Why do first and second year receive refunds in August and third and fourth years receive refunds in July?
After you begin your second year of medical school, you are basically continuously enrolled. However, the financial aid regulations limit the time of a “loan period” for one year. Therefore, the financial aid loan periods indicated below allows our office to provide funds to you for living expenses continuously. So, your exact schedule may be slightly different than your loan periods. As an MS1, your budget is from August through May. Therefore, you receive your first refund in August. As an MS2, your budget is from August through July. Therefore, you receive your first refund in August. As an MS3, your budget is from July through July. Therefore, you receive your first refund in July. As an MS4, your budget is from July through May. Therefore, you receive your first refund in July. All student should anticipate their mid-year refund in January.
