Types of Aid or Packaging
"Packaging" is the term used to describe the combining and offering of funds from various sources to cover the student's cost of attendance*. Awards may be based on merit, although many are based on demonstrated financial need. The following are the descriptions of various types of available aid used in packaging at the University:
*The Financial Aid Office will not package aid for Summer term 2012. If you plan to attend during that time, please contact the Financial Aid Office during Spring term 2012. Summer Semester increase available to 2nd and 3rd year medical students who submit a Summer Application and Additional Loan Request form by June 1st.
Need-based Financial Assistance
The University of Utah requires submission of the FAFSA/Renewal FAFSA, which produces a valid need analysis used to determine your eligibility for aid. Whether or not you have received an offer of admission, it is important that you complete and submit the required forms by April 1. The Financial Aid Office will then be able to assemble a financial aid package, which may consist of:
Federal Work Study Employment
This federally funded program offers employment opportunities based on need.
Loans
There are two types of loans, subsidized and unsubsidized. Subsidized loans are loans for which the federal government will pay on behalf of the student all interest charges due the lender while the student is in school or during an approved "deferment" period. A student must have need to be eligible for subsidized loans. Unsubsidized loans are loans for which the student is responsible for paying the interest charges from the date the loan is disbursed. Payment of interest may be made quarterly to the lender or capitalized (payment postponed) during periods of enrollment. The total amount of aid a student may receive, including combinations of loans, may not exceed the student's cost of education.
Subsidized Loans
Federal Perkins Loan*
Lender: University of Utah
Interest rate during repayment: 5.0%
Maximum yearly amount: $3,000
Grace period before beginning repayment: 9 months
*campus based loan - On-Time File Completion of April 1st required
Federal Direct Subsidized Student Loan
Lender: U.S. Department of Education
Interest rate during repayment: 6.8%
Origination fee: 1%
Maximum yearly amount: $8,500
Grace period before beginning repayment: 6 months
Unsubsidized Loans
Federal Direct Unsubsidized Student Loan
Lender: U.S. Department of Education
Interest rate during repayment: 6.8%
Origination fee: 1%
Maximum amount for Fall and Spring Semester: $32,000
Maximum increased amount for Summer Semester: $6,667*
Grace period before beginning repayment: 6 months
*Summer Semester increase available to 2nd and 3rd year medical students who submit a Summer Application and Additional Loan Request form by June 1st.
Graduate PLUS Loan
Lender: U.S. Department of Education
Interest rate during repayment: 7.9%
Origination fee: 4%
Maximum yearly amount: up to cost of attendance
Primary Care Loans
Primary Care Loans are available through the University of Utah to medical students of exceptional need who are committed to careers as generalist physicians (i.e., Family physician, general internist, general pediatrician) or specialist in preventive medicine/public health. Students will be notified by the Financial Aid Office when the application is available.