Refunds
Need money to cover living expenses?
Students who expect to have a credit balance once all anticipated aid is disbursed may apply for a spring living expense refund against the future credit.
Complete a Refund/Cash Advance Request Form
2025-26 Financial Aid Application
The HMS Financial Aid Application for the 2025-26 academic year and the 2025-26 FAFSA is now available. Be sure to list “E00472” for the HMS school code.
Deadline: June 2, 2025
[Address: Harvard University Medical School, Boston, MA].
View the 2025-26 Financial Aid Application Checklist
Savings vs. Loans: Making Smart Funding Choices for Medical
School
Option 2: Taking Out Student Loans
Benefits of Federal Student Loans:
o Flexible repayment options such as income driven repayment plans
o Loan Forgiveness through Public Service Loan Forgiveness (PSLF)
o No payment required while you are enrolled at least half-time
o Options for deferment, forbearance, and discharge under certain conditions.
Things to Consider:
o Interest accrues immediately
o Grad PLUS loans have higher interest rates compared to unsubsidized loans.
Pursuing a medical degree is a big investment When it comes to paying for medical school, two primary funding options are personal savings and student loans. Understanding how to strategically balance both can help you borrow less, reduce financial stress, and improve your long-term financial health.
Option 1: Use Personal Savings
Advantages:
o No interest or debt
o Increased financial freedom post-graduation
Consider
Before Using Savings:
o Don’t deplete your emergency fund.
o Medical school can have additional costs such as travel for conferences and licensing exams
o Spread your savings across semesters.
Key Funding Tips
Smart Use of Savings:
o Use savings for living expenses.
o Consider using savings to reduce total loan borrowed.
Smart Borrowing Strategy:
o Borrow only what you need
o Prioritize unsubsidized loans before considering the Grad PLUS loan.
Combining Both is Often the Best Approach
o Use savings to reduce loan borrowing without draining your emergency buffer.
o Borrow federal loans carefully, with a plan to manage and repay them efficiently after graduation.
Photo by Andrea Piacquadio
Graduating Students
Federal Student Loan Repayment Simulator
Loan Simulator helps you estimate monthly student loan payments and choose a loan repayment option that best meets your needs and goals
• See how you can lower your student loan payment.
• See how you can pay off your student loans faster.
• Decide whether to consolidate your student loans.
Explore the Loan Simulator
Are you graduating in May?
Be sure to complete the steps outlined in the Graduation Checklist to fulfill your financial aid graduation requirement. Going through the checklist steps will equip you with the tools to navigate this financial transition.
Webinars and Videos
Loan Repayment Videos: Watch educational videos from the U.S. Department of Education that help you understand your debt.
Harvard Federal Credit Union (Harvard FCU): Watch webinars and videos on financial wellness topics such as home buying, debt repayment, credit, budgeting, and student loans.
IDR Plan Court Actions
A federal court has prevented the U.S. Department of Education from implementing parts of the Savings on a Valuable Education (SAVE) Plan and other income-driven repayment (IDR) plans.
As of March 26, 2025 the online IDR application is available for eligible borrowers to apply for IBR, PAYE, and ICR Plans. The online loan consolidation application is also available again.
View details.
Federal Loan Updates
2025-26 FAFSA Form
The 2025-26 Free Application for Federal Student Aid (FAFSA) is now available to complete for the 2025-26 academic year.
View details.
Joint Consolidation Loan
Separation Act
This allows loan borrowers to separate their joint loan obligations and reconsolidate into new individual Direct Consolidation Loans.
View details.
Financial Aid Fact
The first federal student loan program was created in 1958 under the National Defense Education Act (NDEA). It was created in direct response to the Soviet Union’s launch of Sputnik in 1957, which was the first Earth satellite.
To strengthen national defense and boost education in key fields such as math, science, and foreign languages, the government created this loan program to invest in American students entering in these fields of interest.
This federal loan program laid the groundwork for the Federal Direct Loan Program.
by Jimmy Chan
Photo
Monthly Highlight
FAFSA Tips and Tricks
Completing the FAFSA doesn’t have to be complicated. Below are some simple tips to help you navigate the FAFSA process efficiently, avoid common mistakes, stay on track and make the most of your financial aid options.
• Create (or Recover) Your FSA ID
o Get your FSA ID at https://studentaid.gov.
• Know Your Role: “Contributor” Is the New Term
o The FAFSA no longer uses the term “student”. A contributor is you and anyone whose information is needed must provide consent and data.
• Use the IRS Direct Data Exchange (DDX)
o The IRS Data Retrieval Tool is now replaced with Direct Data Exchange. Consent is required to pull your tax information.
o Contributors must provide consent or the FAFSA will be considered incomplete.
• Have These Documents Ready
o Your social security number
o 2023 federal tax return
o Records of your untaxed income
o Information about your assets
• Avoid Common Mistakes
o Don’t skip the consent checkbox. It’s required to process your FAFSA
o Watch for typos in your social security number or FSA ID login
• Check Your Email and Aid Portal Often
o You’ll receive a Student Aid Index (SAI) in your FAFSA submission summary.
o Schools may request additional information or documents.
• Use Your Legal Name
o Enter your name exactly as it appears on your legal documents. No nicknames or initials. Mismatch names can cause processing delays.
by Zen Chung
Photo