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 money, and work-study arrangements.

We’ve put together a video that walks you through the process. Click this link to view it.

You can also watch the video on your announcements page in your respective AA, PA, and Med program Canvas Courses. Just look for the Financial Wellness module.

Remember, completing a FAFSA does not mean you have to take out loans. If you are an undergraduate student, you’re eligible for Federal Pell and State grant money. If you’re a graduate or professional, don’t forget about work-study options. Plus, keep in mind that a lot of scholarships require a FAFSA to be on file.

If you have more questions on how to complete the FAFSA, visit this site for a complete overview of the process.

To complete or renew your FAFSA, click here.

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►Scholarship Spotlight:

Here are a few internal and external scholarships that are open and featured to apply to!

1. 2023-2024 UMKC General & SOM Scholarship:
   1. UMKC offers one application for all scholarships. If you are eligible for the supplemental SOM Scholarship, it will automatically pop up after you complete the general application.
   2. Deadline: March 1, 2023
   3. Eligible students: AA, PA, MD, and Years 3-6 BA/MD students.
   4. Hint: if you are a current year 2, you are eligible to apply as you will be a Year 3 in Fall!
2. Marilyn McGuyre Scholarship
   1. Deadline: April 15
   2. Eligible Students: ALL BA/MD students.
3. William L. Corporon, M.D. Memorial Scholarship
   1. Deadline: March 15
   2. Eligible Students: Medical Students in 5th or 6th year in Fall 2023
4. Boone County Medical Society
   1. Two scholarship opportunities
   2. Paper application, see the “What’s Happening” page of the Financial Wellness Canvas Course
5. AMA Foundation Physicians of Tomorrow:
   1. Deadline: February 28th (ALL documentation!)
   2. Requires a UMKC code to apply. Email Kristian which application you are applying for and have completed. Codes are limited and are first come, first serve.
   3. Learn how to apply here: 2023 AMAF Physicians of Tomorrow Scholarship Interested Applicant Webinar – YouTube

As always, find featured scholarships on the “What’s Happening” page of the SOM Financial Wellness Canvas. View our complete list of external scholarship resources here.

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►Get to know Financial Wellness

Finances are personal and unique, especially for medical students committing to schooling longer than the traditional four-year college student. 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.

We provide financial wellness events and financial coaching meetings that are 100% student-focused. We can help students navigate student loans, 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.

►JOIN OUR CANVAS:

Looking for a centralized location to review financial aid processes, stay up to date on scholarships, and increase your financial literacy? Our  SOM Financial Wellness Canvas is your new money toolkit!

On Canvas, you will find:

• Financial Aid Overview & how-tos
• Financial literacy tips and resources
• Full Financial Wellness event calendars plus recorded events to watch on demand.
• Schedule a meeting with your Financial Wellness Counselor
• Ask a personal finance question
• and more!

All Medical, AA, and PA students have received an invitation to join Canvas. If you can’t find it, enroll here.

If you have questions, please contact your Financial Wellness Counselor: Kristian Brennon at brennonk@umkc.edu.

____________________________________________________________________

►Upcoming Events:

(RSVP through the Financial Wellness Center on RooGroups)

February 7th @ 12 pm – SOM: Applying for Scholarships

SOM Students will learn best practices for completing scholarship applications, be introduced to resources, and walk through the UMKC Competitive and SOM application processes. Located on ZOOM.

March 23rd @ 5 pm – Money Moves for Residency

Calling all Year 6 students! In this event, we will review student loan repayment, employee benefits, home loans for physicians, and money management tips to ensure the transition to residency is financially smooth! We will have a mortgage lender from FNBO as one of our speakers and dinner will be provided!

►Spring Financial Aid

The first due date of the Spring 2023 semester is January 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:

Check Your Budget

Ensure you are not taking out more debt than needed. List your personal and school expense 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 prior to the start of the semester (January 10th) 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 disbursed to you. Your bill will show your balance and anticipated aid. If the “Adjusted Amount Due” is negative, then your aid is covering 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.

_____________________________________________________________________

►Increase Financial Well-Being in 2023

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 that 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 new 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 hosted 9 financial wellness workshops in Fall 2022 and will be back for more in the Spring! Come grab a snack and learn a few finance tips with us!

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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.

This week at AAMC:

The Psychology of Money
This week explores how misguided beliefs and biases may guide our financial decisions.

Daily articles:

• • The Powerful Effects of Our Beliefs and Biases
  • Avoiding the Pain of Bad Financial Decisions
  • Cognitive Biases
  • Challenge – How Do I Feel About Money?
  • How Our Beliefs About Money Affect Our Goals

►Events & Workshops:

Our final two financial wellness events of the semester are coming up and you won’t want to miss them! Don’t forget, you will want to attend at least 3 events this semester to be entered for a grand prize drawing in late December! Grab our flyer to see which events are included in the prize drawing here: SOM Financial Wellness Events

December events:

Games & Coloring –  December 6th from 12-2 pm | HSD Library Enjoy Stress-Less fest with Financial Wellness! Join us in the library for relaxing coloring and fun board games. We’ve also got snacks!

RSVP here.

Financial Wellness Bingo –  December 15th @2pm | Theater C. Come play BINGO with us! SOM students are welcome to win prizes while learning tips and tricks for personal money management.

RSVP here.

►JOIN OUR CANVAS:

Looking for a centralized location to review financial aid processes, stay up to date on scholarships, and increase your financial literacy? Our brand new SOM Financial Wellness Canvas is your new money toolkit!

On Canvas, you will find:

• Financial Aid Overview & how-tos
• Financial literacy tips and resources
• Full Financial Wellness event calendars plus recorded events to watch on demand.
• Schedule a meeting with your Financial Wellness Counselor
• Ask a personal finance question
• and more!

All Medical, AA, and PA students have received an invitation to join Canvas.

If you have questions, please contact your Financial Wellness Counselor: Kristian Brennon at brennonk@umkc.edu.

►UPDATE: 2022 Student Loan Forgiveness

On August 24th, President Biden announced sweeping student loan forgiveness for borrowers who have Federal Student Loans. Current students are included in this debt relief.

Read the Fact Sheet.

Since the announcement, the legislation has faced a few roadblocks, and applications are currently unavailable until the court sorts it out. Due to this, the payment and interest rate pause that has been in effect since 2020 and is set to expire on 12/31, has now been pushed back. The new expiration date is June 30, 2023, or 60 days after the court makes a decision on student loan forgiveness.

Read more about these updates. 

Learn more on studentaid.gov.

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Upcoming Events from Volker Financial Wellness:

Finding Financial Empowerment –  Nov. 29th @ 1 pm | SU 302.  Handling money doen’t have to be stressful! In this workshop, we’ll help you identify your money habits and attitudes. Our team will share the key fundamentals of college personal finance and use interactive activities to help you identify your financial goals.

RSVP here.

Start Your Business –  December 5th @ 12:00 PM | Bloch Executive Hall 211  In this session, we’ll discuss the basics of starting your own business. Presenters will discuss defining your early strategy, identifying your target audience, ideas for marketing your business, and important considerations for taxes. We’ll also share information about the many resources available to UMKC and Kansas City entrepreneurs!

RSVP here.

2022 Student Loan Forgiveness

On August 24th, President Biden announced sweeping student loan forgiveness for borrowers who have Federal Student Loans. Current students are included in this debt relief and applications for forgiveness are now available.

Read the Fact Sheet.

Learn more and apply.

Common Questions:

Who is eligible?

Borrowers with Federal Student Loans that were disbursed before June 30th, 2022. No loans disbursed after July 1, 2022, will be eligible for forgiveness. This includes current students.

Borrowers must make less than $125,000 annually (single) or a combined income of $250,000 if married and filing joint taxes. Income requirements are based on the 2020 or 2021 tax years.

What kind of loans can I get forgiven?

The following types of federal student loans disbursed (when you received your loan funds) on or before June 30, 2022, are eligible for relief:

• All Direct Student Loans (subsidized or unsubsidized)
• Direct Plus Loans (Parent or Grad Plus)
• Federal Family Education Loan (FFEL)
• Federal Perkins Loans
• Federal loans in default status

• $20,000 if you received a Pell Grant at any time during school
• $10,000 if you were not Pell Grant eligible

You must meet the income eligibility guidelines.

How do I apply for forgiveness?

The application is currently available to apply. Some individuals may receive an email notification detailing they will receive automatic forgiveness and do not need to apply. This is only if the federal government has your income on file. The vast majority of individuals will need to apply.

Apply here.

What is the deadline to apply for forgiveness? 

You must apply by December 31, 2023. However, you will want to apply this fall to avoid having to make payments on the balance when student loan repayment resumes on January 1, 2023.

JOIN OUR CANVAS:

Looking for a centralized location to review financial aid processes, stay up to date on scholarships, and increase your financial literacy? Our brand new SOM Financial Wellness Canvas is your new money toolkit!

On Canvas, you will find:

• Financial Aid overview & how-tos
• Financial literacy tips and resources
• Full Financial Wellness event calendars plus recorded events to watch on demand.
• Schedule a meeting with your Financial Wellness Counselor
• Ask a personal finance question
• and more!

All Medical, AA, and PA students have received an invitation to join Canvas.

If you have questions, please contact your Financial Wellness Counselor: Kristian Brennon at brennonk@umkc.edu.

►Events & Workshops:

The SOM Financial Wellness department is hosting 9 Events this fall! If you attend at least 3 of the events you will be entered for a grand prize drawing in December! Grab our flyer to see which events are included in the prize drawing here: SOM Financial Wellness Events

The fun doesn’t stop with SOM Financial Wellness. The Volker Financial Wellness Center is hosting quite a few in-person and virtual events this fall. Grab their schedule here: Financial Wellness Center Workshop Flyer, F22

You can RSVP for all SOM-sponsored events and Financial Wellness Center events on RooGroups.

____________________________________________

Upcoming Events:

HPSP Scholarship Informational Session Nov. 3rd @ 6 pm | ZOOM. Join the Army and Air Force recruiters to learn about how the Health Professions Scholarship Program can pay for your health degree. Best for incoming health students and students in year 1 of their professional program.

RSVP here.

Know What You Owe –  November 9th @ 12:30 PM | ZOOM  Do you know how much you owe in student loans? Find out how to manage your student loans and repay them upon graduation. 

RSVP here.

2023-2024 Scholarships &
FAFSA Applications

The FAFSA and Scholarship applications open on October 1! Complete the FAFSA annually to be eligible for financial aid. Additionally, score some extra cash for school by completing the scholarship application. Be sure to put these items on your to-do list!

COMPLETING THE FAFSA:

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 money, and work-study arrangements.

We’ve put together a video that walks you through the process. Click this link to view it.

You can also watch the video on your announcements page in your respective AA, PA, and Med program Canvas Courses. Just look for the Financial Wellness module.

Remember, completing a FAFSA does not mean you have to take out loans. You’re eligible for Federal Pell and State grant money if you are an undergraduate student. If you’re a graduate or professional, don’t forget about work-study options. Plus, keep in mind that a lot of scholarships require a FAFSA to be on file. Complete the FAFSA before UMKC’s priority deadline of February 1, 2023.

If you have more questions on how to complete the FAFSA, visit this site for a complete overview of the process.

To complete or renew your FAFSA, click here.

SCHOLARSHIPS:

For Years 1 & 2  Medical Students in 2023-2024:

Students in these years of the program for the 2023-2024 school year are not eligible for additional School of Medicine scholarships.

Students are eligible for any of the general UMKC competitive scholarships. Be sure to visit umkc.academicworks.com and complete the general UMKC application and any additional prompted applications you may be eligible for.

For Years 3-6, MD, PA, & AA Students in 2023-2024:

The School of Medicine is pleased to offer students in the MD, AA, PA, and BA/MD 3-6 programs the chance to be awarded a scholarship from the School of Medicine for the 2023-2024 academic year. Scholarships are each in the amount of $5000.

To apply visit umkc.academicworks.com and complete the UMKC General Application and the prompted School of Medicine Scholarship Application. You must complete both applications to be eligible. The deadline to apply is March 1, 2023. 

Applications are reviewed and decisions are made in late Spring 2023.

If you have questions, please contact your Financial Wellness Counselor: Kristian Brennon at brennokn@umkc.edu.

►Events & Workshops:

The SOM Financial Wellness department is hosting 9 Events this fall! If you attend at least 3 of the events you will be entered for a grand prize drawing in December! Grab our flyer to see which events are included in the prize drawing here: SOM Financial Wellness Events

The fun doesn’t stop with SOM Financial Wellness. The Volker Financial Wellness Center is hosting quite a few in-person and virtual events this fall. Grab their schedule here: Financial Wellness Center Workshop Flyer, F22

You can RSVP for all SOM-sponsored events and Financial Wellness Center events on RooGroups.

____________________________________________

Upcoming Events:

Building Latinx Wealth: Buying your First Home – Oct. 6th @ 6 pm | ZOOM. Our expert guests, a real estate agent, and a mortgage lender will share how homeownership ties into larger conversations about the wealth gap and walk through the steps of the homebuying process.  RSVP here.

Alternative Ways to Pay for Medical School – Oct. 13th @ 4:30 pm | Hybrid. This session will feature a panel of current physicians, and students who paid off their student loans or financed med school in unique ways. Learn ways to decrease your debt during school and post-graduation. Dinner will be provided and this event will be hybrid. RSVP here.

New Semester, New Financial Wellness Resources!

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!

►Events & Workshops:

The SOM Financial Wellness department is hosting 9 Events this fall! If you attend at least 3 of the events you will be entered for a grand prize drawing in December! Grab our flyer to see which events are included in the prize drawing here: SOM Financial Wellness Events

The fun doesn’t stop with SOM Financial Wellness. The Volker Financial Wellness Center is hosting quite a few in-person and virtual events this fall. Grab their schedule here: Financial Wellness Center Workshop Flyer, F22

You can RSVP for all SOM-sponsored events and Financial Wellness Center events on RooGroups.

►Money Management Tools:

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.

WellConnect Financial Literacy: Similar to AAMC Financial Wellness, read up on the latest financial topics, budget, and create financial goals. Plus you can:

• Assess your risk of ID theft
• Share accomplishments with friends
• Determine your financial values.

Create a free account here and use the UMKC School Code: UMKCSOM

►Additional Resources

Budget Worksheet:  You’ve got to start off the year with a plan! Grab our Student Academic Budget worksheet and plan for the entire year in one place. Utilize the worksheet on your own, or schedule a 1:1 budget session with your Financial Wellness Counselor, Kristian at brennonk@umkc.edu.

Resource Center: Our Financial Wellness Resource Center is now open. Check back often for more resources and updates!

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Upcoming Events:

30 Ways to Save as a Student – September 1 @ 2 pm. Location: Student Union Room 402. RSVP Now.

Living on a student budget is no joke! In this workshop, we’ll share our tips and tricks for making your dollar stretch at UMKC. We’ll also invite you to share your best tips with fellow students.

Investing in a Digital Age –  September 15th @ 12:30 PM. Location: ZOOM. RSVP Now.

Learn how to make smart investment decisions and protect your money from fraud in this presentation by the U.S. Securities and Exchange Commission. We will discuss the steps you can take to build wealth through investing, what to consider when using investing apps, the risks of digital assets like cryptocurrencies, trading based on social media, the value of long-term investing, and how to protect your money from investment scams.

Bagels & Budgets: September 19th @ 10am Location: Miller Nichols Library  Room 451. RSVP Now.

School of Medicine students are invited to a breakfast Bagels & Budgets social on October 10th @ 10 am. Students will receive a Panera bagel, budgeting tips, a chance to create their own budget, and gain answers to their budgeting questions. This event does count towards FSE Engagement Experience Credit for the First Semester Experience course.

*Must RSVP to ensure enough bagels are ordered.

►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:

Check Your Budget

Ensure you are not taking out more debt than needed. List your personal and school expense for the year, and determine what income source you will need. Budget for the entire academic year 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 prior to the start of the semester (August 16th) 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 disbursed to you. Your bill will show your balance and anticipated aid. If the “Adjusted Amount Due” is negative, then your aid is covering 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.

___________________________________________________________________________

►Get to know Financial Wellness

Finances are personal and unique, especially for medical students committing to schooling longer than the traditional four-year college student. 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.

1:1 Financial Coaching

Our main service is financial coaching that 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.

Resource Center

Looking for more information on a specific topic? Our Resource Center can provide clarity on personal finance topics that are relevant and updated often. Visit the Resource Center here. 

___________________________________________________________________________

►Upcoming Events

(RSVP on RooGroups)

8/3/22 – ZOOM @12:30pm – Navigating Financial Aid for Medical Professionals

9/15/22 – ZOOM @12:30pm – Investing in a Digital Age

Investing 101

Summer is here! I don’t know about you, but I find that summer is a great time to read up on a new financial literacy topic. Kicking off the warm weather reading is the topic of investing! Everyone wants to know how to make their money work for them, but investing can be daunting to understand.

I’m loving this article from the SEC detailing the Top 10 Investing Tips for College Students. Learn the investing basics and pitfalls to be aware of as you start your investing journey. You can also check out the below resources for more information on personal finance and investing topics.

• Better Money Habits
• Investor.gov

Plus, don’t forget about your access to AAMC Financial Wellness! Sign up for free using UMKC as your school to start utilizing the online money management dashboard. Once you’ve logged in, get started with the Saving and Investing course.

Happy reading!

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►Got loans?

The MedLoans Organizer and Calculator from the AAMC is a fantastic tool to stay up to date on your student loans. Not only can you organize each loan you can also run repayment scenarios based on your financial situation upon graduation.

If you have questions about transitioning financially from Med School to your career you’re welcome to schedule a meeting with your Financial Wellness Counselor to discuss. Email brennonk@umkc.edu to schedule.

___________________________________________________________________________

►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.

►This week at AAMC:

Savings Strategies For a Large Purchase

Specific strategies for saving for large purchases like a study prep course or a special trip.

Daily articles include:

• Saving Strategies for a Large Purchase
• Save for a Large Purchase or Finance It?
• A Splurge Account Can Save Your Marriage!
• Simple Ways to Save on Everyday Items
• Simple Ways to Make Extra Money
• Challenge of the Week: “Find Money to Save”

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►Upcoming Events:

(RSVP through the Financial Wellness Center on RooGroups)

Happy summer! Check back in later for upcoming Fall 2022 events.