Financial

Aid Frequently Asked Questions

Is Financial Aid available? Yes.
United States citizens, permanent residents, and eligible non-citizens are eligible to receive Federal loans through the William D. Ford Federal Direct Loan Program. These loans include the Direct Stafford Loan and the Direct Graduate PLUS Loan. Canadian students may be eligible for private loans through a US bank with a US cosigner and/or financial assistance from their province. Other international students may be eligible for private loans through a US bank with a US cosigner.

I am Canadian or an International Student. What financial aid options are available? Several options are available
Canadian students may be eligible for loans through the Canadian government and/or private loan programs. Please refer to the Financial Planning Guide for Canadian Students, which is available online at http://www.rossu.edu/documents/FinancialAssistanceforCanadianUpdated.pdf, for more information. International students on an eligible student visa are not eligible for Federal loan programs but may apply for private loans through US banks with a US cosigner.

How do I apply for financial aid? Applying for financial aid doesnt have to be difficult.
U.S. citizens, permanent residents and eligible non-citizens must complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. When completing the FAFSA be sure to include the appropriate school code: Ross University School of Medicine: G22460 Ross University does not require any supplemental financial aid application materials. After your FAFSA has been processed by the Department of Education, you may be required to submit additional information, such as citizenship documentation or a Federal income tax return. The Office of Student Finance will notify you if you are required to submit additional information.

What types of financial aid are available? Approximately 90% of Ross University students receive financial aid in order to finance their educational expenses.
U.S. citizens, permanent residents and eligible non-citizens must file the Free Application for Federal Student Aid (FAFSA). Once the Office of Student Finance has received your FAFSA information from the U.S. Department of Education, we will determine your eligibility for the following types of student loans: Direct Subsidized Stafford Loans This is a need-based Federal loan with a maximum limit of $4,250 per semester. The Federal government pays (subsidizes) the interest on the borrower's behalf during in-school, grace and deferment periods. The interest rate is FIXED at 6.8%. Direct Unsubsidized Stafford Loans This is a non-need-based Federal loan with a limit of $6,000 per semester, which a student may obtain in addition to the Direct Subsidized Stafford Loan. If a student does not demonstrate financial need, according to the formula set by the Department of Education, s/he may receive up to $10,250 per semester in the Direct Unsubsidized Stafford Loan program and will receive no Direct Subsidized Stafford Loan funds. The interest rate is FIXED at 6.8%. Direct Graduate PLUS Loans This is a non-need-based Federal loan for which the student can borrow up to the school's cost of attendance. If a student does not demonstrate eligibility for the Stafford Loan(s) by reaching the maximum aggregate Stafford loan limit of $138,500, s/he will receive the full cost of attendance in the PLUS Loan program. The interest rate is FIXED at 7.9%. The federal government does not offer any grants or scholarships for graduate students.

How much financial aid can I receive? You may receive financial aid up to the total cost of attendance.
For the 2011-2012 award year, the ESTIMATED cost of attendance is $29,970 per semester for Medical Basic Sciences and MERP. The ESTIMATED cost of attendance for Medicine Clinical is $29,575. This amount is intended to cover tuition, fees, health insurance, books and supplies, transportation and other reasonable living expenses. Your total financial aid package, including scholarships, grants, tuition waivers, Federal loans and private loans, cannot exceed this amount.

 When will I receive my refund? You may receive your refund check at registration.
The tuition and fees are deducted from the loan proceeds received from the Department of Education. The excess loan proceeds are intended for books and supplies, room and board, transportation, and personal expenses. The refund check will be available at registration pending on-time completion of the FAFSA, Entrance Counseling, and Master Promissory Notes. A Student Loan Estimator is available at http://www.rossu.edu/medcalculator to assist you with calculating the amount of loans to borrow to meet your needs.

I have just been admitted. When do I receive my financial aid award? Completing the necessary forms will expedite your award.
If you completed the Free Application for Federal Student Aid (FAFSA) and submitted all documents requested by the Office of Student Finance, you will receive your financial aid award letter and loan instructions 2-3 weeks from the date that you are admitted and your financial aid application is complete, but no earlier than three months prior to the start of the term for which you have been admitted. For example, a student who has been admitted for the May 2012 term may receive his or her financial aid award letter as early as February 2012. If you haven't completed the FAFSA, please do so as soon as possible at http://www.fafsa.ed.gov/. Please note: Students who have been admitted for the September 2011, January 2012 or May 2012 terms must complete the 2011-2012 FAFSA at www.fafsa.ed.gov.

How will I receive my financial aid?

The US Department of Education will send your loan funds directly to our New Jersey office.
The loan funds will be credited to your student account to pay any outstanding balance. Any excess funds will create a credit balance in your student account and the Office of Student Finance will process a refund check for you. You may use this refund to pay for books, transportation, living expenses or other personal expenses. If you expect to receive financial aid from an outside agency, such as a scholarship from a non-profit organization, you should instruct them to send the funds to the following address: Ross University Office of Student Finance 630 US Highway 1, Suite 300 North Brunswick, NJ 08902

Can I get financial aid to purchase a new computer? Yes.

You may request an increase in your financial aid award to cover the purchase of a new computer. You must submit a request in writing to the Office of Student Finance. Your request must include proof of purchase, such as a receipt or invoice that includes the purchase amount. If your request is approved, the Office of Student Finance will increase the amount of your Direct Graduate PLUS Loan or alternative loan up to the full cost of your computer purchase. We cannot increase your Direct Subsidized or Direct Unsubsidized Stafford Loan. Please note: You may only receive a cost of attendance increase for the purchase of a computer once during your education at Ross. If you received a cost of attendance increase for a computer in the past you may not request another one.

How do I defer (postpone) my loan payments? A simple enrollment verification letter can be sent to your lenders or servicers to apply for an in-school deferment.
You can now view and print an enrollment verification letter from myRoss that is customized to reflect your dates of enrollment and enrollment status; we are no longer processing loan deferment forms. You may print an enrollment verification letter and send it to your lender or servicer as proof of enrollment. To view and print an enrollment verification letter, follow these steps: 1. Click the Student Services tab 2. Click Registrar 3. Click Enrollment Verification Letter

How can I make a payment if I am not applying for financial aid? There are several options to make payments.

Pay online using a US checking or savings account:

This secure payment method will be available 24/7 and offers a fast, convenient, and safe method to pay tuition There are no fees to use this service Med or MERP student electronic check link- www.rossu.edu/medfreepay By Mail:

Make check, money order, or traveler's check payable to "Ross University" Payments must be in US dollars and drawn on a US bank Checks should be sent to: Ross University Office of Student Finance 630 US Highway 1, Suite 300 North Brunswick, NJ 08902 Wire Transfer:

Account No. 8666716452 Bank of America 135 South LaSalle Street

Chicago, IL 60603 ABA Routing No. 026009593 International Swift Code: BOFAUS3N Include student's name, student ID and/or the last four digits of the Social Security Number.

Online Credit Card Payment:

Ross University will only accept credit card payments for student account charges through the web. The University accepts MasterCard, Discover, and American Express. There will be a non-refundable convenience fee charged in addition to the payment amount. Link to make online credit payment: www.rossu.edu/medpayments

Payment Plan:

Pay balance in 2 or 3 monthly installments First payment is due 2 weeks prior to the semester start. The following payments are due on the 15th of each month. Must submit an online promissory note through MyRoss under the Student Finance tab, select Student Accounts, Student Accounts Forms, Promissory Note (online submission)

How can I contact the Office of Student Finance? You can contact the Office of Student Finance in any of the following ways:
Email: StudentServiceCenter@RossU.edu Phone: 732-509-4600 or 888-404-7677 Fax: 732-509-4821 Address: 630 U.S. Highway 1 Suite 300 North Brunswick, NJ 08902-3311