Types of Aid

Washington University School of Medicine

The University and it’s graduate programs offer various types of aid to help fund one’s cost of education. Each graduate program has its own specific funding in which can be combined with Federal loan options from the Department of Education.

Institutional Scholarships/Tuition Remission

All scholarship dollars are program specific and determined by a student’s program of admittance. Additional information regarding program specific aid is provided on the links to the left.

Program Specific Assistantships and Federal Work Study

Students in many of our Graduate Professional programs receive assistantships or work study funds from their program. Students who qualify for these funds are working in the programs and are paid through these funding opportunities. To see if your program has assitantship opportunities, click on the program link to the left. MD students are not eligible for assistantships or Federal work study funding.

 

Loan Options Offered by Student Financial Planning for Graduate Programs (PACS, PT, OT, MSIBS, MAHBR, etc.)  **Federal loan rates change every July 1st.

**The Federal Perkins Loan program has currently been discontinued and may not be available for upcoming academic years.  

Loan Type Federal Perkins Federal Direct Unsubsidized Federal Direct Graduate PLUS
Interest Rate 5.0% Fixed 5.31%**Fixed for life of the loan. 6.31%** Fixed for life of the loan.
Loan Fee NONE 1.069% 4.276%
Annual Maximum Amount $2,000-$3,000 annual school allotment $20,500 No Annual Limit Awards can reach the maximum cost of attendance (COA).
Repayment Information Nine month payment free/interest free grace period if less than 1/2 time status or graduation occurs Six month payment free grace period if less than 1/2 status or graduation occurs Immediate repayment (within 30 days) when a student is less than 1/2 time status or graduation occurs. (Call your servicer for deferment options.)

Loan Options Offered by Student Financial Planning for Doctor of Medicine (MD)   **Federal loan rates change every July 1st.

**The Federal Perkins Loan program has currently been discontinued and may not be available for upcoming academic years.

Loan Type Federal Perkins Federal Direct Unsubsidized Federal Direct Graduate PLUS
Interest Rate 5.0% Fixed 5.31%** Fixed for life of the loan 6.31%** Fixed for life of the loan.
Loan Fee NONE 1.069% 4.276%
Annual Maximum Amount $5,000 annual school allotment $40,500 No Annual Limit Awards can reach the maximum cost of attendance (COA).
Repayment Information Nine month payment free/interest free grace period if less than 1/2 time status or graduation occurs Six month payment free grace period if less than 1/2 status or graduation occurs Immediate repayment (within 30 days) when a student is less than 1/2 time status or graduation occurs. (Call your servicer for deferment options.)

Loan Options Offered by Student Financial Planning for all types of students

Private student loans are also an option to fund your education.  As a university our office cannot endorse any one particular lender or bank, therefore we have provided a historical listing of lenders whom have provided our students with loans.  An online comparison of these lenders, their rates, fees, and terms/conditions can be reviewed using the FastChoice portal.  If you should choose to use one of these lenders please note that your application process is completed solely between you and the lender. The school will only be asked to certify your student loan once you have completed all of the required documents.

*There are several key differences between private loan and Federal loans

Loan Type Federal (Direct Unsub or Graduate PLUS) Private Student Loans
Interest Rate Fixed Rate: Set every year by the Department of Education (July 1st) Fixed rate or variable based on student selection
Loan Fee Set October 1st (typically Direct Unsub 1.069%) (typically Graduate Plus 4.276%) Many lenders have NO fees up to 3%
Annual Maximum Amount Direct unsub annual amount $20,500 / GP no annual amount it is up to cost of attendance budget (COA) No Annual Limit Awards can reach the maximum cost of attendance budget (COA).
Repayment Information Direct Unsub and GP loans receive a 6 month Grace period of no payments. Flexible repayment options throughout the life of repayment, including income-based options for financial hardships, and *possible federal forgiveness options if available Repayment is typically set when the loan is requested. Repayment options are fixed and can’t be changed or consolidated with Federal loans.  There is no income based repayment, and no Federal loan forgiveness options

 

Loan Resources

Federal Student Aid

ACS Education

Outside/Private Scholarships Opportunities

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