New Scholarships Available!

UMKC SOM Native American/Alaka Native Scholarship:

We would like to inform you of a Native American/Alaska Native scholarship funded through a UMKC grant awarded by Health Resources and Services Administration (HRSA). This scholarship is part of UMKC’s rural medical education program funded in part by HRSA to support medical student recruitment and training to practice in rural, tribal, and medically underserved areas. Eligible students must be in good standing in either the BA/MD or MD program. Please see the instructions and eligibility at the link below.  Contact Dr. Wacker if you have questions (wackerm@umkc.edu).

Click below for the Application and Eligibility:

Native American Scholarship

Scholarship for Future Black Physicians

The scholarship is open to Black medical students (MD or DO) who are US citizens and are attending medical school in the United States or the Caribbean.

The first prize award is a $12,000 cash scholarship and a 1-year membership to OnlineMedEd.

Three additional finalists will each receive a 1-year membership to OnlineMedEd. All other applicants will receive a 50% discount on a 1-year Premium or Road to Residency membership.

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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.

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►Resource Spotlight

AAMC Financial Wellness: 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 @ AAMC Financial Wellness: Setting Financial Priorities

A look at the factors influencing how we spend and save money.

• Setting Financial Priorities
• Mysterious Forces That Drive Our Spending Behavior
• Conspicuous Consumption – Does It Make You Happy?
• Retirement vs Student Loans?
• Pay a Child’s Education With Your Retirement Fund?
• Common Financial Priorities by Decade

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►Upcoming Events:

(RSVP through the Financial Wellness Center on RooGroups)

Happy summer! Check back in later for upcoming Fall 2023 events.

Financial Transition Tips for Grads!

Congrats Class of 2023!!

The Financial Wellness Department would like to ensure that your financial transition into your career is as smooth as possible. Below, I’ve put together a list of action items to help you prepare financially for post-graduation.  If you have any questions about the items to complete or the resources, please reach out to schedule a 1:1 meeting. I am here to help you embark on this new financial chapter and begin your career!

Establish a Budget  –  If you haven’t utilized a budget or other money-management techniques during school, it’s time to establish one before you start your career. We have a simple 50/30/20 budget template to get you started here.

Organize Student Loans – One of the biggest to-dos is to organize your student loans! This can sometimes feel daunting, but you can be on your way to easy repayment with just a few steps:

1. Log on first to studentaid.gov and find your loan total and servicer on the right-hand side.
2. Also on studentaid.gov, complete Federal Exit Counseling and email your confirmation to studentloans@umkc.edu.
3. Create an account with your loan servicer to start repayment after your grace period.
4. Decide on a repayment plan that fits your budget. Consider any forgiveness programs (like PSLF) or repayment strategies you want to work towards.
5. Utilize the AAMC Education Debt Manager for information on EVERYTHING related to student loans.

Anticipate Changes – Are you moving? Need a new car? Need an entire new workwear attire? Consider upcoming changes like these (and more!) that might change your budget. If you are moving, consider test-driving your budget by creating a “mock budget” with your new living expenses and income. Use this paycheck calculator to estimate your net income to budget.

Create short-term goals – Finally, consider the above steps and create short-term financial goals to achieve them. Goals can be big, like purchasing a new car, or small like reaching out to your student loan servicer. Create a financial to-do list to help you build the financial future you want!

With a little organization and small action items, you can walk into your first day on the job confident you are able to manage your new income!

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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.

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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.

►Upcoming Events:

(RSVP through the Financial Wellness Center on RooGroups)

Happy summer! Check back in later for upcoming Fall 2023 events.

►Health Professional Loans Due!

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 and do not accrue interest during school. They also have a longer Grace Period upon graduation of 12 months.

For the Primary Care Loan, students MUST go into an approved Primary Care specialty or will face high-interest rate penalties. Please only consider applying if you are passionate about primary care.

• Approved specialties as defined by HRSA are Family Medicine, Internal Medicine, Pediatrics, Combined Medicine/Pediatrics, Preventative Medicine, and General Practice. (OB/GYN is NOT approved)

Application Process: Applications open each year on March 1 and are due April 16th. You can apply at the UMKC Financial Aid site here and use the Secure Document Uploader to submit your application. You must include parental information on your FAFSA.

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►Scholarship Spotlight:

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

1. Marilyn McGuyre Scholarship
   1. Deadline: April 15
   2. Eligible Students: ALL BA/MD students.
2. Edward Baumhardt Schizophrenia Scholarship.This scholarship awards a $2000 scholarship to the student who writes the best paper on schizophrenia or a related subject. Eligible students must be MD-seeking students in years 3 through 6 for the 2023-2024 school year. December graduates are eligible.

   Submit your paper to Ms. Kristian Brennon brennonk@umkc.edu April 15th. You will receive a response confirming your submission.  The scholarship committee will review papers shortly after the due date.

   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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►Celebrate Financial Literacy Month

We are celebrating financial wellness all month long at the School of Medicine! Find us in the lobby each week for fun and interactive tables with snacks! Plus, don’t forget that financial resources are available to you anytime through the SOM Financial Wellness Canvas!

4/7 – Financial Resources

4/14 – Cookies and Credit

4/24 – Financial Wellness at Saint Joseph

4/28 – Decorate a Savings Jar

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

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►Upcoming Events:

(RSVP through the Financial Wellness Center on RooGroups)

April 1-30 Financial Literacy Month!

We will be in the SOM lobby handing out snacks and resources! See above for the dates!

April 19 @ 6 pm – Buying a Car

Hosted by the Financial Wellness Center, grab all the tips you’ll need to head to the car dealership! Event is hosted via ZOOM.

April 25 @ 6 pm – Apartment Hunting

In this workshop, students will share their personal experiences with finding apartments and moving. We’ll share resources, tricks, and tips for managing your housing search. We’ll also talk about things like, how do I know what I can afford? Where can I search for housing? And how can I save up for apartment and moving expenses? Event is hosted via ZOOM by the Financial Wellness Center.

►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 and do not accrue interest during school. They also have a longer Grace Period upon graduation of 12 months.

For the Primary Care Loan, students MUST go into an approved Primary Care specialty or will face high-interest rate penalties. Please only consider applying if you are passionate about primary care.

• Approved specialties as defined by HRSA are Family Medicine, Internal Medicine, Pediatrics, Combined Medicine/Pediatrics, Preventative Medicine, and General Practice. (OB/GYN is NOT approved)

Application Process: Applications open each year on March 1 and are due April 16th. You can apply at the UMKC Financial Aid site here and use the Secure Document Uploader to submit your application. You must include parental information on your FAFSA.

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►Scholarship Spotlight:

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

1. Marilyn McGuyre Scholarship
   1. Deadline: April 15
   2. Eligible Students: ALL BA/MD students.
2. William L. Corporon, M.D. Memorial Scholarship
   1. Deadline: March 15
   2. Eligible Students: Medical Students in 5th or 6th year in Fall 2023
3. Edward Baumhardt Schizophrenia Scholarship.

   This scholarship awards a $2000 scholarship to the student who writes the best paper on schizophrenia or a related subject. Eligible students must be MD-seeking students in years 3 through 6 for the 2023-2024 school year. December graduates are eligible.

   Submit your paper to Ms. Kristian Brennon brennonk@umkc.edu April 15th. You will receive a response confirming your submission.  The scholarship committee will review papers shortly after the due date.

   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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►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.

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►Upcoming Events:

(RSVP through the Financial Wellness Center on RooGroups)

March 16th @  3pm – Taking on Taxes – Zoom

Understanding taxes does not have to be overwhelming! Join this session to learn the ins and outs of taxes. We’ll explain why taxes exist and how they work, what forms to look out for, and important dates to remember.

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!

Scholarships, Scholarships!

Every spring marks the upcoming deadlines for scholarship applications for the next academic year! This week’s newsletter has both UMKC scholarship applications and tips to find more in the community!

►UMKC/SOM Competitive Application

The 2023-2024 UMKC Scholarship application deadline is fast approaching. Apply by March 1  by midnight to be considered for UMKC competitive scholarships and a number of SOM scholarships for Medical, AA, and PA students.

ALL students are encouraged to complete the General Scholarship application which is a universal application that allows you to apply for hundreds of UMKC scholarships at once. If you are going to be in Year 3-6 or a AA or PA student in 2023-2024, then you will be automatically prompted to complete the SOM supplemental application.

Note: References are not required for the SOM scholarships. However, it is best practice to list references if you can as some of the UMKC Competitive scholarships may require them.

►Edward Baumhardt Schizophrenia Scholarship

This scholarship awards a $2000 scholarship to the student who writes the best paper on schizophrenia or a related subject. Eligible students must be MD-seeking students in years 3 through 6 for the 2023-2024 school year. December graduates are eligible.

Submit your paper to Ms. Kristian Brennon brennonk@umkc.edu April 15th. You will receive a response confirming your submission.  The scholarship committee will review papers shortly after the due date.

►Search for Scholarships in the Community

Did you know we have a large resource page on our website that showcases external scholarships you can apply for? We’ve linked scholarships for all programs within the SOM, so be sure to check it out here.

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►Scholarship Spotlight on Canvas:

Here are a few external scholarships that are open and featured to apply to.  As always, find featured scholarships on the “What’s Happening” page of the SOM Financial Wellness Canvas.

1. 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
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

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►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.

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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: Tax Facts

This week, you’ll learn some of the basic skills you need to make tax season as easy – and profitable – as possible.

• Tax Return Basics
• Tips for First-Time Filers
• Tax Tips for Gig Workers
• Ten Mistakes That Can Mess Up Your Taxes
• Top Tax Credits to Claim on Your Return
• Things to Know Before Filing an Extension
• Making the Most of Your Refund

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►Upcoming Events:

(RSVP through the Financial Wellness Center on RooGroups)

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!

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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.

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►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.

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►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.

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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.