The Financial Aid Office is located on the first floor of Sanger Hall (1-008).  You are welcome to visit, call, 804-828-4006 or email any staff member. 

International Students:

All Canadian citizens or Canadian permanent residents.coming to VCU School of Medicine to obtain an MD 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.  

I.S. Citizens and U.S Permanent Residents:

Application procedures and sources of funding outlined below are for U.S. citizens and permanent Green Card holders.

Two steps to apply for Aid- Required each spring for the subsequent academic year:

1.  Fill out FAFSA, http://www.fafsa.ed.gov   Our federal code# is 003735. This is adequate if applying only for federal student loans.

2.  Fill out NeedAccess, http://www.needaccess.org  Necessary for any grant/scholarship and/or US 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 "Acceptance of Student Loans " form indicating how much subsidized and unsubsidized loan eligibility you wish to borrow. N.B. You may borrow more later (up to the total financial aid eligibility for your Cost of Attendance) if something unexpected comes up

Scholarship opportunities are sent out when they occur by e-mail with a $ in the subject line. Below are the major sources of money generally available to eligible students.  Contact the Financial Aid Office for additional information. 

There 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.

 School of Medicine Scholarships:
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 site.

Federal Direct Subsidized Student Loan:
Eligibility is determined by the FAFSA. This loan has no interest and no repayment until six months after graduation or separation from the medical school.The maximum loan amount is $8,500 per year, with an aggregate maximum of $65,500 including undergraduate loans.  The loan promissory note is available at http://dlenote.ed.gov.  You will use your Federal Pin number as your electronic signature, and if you do not have one, you can apply for one at the Federal Pin Registry Site.  The interest rate for loans disbursed post 7/1/06 is fixed at 6.8%. Repayment begins 6 months after termination of enrollment or graduation. There is no automatic deferment during internship and residency, but it is possible to qualify for a hardship deferment if the ratio of federal loan debt to income is high enough.

Federal Direct Unsubsidized Loan:
Available to medical students regardless of need or ability to contribute. Maximum annual loan limit (in addition to the subsidized loan) is $34,200 (for a ten-month academic year). Combined subsidized and unsubsidized loan aggregate is $189,125.  Only one promissory note needs to be signed for both subsidized and unsubsidized loans.   Interest is charged on these loans once the loan is fully disbursed. Repayment begins 6 months after termination of enrollment or graduation.  The same deferment options are available as for the subsidized loans

Federal Direct Graduate PLUS Loan:
A new loan begun in July 2006 which allows graduate and professional students to borrow up to the standard Cost of Attendance minus any other aid. The Direct Loan rate is 7.9%. An origination fee of 1% is charged up front. Repayment begins immediately with provisions for deferment while in school more than half time. Applications are available on the Financial Aid website under downloadable forms. These loans can be consolidated and will count toward the current formula for hardship deferments. Students must sign a separate promissory note for these loans..

Alternative Loan Program (ALP):
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..

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% 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. 2008/09 deadline for first round consideration is July 7, 2008. HHSStudentEligibilityWorksheet2008-09
_______________________________________________________________________

U.S. 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 $1000 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. For the 2008-09 year Army and Navy are offering a $20,000 signing bonus in addition to other benefits.

For more information, contact:

US Army Health Care Recruiting
Major Terrie Pittman, Army Recruiter

804 530-8548
Terrie.Pittman@usarec.army.mil

U.S. Air Force Health Professions Recruiting
Attn: Lt.Tim Grandberry
5700 Cleveland Street, Suite 344

Virginia Beach, Va 23462
((757) 518-8762

U.S. Navy Medical Programs/Naval Recruiting District
Attention: Lieutenant Commander Tamara Shmeer
411 East Franklin Street, Suite 103
Richmond, VA 23219
(800) 552-9947, ext 146
tamara.schmeer@navy.mil

Virginia Army National Guard Medical Department
Attn: Captain Elena Scarbrough
(804) 328-3079
elena.scarbrough@VA.NGB.ARMY.MIL

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 pick one up in our office or you can request one be mailed to you by calling 1-800-221-9393 (outside VA) or (703)734-6855 (within VA).  The National Health Service Corp 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 under-serve area for each year of scholarship.
_______________________________________________________________________

2007-2008 Cost of Attendance
2007-2008 Cost of Attendance (requires Adobe Acrobat Reader)

Financial Assistance:
In order to serve its student body efficiently the School of Medicine maintains its own office of financial aid.  The School of Medicine's Scholarship Committee, composed of administrators, faculty, and appointed physicians 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 the FAFSA. In addition, applicants may be asked to provide copies of their or their parents' Federal Income Tax Returns..  Students seeking only loan assistance are not required to provide parental financial information.

Applicants who anticipate borrowing 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 subsidized and unsubsicized student loans, but Alternative Loans and Graduate PLUS 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 School for admission interviews.