We are dedicated to supporting you
Your time at VCU School of Medicine will be both rewarding and challenging, and we know that planning, budgeting and financing can create an additional burden as you pursue your education. We are dedicated to supporting you each step of the way with the advice, resources and tools you need to reach your financial goals in school and beyond.
Financial Aid for Medical Students
We’re here for you.
Let’s make this happen.
Types of Aid
Federal Direct Unsubsidized Stafford Loan
- Available to medical students regardless of need or ability to contribute
- Maximum annual loan limit: $42,722 (M1 and M4), $47,167 (M2 and M3)
- Origination fee of 1.057% is charged upfront for loans disbursed before Oct. 1, 2024
- Fixed interest rate of 7.05 % for loans disbursed after July 1, 2023 (interest begins to accrue at the time of disbursement)
- Repayment begins six months after termination of enrollment or graduation
- No deferment during internship and residency
- To apply, first complete and submit FAFSA form
Federal Direct Graduate PLUS Loan
- Credit-based loan that allows graduate and professional students to borrow up to the standard cost of attendance, minus any other aid
- Origination fee of 4.228% is charged upfront for loans disbursed before Oct. 1, 2024
- Fixed interest rate of 8.05% for loans disbursed after July 1, 2023
- Repayment begins immediately, with provisions for deferment while in school more than half-time. Application available here
- Campus-based program awarded by the SOM Financial Aid Office to medical students who have chosen to work in primary care fields
- Eligibility determined from information on CSS Profile form
- Fixed interest rate of 5%
- Student is not responsible for interest until repayment begins
- 12-month grace period after graduation
- Regular loans may be converted to primary care loans upon graduation, once it is clear that student will match into a primary care residency
Loans for Disadvantaged Students
- Campus-based program awarded by the SOM Financial Aid Office to medical students who are determined to be financially needy or from disadvantaged backgrounds
- Fixed interest rate of 5%
- Student is not responsible for interest until repayment begins
- 12-month grace period after graduation
- For students who are interested in pursuing primary care specialties
- Provides up to four years tuition and fees and approximately $800 per month stipend in exchange for service as a physician after graduation
- Recipients typically serve one year in a federally designated underserved area for each year of scholarship
Veterans Affairs Scholarship Programs
The Department of Veterans Affairs (VA) manages multiple educational programs for students in specific health care professions. The HPSP (Health Professional Scholarship Program) awards scholarships to students receiving education or training in a direct or indirect health-care services discipline and to assist in providing an adequate supply of such personnel for VA and the United States.
Health Professions Scholarship Program
- Service scholarship offered by branches of the U.S. military
- Army
- Navy
- Air Force
- Provides full coverage of all tuition and fees, plus monthly living stipend and reimbursement of health insurance and other related school expenses
- Upon graduation, recipients work one year in the branch of service they were accepted into for each year that they received the scholarship
Federal Student Loan Forgiveness and Loan Repayment Assistance Programs
Medical graduates can benefit from loan forgiveness and assistance program during residency or upon completion of residency depending on their specialty choice.
Public Service Loan Forgiveness program
- For medical students who aspire to work in the public service sector
- Not specialty specific, eligibility depends on not-for-profit employment
- Forgives the remaining balance on a direct loan after the student has made 120 qualifying monthly payments, under a qualifying repayment plan, while working full-time for a government or not-for-profit organization
National Health Service Corps Loan Repayment Programs
- For students who are interested in pursuing primary care specialties
- Provides two loan repayment programs in exchange for service as a physician after graduation in a health professional shortage area
- Student to Service Loan Repayment Program
- NHSC Loan Repayment Program
Veterans Affairs Student Loan Repayment Program
The Specialty Education Loan Repayment Program (SELRP) provides financial assistance to physicians in the form of a loan repayment to recent graduates of an accredited medical or school and are currently enrolled or matched to a residency identified as a shortage by the U.S. Department of Veterans Affairs (VA). The loan repayment is $40,000 a year with a maximum of $160,000. In return the recipient would agree to serve in a clinical practice at a VA facility for a period of 12 months for each $40,000 of loan repayment with a minimum of 24 months of obligated service.
- Unsecured credit-based bank loans offered at variable interest rates
- Interest begins to accrue immediately, but student may defer both interest and principal repayment while enrolled
- Many lenders also allow deferment during residency
- SOM Financial Aid Office recommends exploring all federal student aid options prior to applying to private loans
Debt Management and Resources
Taking on and managing debt can be overwhelming, and it shouldn’t get in the way of accomplishing your goals. Beginning as soon you are accepted into VCU School of Medicine, the Financial Aid Office is available to answer your questions and help you prepare for your future. Our door is always open.
Each June, we hold a voluntary financial aid summer workshop for incoming M1 students. Topics of discussion include the financial aid process, types of aid and other services and resources available to medical students.
Beginning at orientation and continuing throughout your time at VCU, we give debt management presentations and are available for loan counseling. Students are always welcome to stop by or make an appointment, and all M4 students receive detailed exit counseling and one-on-one guidance before graduation.
The School of Medicine observes the university tuition and fee refund policy.
Drops and withdrawals
Drops and withdrawals can affect a student’s account balance. Students who make registration changes after the initial billing date should review their accounts for updates.
- Drops: Charges are removed to indicate that the student never attended the class. Any financial aid already credited to the student’s account based on the original course registration will be removed and may create a balance due to VCU.
- Withdrawals: Charges are assessed and adjusted according to VCU’s refund policy. Medical withdrawals are treated no differently than other withdrawals. Students who withdraw may owe a balance to the university.
Housing, dining and financial aid adjustments can also affect the student’s balance. For information regarding cancellations and adjustments to dining and housing charges, visit Residential Life and Housing and VCUDine.
Financial aid implications
Students who withdraw prior to completing 60% of the semester (as measured in calendar days) will have to pay all or a portion of the financial aid funds that were disbursed to their VCU student accounts. They may also be responsible for university charges that were previously paid by financial aid.
For more information on the VCU Tuition Refund Policy, please go to https://sfs.vcu.edu/billing-and-payments/refunds/drops-and-withdrawals/
Financial Aid for Graduate Students
The School of Medicine Financial Aid Office provides financial aid counseling to students who are enrolled in the Premedical and Predental Graduate Health Sciences Certificate (CERT) program, Ph.D. programs and Master of Science programs.
To apply for financial aid, students must file the FAFSA 2023-2024.
Student loans
Federal Direct Unsubsidized Stafford Loan
- Maximum amount: $20,500 for fall and spring semesters
- Aggregate limit: $138,500
- Fixed interest rate: 7.05% (begins to accrue at the time of disbursement)
- Repayment begins six months after termination of enrollment or graduation, or if the student is registered less than half-time
- One-time promissory note needs to be signed
- Origination fee of 1.057% is charged upfront for loans disbursed before Oct. 1, 2024
Federal Direct Graduate PLUS Loan
- Credit-based loan that allows graduate and professional students to borrow up to the standard cost of attendance, minus any other aid
- Origination fee of 4.228% is charged upfront for loans disbursed before Oct. 1, 2024
- Fixed interest rate of 6.28%
- Repayment begins immediately, with provisions for deferment while in school more than half-time
- PLUS Loan Application
Private and alternative student loans
- Unsecured credit-based bank loans offered at variable interest rates
- Interest begins to accrue immediately, but student may defer both interest and principal repayment while enrolled
- Many lenders also allow deferment during residency
- SOM Financial Aid Office recommends exploring all federal student aid options prior to applying to private loans
Additional Resources
Scholarship News
Scholarship News
Five VCU medical students earn scholarships to support the care of medically underserved communities
Mon, Nov 1, '21
Scholarship News
Class of 2025 welcomes first cohort of Dean’s Equity Scholars
Tue, Aug 3, '21
Scholarship News
Prestigious fellowship supports neuroscience student’s research in traumatic brain injury
Fri, Jun 25, '21
Pemra Cetin
Assistant Dean of Student Affairs and Financial Aid
pemra.cetin@vcuhealth.org
Joy Jones
Senior Financial Aid Counselor
joy.jones1@vcuhealth.org