FINANCIAL AID

Financial aid counseling and assistance is provided to medical students regarding securing financial support to help meet the costs of medical education. Although the Office of Financial Aid assists KYCOM students with funding for their medical education, the student is primarily responsible for securing this financing. This means that such things as supplying personal or family documentation, ensuring that a student qualifies for loans by having a favorable credit report, and providing monies for prior commitments are the student’s obligations under the system. All documents requested must be received before financial assistance will be processed.

The average osteopathic physician is at least $257,335 in debt by the time he/she graduates from a college of osteopathic medicine (AACOM 2020-2021 Academic Year Graduating Seniors Survey Summary Report). During schooling, most students are required to live at a modest level. The primary obligation for financing a medical education lies with the student, the student’s parents, and/or the student’s spouse. The federal agencies that make funds available for borrowing do so with the understanding that medical students who receive financial loans should maintain modest living costs.

Every student applying for financial aid must file the Free Application for Federal Student Aid (FAFSA) at www.studentaid.gov/FAFSA. UPIKE complies with the federal requirement that all students who receive financial assistance from Title IV and Title VII funds must maintain satisfactory academic progress. Students may file loan applications and check the status of loans through the Financial Aid Office or online at www.studentaid.gov.

Financial aid as awarded or borrowed under federal programs cannot exceed the KYCOM standardized student budget. Funds are allowed for a student’s direct educational costs and for reasonable, approved personal living costs while he or she receives an education. Students must manage their financial aid funding prudently to make it work comfortably. Students must carefully monitor and adhere to their approved budgets.