student meets the criteria to be eligible for financial aid, it is available to cover the cost of additional tuition and books in the form of a DMU loan, there are no additional funds available for living expenses. Once accepted into the program, contact the Financial Aid Office to verify financial aid eligibility.

Directed Studies

Directed Studies (DO and DPM only) is a program that allows students experiencing academic difficulties the opportunity to reduce their course load (see student handbook for details). This program is designed to reduce course load yet maintain enough credit hours to remain full time. A student is still eligible for financial aid.

Less-than-half time (LHT)

Less than half time status students do not qualify for most forms of financial aid (including Stafford Loans). There may be an alternative loan available.

Leave of Absence

A student on an approved leave of absence (check student handbook for details) may be eligible for a tuition refund based on the date of the leave (see refund section for details). When a student returns from a leave a credit is placed on the tuition account for the amount of tuition the school retained. A student is eligible for financial aid but many factors dictate the amount and types of aid available. Contact the financial aid office for specific information prior to returning from leave.

Part I of NBOME and Financial Aid

DO students are required to pass level 1 of the NBOME boards. According to the handbook if you do not pass part one of the boards you will be placed on administrative leave of absence and not be allowed to start 3rd year clinical rotations. As a result of being placed on leave you will not be eligible for 3rd year financial aid until you pass part I and are taken off leave.

Repayment

You are required to begin repayment of Stafford Loans 6 months after you cease enrollment, regardless of the reason you left school. If you are required to do a residency or unable to make payments after your 6-month grace period, check with you lender about other options, including:

The following repayment options may be available to you:

You should contact your lender/holder for details to determine what may be best for your situation.

Alternative loan programs may or may not have these options available. It is important to keep in touch with your lenders/holders to find the repayment option that best fits your needs.

There are many repayment calculators available on the web to help you determine what your estimated monthly payments will be. There are also charts available in the financial aid office.

If you have any questions or concerns about financial aid please contact the financial aid office.