Review the following policies to ensure you understand the rights and restrictions that relate to your loans.
Simulation lab, St. Kitts campus
Students cannot receive total aid in excess of their annual Cost of Attendance (COA). Even if you are awarded aid in amounts greater than your COA, the Office of Financial Aid can only approve a maximum amount equal to that of your total cost for the loan period in question. Grants and scholarships will be applied to your COA before any loans. Loans will be reduced to accommodate any “free” money a student is awarded.
In order to remain eligible for financial aid (loans, grants, scholarships), students must maintain satisfactory academic progress (SAP). SAP will be reviewed by the Office of Financial Aid after each term. SAP guidelines are outlined by the Registrar and are available in the student handbook. Should a student fail to meet the guidelines upon completion of any given term, the following term’s financial aid will be disbursed on a probationary status.
If a student fails to meet SAP requirements for a second consecutive semester, financial aid eligibility will be suspended until the student can regain good academic standing.
Though a student may not be eligible to receive financial aid, this does not mean they will not be permitted to attend. Students on financial aid suspension may continue to attend, so long as the Registrar permits and the student has an alternative source of financing.
Students who have borrowed previous education loans need to be diligent about monitoring the status of ALL existing student loan accounts while enrolled at UMHS.
Since UMHS has not been approved to participate in the Federal Student Aid programs, any existing student loans will not be eligible for in-school deferment. UMHS also does not automatically report enrollment to lenders.
In-school deferment forms require a federal school code. UMHS does not have a federal school code. If you submit a deferment form to the Registrar, it will be completed — less the school code field — and submitted to your lender. However, approval is not guaranteed. You must monitor your accounts to ensure the outcome of your deferment request.
If the request is not approved, you can apply for a forbearance, which is another type of non-repayment status. However, you must make sure to make all required payments on time, and in full, until either a deferment or forbearance is approved. Failure to maintain all of your student loan accounts can result in an inability to qualify for the funding you need for your medical education.
Sallie Mae does not take lightly any delinquencies that may appear on your credit report for any student loans. Depending on the severity of the delinquency, you may not even qualify with a good cosigner. This will leave you with very limited funding options.
In accordance with the Family Educational Rights and Privacy Act (FERPA), UMHS does not disclose personally identifiable information from any educational records to any person or agency, unless the student has given written and specific consent. This includes details of your financial aid such as loan status and amounts, scholarship or grant status and amounts, etc.
If you wish to provide permission for the details of your financial aid to be discussed with someone other than yourself, you must complete the UMHS Information Disclosure Consent Form and return it to the Office of Financial Aid. Forms are available on request.