Doctor of Medicine
Need-based scholarships are awarded based on financial need demonstrated for students over 30 years old when entering medical school or otherwise must include a biological parental financial aid application. Need-based aid is packaged 50% scholarship and 50% loans.
Merit-Based scholarships are awarded by the committee on Admissions for the Medical School. All merit scholarship information is decided upon at the Admissions level and each student will be notified individually if awarded. There is no separate application process, and all accepted students are considered for merit-based scholarships. It is typical for MD applicants to receive admission notice prior to any merit award notification. Therefore, merit awards do not accompany the initial admissions acceptance.
Washington University Loan Information
Washington University loans, Federal Perkins loans, Federal Direct Unsubsidized loans, Federal Direct Graduate Plus loans, and/or Private loans are available to students who qualify based on completion of the FAFSA, financial aid application, and other required documents. Perkins, Direct Unsubsidized, and Washington University loans are awarded by the Financial Aid Office (other loans may require additional applications).
These institutional loan funds are reserved for Medical students who demonstrate financial need. This loan type is awarded to students who apply using parental tax information or are 30 years old when entering medical school. Students will be awarded upon receipt of their FAFSA and the submission of all financial application/forms.
Washington University Loan Terms
|Annual Limit||$27,000 (for the 15-16 year)|
|Repayment Begins||6.25% (36 mos. after graduation)
0% (3 mos. after graduation)
|Length of Repayment||10 years|
|Interim Interest Capitalization Frequency||N/A|
|Interim Interest Capitalization Occurrence||N/A|
|Min/Max Rates||6.25% (1st–3rd yrs.)/ 0% (4th yr. only)|
|Interest Rate||6.25%/0% Fixed|
*Loans are interest-free while in school and for the grace period after the student ceases to be full-time. Interest rate is determined by the terms of the loan fund. 6.25% loans have a 36-month grace and the 0% loans have a 3-month grace. These University loans do not qualify for any Federal forgiveness and/or consolidation.
Federal Perkins Loan
**The Federal Perkins Loan program has currently been discontinued and may not be available for upcoming academic years.
The Perkins loan is the only graduate-level loan that is currently subsidized (interest paid) by the Federal government. This loan is awarded based on Federal need and may be limited to continuing students only.
Perkins has a fixed 5% interest rate with a standard 10-year repayment term. There are no fees for this loan, and the loan will not accrue interest while you are enrolled at least 1/2 time in a degree-seeking program. There is an interest-free and payment-free period of 9 months once you graduate or cease to be enrolled at least 1/2 time.
Federal Direct Unsubsidized Stafford Loan
With a complete financial aid application, a graduate student can be eligible to receive up to $40,500 annually.
Direct Unsubsidized loans are currently 5.31% for the 2016-2017 aid year for loans disbursed between July 1 and June 30 and have an origination fee of 1.069% that is subtracted from the loan at the time of disbursement for loans disbursed before October 1, 2017. The loan rate is fixed for the life of each loan; however, the fixed rate is set on July 1 of each year.
The Direct loan has a 6-month payment free grace period once you graduate or cease to be enrolled at least 1/2 time status. There are numerous repayment options starting at 10 years up to 25* years. Income based repayment options are also available to those who qualify.
*based on total debt load.
Federal Direct Graduate PLUS Loan
If you borrow the maximum Direct Unsubsidized loan, you may apply for a Direct PLUS loan. This loan is currently 6.31% for the 2016-2017 aid year for loans disbursed between July 1 and June 30 and have an origination fee of 4.276% that is subtracted from the loan at the time of disbursement for loans disbursed before October 1, 2017. The loan rate is fixed for the life of each loan; however, the fixed rate is set on July 1 of each year.
The PLUS loan has a no annual maximum; the amount is based on the remaining cost of attendance eligibility within a student’s budget.
Federal PLUS loans are based on overall good credit standing; therefore, you must apply online at Studentloans.gov. The credit check is valid for 180 days; therefore, please be aware of your academic start time.
NON Federal Loan Options
Alternative / Private Student loans will require a credit check and possibly a co-borrower to maximize the best possible interest rate. The loan terms and conditions are based on you and your co-borrower’s (if applicable) credit score and the specific loan product you select from that private lender. Our office has provided a list of lenders that provide healthcare-specific loan programs. On the FASTChoice website you can review, compare, and even apply online using any one of those lenders.
PLEASE NOTE: It is not the University’s position to recommend or endorse any particular lender. Select the terms and conditions that best suit your individual needs. For more information regarding alternative/private student loans, please visit FinAid.org and/or contact our office for more information.
Federal Loan Information
Outside/Private Scholarships Opportunities
Scholarship & Loan Repayment Opportunities for Primary Care (National Health Service Corps)