College of Medicine / Students / Financial Aid / Types of aid

Types of Aid

 
Federal Title IV Loan Programs


Federal Unsubsidized Direct Student Loans

This is a non-need based loan and interest accrues from the date the funds are disbursed. The student may make interest payments while in school to avoid having the interest added to the principal upon entering repayment; however, this is not required. There is a six‐month grace period after the student stops attending before repayment begins. Medical students may borrow up to $42,722 in year 1, $40,500 in Year 2 and $47,167 in years 3 and 4. The maximum amount is determined each new academic year and is tied to the number of months funded in those years. The cumulative total allowed for all subsidized and unsubsidized Federal Direct student loans is $224,000. The interest rate for this loan is 6% for loans originated and the first disbursement made prior to July 1, 2018 (this applies to 3rd and 4th year students, only) and 6.595% for all loans first disbursed on or after July 1, 2018 (this applies to all 1st and 2nd year students, as well as 3rd and 4th year students who receive their first disbursements on or after July 1, 2017). The Origination Fee for this loan is 1.066% for loans first disbursed prior to October 1, 2018. The amount of the loan less the origination fee is the amount that will be disbursed to the student’s account. Both the interest rate and origination fee are subject to change for new loans first disbursed on or after July 1st, and October 1st, respectively, each year. The Master Promissory Note (MPN) is completed one time while enrolled at the Charles E. Schmidt College of Medicine, and the amounts borrowed in subsequent years are added to the MPN. Students must also complete Entrance Loan Counseling prior to the disbursement of their first Direct Loan. Both of these requirements are completed at https://www.studentloans.gov.  

Federal Graduate PLUS Loans 

The Graduate PLUS Loan is a Federal student loan that is offered to graduate students who need to borrow beyond the Federal Direct Loan limits. This loan has all the benefits of a federal loan program, such as deferment, forbearance, consolidation, and death and disability cancellation. The student must pass a credit check and will need to complete an application, master promissory note (MPN) and Entrance Loan Counseling at https://www.studentloans.gov prior to receiving any loan funds. The interest rate for loans originated and first disbursed before July 1, 2018 (this applies to 3rd and 4th year students, only) is 7%. The interest rate for loans originated and first disbursed on or after July 1, 2018 is 7.595% (this applies to all 1st and 2nd year students, as well as 3rd and 4th year students who receive their first disbursements on or after July 1, 2018). The student may borrow up to the Cost of Attendance (COA) minus other aid received, and must first apply for the lower cost Federal Unsubsidized Direct Loan. The Origination Fee for this loan is 4.264% for loans first disbursed prior to October 1, 2018. The amount of the loan less the origination fee is the amount that will be disbursed to the student’s account. Both the interest rate and origination fee are subject to change for new loans first disbursed on or after July 1st and October 1st, respectively, of each year. Students do not have to make any payments while they are enrolled in school at least half-time, and for an additional six months after they graduate, leave school, or drop below half-time.

Alternative Loans (a.k.a. Private Student Loans)

Private student loans (also known as alternative loans) are loans made by banks and private lending institutions. They are not part of the Federal government’s guaranteed student loan program and usually do not have the same benefits. They can have either fixed or variable interest rates and are often a more expensive source of education financing. Students may not want to consider borrowing from a private or alternative loan program until all Federal Loan options have been exhausted. It is strongly recommended that students schedule an appointment in the Office of Student Financial Aid before pursuing alternative loans. 


Institutional Grants and Scholarships


FAU Graduate Grant

This need‐based grant is derived from the financial aid fee charged to all students enrolled at FAU. To be considered for funding, students must complete the FAFSA form and demonstrate financial need. This is a grant that is not repaid. Funds are awarded on a first-come-first-served basis.

Charles E. Schmidt College of Medicine Scholarships

The College of Medicine provides scholarship opportunities for medical students. To apply, students must complete the scholarship application and include parent data on their FAFSA’s. Please visit the COM Scholarship Opportunities web page to view current scholarship opportunities, criteria and the application form.

Florida Atlantic University (FAU) Scholarships
FAU offers scholarships to University students, and medical students are eligible to apply for many of them. Please view the FAU Scholarships Web Page for additional information.

State Scholarships and Florida Prepaid


Florida Bright Futures
 
Students who received for Florida Bright Futures funding and completed their undergraduate degree in less than eight semesters, may receive one semester of funding as a medical student. Students need to make the Office of Medical Student Financial Aid aware of their eligibility.

Florida Prepaid  
Students with unused Florida Prepaid funds may use them while in medical school. Students need to make the Office of Medical Student Financial Aid aware that they have this funding.

Outside Scholarships


The Office of Student Financial Aid at the College of Medicine encourages students to seek scholarships from outside sources. Those scholarships and/or other outside resources must be reported to the Office of Medical Student Financial Aid, as a student’s total financial assistance may not exceed the cost of attendance budget. Adjustments to the Federal award package may be required, and loan will be reduced (where possible) to allow for increased grant or scholarship funding. This requirement applies to outside scholarships, as well as research and teaching assistantships/fellowships (if applicable).

National Medical Fellowships (NMF)

NMF offers scholarships and other awards. Offered primarily to first and second year medical students, these scholarships are granted on the basis of financial need. Learn more at https://www.nmfonline.org/programs. 

National Health Service Corps Scholarship Program
The National Health Service Corps (NHSC) Scholarship provides payment of tuition and fees, books, supplies and equipment, and a monthly stipend. Selected applicants may receive up to four years of funding. For each year of financial support, NHSC requires one year of full-time clinical practice at salaried ambulatory care sites in high-priority, Health Professional Shortage Areas. The minimum service obligation is 2 years. For further information, please go to: https://nhsc.hrsa.gov/scholarships.

American Medical Association (AMA)
Research grants, need-based scholarships and merit-based scholarships are available. For additional information, please go to: https://www.ama-assn.org/physicians-tomorrow-awards.

Uniform Services Health Professions Scholarship Program (HPSP)
These scholarships provide financial assistance to medical students in exchange for active duty service in the Armed Forces. For each year of participation, the student must serve one year of active duty with a minimum obligation of two years. The scholarship pays for tuition and fees; provides a monthly stipend and 45 days of active duty pay and allowances after the first year of medical school, while in training. It also reimburses expenses for items such as books, supplies, instruments, health insurance, etc. These scholarships are competitive and each branch of the military has its own selection board. For information contact:

Air Force
Army
Navy 


Other Scholarship Websites

https://www.fastweb.com
https://www.scholarships.com
http://finaid.org/



Last Modified 6/14/18