Frequently Asked Questions

 - How to Request Financial Aid
 - What is the College of Medicine code number for filing the FAFSA?
 - What is the College of Medicine's Federal School code number for application for the Federal Direct Loan Program? 
 - Is online entrance counseling required when completing the Master Promissory Note (MPN)?
 - What is the Web address to complete the MPN for a Direct Student Loan?
 - What information do I need to complete the MPN?
 - How often must I complete the MPN?
 - How will I receive the University of Kentucky tuition statement?
 - How will the loan funds be disbursed if I select the Direct Loan Program?
 - How to use Web Payment Service
 - What other types of aid will be directly posted to my account?
 - What options are available for the payment of tuition?
 - How do I establish Kentucky Residency?
 - When and how will I be notified about my financial aid award?
 - When will I receive a residual refund check from the University?
 - Does the school have to certify my eligibility for a Direct Loan before I complete the MPN online?
 - If I attended UK as an undergraduate student and have an outstanding Direct Student Loan(s), must I complete another MPN to continue in the program as a first-year medical student?
 - What is the verification process and how will I know if I have been selected?
 - Are students permitted to work during medical school?
 - May I purchase a computer and receive a federal loan for the cost?
 - Whom do I contact if I have remaining eligibility for Veterans (VA) Educational Benefits by the State Approving Agency for use during my enrollment in medical school?
 - What happens if the cost of attendance changes after the loan has been certified for the full budget?

 

 

 

How To Request Financial Aid

 
What is the College of Medicine code number for filing the FAFSA?
E00588
 
 

What is the College of Medicine's Federal School code number for application for the Federal Direct Loan Program? 
001989 (if requested, the branch code is 02)
 
 

Is online entrance counseling required when completing the Master Promissory Note (MPN)? 
Students who borrow from the Federal Direct Loan Program will receive entrance counseling online when completing the MPN.
 
 
What is the Web address to complete the MPN for a Direct Student Loan?
Complete the MPN at www.studentloans.gov  . The MPN must be completed in one session (30-45 minutes). 
 
 

What information do I need to complete the MPN? 
A Federal Student Aid PIN is required for access.  You can request a PIN online if you do not already have one. 
 
 

How often must I complete the MPN? 
You will  need to complete the MPN one time only (for your first application for a Direct Loan), as long as you remain enrolled in the College of Medicine.
 
 

How will I receive the University of Kentucky tuition statement? 
Tuition statements are e-mailed to students at the beginning of each semester.
 
 

How will the loan funds be disbursed if I select the Direct Loan Program? 
The loan funds will be disbursed in two equal payments - the first at the beginning of the school year, and the second one in January. The payments will be posted to your University student  account for payment of tuition and fees. If the loan exceeds that amount, Student Account Services will issue a refund to you. The refund will be deposited directly into your designated checking account. Be sure to update your direct deposit information at the myUK portal.


Web Payment Service:
 
Direct Deposit:
 
 
 
 
What other types of aid will be directly posted to my account?
Other loans (e.g., Shely, Primary Care Loans) and  scholarships (internal and external) will be posted to your account.
 
 

What options are available for the payment of tuition? 
Students can pay tuition and fees by credit card or electronic check online at myUK  (Financials --> Account Services --> Web Payment Service). Students who fail to meet the initial fall and spring semester payment deadlines will be assessed a monthly penalty of 1.5 percent of the unpaid balance.
 
 

How do I establish Kentucky Residency? Residency is handled by the Office of Undergraduate Admission and University Registrar.
 
 
When and how will I be notified about my financial aid award?
All new students who apply for financial aid  receive a Financial Aid Award Notice Letter on or around June 15. Recipients must accept or decline the aid offer at  myUK and may also increase or reduce loan amounts.
 
 
When will I receive a residual refund check from the University?
A residual refund check is generated when financial aid credit (actual funds directly posted to the student account) exceeds total charges. This usually occurs within a week to 10 days after the beginning of the semester. Residual checks are deposited directly into student-designated checking accounts.
 
 
Does the school have to certify my eligibility for a Direct Loan before I complete the MPN online?
No, this certification is not required before you complete the MPN.
 
 
If I attended UK as an undergraduate student and have an outstanding Direct Student Loan(s), must I complete another MPN to continue in the program as a first-year medical student?
No, another MPN is not required.
 
 

What is the verification process and how will I know if I have been selected? 
Verification is a random selection process by the federal processor designed to prevent fraud and abuse by documenting the financial information submitted on the FAFSA. The verification process must be completed prior to the disbursement of aid. Selection is noted in the Student Aid Report (SAR) generated after the FAFSA has been processed.
 
 
 

Are students permitted to work during medical school? 
Students are not encouraged to work while in school. Students wishing to seek an exception must see either Dr. Andrew Hoellein or Dr. Brian Adkins in Student Affairs.
 
 

May I purchase a computer and receive a federal loan for the cost? 
Yes, provided you submit proper documentation of the purchase (maximum of $3,000) to Financial Aid. This cost is funded only once during your medical school career. Before purchasing, learn more about the policy on laptop computers.
 
 
Whom do I contact if I have remaining eligibility for Veterans (VA) Educational Benefits by the State Approving Agency for use during my enrollment in medical school?
Contact the Financial Aid Office for assistance.  Visit GI Bill for additional information on VA Educational Benefits. 
 
 
What happens if the cost of attendance changes after the loan has been certified for the full budget?
Should any cost of attendance items increase after the loan has been certified, the loan amount initially requested will automatically be corrected to cover the additional cost, if there is sufficient time remaining prior to the first disbursement. Otherwise, a supplemental loan request can be processed.
 
 
No