Understanding Your Borrowing Options

A financial aid application with a pen and calculator

Accepting Financial Aid

Just because you apply for financial aid, it does not mean you need to accept the full amount that you are eligible to borrow. You can choose to accept only the amount you need and decline the rest.  If your financial situation changes, and you need money that you previously declined, work with your financial aid staff to obtain those previously declined funds. If you borrow this way throughout medical school, you will protect yourself from overborrowing. When you avoid borrowing more than you need, you will reduce unnecessary:

  • Origination fees (a fee charged to obtain the loan).
  • Interest costs (interest starts to accrue once the loan is disbursed).

If you find that you borrowed too much, you can return the excess funds. You have a 120-day window to return money by working with your financial aid staff to send the money back to your loan servicer. Returning the excess funds will reduce the amount you owe as well as eliminate any origination fees or interest that may have accrued on the money disbursed.