Financial Wellness

Latest News

Financial Transition Tips for Grads! 

Congrats Class of 2022!! The Financial Wellness Department would like to make sure that your financial transition into your career is as smooth as possible.… 

Financial Wellness News 5/2/22

The Financial Wellness Department had SO much fun celebrating National Financial Capability Month in April. We hosted 3 events, and gave out tons of snacks, resources, and… 

Financial Capability Month!

April 1-30 is recognized as National Financial Capability Month! The SOM Financial Wellness Department is celebrating in a BIG way! Here’s how you can get involved: Stop… 

Save the Date!

Save the Date! April 1-30 is recognized as National Financial Capability Month! The SOM Financial Wellness Department is planning to celebrate in a BIG way! Stay tuned for more information… 

Health Professional Loans Available

UMKC offers alternative loan options for Disadvantaged Students (LDS Program) or for those passionate about Primary Care (PCL Program.)  These loans have a fixed interest rate… 

Last Chance for UMKC Scholarships!

The 2022-2023 UMKC Scholarship application deadline is THIS WEEK! Apply by March 1  by midnight to be considered for UMKC competitive scholarships and a number… 

New Financial Wellness Club

There’s a new club launching this month at the School of Medicine! Financially Healthy Physicians aims at addressing personal finance topics relevant to physicians. The club exists… 

FAFSA Priority Deadline is Here!

February 1 of each year marks the Priority Deadline for students to submit the Free Application for Federal Student Aid to apply for loans, grant… 

Got Goals?

The New Year often brings motivation to map out new goals to accomplish this year. If you plan on jotting down a few goals, don’t forget your financial… 

Bills Are Here!

The first due date of the Spring 2022 semester is January 10th. To avoid holds, late fees, and a delay in class start dates, make sure you have your… 

Fall 2021 News
 5 Ways to Practice Mindful Spending

I love the above comic strip because it so accurately describes what goes through our minds often when we are spending money! We can… 

3 Ways Students can Finance Holiday Plans

As we count down the days to Thanksgiving and holiday breaks, it’s hard not to think about holiday spending as well.… 

Looking for MORE Scholarships?

Looking for MORE scholarship opportunities? If you are looking for more scholarship opportunities after completing the School of Medicine scholarship application, start the hunt with the resources below. Scholarship Resource Library – Visit

Apply for 2022-2023 Scholarships

Did you hear? The 2022-2023 Scholarship Applications are here! Read on to find out how to apply and what you are eligible for based on your

FAFSA Applications Now Open

FAFSA Application Now Open! October 1 of each year marks the first day students are able to complete the Free Application for Federal Student Aid to apply for loans, grant

Positive Financial Habit #3: Automate Your Savings

Do you struggle with setting aside money for your financial goals? Whether your goals are big or small, making regular deposits into your

Positive Financial Habit #2: Review Student Loans Annually

Got loans? If you have student loans, you don’t need to wait until you have graduated to manage them. Make it a

Financial Habit #1: Shop Smarter

Positive We are kicking off our Positive Financial Habits series with a tip that applies to everyone: smarter grocery shopping! It’s all too easy to

Fall For Financial Wellness this Semester

Each week this month we will be highlighting a specific positive financial habit that will increase your overall financial well-being.

Engage with Financial Wellness this Week!

Financial Wellness events are in full swing this week! Plus, take control of your finances this year by meeting 1:1 with our Financial Wellness Counselor and utilizing the AAMC Financial Wellness dashboard.

Financial Wellness Resources to Ace this Year’s Budget

Is your wallet ready for this school year? We want to share some of our favorite resources to help you make this the best money-management year yet!

Bills Are Here!

The cashier’s office is releasing the final Fall semester bills on August 10th. To avoid holds, late fees, and a delay in class start dates, make sure you have your UMKC bill taken care of this week with these quick tips.

Financial Aid FAQs

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 the Missouri Priority and 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. 

Where do I see current Tuition and Fee rates?

Click here for this year’s tuition and fees by program. 

What is the amount of financial aid that I can receive?

Your Cost of Attendance determines how much financial aid you are eligible to receive. It includes the estimated direct costs (those paid directly to the school such as tuition, fees and housing and meal plans) and indirect costs (education-related expenses not paid directly to your institution such as books and supplies, travel and transportation and health insurance) a typical student may incur while attending UMKC. UMKC develops a personal Cost of Attendance for all students who use financial aid funds.

Click here for this year’s Cost of Attendance estimates for the School of Medicine. 

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 read more and direct additional questions regarding Missouri Residency to the UMKC Admissions Office. 

Resource Center

Resource Spotlight:

Click the image to visit the resource.

We’re still expanding our resource center. Check back soon for more tools.

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.

 

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

Additional Resources & Tutorials

Financial Literacy

Budgeting Tools

50/30/20 Budget

This easy budget method takes your monthly income and divides it into 3 categories and provides suggested percentage breakdowns for how much to spend.

For example, if  you have $400 of income per month, you’d budget 50% for bills ($200) 30% for Spending ($120), and 20% for Savings ($80)

Download the Budget

Roo Budget

Designed for UMKC Roos, this hybrid between a budget and a bill tracker makes your monthly money management a breeze. Take your income and divide it into 3 categories and then list your bills. Cross off the bills as you’ve paid for them.

Download the Roo Budget 

Common Financial Transitions

Moving off Campus

Our friends at the Volker Financial Wellness Center put together quick tips and a great guide to help you move off-campus. Grab the resources here.

Remember, your monthly rental amount should not exceed 25%-30% of your income. Create a mock budget with your new rent amount to ensure it’s sustainable. Visit with your Financial Wellness Counselor 1:1 for a new personalized off-campus budget.

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Preparing to Graduate

Congratulations on completing your education! Whether you are going into a Residency or launching right into your field, listed below are resource links and tips to make the transition financially smooth.

Helpful Resources:

Student Loan Repayment:

Click here to go to our Student Loan Repayment resource center.

Financial Literacy & Graduation:

To get off on the right financial foot after graduation, make sure that you complete these three things:

  1. Establish a budget with your new salary.
  2.  Organize and create a loan repayment plan.
  3. Identify financial goals to save for.