Refunds
Need money to cover summer living expenses?
Students who expect to have a credit balance once all anticipated aid is disbursed may apply for a summer living expense refund against the future credit.
Cash advances will be processed in mid-June for third, fourth-, and fifth-year students with complete financial aid applications.
Complete a Refund/Cash Advance Request Form
Understanding Your Cost of Attendance (COA) Budget
What’s Included in the COA?
• Tuition and fees
• Housing and food
• Personal expenses
• Books and supplies
• Transportation
• Loan fees
For more details, view MD COA Determinations.
Why the COA Matters
Determines Your Financial Aid Eligibility: The financial aid office uses your COA to figure out how much aid you’re eligible to receive.
Caps Your Total Aid: You can’t receive financial aid exceeding your COA. This includes grants, loans and scholarships.
Helps You Plan Your Finances: Understanding your COA helps you create a realistic budget and make informed decisions about your spending.
Understanding the Cost of Attendance (COA) is crucial for planning your finances and maximizing your financial aid options. The COA is more than just tuition; it's an estimate of the total expenses you'll incur during an academic year as a student. View the 2025-26 COA.
How is the COA Calculated?
The HMS Financial Aid Office determines the living expense budget portion of the COA. Below are how these expenses are calculated.
• Institutional Surveying: The Financial Aid Office sends a living expense survey to all students. Local housing markets including Harvard Real Estate are surveyed.
• Consumer Price Index (CPI): This is utilized to aid in determining living costs, transportation and other expenses.
• Standard Budgeting: The calculation follows federal guidelines and institutional policies
• Financial Aid Committee: Made up of faculty, staff, and students who vote on the final COA budget.
2025-26 Financial Aid Award Notifications
Action Steps to Receive Your Financial Aid
• Review the terms and conditions of your award.
• Accept your award package.
• Complete the Annual Debt Review (optional).
• Adjust your loan by completing the HMS Loan Adjustment Form.
• Notify the HMS Financial Office of any outside scholarships you plan to receive.
• Check your student account billing statement.
• Complete a summer cash advance form if you plan to receive funds for summer living expenses.
Financial aid award notifications will be emailed to continuing students in mid-June.
To check the status of your financial aid application, log into the HMS Financial Aid Portal and go to the documents link.
Ned Palmer, MD, MPH Chief Operating Officer & Co-Founder
Dr. Ned Palmer MD, MPH is an instructor in pediatrics and faculty at the Center for Bioethics at Harvard Medical School. Join Dr. Palmer to prepare yourself with financial information for your entire career as a physician. As the Co-Founder of Panacea Financial, the national digital bank for medical students, residents, and physicians, Dr. Palmer is acutely aware of the financial struggles of medical trainees.
FINANCIAL LITERACY SPRING SERIES
Hosted By Dr. Ned Palmer & HMS Financial Aid Office
These sessions will provide practical knowledge you can begin to implement as a student.
Academically, Dr. Palmer is in the global health faculty at Boston Children's Hospital, as well as at Harvard Medical School in the Center for Bioethics.
May 13th at 7pm EST (Zoom)
Common Financial Mistakes Physicians Make & How to Avoid Them
May 20th at 7pm EST (Zoom)
Student Loan Management Through Medical School
May 27th at 7pm EST (Zoom)
Rent or Buy? Housing for Medical Students
June 3rd at 7pm EST (Zoom)
Planning Your Financial Transition to Residency
Zoom Link: https://harvard.zoom.us/j/94154984052
For specific questions or topics you'd like addressed, scan this QR-code and submit!
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.
2025-26 Federal Loan
Financial Aid Fact
The first version of the FAFSA was introduced in the early 1980’s. It aimed to gather consistent financial information for all applicants which would be used to determine their eligibility for federal student aid.
Early on the FAFSA had some challenges.
• Used to be a multi-page document in carbon copy form.
• Had to be handwritten with special ink requirements.
• The FAFSA had to be mailed which caused delays and lost applications.
Today’s FAFSA is now significantly easier to use than in the past due to technological advancements.
by Jimmy Chan
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Monthly Highlight
Outside Scholarship Tips and Tricks
Before you Start
Start Now: Don’t wait. The earlier you start, the better.
Know Yourself: What makes you special?
Finding Scholarships
Use Free Websites: Fastweb and College Connection Scholarships.
Explore HMS External Scholarships Brochures.
Think Local: Check with businesses and groups in your city or town.
Look for “Your” Scholarships: Find ones for your academic program, background, etc.
Ignore Fees: Never pay to find scholarships.
Applying
Follow Directions: Read the rules and do exactly what they say.
Write Strong Essays: Show your personality and tell your story.
Proofread: Check for mistakes.
Apply, Apply, Apply: The more you apply, the better your chances.