Financial Aid Services
This website will provide comprehensive information on financial aid to help you understand the complexities of financing your medical education. The US Department of Education website is a good reference on financing an education in general. If you encounter questions that are not covered or concerns of a more personal nature, we encourage you and your parents to discuss them with the Financial Aid Office. We wish to assist you in solving any problems in meeting your costs at medical school, freeing you to concentrate on your academic pursuits.
Financial Aid Director
||Cleveland Clinic Lerner College of Medicine
Office of Financial Aid
9500 Euclid Avenue – NA21
Cleveland, Ohio 44195
||8:00 A.M. – 5:00 P.M. M-F
||1-866-735-1912 or (216) 445-7170
Students enrolled in the College track receive a full scholarship covering tuition and fees. In the research thesis year, there will be a continuation fee equal to 5% of tuition; this is covered by the full tuition scholarship. Our goal is to assure that financial constraints do not preclude appropriate candidates from following their dream of becoming physician investigators.
Financing your medical education over the next five years can be very complex. Listed below are items that should be considered thoughtfully.
Discuss your situation with parents and other family members. Make a realistic budget that minimizes the amount of money you need to borrow. Be sure to think beyond the first year.
Utilize the services of the financial aid office
We have a great wealth of knowledge and are willing to assist you with many things from the best housing deals and how to save money to credit cards and scholarships.
Establish and maintain good credit
Be sure to use credit cards with NO annual fees, pay your bills on time and pay them off every month.
Recognize that your financial status is closely tied to that of your parents
In a rapidly changing economy, you must have contingency plans. Accept the fact that financial aid guidelines are dictated in most instances by external agencies, and that medical schools are obligated to abide by and enforce these guidelines in order to be able to provide, in an equitable manner, all available funds.
Acknowledge that the cost of training a competent physician is enormous
Medical training is one of the most expensive forms of postgraduate training available in this country. Your tuition and fees cover only 65% of the total cost of your medical education. At a state medical school, taxpayers make up the difference. Private medical schools receive some state and federal assistance, but most additional funds come from University or hospital allocations and contributions and private donations.
Through the records of the U.S. Immigration and Naturalization Service (INS) Case verifies permanent resident or naturalized citizenship status. Applicants are required to provide their INS identification numbers to assist in this process.
Change of Address/Billing Information
Students should notify the Financial Office of any changes in address, so that all financial aid and billing correspondence is received in a timely manner. Any change in permanent address will be routinely reported to a student's Stafford
, and/or alternative loan lender(s), as required by the authorizing legislation for each of these programs. Borrowers are also required to notify their lenders of address changes. Tuition bills are sent out in July for the first semester of the award year. If you do not receive a bill by the end of July, notify the Registrar's Office at the School of Medicine
. Payment terms will be described on the bill. These are emailed from the Bursar's Office.
Students can appeal their financial aid award by submitting a letter of appeal to the Financial Aid Office. Indicate the reason for the appeal and the amount requested and document the unusual circumstances necessitating the appeal. If appealing a charge on the tuition and fees bill, the student should submit a letter of explanation to the Bursar's Office. If a student is not satisfied with an appeal decision, he/she has the right to further discuss his/her situation with the Director of Financial Aid or the Associate Dean of Admissions and Student Affairs.
Each student must have an entrance interview for the Federal Loan Programs.The mandatory entrance interview will be held during the first week of school.
The Financial Aid Office is required by law to conduct exit interviews for all Stafford
and alternative loan borrowers. Many borrowers, therefore, will be required to have an exit interview conducted by the Financial Aid Office before leaving the University. Exit interviews are in March. The purpose of the interviews are to ascertain and assure the borrower's understanding of his or her responsibilities as the in-school period of the loan draws to a close. The school must communicate to lenders the fact that the borrower has left school and provide certain information (addresses, etc.), which will facilitate future communication between the lender and the borrower.
Please note: Due to the nature of federal, state and institutional guidelines governing the Office of Financial Aid Programs, the information contained here is subject to change without notice. Financial Aid is awarded without regard to race, creed, color, sex, age, national or ethnic origin or physical handicaps where need is indicated.