For What It’s Worth Monthly Financial Aid Newsletter
September 2026
Refunds Need money to cover fall living expenses?
Students who expect to have a credit balance once all anticipated aid is disbursed may apply for a living expense refund against the future credit. Complete a Refund/Cash Advance Request Form
Welcome Incoming Class – Fall 2026
The HMS Financial Aid Team extends a warm welcome to the Harvard Medical School community. We look forward to supporting you throughout your journey here.
Meet the Team Ryan Callahan – Director of Financial Aid Sarah Carey – Associate Director of Financial Aid Siobhan Keenan – Assistant Director of Financial Aid (Manages the financial aid caseload for students with surnames A-K. Yolanda Paul – Assistant Director of Financial Aid (Manages the financial aid caseload for students with surnames L-Z.
Student Services We’re highlighting helpful resources available to support you throughout your journey at HMS.
Student Financial Services • • • • • •
Payment plans Bill payments Third party billing Bill due dates Direct Deposit Tax forms – 1098T https://sfs.harvard.edu/
Harvard University Student Health Program • Coverage information • Health insurance waivers and deadlines https://hushp.harvard.edu/your-benefits/
Veteran Benefits Office • Apply to utilize benefits • Benefits overview • VA benefits forms https://sfs.harvard.edu/veteran-military-benefits
Registrar’s Office • Posts tuition and fees • Completes enrollment verification for loan deferment forms https://meded.hms.harvard.edu/registrar
Financial Aid Office • Posts anticipated aid • Processes living expense refunds • Disburses loans https://hms.harvard.edu/educationadmissions/masters-degreeprograms/financial-aid.
Student Perks & Discounts Looking to make your budget stretch further this semester? Discover a range of exclusive discounts and deals designed to help you spend less and get more out of campus life.
Arts and Culture Harvard students have access to arts and cultural events on and off campus, including 16 free Harvard museums and movie showings at the Harvard Film Archive.
Transportation Bike Share: students benefit from a discounted yearly membership to Bluebikes.
IT Perks and Discounts Harvard students are eligible for free and discounted software and hardware. For more information visit: https://www.huit.harvard.edu/it-perks-and-discounts.
Meal Plan for Graduate & Professional Students All graduate and professional school students are eligible for GradPlus, a meal plan that provides a 10% discount on purchases at multiple designated Harvard University Dining Services Campus Cafes, including Sebastian's Cafe. For more information visit: https://www.dining.harvard.edu/graduateprofessional-dining/meal-plans.
Zip Car: Students get discounted rates, including a yearly membership for $35 a year. Free Shuttle Service: Students can ride the Harvard and M2 shuttles for free with a student ID. For more information visit: https://college.harvard.edu/studentlife/residential-life/cambridge-boston.
Outings & Innings Harvard students can qualify for discounts and early access events to sporting events such as the Celtics, Red Sox and Bruins. Students can qualify for discounts to museums such as the MFA, ICA and the Isabella Stewart Gardner Museum. Discounts also include performing arts, movies and more. View Outings & Innings.
Strategies for Tackling Prior Educational Debt During Grad School Managing prior educational loan debt while in grad school can be challenging, but with careful planning and strategy, you can mitigate the financial burden. Here are some strategies: Understand Your Loans: Make sure you understand the terms of your loans, including interest rates, repayment schedules, and any deferment or forbearance options. Apply for Deferment/Forbearance: • Deferment: If you are enrolled at leasthalf time, you may be eligible to defer your loans. During deferment, you do not have to make payments, and in some cases, interest on subsidized loans will not accrue. • Forbearance: This allows you to temporarily suspend payments, but interest will accrue on all types of loans. Tracking Down Your Student Loans • Federal Student Aid (FSA): Visit https://studentaid.gov to view your federal loan information. • AnnualCreditReport.com: Request a free credit report from the 3 major credit reporting agencies (Experian, TransUnion, and Equifax) to see all federal and private loans listed.
Make Interest Payments: If you can, try to pay the interest on your loans. This can prevent interest from capitalizing, which happens when unpaid interest is added to the principal balance, increasing the amount owed.
Key Changes to Federal Student Loans
Federal Loan Updates
Harvard Student Financial Services has put together an FAQ site to address questions regarding federal student loan changes as part of the One Big Beautiful Bill Act enacted in July 2025. The changes to federal student loans will begin July 1, 2026. This impacts the 2026-27 academic year. View details.
2026-27 Federal Loan Interest Rates Announced Federal Direct Unsubsidized Loan: Fixed at 8.07%. Federal Direct Graduate PLUS Loan: Fixed at 9.07%.
Higher Temporary Rate Discount for Auto Pay Borrowers Starting July 1, 2026, the interest rate reduction for borrowers enrolled in auto pay will go from .025% to 1%. View details.
Photo by Jimmy Chan
Financial Aid Fact Students can request an increase to their cost of attendance budget for a one-time computer purchase for up to $2,500. This increase is covered with a federal or private loan.
Monthly Highlight
Financial Goal Setting A new academic year is the perfect time to set clear financial goals and create a roadmap for your success. Financial goal setting isn’t just about paying tuition—it’s about making sure your money works for you now and in the future. Here are a few steps to get started: • Identify Your Priorities: What matters most to you this year? Whether it’s saving for conferences, paying down debt, or building an emergency fund, write down your top financial priorities. • Set SMART Goals: Make your goals Specific, Measurable, Achievable, Relevant, and Time-bound. For example: “Save $500 by December for professional development expenses.” • Create a Budget: Track your income and expenses so you can see where your money goes and make adjustments where needed. Below are some budgeting apps: o Smart About Money o Thrive o Mint o YNAB • Monitor Your Progress: Check in with your goals monthly and celebrate small wins along the way. Don’t hesitate to adjust your plan if your situation changes.