Types of Aid 2016-2017

Type of Aid Annual Limit  Interest Rate  Net Fees  Eligibility
Medical School Scholarship 1/4 Tuition to 3/4 Tuition     Determined by Office of Financial Aid, need-based, considers family resources
Federal Direct Unsubsidized Loan 1st Year - $42,722
2nd Year - $44,944
3rd Year - $47,167
4th Year - $44,944
5.31% (accrues from date of disbursement; fixed rate for the life of the loan but each year new rates will be established for loans disbursed within that year based on the variable index rate)
1.069% Meet federal requirements1
Federal Direct Graduate PLUS Loan COA - other aid 6.31% (accrues from date of disbursement; fixed rate for the life of the loan but each year new rates will be established for loans disbursed within that year based on the variable index rate)
4.276% Meet federal requirements1, and meet credit requirements
Wolfson Loan Up to $20,000 0% during grace and/or eligible deferment periods, fixed at Prime +1% when in repayment. Capped at 7%.   Determined by Office of Financial Aid, need-based,  considers family resources
Primary Care Loan Varies by year 0% during grace
and/or eligible
deferment periods,
5% in repayment
  Students must meet with Office of Financial Aid to request funding. Borrowers must commit to a career in Primary Care for the life of the loan and be U.S citizens or eligible noncitizens, demonstrate financial need, and parental information may be required2
Loans for Disadvantaged
Students
Varies by year 0% during grace
and/or eligible
deferment periods,
5% in repayment
  Determined by Office of Financial Aid. Students and family must demonstrate financial need, fund availability varies by year2
Federal Work-study Typical base award of $500     Need-based, meet federal requirements1. Stu may request an increase if necessary.

 

 


1 Students must complete FAFSA, submit all required documents to the Office of Financial Aid and be: U.S. citizens or eligible non-citizens, enrolled in degree-seeking program at least half-time, meeting standards of satisfactory academic progress, in compliance with Selective Service requirements (if male), and have no prior drug convictions during a period of enrollment for which the student was receiving Title IV aid. In addition, borrowers must complete an online entrance interview AND complete a Master Promissory Note for each program prior to receiving funds from Federal Direct Sub/Unsub, Grad PLUS, and/or a Federal Perkins loans. Net fees are effective as of July 1st.

2 LDS and/or PCL borrowers must meet Title VII requirements, complete an HPSL online entrance interview and complete a Master Promissory Note for each program. In addition, the borrower will be required to review and accept disclosures and complete a self-certification form annually before funds disburse to their student account.

FAFSA School Code: E00520

MD Indebtedness

2016 average medical school indebtedness $213,000.