Financial Aid FAQs

Financial Literacy
Financial Aid FAQs

How do I apply for Financial Aid?

Submitting the FAFSA (Free Application for Federal Student Aid) is the first step in applying for financial aid. You can submit your application to multiple schools, just be sure to include University of Missouri-Kansas City school code: 002518, Apply by February 1 to meet School of Medicine Scholarship deadline.

When will my financial aid award package be available?

Financial aid award packages are processed as soon as possible. When ready, you will receive an email that details your award package and you will also be able to view your aid on Pathway.

What is the process for accepting or declining my financial aid?

Your financial aid award email will detail the instructions that you will need to follow in order to go into your Pathway account and accept your aid. Or, you can click here for step-by-step instructions. 

When must I make the determination to accept or decline my financial aid at the University of Missouri Kansas City School of Medicine?

You must accept or decline your aid by early September.

What if I am deciding between attending University of Missouri Kansas City School of Medicine & another institution? How will this affect my acceptance of financial aid?

It would be important to accept aid at the schools that you are interested in. Once you have made your final decision on the school that you will attend, contact the schools that you did not choose, and cancel your aid.

How do I apply for School of Medicine Scholarships?

For first-year students, make sure to file your FAFSA by February 1. If you have been awarded a School of Medicine scholarship, you will be notified in your letter of acceptance.

For current students, School of Medicine scholarships are open annually from October 1 – March 1. Watch your email and correspondence from the Financial Wellness department for further application instructions.

A list of other competitive scholarships that are external to the UMKC School of Medicine can be found here.

Will I ever be able to gain in-state residency status if I am currently an out of state or regional student?

A student does not lose or gain in-state residency status by attending college. In determining residency status, an adult student must be at least 21 years old and no longer dependent on anyone else in another state. Minor student’s residency status is determined by that of his/her legal guardian. An adult student must live in the state of Missouri for at least 12 consecutive months prior to petitioning for residency and must show proof of intent to make Missouri a permanent home for an indefinite period. Please direct additional questions regarding Missouri Residency to Noelle Seufert at 816-235-5215 or seufertn@umkc.edu

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Prioritizing Financial Health

Financial wellness takes financial literacy one step further by applying it to our own lives, rather than just learning about a topic. Overall financial well-being is an outcome of pursuing these positive financial behaviors.

Students should prioritize their financial health in school just like they prioritize their studies. Learning to manage money and create good financial habits while on a student income will help you properly manage your salary after graduation.

You can log on to AAMC Financial Wellness to take a financial health quiz to determine where your financial health currently is as compared to the U.S. average. Then, create goals and tasks to increase your wellness as you progress through school.

 Visit AAMC Financial Wellness

 

Utilizing a Budget to Meet Your Goals

A budget is a tool that helps you achieve your goals while in medical school. Whether that is planning entertainment funds with friends, preparing for residency interviews, or managing a salary after graduation, it is important to utilize a spending plan to achieve these goals.

Using a budget can help you figure out how much money you need to support your lifestyle, what you need in student loans, and if there are expenses that can be reduced or cut. You budget for the things you absolutely need, like tuition, food, etc. But you also get to budget for other fun things like eating out, trips with friends, and saving for a new car or laptop.

Use the below resource to plan for the entire school year at once!

Grab the Academic Year Student Budget

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