University Loans (Institutional Loans) are awarded based on financial need. Loan funds have been donated to the School of Medicine from generous alumni and friends.
Students who file the Free Application for Federal Student Aid (FAFSA) with student (and spouse if applicable) and parental data and demonstrate financial need will be considered for the University Loan. To apply for the University Loan the following is required:
- Submit a completed Validation for Scholarship Consideration form SIGNED by the student and a parent.
- Update the student tax information on the FAFSA via the IRS Data Retrieval Tool (IRS DRT) or provide a copy of the student/spouse (if married) 2014 Federal Tax Return Transcript.
- Update the parent tax information on the FAFSA via the IRS Data Retrieval Tool (IRS DRT) or provide a copy of the parent/stepparent 2014 Federal Tax Return Transcript.
The amount of the loan varies according to available funding and financial need. The interest rate on Institutional Loans is 9%, however, interest does not accrue while in school or during residency. Repayment begins six months after you graduate or cease to be enrolled on a full time basis. University Loan funds will only be applied toward tuition and will not be refunded to the student. Please refer to the Loan Application and Solicitation Form for additional informationabout the University Loan.
To view an overview of this loan and the other types of available loans, click Loan Overview