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 more than 70 privately-funded scholarship funds with a market value of $10.4 million. 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 Rises Significantly Every Year
• Funding Requirements
• Historical Data

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Student Debt Rises Significantly Every Year

• In fiscal year 2011, the School of Medicine Office of Financial Aid awarded nearly $3.5 million in merit and need-based scholarship support, with an average scholarship of $8,175.
• Approximately 87% of the student body received financial assistance last year.
• Only 17 out of 177 students from the Class of 2011 graduated debt-free.
• The average debt for those Class of 2011 graduates with debt was $156,849, ranging from $8,500 to $388,651.

2011–2012 M.D. Tuition and fees
In-State	$29,774
Out-of-State	$44,278

2011–2012 Ph.D. Tuition and Fees
In-State	$12,301
Out-of-State	$24,367

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

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Funding Requirements

Named scholarships can be created at a minimum endowed level of $25,000. Below this amount, donors may direct support to any of the school’s established scholarships or to the Medical Scholars Endowment 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 percent to five 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
$25,000	$1,250

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Historical Data

	Virginian	Out-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

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