GA-1033 Financial Information

1.0        Purpose

The purpose of this policy is to outline the financial aid services, tuition responsibilities, and associated financial expectations for students enrolled at the Virginia Tech Carilion School of Medicine (VTCSOM). It is intended to ensure that all students are aware of the resources available to finance their medical education, understand their responsibilities in managing educational costs, and comply with institutional and federal financial aid requirements. The policy also reinforces VTCSOM's commitment to financial literacy, transparency in tuition and fee structures, and equitable access to funding opportunities.

2.0        Policy

Financial Aid Services

VTCSOM's Office of Financial Aid (OFA) assists students with locating and acquiring resources to meet the costs of their medical education and provides resources on how to manage their expenses. The Sr. Assistant Director of Financial Aid is available to assist both prospective and matriculated medical students with individual pre-admission counseling, guidance in navigating the financial aid process, entrance and exit interviews, debt management counseling, and general financial aid assistance.

As a part of the Money Discussions financial literacy series, the OFA conducts additional sessions that provide important information on budgeting, credit and identity theft, loan repayment, debt management, etc. All VTCSOM students are required to attend each Money Discussions session throughout their medical education.

The Office of Financial Aid can be contacted at (540) 526-2507, email at vtcsomfinaid@vt.edu, or students can meet with the Senior Assistant Director of Financial Aid from Monday through Friday from 8 a.m. to 5 p.m. The office is located in M128 of the Dean’s Suite of 2 Riverside Circle, in the Virginia Tech Carilion School of Medicine building.

Students also have access and are strongly encouraged to utilize online resources offered by the Association of American Medical Colleges (AAMC). Financial Information, Resources, Services, and Tools (FIRST), a debt management initiative from the AAMC, offers a full range of financial information, services, and tools for applicants, medical school students, residents, advisors, and financial aid officers (FAO). The program offers a website with a number of resources including: "First Facts” informational sheets on a variety of financial aid-related topics; an FAO Lender Assessment Tool for financial aid administrators to sort survey data based on loan industry-related criteria in order to compare various loan programs; and a new Economic Hardship Deferment Calculator for medical students and residents to estimate eligibility for deferment.

The Association of American Medical Colleges also offers the Aspiringdocs Program, which is designed to help increase diversity in medicine by guiding students through the process of preparing for, applying to, getting into, and financing medical school.

VTCSOM requires that all students submit the FAFSA in order to be eligible for both federal Title IV loans and Institutional need-based aid. Priority deadline for FAFSA completion is March 1st of each academic year. The FAFSA school code for VTCSOM is 003754. Students may choose to finance their education through loan borrowing made available by the Department of Education (Direct Unsubsidized Loans and Graduate PLUS Loans) or private banks and lenders. Due to added protection, typically lower interest rates, and additional benefits, the Office of Financial Aid suggests that students first utilize their Direct Loan borrowing eligibility.

According to Federal Regulations, students choosing to borrow their federal loan eligibility are required to complete an Entrance Counselling and Master Promissory Note at the initial time of borrowing and an Exit Counselling prior to graduating or ceasing to be enrolled at VTCSOM (www.studentaid.gov). Students receiving federal aid must maintain satisfactory academic progress. Refer to the Satisfactory Academic Progress for Financial Aid Policy for details about satisfactory academic process requirements.

Students should also seek outside resources and scholarship opportunities. Recipients of outside scholarships are obligated to notify the University by completing the outside scholarship reporting form with the Virginia Tech Bursar Office.

All students are encouraged to apply for VTCSOM Endowed scholarships by completing both the FAFSA and Scholarship Application. Learn more about these scholarships and the Scholarship Application process.

Tuition and fees

Tuition is charged annually for each of the four academic years and is assessed in two equal installments, with one-half of the annual tuition due at the beginning of each term/semester. Tuition and fees remain the same for both in-state and out-of-state residents. Current tuition and fee costs are available on the VTCSOM website. Tuition and fees are subject to change each academic year and must be approved by the Virginia Tech Board of Visitors.

Students are required to have a laptop computer. Minimum specifications will be provided. Students who wish to purchase a new laptop have access to VTC’s Dell and Apple purchase plans. All first year VTC students will be provided with up to $2,000.00 in their cost of attendance calculations for additional loan borrowing purposes with proper documentation of their computer expenses. This allowance will not be made available to M2-M4 students, as all other expenses are projected per year. Technology support services are provided at no cost to students through the Carilion Clinic Technology Support Group.

All students will be required to carry health insurance. The cost of health insurance is the responsibility of the student, and fees will vary according to the plan the student selects. If a student already has a health insurance plan, they will be able to keep it. A variety of individual and group plans will be made available to students attending VTCSOM.

3.0        References

• FIRST (Financial Information, Resources, Services, and Tools)
• AAMC Aspiring Docs Resources
• FAFSA website
• How to apply | Financial Aid | VTCSOM
• Report outside scholarships | Bursar | Virginia Tech
• Cost of Attendance | Financial Aid | VTCSOM

4.0        Approval and Revisions

Approved by Financial Aid Office