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The Financial Aid Office provides a standard cost of living amount per student as part of the annual awarding criteria. Based on Department of Education guidelines the amount per month for each student is $2235. This monthly expense is multiplied by either ten or twelve months depending on whether the student’s program contains a mandated summer term or not. If a student determines that more living expense money is needed, the student can request a review by a financial aid counselor. The following are the two most commonly allowed reasons for increases. Under each reason is the required procedure and documentation. Students need to remember that the cost of living component in the financial aid budget "considers only the student's cost, not the cost of providing for an entire family." (page 44 Handbook for Financial Aid Officers, American Association of Medical Colleges, March 2007) At OUHSC we realize that many students have families and need additional assistance. It is expected that the spouse works and contributes to the family's financial needs. If the spouse does not work because of the number of children and the high cost of day care, or for other vital reasons, the Financial Aid Office will take the circumstances into consideration. Budget increases are not automatically granted, but we try to accommodate all reasonable requests. REASON #1: Average Monthly Expenses Exceed Standard Financial Aid Amount The student must complete the Cost of Living Worksheet provided below. This form indicates the standard amounts provided in the financial aid budget on the right column of the form. Below is a list of allowable budget items. Documentation of the most recent month’s bills is needed to support the student’s request. (We will not provide funding for past due balances if we already provided funding for the payments that should have been made) • Rental agreement or Mortgage Statement • Health Insurance statements or medical expenses. (A standard amount of health insurance provided by the student’s College may already be in the FA budget) • Transportation costs (insurance, car payment, etc.) • Credit cards applicable only if statement shows the card(s) was used for emergencies such as car repair, home repair, medical expenses, etc. We cannot use financial aid funds to pay balances from charges not associated with the emergency. • Receipts for groceries REASON #2: Unusual One-Time Expense If the reason for the budget increase request is due to a one-time unusual expense such as a medical not covered by insurance, car repair, home repair, etc. the student may simply supply a statement of the reason for the request for more funds and documentation to support the claim. For all cost of living increases the student needs to provide the Financial Aid Office in writing the specific amount being requested. Requests are not automatically approved. The documented costs provided by the student must exceed the amounts already covered in the standard financial aid budget. The financial aid counselor must determine if the documentation provided and the need for the request complies with federal regulations. Download the form below: |
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