Assessment of Student Resources

Students are expected to pay for a portion of their educational expenses.  Factors that are considered in the calculation of student resources include:

• Income reported by the student (and spouse, if applicable) in the prior calendar year (i.e., 2007 for the 2008-2009 aid year);
• Assets;
• The number of family members reported as dependents on the student’s federal tax return; and
• The number of family members who are attending college, graduate or professional school.

The medical school also provides allowances against a student’s’ income and assets, such as the exclusion of home equity and out-of-pocket medical expenses for dependents.  Documentation may be required for some allowances.

In addition, the student contribution depends on several factors which are described below:

Base Year vs. Academic Year Income: In determining student and spouse contributions, the Federal Methodology, uses base year data, or income data for the calendar year prior to the academic year for which financial aid is sought. For example, income earned in 2007 is considered base year data for the 2008-2009 award year. The analysis assumes a continuation of that income in the following calendar year. In many cases, that assumption will be wrong. If your income in 2008 will be substantially different from your 2007 income, please explain this change on the Alpert Medical School Financial Aid Application. First- and second-year students should take special care to report large decreases in income from year 2007 to 2008.

Summer Earnings Expectation: First- and second-year students generally are expected to contribute $1,500 from summer earnings toward their educational expenses. The summer earnings contribution is not waived for students who elect to take courses that are not required for admission to the medical school. Since third- and fourth-year students are enrolled year round, a summer earnings contribution is not expected unless a significant block of time is free from class or clerkship requirements.

Spouse's Income: If the student's spouse is a U.S. citizen or holds a permanent resident visa, and is not a full-time student or caring for pre-school age children, he or she is expected to work outside the home to help cover other household expenses not covered within the standard student budget.

Student's (and Spouse's) Assets: A contribution is expected from assets which the student and/or spouse own, including, but not limited to, savings, certain types of property, and investments. Federal regulations require assets which are held in the student's social security number or his/her spouse's social security number to be considered a resource for the student's education.

A helpful calculator for determining the family contribution can be found at www.finaid.org.