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 and Scholarships Office will not package aid for Summer term 2008. If you plan to attend during that time, please contact the Financial Aid Office during Spring term 2008.
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 March 15. A financial aid administrator 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 check 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: $4,000
Grace period before beginning repayment: 9 months
*campus based loan-priority filing and full-time enrollment required
Federal Subsidized Stafford Student Loan
Lender: private lending institution
Interest rate during repayment: 6.8%
Maximum yearly amount: $8,500
Grace period before beginning repayment: 6 months
Unsubsidized Loans
Federal Unsubsidized Stafford Student Loan
Lender: private lending institution
Interest rate during repayment: 6.8%
*Maximum yearly amount: $32,000
Grace period before beginning repayment: 6 months
*Annual loan limits at the University of Utah are based on a three semester academic year starting with Autumn Semester and ending with Summer Semester.
Grad Plus Loan
Lender: private lending institution
Interest rate during repayment: 8.5%
Origination fee: 3%
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. In determining financial resources, the school must take into account, regardless of the tax status of the student, the expected contribution from parents and/or spouse. Those students who wish to be considered for this loan must provide parental tax information at the time the student applies for the Primary Care Loan. The maximum amount of this loan is up to the cost of attendance (awarded by the School of Medicine through the FAFSA application). Interest is at 5% and does not begin to accrue until the loan comes due. Interest and loan come due six months after receipt of the M.D. degree. Both may be deferred during three years of residency training. Obligation is canceled if total and permanent disability or death occurs.