Financial Aid

The Office of Student Financial Services at the University of Pikeville offers counseling and assistance to medical students regarding securing financial support to help meet the costs of medical education. Every student applying for financial aid must file the Free Application for Federal Student Aid (FAFSA) with the appropriate federal processor to assess aid eligibility. 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. For more information, contact Teresa Jones, UPike Associate Director of Student Financial Services, at TeresaJones@upike.edu or 606.218.5407.

Loans
Federal Direct Loans
The primary loan source for medical students is the Federal Direct loans through the U.S. Department of Education. The unsubsidized loan is a non-need based loan. Interest starts when the loan is disbursed and continues until the loan is paid in full. The student can choose to pay the interest or let it accrue. The maximum loan eligibility varies per academic year based on the number of months enrolled. The amounts range from $40,500 to $47,167. The total aggregate limit for subsidized and unsubsidized loans is $224,000. The Graduate Plus loan allows the student to borrow up to the cost of attendance (minus other financial aid received). Eligibility is based on the student’s credit rating. Students will be notified by the Department of Education of the loan approval or denial. https://studentloans.gov/myDirectLoan/index.action

Private Student Loans
A private student loan is not a federal student loan, but through a private bank or other lending institution. Students are encouraged to obtain Federal Direct Loans before applying for private loans. Students who wish to borrow a private loan may visit Fast Choice to learn more about the loan options that are available. The student is free to choose any lender. KYCOM does not rank or recommend any lender. https://choice.fastproducts.org/FastChoice/Welcome.do?configId=1358525446076

Scholarships
The most commonly awarded scholarships are service commitment scholarships and specific state scholarships that are based on residency status. The financial aid office maintains a list of  KYCOM Scholarship Opportunities. Please note that that if a student signs a service commitment scholarship while enrolled, he or she may not be able to participate in certain state or federal loan repayment programs after graduation. To be eligible to participate in most loan repayment programs, prior commitments must be fulfilled by service or repayment plan.

Scholarship for Disadvantaged Students: Contingent upon available funding the Kentucky College of Osteopathic Medicine (KYCOM) will be awarding funds from the Scholarship for Disadvantaged Students Program (SDS). This is a federal program designed to assist with the cost of tuition and other reasonable educational expenses. Students must be considered disadvantaged, either economically and/or educationally/environmentally. SDS awards will be applied to the fall and spring terms. SDS awards will cover at least one half of the annual tuition amount up to $30,000 per year. No financial aid awards may exceed the student’s cost of attendance at KYCOM. For more information, please read the Scholarships for Disadvantaged Students Information Sheet.

Please visit the KYCOM Scholarship Opportunities list for current scholarship opportunities.

Veteran's Educational Benefits
Students with eligibility for veteran's educational benefits by the state approving agency during enrollment at UP-KYCOM should submit any forms that need to be completed to the Financial Aid Office. U.S. Department of Veterans' Affairs Applications for VA Educational Benefits (VA Form 22-1990) or Application for Survivors' and Dependents' Educational Assistance (VA Form 22-5490) forms should be mailed to:
U.S. Department of Veterans Affairs
P.O. Box 66830
St. Louis, MO 63166-6830

VA Forms (PDF) may be downloaded from the St. Louis Regional Processing Office Web site Be sure to download all pages as many of the forms have multiple pages.
For questions concerning eligibility for education benefits or education payments, contact the U.S. Department of Veterans Affairs Regional Office in St. Louis at 888-442-4551, or by visiting the website: http://www.gibill.va.gov.
UP-KYCOM financial aid offers debt management counseling to students throughout their enrollment in medical school. Students have access at all time to their total student loan debt and projected monthly payments. Helpful debt management websites are listed below:

Planning for and Obtaining Loans
View Federal Loan History - nslds.ed.gov
Education Investment Planner - salliemae.com/plan 
FICO (credit) Score
Request your free credit scores from the three major credit reporting agencies (Equifax, Experian and TransUnion) at: www.annualcreditreport.com

Financial Aid Calculators
Various loan and aid calculators can be found at this site: http://www.finaid.org/calculators

Income Based Repayment (IBR) 
Information about IBR and an IBR calculator 
Facts from the AAMC about IBR
IBR Q & A prepared by the U.S. Department of Education
Public Service Loan Forgiveness (PSLF)
Learn about Public Service Loan Forgiveness
Application for Public Service Loan Forgiveness

Tax Benefits for Education (IRS Publication 970)
IRS Publication 970
 
KYCOM tuition for 2016-2017 is $42,975. Tuition is subject to change annually.

Tuition Refund
A request for a tuition fee refund requires written notification to the Associate Dean for Student Affairs. This request must be received before the close of business during the week in which the refund is requested. A request for a tuition fee refund requires prior written notification of withdrawal from KYCOM. The tuition fee refund shall be prorated as follows:
  • 100 percent during the first week of the academic semester;
  • 75 percent during the second week of the academic semester;
  • 50 percent during the third week of the academic semester; and
  • 25 percent during the fourth week of the academic semester.
No course, clerkship, or rotation will be credited toward promotion, graduation, or subsequent credit if a student has not paid the required tuition and fees, including any additional tuition incurred by repeating any portion of the regular program. The Board of Trustees of the University of Pikeville reserves the right to change the schedule of tuition and fees, without advance notice, and to make such changes applicable to present as well as future students of KYCOM, and to establish additional fees or charges for special services whenever, in their opinion, such actions are deemed advisable. All inquiries concerning the above policies and all requests for refunds should be directed to the KYCOM associate dean for student affairs.
 

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