More Financial Aid Information
How Your Financial Aid is Dispersed to You
Once you have accepted your financial aid award outlined in your award letter, you must sign a promissory note (your contract to pay). In some cases the promissory note will be available to sign online. Others must be signed at Schmitz Hall.
After the promissory note has been signed, most grant and loan funds will be sent to your student account and subsequently disbursed to you through Direct Deposit to your own bank. Students can sign up for direct deposit on their MyUW web page under Student Personal Services
Award Letter
The OSFA sends out initial award letters in late spring or early summer. Awards are sent electronically to students who have UW NetID's, so watch for an email. The award letter will outline how much aid you have been offered from each program, and gives you the opportunity to accept or reject each award individually.
Deferment of Undergraduate Loans
Most loan programs allow you to defer your repayment while you are in dental school and in an advanced training program or a residency program. Contact your original lender to learn the terms of deferment if you have questions. Deferment forms usually must be signed by the University's Registrar. You may drop these off in the School of Dentistry Office of Student Services (D323) for forwarding.
To defer most loans, you must be a full-time student. The Registrar considers predoctoral dental students full-time only when registered for 12 or more credits.
Deferment Forms for Graduate Students and Residents
On the Department of Education Direct Loan website, there are a variety of deferment forms (you will need Adobe Acrobat 5.0 or higher to view these forms).
If you are a graduate student paying tuition, you should use the In School at Least Half Time Deferment form. If you are a resident getting paid by the institution you are attending, you should also use the In School at Least Half Time Deferment form.
Access Your Student Loan Information
The National Student Loan Data System provides information on the total dollar amount you have borrowed from all federal loan programs. To look up your information, you will need your PIN number from the Department of Education.
How Your Financial Aid Award is Calculated
After you have filed your FAFSA, the Department of Education will perform a standardized needs analysis which takes into account your family size, total income, assets, number in college, etc. This information is forwarded to the school(s) you indicated on your FAFSA. The federal processor will send you a Student Aid Report which serves as an acknowledgment and gives you various information and messages, including your "Estimated Financial Contribution (EFC)" or what you can afford to pay.
The University's Office of Student Financial Aid (OSFA) will review your needs analysis, determine your financial need and make an award of financial aid. In general, the term "financial need" is defined as the difference between what it costs you to attend school and what you can afford to pay.
Financial Need Formula
Budget (cost) - EFC (what you can afford to pay) = Financial Need (the maximum financial aid that can be awarded to you)
All financial aid is awarded through the University's Office of Student Financial Aid and disbursed by the Student Fiscal Services (SFS), both located in Schmitz Hall.
