Financial Aid for M.D. Programs
Financial Aid for M.D. Programs
In order to serve its student body efficiently, the SOM maintains its own office of financial aid. The SOM Scholarship Committee, composed of administrators, faculty and appointed physicans from various specialties of medicine, makes policies for the awarding of institutional financial aid. Applicants seeking consideration for institutional scholarships must file the NeedAccess forms as well as the FAFSA. In addition, applicants may be asked to provide copies of their and/or their parents’ Federal Income Tax Returns. Students seeking only loan assistance are not required to provide parental financial information. They must complete FAFSA for every academic year they are seeking federal student loan assistance.
Applicants who anticipate borrowing student loans as a means of financing medical education are advised to assure that their personal credit record has no adverse credit history. The establishment of good credit is not a requirement for obtaining the Federal Direct Unsubsidized Stafford Loan but the Federal Direct Graduate Plus Loan and Private Student Loans take credit history into account.
Financial need is not a factor in decisions regarding admission. Financial Aid information is made available to all students who are invited to the SOM for admissions interview.
The SOM Financial Aid Office is the primary point of contact for all financial aid questions. It is located on the fourth floor of McGlothlin Medical Education Center, Room 4-306. You are welcome to visit, call (804-828-4006) or e-mail any staff member.
- Financial Aid Eligibility
- Types of Aid
- Applying for Financial Aid
- Cost of Attendance for M.D. Programs
- VCU SOM Financial Aid Forms for M.D. Students
- Debt Management and Resources
- Check your financial aid status online
- Helpful Links
- Contact Us
Financial Aid Eligibility
United States and Canadian citizens and permanent residents are considered for admissions. All Canadian citizens or Canadian permanent residents coming to VCU School of Medicine to obtain an M.D. degree must certify via I-20 that they have sufficient financial means to attend school before they enter the country on an F-1 visa. There are no sources of funding available to international students from federal or institutional aid.
Types of Aid
Students who would like to be considered for SOM Scholarships must fill out the NeedAccess Form in addition to the FAFSA. The SOM Scholarship Committee will award institutional scholarships based on need and/or merit. There is no other Scholarship application for institutional scholarships.
National Health Service Corps Scholarship
This program requires a supplemental application, which is available after January 1, and a deadline of March 31. You can request one to be mailed to you by calling 800-221-9393 (outside Virginia) or 703-734-6855 (within Virginia). The National Health Service Corps will provide for up to four years of paid tuition and fees, books and supplies and approximately $800 per month stipend in exchange for service as a physician after graduation. Normally the recipient serves one year in a federally-designated underserved area for each year of scholarship.
United States Armed Forces Scholarship
The Army, Navy, Air Force and Army National Guard provide for up to four years of paid tuition and fees, books and supplies allowance and approximately $1,907 per month stipend in exchange for military service after graduation. Normally, the recipient serves one year on active duty for each year of scholarship, with a minimum of three years. The Army and Navy are offering a signing bonus in addition to other benefits.
For more information, contact:
United States Army Health Care Recruiting
SSG Angela Sutton
Office: (804) 530-8546
Cell: (443) 694-1016
United States Air Force Health Care Recruiting
TSGT Ilie P. Cornelio
Office: (703) 271-1601
Cell: (240) 499-6006
United States Navy Health Care Recruiting
LT Andrea N. McCoy Garrett
Office: (434) 296-6304
Cell: (804) 339-9775
Federal Student Loans
Federal Direct Subsidized Loan
The Federal Direct Subsidized Stafford Loan is no longer available for Graduate and Professional students.
Federal Direct Unsubsidized Stafford Loan
The Federal Direct Unsubsidized Stafford Loan is available to medical students regardless of need or ability to contribute. Maximum annual loan limit is $42,722 (for M-1 and M-4 students) and $47,167 (for M-2 and M-3 students). A one-time promissory note needs to be signed for the Federal Direct Unsubsidized Stafford Loan. An origination fee of 1.068 percent is charged up front for loans disbursed after October 1, 2015 and before October 1, 2016. The Stafford Loan aggregate limit is $224,000. The interest rate on the loan is at a fixed 5.31%. Interest begins to accrue on these loans at the time of disbursement. Repayment begins six months after termination of enrollment or graduation. There is no deferment during internship and residency, but forbearance and various alternate payment plans are available.
Federal Direct Graduate PLUS Loan
The Federal Direct Graduate PLUS Loan is a credit based loan that allows graduate and professional students to borrow up to the standard cost of attendance minus any other aid. An origination fee of 4.272 percent is charged up front for loans disbursed after October 1, 2015 and before October 1, 2016. The interest rate on the loan is at a fixed 6.31%. Repayment begins immediately with provisions for deferment while in school more than half time. Applications are available on the Financial Aid website under the Forms tab. Students must sign a separate master promissory note for these loans.
Private/Alternative Student Loans
These are unsecured bank loans. These credit-based loans are offered at variable interest rates and are based on either prime or LIBOR, which fluctuates quarterly. Interest begins to accrue immediately but you are able to defer both interest and principle repayment while you remain enrolled. Most lenders will also allow deferment during all or part of your residency. Various lenders offer different benefits, terms and conditions so be sure to read carefully before you agree to apply or consult with the SOM Financial Aid Office.
Other Federal Loan Programs
The Federal Primary Health Care Loan (PCL)
The Federal Primary Health Care Loan is a campus-based program awarded by the Financial Aid Office to medical students who have chosen to work in primary care fields. Funds are very limited. Eligibility is determined from information submitted on NeedAccess. Students must furnish copies of parental information to the financial aid office to be considered for this loan, regardless of dependency status. The loan has a 12-month grace period after graduation with a fixed interest rate of 5 percent. Payment of the loan may be deferred during periods of internship and residency. The student is not responsible for interest until repayment begins. In general, regular loans can be converted at graduation to Super PCL loans once it is clear that the student will be matched in a primary care residency. The availability of PCL depends on the availability of funds each academic year.
Loans for Disadvantaged Students (LDS)
This is a campus-based program awarded by the School of Medicine Financial Aid Services Office to medical students who are determined to be financially needy and/or from disadvantaged backgrounds. There are very limited funds available for this loan. The loan has a 12-month grace period after graduation with a fixed interest rate of 5 percent and may be deferred during periods of internship and residency. The student is not responsible for interest until repayment begins. The availability of LDS depends on the availability of funds each academic year.
Applying for Financial Aid
Two steps are required each spring to apply for aid for the subsequent academic year:
1. Fill out FAFSA. Our federal code# is 003735. This is adequate if applying only for federal student loans.
2. Fill out NeedAccess. Necessary for any grant/scholarship and/or United States Department of Health and Human Services funds. You must provide parental information to be considered for this aid regardless of age or marital status. If your application is selected for verification, you will be asked to submit tax returns.
Once your file is complete you will be notified of your financial aid eligibility. You must then fill out and return to the SOM Financial Aid Office the 2016-2017 Acceptance of Student Loans Form indicating how much Federal Direct Unsubsidized Stafford Loan you wish to borrow. You may borrow more later (up to the cost of attendance figure minus all other aid) if something unexpected comes up.
Cost of Attendance for M.D Programs
VCU School of Medicine Financial Aid Forms for M.D. Students
VCU's Financial Aid Forms:
Financial Aid Rights and Responsibilities:
Acceptance of Student Loans Form:
VCU School of Medicine - Medical Degree Program Financial Aid Checklist:
Debt Management and Resources
Financial Aid Summer Workshop for Incoming M1 Students:
The SOM Financial Aid Office holds a voluntary financial aid summer workshop usually during the month of June for incoming M1 students. The financial aid process, types of aid and other services and resources are discussed during this workshop to help prepare the students for their first year. This workshop is a one day workshop which is communicated to the incoming students by the Admissions Department. The main emphasis is on the financial aid process.
Loan Counseling and Debt Management during medical education:
The SOM Financial Aid Office provides Loan Counseling and Debt Management presentations for M.D. students during Orientation and throughout their medical education. The SOM Financial Aid Office observes open door policy. Students are welcomed to stop by or make an appointment for Debt Management Counseling at any point during their education. Students who have borrowed student loans are given a detailed Exit Counseling presentation at the end of M4 year.
For Free Credit Report:
For a free credit report, visit:
- Experian: http://www.experian.com
- Equifax: http://www.equifax.com
- TransUnion: http://transunion.com
Check your financial aid status online
Check your financial aid status online at:
Free Application for Federal Student Aid (FAFSA): https://fafsa.ed.gov
Need Access (for Scholarship application/renewal): www.needaccess.org
Federal Student Aid: https://studentloans.gov/myDirectLoan/index.action
National Student Loan Data System (NSLDS): The NSLDS allows the students to view federal student loan history. https://www.nslds.ed.gov
AAMC FIRST: Financial Information, Resources, Services and Tools: https://www.aamc.org/services/first
Medloans Organizer and Calculator (MLOC): The MLOC provides a secure location to organize and track your loans and then calculate custom repayment plans using your own loan information to help you make smart choices about repayment: https://www.aamc.org/services/first/medloans
For questions or comments, contact the VCU School of Medicine Financial Aid Office via http://www.medschool.vcu.edu/studentaffairs/financial_aid/contact/