Federal Title IV Loan Programs
Federal Subsidized Direct (formerly Stafford) Student Loans
Graduate students are no longer eligible (effective July 1, 2012) to borrow through the Federal Subsidized Direct Student Loan Program.
Federal Unsubsidized Direct (formerly Stafford) 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 5.31% for loans originated and the first disbursement made prior to July 1, 2017 (this applies to 3rd and 4th year students, only) and 6.00% for all loans first disbursed on or after July 1, 2017 (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 1.069% for loans first disbursed prior to October 1, 2017. 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 is added to the MPN. Students must also complete Loan Entrance Counseling prior to the disbursement of their first Direct Loan. Both of these requirements are completed at www.studentloans.gov.
Federal Graduate PLUS Loan
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 www.studentloans.gov to receive the loan funds. The interest rate for loans originated and first disbursed before July 1, 2017 (this applies to 3rd and 4th year students, only) is 6.31%. The interest rate for loans originated and first disbursed on or after July 1, 2017 is 7.00% (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 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 4.276% for loans first disbursed prior to October 1, 2017. 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 high variable interest rates and are often a more expensive source of educational 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. The student must complete the FAFSA form and demonstrate financial need to receive this funding, and because it is a grant, it is not repaid. Funds are awarded on a first-come-first-served basis.
Charles E. Schmidt College of Medicine Scholarships
Florida Atlantic University and the College of Medicine are working to build a strong tradition of tuition assistance programs. The College of Medicine has a scholarship program that works to develop, promote, and award scholarships to our student body. This program is focused on advancing the Charles E. Schmidt College of Medicine and will provide many opportunities to deserving students that will leave a lasting legacy in the college for future generations. 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 students, and medical students are eligible to apply for many of them. Please view the FAU Scholarships Web Page for additional information.
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.
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.
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
The core program of NMF is the Scholarships and Awards. Offered primarily to first- and second-year medical students, these scholarships are granted on the basis of financial need. Learn more at http://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: http://nhsc.hrsa.gov/scholarships/.
American Medical Association
Research grants, need-based scholarships and merit-based scholarships are available. For additional information, click here.
Uniform Services Health Professions Scholarship Program (Army, Navy, and Air Force)
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 three years. The scholarship pays for tuition and fees; provides a monthly, taxable stipend and 45 days of active duty pay and allowances; and covers expenses for items such as books, supplies, instruments, etc. These scholarships are competitive and each branch of the military has its own selection board. For information contact:
Other Scholarship Websites
http://www.fastweb.com http://www.finaid.org/scholarship https://www.scholarships.com