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School of Medicine Virginia Commonwealth University VCU Medical School

Financial Aid

Financial Assistance Programs

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

International Students

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.

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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:

  1. Fill out FAFSA. Our federal code# is 003735. This is adequate if applying only for federal student loans.
  2. 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 Acceptance of Student Loans [PDF] target 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 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.

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Federal Programs

Federal Direct Subsidized Student Loan

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 online. 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 July 1, 2006 is fixed at 6.8 percent. Repayment begins six months after termination of enrollment or graduation. There is no automatic deferment during internship and residency, but loans can be put into forbearance during that time.

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Federal Direct Unsubsidized Loan

The Federal Direct Unsubsidized Loan is 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 10-month academic year). Combined subsidized and unsubsidized loan aggregate is $224,000. 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 six months after termination of enrollment or graduation. The same deferment options are available as for the subsidized loans.

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Federal Direct Graduate PLUS Loan

A new loan begun in July 2006, the Federal Direct Graduate PLUS Loan 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 percent. An origination fee of one percent 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 Web site under downloadable forms. Students must sign a separate promissory note for these loans.

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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.

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Organizational Programs

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 $1907 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:

United States Army Health Care Recruiting
Elter, Alison, SFC, Army Health Care Recruiter
Phone: 804-530-8680
Cell: 877-229-0406
E-mail: alison.elter@usarec.army.mil

United States Air Force Health Professions Recruiting
Attn: Lieutenant Tim Grandberry
5700 Cleveland Street, Suite 344
Virginia Beach, VA 23462
Phone: 757-518-8762

United States Navy Medical Programs/Naval Recruiting District
Attn: Lieutenant Commander Tamara Shmeer
411 East Franklin Street, Suite 103
Richmond, VA 23219
Phone: 800-552-9947, ext. 146
E-mail: tamara.schmeer@navy.mil

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

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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.

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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

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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. 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.

Primary Health Care Loan Presentation [PDF]

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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. For the 2008-09 academic year, deadline for first round consideration is July 7, 2008.

HHS Student Eligibility Worksheet 2008–09 [PDF]

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