Financial Aid Tasks

The tasks below fall under the purview of the Medical School Financial Aid Office. 

Please note: Further updates regarding Medical School Financial Aid will be available throughout the coming months. Please check back frequently for updates. 

Applying for Financial Aid

Review the information below to learn more about financial aid availability and the application process.

• Introduction and Information

• Current Medical Student Budget/Cost of Attendance 

• Types of Financial Aid Available at the University of Minnesota Medical School

  • • On July 4, 2025, the President signed H.R. 1 (One Big Beautiful Bill Act) into law and made several changes to federal student aid programs. University of Minnesota One Stop Student Services has information on their website regarding H.R. 1 and federal financial aid changes. Federal Student Aid also has information on their website.

    • Examine your own finances and costs at the University of Minnesota Medical School.

    • Map out a plan for financing your medical education across the four years of the University of Minnesota Medical School program.

Learn More About Medical Student Finances & the University of Minnesota

• AAMC FIRST website for medical students (FIRST = Financial Information, Resources, Services, and Tools)

  • Webinar opportunity “Secure Your Future: Why Credit Matters Before Medical School” on May 19, 2026 at 4:00 pm Central Time

    1. Federal loan caps are coming in June 2026, and private loans will play a bigger role in funding your medical education. Join Veronica Herrera from Experian for an eye-opening session on how to build, manage, and leverage your credit now, so you’re ready when it counts. Don’t let financing be the barrier to your dream career. 

    2. Register for FREE. Those who register will be provided the recorded webinar a few weeks after the live session. 

  • Guide to Money Management - Entering Medical School

  • Financing Your Medical Education (recorded webinar)

• Medical School Financial Aid website - includes information about the medical student budget and money management

  • Service-commitment Scholarships, such as Air Force Medical Education Scholarship 

  • Financial Aid Supplemental Scholarship Booklet - This is a list of outside scholarships compiled by the Medical School Financial Aid Office.

• Medical School Financial Aid Tip Sheets for Entering Students

  • May 2026 - Budgeting

Financial Aid Tasks

Financial Aid Award Notice

• Please make sure to check your University of Minnesota e-mail regularly!  You will receive an email in late June with more information.

• After you accept or reduce your awards, you then will be prompted to fill out Direct loan entrance counseling (if you have not had a Direct loan before) and also fill out a Master Promissory note (MPN). Your financial aid will pay your tuition and fees on the first day of orientation, August 17, 2026, and the remainder of your living expense money for the Fall semester will be Direct Deposited up to five days later. 

**Please make sure you sign up for Direct Deposit

https://onestop.umn.edu/finances/billing-and-payment/direct-deposit

Computer Loan

• A computer loan may be obtained for those of you who do not already own a computer or that need an upgrade.  The maximum amount available is $1,500.00.  Purchase of the computer must be no earlier than July 1, 2026, for the 2026-2027 academic year, and no later than the beginning date of the student’s last term of attendance.  Recommendations for computer specifications can be found at:

https://drive.google.com/file/d/1QjUyPNYQ2BlHq9BApSEbNoYASPvqw-hm/view?usp=drive_link

Health Insurance

https://shb.umn.edu/health-plans/shbp-home  

• All students enrolled in Academic Health Center (AHC) schools must carry health insurance coverage as a condition of enrollment. All AHC students will automatically be enrolled in the AHC Student Health Benefit Plan.  Coverage begins on the first day of classes (August 24, 2026). 

• If you need the University health insurance, please see Dina Flaherty to receive a loan.   You may choose to waive this plan if you are already covered by a US-based employer health insurance plan (see below).  The coverage and charge may be waived if you complete the waiver process per established guidelines by September 24, 2026.  Approved waivers are valid for one year.  

As just mentioned, you are eligible to waive enrollment on this plan if you have health plan coverage for the entirety of each semester (a U.S. based employer sponsored health plan or Minnesota Care).  If you do not appropriately waive the SHBP by September 24, 2026, you will be enrolled and billed for the entire semester.  To request a waiver, you will need to complete the form linked above and provide details of your active health plan coverage, by providing the following:

• The name of your insurance company

• Your health plan member ID number

• Your health plan group number

• Your payer ID number (if applicable)

If you have questions, please feel free to contact Boynton Health Services at umshbo@umn.edu or by phone at 800-232-9017.  Check the Boynton Health Services website for more details and click on AHC Student Health Benefit Plan.

Voluntary Student Dental Plan

• The University of Minnesota offers a voluntary student dental plan. The “opt-up” is only available if you have the AHC Health Insurance plan.  Consider this if you are on the SHBP health plan and you anticipate having lots of dental work.  More detail can be found on the Office of Student Health Benefits web site at www.shb.umn.edu   

AHC Foster-Klima Long Term Disability Insurance for Eligible AHC Students

• Visit  https://shb.umn.edu/students-and-scholars/ahc-disability  for plan details.

• As of 2018, the Academic Health Center, the Office of Student Health Benefits, and Foster-Klima Life Insurance Company are partnering to provide Long Term Disability (LTD) insurance coverage for eligible Academic Health Center students on the Twin Cities, Duluth, and Rochester campuses.  Please note:  Coverage used to be provided by Guardian Life Insurance Company, and you will still see this name on some of our websites as we make the transition.

• This coverage is not optional for students in qualifying programs including Medicine.

  • Academic Health Center students, enrolled in a qualifying AHC program, will be automatically covered under a group Long Term Disability plan while a student.  You will see a charge of $50.82 for this coverage on your student account once at the beginning of each fall and spring semesters. Payment of this fee for two consecutive semesters provides year-round coverage until graduation from your program.

Questions? 

Contact the Medical School Financial Aid Office at msfao@umn.edu or (218) 726-6548 with any questions or concerns about your financial aid status.