Financial Aid 101
Financial Aid Eligibility
Cost of Attendance
The standard cost of attendance is constructed, using federal aid guidelines, to include all mandatory education-related expenses experienced by all medical students at our school from the first day of classes to the last day of classes of the given academic year. Your total financial aid resources can not exceed your cost of attendance.
Calculating Need
Eligibility for financial aid is based on the applicant’s documented financial need. This is calculated by subtracting your contribution (as determined by your FAFSA information) from the student’s cost of attendance.
School of Medicine Need-Based Resources
Students interested in need-based resources are required to provide both parents information on financial aid applications, from which your contribution will be determined. In cases where a divorced parent has remarried, you have the option of using parent and stepparent. A parent’s ability to help, rather than their willingness, is something you should consider carefully. For these school-administered programs, “financial need” is considered in relation to the need of other applicants and the funding available for the academic year. Institutional resources consist of a limited number of need-based scholarships and need-based, low-interest loans.
Subsidized Stafford Loans
To calculate eligibility for Federal Subsidized Stafford loans, only financial information for the student (and spouse, if applicable) is considered in determining your contribution. This figure is subtracted from the cost of attendance, along with other scholarships or need-based loans, to determine your eligibility for Subsidized Stafford loans. The maximum you can receive is $8,500 per academic year, or your remaining financial need. A Stafford Loan is available from many banks, lenders, and state agencies. The annual maximum for eligible medical students is $8,500 with an aggregate maximum of $65,500. Interest on the subsidized Stafford loan does not accrue until repayment begins six months after graduation or separation from the University.
Unsubsidized Stafford Loans
In addition to the Subsidized Stafford Loan, students are also considered for Unsubsidized Stafford Loans. The annual maximum is $38,667 for students receiving the maximum $8,500 Subsidized Stafford loan or $47,167 for students not eligible for Subsidized Stafford loans. The student is responsible for the interest accruing during enrollment and deferment periods. Students may choose to make payments on the interest or defer all payments while in school. Federal Stafford Loans first disbursed on or after July 1, 2006 have a fixed interest rate of 6.8%. There is a six-month grace period after graduation before repayment begins.
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Additional Financial Aid Resources
Most students receive some combination of the need-based resources and Federal Stafford loans. Realistically, loan programs will probably provide the majority of your financial aid. In addition to institutional need-based resources and Federal Stafford loans, you may wish to consider other financial aid resources:
Federal Graduate PLUS Loan
Federal Graduate PLUS loans are a good option for students who need to borrow additional resources beyond the financial aid offered to them. The Graduate PLUS loan is a federal loan that has a fixed interest rate of 8.5%. In order to be considered for a Graduate PLUS loan, you must apply for this loan and your credit will be reviewed. Because Graduate PLUS loans have a higher interest rate than Federal Stafford loans, you should exhaust your eligibility for Federal Stafford loans prior to applying for Graduate PLUS loans. Remember that your total financial aid resources can not exceed your cost of attendance, so the Graduate PLUS loan is limited to cost of attendance minus your other financial aid resources.
Outside Administered Aid
Every year, a number of foundations and other organizations come forward and offer our students scholarships or low-interest loans. The award amounts, and the factors necessary to qualify, vary from year to year. Details on these scholarships and loans are often communicated to students via email.
Service-Related Programs
Clearly, these are not “scholarships” in the traditional sense. So consider carefully what the program will require from you after you graduate and whether your future career options will be enhanced or limited by the commitment.
The National Health Service Corps Scholarship Program
Full funding for tuition, fees, and related educational expenses in addition to a living expense stipend for two, three, and four-year scholarships. The NHSC is interested only in applicants who intend to practice in a primary care specialty. In repayment for each year of assistance, after completion of residency training, you serve as an officer in the U.S. Public Health Service in a physician-shortage area (minimum of two-year repayment).
The NHSC has a limited number of scholarships to award nationally each year. For more information, contact the NHSC office at (800) 221-9393.
The Armed Forces Health Profession Scholarship Program
Full funding for tuition, fees and reimbursement of all mandatory expenses in addition to a living expense stipend. In repayment for each year of assistance, after completion of residency training (military or civilian), you serve as a practicing physician/officer in your branch of the military (minimum of three year repayment).
For more information, contact the Air Force at (412) 474-8936, the Army at (412) 434-8470 or the Navy at (800) 742-2972.
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