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DO Program - Financial Aid and Tuition

Tuition

The anticipated cost of tuition and fees for 2018-2019 is listed below. UIWSOM does not distinguish between resident and non-resident for educational costs.

Tuition $55,000
Fees $2,000
Health Insurance Pending


Upon enrollment, tuition statements are emailed to students and available to view online through the myWord portal.

 


Financial Aid and scholarships

Financial Aid Application Process

All students are encouraged to complete the 2018-2019 Free Application for Federal Student Aid (FAFSA) at FAFSA.gov as early as October 1, 2017. The FAFSA is used to determine eligibility for loans and select scholarships. Use the University of the Incarnate Word FAFSA school code: 003578. (It is also applicable to UIWSOM.) 

Types of Aid Available:

  • UIWSOM Mission Scholarship

    Eligibility

    Awarded to students that exemplify the UIWSOM mission 

    No minimum grade point average or financial need

    Award Amount

    Up to $10,000 per year

    Application

    No application needed. The AACOMAS application and UIWSOM supplemental application are used to determine recipients

     

  • Federal Direct Unsubsidized Loan

    Eligibility

    Available through the Department of Education

    Financial need is not required

    Loan accrues interest during periods of enrollment, deferment, forbearance, and during repayment

    Interest Rate and Loan Fee

    Fixed interest rate - click here for current rates

    Annual Loan Limit

    $40,500

    Aggregate Loan Limit

    $224,000 (inclusive of previous federal subsidized/unsubsidized loans)

    Repayment

    Begins six months after graduation, less than half-time enrollment, withdrawal, or non-enrollment

    Application

    Completed annually and available at FAFSA.gov

  • Federal Direct Graduate PLUS Loan

    Eligibility

    Available through the Department of Education

    Financial need is not required

    Borrower must not have an adverse credit history (or have an endorser who does not have an adverse credit history)

    Loan accrues interest during periods of enrollment, deferment or forbearance and during repayment

    Interest Rate and Loan Fee

    Fixed interest rate - click here for current rates

    Annual Loan Limit

    Cost of Attendance minus other aid

    Aggregate Loan Limit

    Not applicable

    Repayment

    Begins at the time of the final disbursement, although borrower may apply for an in-school deferment if enrolled at least half-time

    Application

    Completed annually and available at studentloans.gov

  • Private Loans

    Private loans are available for unmet educational costs. Students should consider utilizing federal student loans before seeking a private loan. Federal student loans have many benefits (such as fixed interest rates and income-based repayment plans) not typically offered with private loans.

    UIW provides a list of private loans based on historical borrowing practices of UIW students along with selections of new lenders based on particular options that may be advantageous to students. No compensation of any kind is received by UIW in return for including lenders on this list. Review all loan terms carefully, including loan disclosure statements, before signing the loan agreement (promissory note). Lenders are listed in alphabetical order, and no preference is given to a particular lender. A similar list is available online that allows for comparison of loan terms at http://www.elmselect.com/

  • Loan Repayment Programs

External Scholarship Opportunities

Students should take advantage of all scholarships in which they meet the eligibility requirements. Below is a list of scholarships opportunities from outside organizations applicable to UIWSOM students. UIWSOM does not officially endorse the companies or organizations listed below. This list is only intended to be a starting point for the scholarship search. Eligibility requirements and deadline will vary with each scholarship.

 


RESPONSIBLE BORROWING

Know What You Owe

Many students underestimate the amount of student loan debt they currently have. Being unaware of debt can cause problems in the future. Log into www.studentaid.gov for a personalized listing of federal loans with loan amounts, status, and servicer contact information. Keep in mind that this tool only keeps record of federal loans. Private loans must be managed between the lender and the student borrower.  

Build a budget

Medical school will be a large investment of your time and your wallet. Money will likely be very tight. It is important to build a realistic spending plan to reduce educational debt, identify and control unnecessary spending, and avoid credit card debt. Making reasonable financial decisions now will benefit borrowers in the long term.

Consider Paying Interest While in School

While enrolled at least half-time, students are not generally required to make payments toward student loans. Consideration should be given to making some type of payment though.  Making interest payments while in school can significantly reduce future monthly payments and the overall cost of debt.  Unpaid interest is capitalized before entering repayment, resulting in a higher principle amount owed and more interest charged each month. Try making payments toward loans with the highest interest rates.

Utilize free resources

  • $ALT

    The University of the Incarnate Word believes that all students, families and alumni should have access to the most information possible to help them make wise decisions about financing and repaying their education. So, we've partnered with the nonprofit American Student Assistance (ASA) on a unique, FREE program called $ALT to give our students and alumni the support they need before, during and after college.

    $ALT is a FREE game-changing educational membership program that equips students and alumni with money skills for life so that they reduce their student loan debt, improve student loan repayment outcomes, and increase their overall financial empowerment. Combining online and offline interactions, $ALT delivers decision support, engaging content, and on-on-one loan repayment guidance in a simple, useful and motivating experience.

  • AAMC
    The Associate of American Medical Colleges (AAMC) provides the FIRST program including free resources to help students make wise financial decisions. Whether thinking about how to afford medical school, applying for student loans, or determining loan repayment options, FIRST offers unbiased, reliable guidance.
  • Repayment Estimator
    The Department of Education provides a Repayment Estimator to help borrowers review repayment plan options and view estimated monthly repayment amounts. Students are encouraged to sign in to use actual loan information but may also manually enter loan amounts to use the estimator tool. Private student loans are not included or applicable to the Repayment Estimator Tool.