FINANCIAL AID NEWS
for
Medical Students
*New - Student Loan Changes Ahead (posted 11/02/09)
The U.S. House of Representatives passed The Student Aid and Fiscal Responsibility Act of 2009 ("SAFRA") on September 17, 2009. The legislation makes several significant changes to current federal financial aid programs, is now being considered by the Senate, and may or may not ultimately become law.
For many years Tulane has participated with lenders (banking institutions) in the Federal Family Loan Program ("FFELP") in large part due to borrower benefits offered, as opposed to the parallel “Direct” Program through which certain federal student loans are disbursed directly from the federal government without the participation of a banking institution. Recently, banking institution lenders have scaled back borrower benefits. If SAFRA is passed by Congress and signed into law by the President, FFELP would be discontinued on July 1, 2010: all federal loans would be under the Direct Program, and federal student loan borrowers would be required to complete Master Promissory Notes with the Department of Education for their Direct Program federal loans.
Tulane is preparing to participate in the Federal Direct Student Loan Program beginning with the summer 2010 semester.
Our office will advise students via our website, email, and letter regarding the necessary steps to ensure future loan funding.
· Questions & Answers on the Transition to 100 Percent Direct Lending (from the Department of Education's website)
· Direct Loan versus the FFEL Program (from FinAid.org website)
NEW SCHOLARSHIP OPPORTUNITIES (10/16/09)
For details about the 2010 Pisacano Scholars Leadership Program and for details about AMA Foundation reseach and scholarship opportunites, see Outside Scholarships.
FEDERAL GRADUATE PLUS APPLICATIONS REQUIRED
If intending to borrow a Federal Graduate PLUS loan or a non-federal private alternative loan, please be sure that you have applied for such a credit-based loan from your selected lender for the 2009-2010 academic year. Links to various lender websites where you can directly apply for such loans can be found in our web site's Frequently Asked Questions. For your convenience, here are the links:
How and where do I apply for a Federal Graduate Plus Loan ?
Where do I find more information about private loans and how to apply for them ?
INCOMING AND RETURNING STUDENTS
2010-2011 Application Deadlines
The 2010-2011 financial aid process cannot begin until January 2010.
Incoming and Continuing students, you are encouraged to have your 2010-11 FAFSA and your 2010-11 School of Medicine Financial Aid Addendum completed by February 28, 2010. The 2010-11 FAFSA cannot be completed until January 2010 and the 2010-2011 Addendum will be added to this web site by the end of January 2010.
View My Financial Aid Online
Students may view their financial aid information online here. Internet Explorer Version 6.0 or higher must be used to view this link.
Entrance Interview
Per federal regulations, all first time Federal Stafford Loan borrowers and all first time Graduate PLUS loan borrowers must complete an Entrance Interview which acknowledges the borrower's rights and responsibities under the the federal Stafford loan program. The entrance interview requirement can be completed on line at MAPPING YOUR FUTURE.
Entrance Interview information provided to the School of Medicine's Class of 2013 is available in a powerpoint presentation; to see the presentation, click here.
Refund Disbursement Via Direct Deposit
Direct Deposit is the fastest way to receive your financial aid living expense refund. In order to receive a Direct Deposit refund, you must go to the Accounts Receivable web site and input your bank account information into NetPay. If you have questions about this Accounts Receivable process, please call Accounts Receivable at 504-865-5368.
When you are notified that you have a credit balance in Accounts Receivable, you need to go to Accounts Receivable's web site and request a refund on their NetPay system.
TULANE EMERGENCY WEB SITE: http://emergency.tulane.edu/
A Comprehensive Guide to Graduate Financial Aid
(2008-09 edition)
Students interested in greater details of the financial aid process are encouraged to review this guide.
FOURTH YEAR STUDENTS ONLY
Residency and Relocation Loans are NON EDUCATIONAL CONSUMER LOANS that are available directly from your respective lenders to provide you with additional funds to travel for interviews, as well as provide funds for you to move after graduation. Since these loans are not educational student loans, University Financial Aid does NOT have a role in the processing of this loan. You apply directly to your lender and the funds are sent directly to you.
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