Financial Aid Packages: 3 Examples

The following examples are three hypothetical financial aid scenarios intended to illustrate our financial aid packages for incoming first-year students.  All assume 2012/13 costs for a first-year medical student at UVA, and that the student has applied for school-funded aid and been assessed a parent contribution based on Federal Need Analysis Methodology.  This methodology considers family income and assets, taxes paid, size, # in college, age of older parent, state of residence, etc.  Contribution estimates for your individual family circumstances can be calculated on the web.  (http://www.finaid.org/calculators/finaidestimate.phtml)

To the extent of funding availability, it is our current policy to meet demonstrated need as follows:

     Virginia Resident: Up to $16,000 need-based scholarship.
     Non-Virginian: Up to $18,500 need-based scholarship.

If need for institutional aid remains after the student has been awarded the maximum University scholarship, up to $10,000 of the remaining need can be met with Institutional Loans.

Example 1:
In-state M1 student, calculated parent contribution of $25,000

Cost of Attendance: $63,898

Available funding:
$16,000 Need-based School Scholarship
$10,000 Need-based School Loan
$37,898 Federal Unsubsidized Loan

Example 2:
Out-of-state M1 student, calculated parent contribution of $30,000

Cost of Attendance: $74,002

Available funding:
$18,500 Need-based School Scholarship
$10,000 Need-based School Loan
$42,722 Federal Unsubsidized Loan (10-month maximum)
$  2,780 Federal Graduate PLUS Loan

Example 3:
In-State M1 student, calculated parent contribution of $65,000

Cost of Attendance: $63,898

Available funding:
$42,722 Federal Unsubsidized Loan (10-month maximum)
$21,176 Federal Graduate PLUS Loan

NOTES:

• The total aid you can receive from combined sources can never exceed the approved Cost of Attendance.
• Your family circumstances or changes in federal regulations and/or school awarding policies may result in packages different from those above.
• Outside scholarships may reduce parent contribution, but will be considered a resource available to meet the cost of attendance.