Types of Assistance
Full Tuition Scholarship
Students enrolled in the College track receive a full scholarship covering tuition and fees. In the research thesis year there will be a continuation fee equal to 5% of tuition; this is covered by the full tuition scholarship. Our goal is to assure that financial constraints do not preclude appropriate candidates from following their dream of becoming physician investigators.
Outside scholarship money is limited, and it is up to the student to take the initiative and work with the Director of Financial Aid to identify and pursue the sources of funds that are available. Scholarship information is also available at the library and online.
When searching for outside scholarships, keep a journal of scholarships for which you are eligible. If you find a scholarship that requires you to be a second or third year medical student or the deadline just passed, write down all important information about the scholarship: who's offering it, how to contact them, application process, deadline, requirements….That way you can apply in the future!
Armed Forces Health Professions Scholarship Program
The Armed Forces Health Professions Scholarship Program (HPSP) provides contracts for financial assistance to medical students in exchange for active duty service in armed services (Air Force, Army, or Navy). Obligations incurred in the program will be served as a medical officer (physician) in the appropriate service. Please note that the stipend portion of the scholarship is considered taxable by the IRS.
For more information visit your local recruiter or:
- National Health Service Corps (NHSC) Scholarship Program
The National Health Service Corps Scholarship Program is a competitive federal program of service-obligated scholarships whose mission is to provide primary health care to populations in areas of greatest need. Priority will be given to applicants from disadvantaged backgrounds who are likely to continue to practice in health professional shortage areas after completing their service obligations. The minimum service obligation is two years. Please note that the stipend portion of the scholarship is considered taxable by the IRS.
Unsubsidized Federal Stafford Loans are low-interest loans made to you by U.S. Department of Education. All new students should complete one Master Promissory Note (MPN) for the Unsubsidized Federal Stafford Loans.
Alternative Loan Programs
Currently, many lenders are not participating in the private alternative loan programs. In the past, these loans were established to meet the students cost of attendance after exhausting funds from the federal stafford loan program. Feel free to contact the financial aid office to determine which lenders are still providing alternative loans.
Graduate PLUS Loan Program
The Federal Graduate PLUS Loan is a federally-guaranteed student loan to help meet costs that exceed Federal Stafford Loan limits. Previously available only to parents of undergrad's, this loan is now available to graduate students that meet federal eligibility requirements. Current interest rate is fixed at 8.5%. To qualify for this loan, your credit report cannot reflect any of the following negative items:
- Currently 90 days delinquent on repayment of any debt
- Debt discharged in bankruptcy during the past five years
- Evidence of a default, foreclosure, tax lien, repossession, wage garnishment or write-off of a Title IV debt during the past five years.
Borrowers are given up to 10 years to repay. Borrowers with over $30,000 in combined federal loans may be eligible for extended repayment up to 25 years. You may qualify for deferment and/or forbearance on this loan. An origination fee of 3% may be charged when you borrow the Graduate PLUS Loan.
Loan and Refund Procedures
Your Federal Stafford Loan (unsubsidized and/or Grad Plus) and alternative loans are disbursed to the school in two installments, one for each semester. Banks electronically transfer the money to the student’s account at the school. When the tuition is paid in full, a refund check will be issued to the student within 10 days if the difference between the amount of tuition owed is less than the amount of the check(s).