Get Ready for the New Year!
As summer draws to a close, it’s time to start thinking about financial aid for the 2024-2025 academic year! To avoid holds, late fees, and a delay in class start dates, make sure you have your financial aid in order and your UMKC bill taken care of with these quick tips:
Know the updates for 2024-2025:
- The FAFSA application is new and improved! You will see a much shorter FAFSA application when you go to fill it out this year if you haven’t already.
- Interest rates change each July 1 in anticipation of the new academic year. The fixed loan rates for new loans taken out after 7/1/24 are:
- Undergraduate unsubsidized loans – 6.53%
- Graduate unsubsidized loans – 8.08%
- Parent Plus & Grad Plus loans – 9.08%
Check Your Budget
Ensure you are not taking out more debt than needed. List your personal and school expenses for the year, and determine what income source you will need. Budget for the entire academic semester with our budget worksheet or schedule a 1:1 budget session today!
►Get the worksheet: Student Academic Year Budget
Check Your To-Do List
If you are missing any steps in the financial aid process, you’ve received emails with action items to complete. Additionally, log on to Pathway and make sure you’ve completed all outstanding items on your To-Do lists located on the right-hand side.
If you have accepted loans to cover this year’s charges, have you completed the required entrance counseling and signed the promissory note? Log onto Studentaid.gov with your FAFSA ID to ensure you’ve completed these required steps.
ALL forms of financial aid will begin disbursing to student accounts one week before the start of the semester (August 14th) so be sure to have all of your checklists completed by that date.
Check Your Aid Acceptance Status
Did you accept your aid? Make sure that you have accepted the aid you plan to use for this semester. Aid will be applied to your cashier’s bill first, and the excess will be disbursed to you. Your bill will show your balance and anticipated aid. If the “Adjusted Amount Due” is negative, your aid covers your bill. If it is positive, that is a balance that you either need to pay or make payment arrangements for.
►If you are not sure how to review and accept your aid, click here.
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►Need a new device this year?
UMKC is excited to continue providing Roo Wireless, a UMKC initiative to provide free tablets equipped with mobile hotspots to qualifying students in need.
How does it work?
The equipment is being provided by Public Wireless. Students must apply to receive the tablet and hotspot. Once approved, the tablet is shipped within 48 hours and it’s yours to keep. They’ll receive a 10.1-inch HD tablet with a mobile hotspot, a protective hard case and a screen protector.
Who’s Eligible?
Students who are:
• Are Pell-eligible
• Meet eligibility criteria for a participating provider’s existing low-income internet program.
Participate in one of these assistance programs:
• The National School Lunch Program or the School Breakfast Program, including through the USDA Community Eligibility Provision
• SNAP
• Medicaid
• Federal Public Housing Assistance
• Supplemental Security Income (SSI)
• WIC
• Veteran’s Pension or Survivor Benefits
• Lifeline
If you think you may be eligible, apply today!
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►Increase Your Financial Well-Being!
At UMKC School of Medicine, we value your success and tailor financial wellness to your specific experiences. From living on campus to preparing for residency, we’ll be with you to plan every expense every step of the way. Below are some of the ways you can engage with financial wellness.
1:1 Financial Coaching
Our main service is financial coaching which is 100% student-focused. We can help students create and stick to a spending plan, discuss using credit and paying debt, and much more. We would love to talk to you about your specific financial situation and goals and empower you to practice healthy money-management habits.
To get started, please reach out to Kristian at brennonk@umkc.edu to schedule a meeting.
Student Loan Review
It’s no secret that financial aid is confusing. Students often have many questions regarding their aid and how it affects their tuition, living expenses, and overall level of debt. We provide assistance with semester-based budgeting that accounts for student loans and additional aid. This helps students estimate expenses and ensure they take out the right level of aid for their education.
Canvas Course
Looking for more information on a specific topic? Access financial aid information, financial education topics, event replays, and more in our Canvas Course! All MD, AA, and PA students have been invited via email to join the course.
Events & Workshops
We love making financial education FUN! We are back at it this semester with multiple financial literacy events! Come grab a snack and learn a few finance tips with us! You can RSVP on RooGroups and view the schedule on the “What’s Happening” page on the SOM Financial Wellness Canvas.
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►Resource Spotlight
AAMC Financial Wellness: The AAMC has created a robust financial management dashboard specifically designed for medical students. Use this dashboard to:
- Track Financial Health
- Budget & Track Spending
- Create Financial to-do’s
- Create Financial Goals
- Organize Student Loans
- Utilize Resources & Calculators
Create a free account today! Visit the site here and choose UMKC as your school.
Be sure to check out the MedLoans calculator for easy student loan organization and management.
