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School of Medicine

Funding Priorities

Scholarships

Scholarships continue to be a high-priority need for the medical school. Since 1990, the generosity of donors in helping to address this crisis has led to the establishment of 78 privately-funded scholarships that provide 210 awards totaling almost $1 million annually. The Commonwealth of Virginia provides some scholarship assistance as well through the Commonwealth Funds.

Privately endowed scholarships at the medical school are a combination of need-based and merit-based awards. When each fund was established, donors outlined the criteria used to select the student recipients. Some scholarships support students considering a certain specialty or from a particular geographic region. Others reward those who have distinguished themselves through community service or academic merit.

The medical school’s financial aid office keeps students informed of all scholarship and loan opportunities and provides counseling to students on debt management. The School of Medicine Scholarship Committee is responsible for making the awards of both need- and merit-based scholarships. The committee also works with the School of Medicine Admissions Committee to award the various recruitment scholarships. Beginning in 2001, all students were required to complete an online scholarship application to be eligible for an award.


Student Debt: a Significant burden for medical students

  • Tuition and fees for the 2015-2016 academic year for the first-year class is $32,113 for in-state and $49,818 for out-of-state.  Combined with living expenses, unmarried first-year students face average yearly expenses of $63,405 and $81,110 respectively.
  • In fiscal year 2015, the School of Medicine Office of Financial Aid awarded more than $936,170 in merit and need-based private scholarship support, with an average private scholarship of $5,640.
  • Approximately 81% of the student body received some type of philanthropic scholarship assistance last year.
  • Only 37 out of 197 students from the Class of 2015 graduated debt-free.
  • The average debt for those Class of 2015 graduates with debt was $159,288 ranging from $8,500 to $314,780.
2016–2017 M.D. Tuition and fees
In-State $32,453
Out-of-State $50,278
2016–2017 Ph.D. Tuition and Fees
In-State $13,660
Out-of-State $28,974

Click here for links to video segments of medical students sharing how scholarships have impacted their lives and their studies.

 

Funding Requirements

Named scholarships can be created at a minimum endowed level of $25,000. Below this amount, donors may direct support to any of the school’s established scholarships or to the Medical Scholars Endowment Fund which is the school’s general endowment for scholarships. Endowments are most urgently needed in support of full- and half-tuition scholarships. Housed at the MCV Foundation, Scholarship Endowments produce an annual award of about 4 percent to five percent of the fund’s market value.

This table is based on a payout of five percent.

Gift Endowment = Award
$500,000 $25,000*
$220,000 $11,000
$110,000 $5,500
$50,000 $2,500

*Approaching full-tuition for an in-state student at 2013-14 rates.

 

Historical Data

 VirginianOut-of-State
1990 $7,367 $15,267
1975 $1,780 $3,010
1950 $425* $625*
1900 $65 a year with no differential for out-of-state students

*In addition to $86 fees for in- and out-of-state