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School of Medicine

VCU School of Medicine

Welcome to VCU School of Medicine

Funding Priorities

Welcome to 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 128 privately-funded scholarships that provide 253 awards totaling almost $1.1 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 2017-18 academic year for the first-year class is $33,109 for in-state and $52,343 for out-of-state.  Combined with living expenses, unmarried first-year students face average yearly expenses of $65,025 and $84,259 respectively.
  • In the academic year 2017, the School of Medicine Office of Financial Aid awarded more than $1.3 million in merit and need-based scholarship support, with an average scholarship of $5,925.
  • About half of the student body received a scholarship over the past five years.
  • Only 42 students from the Class of 2017 graduated debt-free.
  • The average debt for those Class of 2017 graduates with debt was $201,370.
2017-18 M.D. Tuition and fees
In-State $33,109
Out-of-State $52,343
2017–18 Ph.D. Tuition and Fees
In-State $13,413
Out-of-State $26,583

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

 

Funding Requirements

Named scholarships in the medical school can be created at a minimum endowed level of $50,000. Below this amount, donors may direct support to any of the school’s established scholarships or to the 1838 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 4-5 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

 

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