Welcome to Financial Aid
Financial Assistance Programs
The Financial Aid Office 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.
- International Students
- United States Citizens and Permanent Residents
- Federal Programs
- Organizational Programs
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.
United States Citizens and Permanent Residents
The application procedures and sources of funding outlined below are for United States citizens and permanent Green Card holders.
How to Apply
Two steps are required each spring to apply for aid for the subsequent academic year:
- Fill out FAFSA. Our federal code# is 003735. This is adequate if applying only for federal student loans.
- 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 Medical School Financial Aid Office the 2016-2017 Acceptance of Student Loans Form indicating how much unsubsidized loan eligibility 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.
Scholarship opportunities are sent out by email with a “$” in the subject line when they occur. Below are also external sources of scholarships and loans available to medical students, and we encourage you to seek these out. One source of free Internet searching is available from FastWEB. Students must notify the Financial Aid Office if they receive or expect to receive outside scholarships.
- Federal Direct Subsidized Stafford Loan
- Federal Direct Unsubsidized Stafford Loan
- Federal Direct Graduate PLUS Loan
- Alternative Loan Program
Federal Direct Subsidized Stafford Loan
The Federal Direct Subsidized Stafford Loan has been discontinued.
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, M-2, and M-4 students) and $47,167 (for M-3 student). A one-time promissory note needs to be signed for the Federal Stafford Unsubsidized loan. An origination fee of 1.051 percent is charged up front for loans disbursed after March 1, 2013. The Stafford Loan aggregate limit is $224,000. The interest rate on the loan is at a fixed 6.8%. 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 4.204 percent is charged up front for loans disbursed after March 1, 2013. The interest rate on the loan is at a fixed 7.9%. 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.
Alternative Loan Program
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 Financial Aid Office.
- United States Armed Forces Scholarship
- National Health Service Corps Scholarship
- School of Medicine Scholarships and Awards
- The Federal Primary Health Care Loan
- Loans for Disadvantaged Students
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 Air Force Health Care Recruiting
Thomas M. Phillips
Master Sergeant, USAF
Phone: (703) 271-1601
United States Navy Health Care Recruiting
LTJG Stevie Greenway
Phone: (804) 771-2002 ext 164
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.
School of Medicine Scholarships and Awards
Through private donations and gifts to the Medical College of Virginia, loans and scholarships are available. These funds have various restrictions to certain classes or types of students according to the donor’s wishes. We use the data you enter on the Extracurricular Activity section of the Student Information System to award these.
Student Records System
The Federal Primary Health Care Loan
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. Contact the School of Medicine Financial Aid Office if you wish to be considered for this program.
Loans for Disadvantaged Students
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. Eligibility is determined on the basis of information on NeedAccess and the completion of our Eligibility Worksheet. 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. Please complete these forms and return them to the financial aid office for consideration. Only enrolled students will be considered. No decisions can be made during pre-enrollment periods.