Types of Aid Available to Medical Students

Scholarships

• Need-based: To be considered for university need-based scholarships medical students must supply parental informationon their FAFSA and submit their FAFSA prior to our priority deadline.
• Merit-based: Incoming first-year medical students are automatically considered for merit-based scholarships based on their application for admission. Questions about merit based scholarships for prospective students should be directed to the College of Medicine Office of Admissions.
• External: All medical students are encouraged to explore external scholarship opportunities. You can begin your search by reviewing our external scholarship resources.

State Grants

• Vermont residents may apply for a Vermont State Grant administered by VSAC. Apply on the VSAC website annually in January or February for the following school year.
• Residents of other states should check with their state higher education assistance agency regarding state grant availability.

Loans

What are loans? Loans are a form of financial aid that must be repaid with interest. Repayment terms vary by loan type (additional details below).

How do I apply? Get started by completing the FAFSA before our priority deadline. Your financial aid award will indicate the types of loans available to you. You will then need to take steps to sign for and finalize the loans you are eligible for. Click here to learn more about applying for financial aid.

Detailed information about common federal and institutional loans: For information about loan programs not listed below, contact our office or the loan program administrator.

• Federal Direct Subsidized Stafford Loan
  This loan type was only available for loans for periods of enrollment beginning before July 1, 2012. Effective for loans made for periods of enrollment (loan periods) beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Federal Direct Subsidized Stafford Loans.
• Federal Direct Unsubsidized Stafford Loan
  • Interest Rate: 6.80% fixed
  • Origination Fees: Click here for Direct Stafford Loan Origination Fee and Interest Rebate details.
  • Repayment Starts: 6 months after student graduates of enrollment falls below half time.
  • Other Information: Eligibility federal borrowing limits; total financial assistance cannot exceed cost of attendance.
  • Refer to Promissory Note for full loan terms.
• Federal Direct Graduate PLUS Loan
• Click here to learn more about Federal Direct Loans.
• Interest Rate - Direct Graduate PLUS: 7.90% fixed
• Origination fees: Click here for Direct PLUS Loan Origination Fee and Interest Rebate details.
• Repayment Starts: For Graduate PLUS Loans first disbursed after 7/01/2008, repayment begins 6 months after the student's enrollment falls below half-time.
• Other Information: Subject to credit approval eligibility based on financial need and federal borrowing limits.
• Refer to Promissory Note for full loan terms.
• Federal Perkins Loan
  • Interest Rate: 5.0% fixed
  • Origination fees: None
  • Repayment Starts: 9 months after student graduates or enrollment falls below half time.
  • Other Information: Funding is extremely limited. Perkins loans are awarded to students whose FAFSA is submitted before our priority deadline and who demonstrate exceptional financial need.
  • Refer to Promissory Note for full loan terms.
• Primary Care Loan
  • Interest Rate: 5.0% fixed (7% if non-compliant with Primary Care Loan terms & conditions - click here to view details)
  • Interest paid by Federal government while student is in school full-time.
  • Origination Fees: None
  • Repayment Starts: 12 months after student graduates or enrollment falls below full time.
  • Other Information: Funding is limited. Primary Care Loans are awarded to students who submit their FAFSA with parental information before our priority deadline, and who demonstrate financial need.
  • Service Requirement: Recipients must enter and complete a residency training program in primary health care no later than 4 years after graduation and must practice in primary health care in a state for 10 years (including residency) or through the date the loan is repaid in full. Recipients must certify to their institution on an annual basis that they are practicing in primary health care. Additionally, recipients are not to enter into any subspecialty training until the loan is repaid in full.
  • Refer to Promissory Note for full loan terms.
• Institutional Loans
  • The university offers limited, low-interest rate loan financing options to medical students through several institutional loan programs. Loan terms vary by program.
  • Refer to Promissory Note for full loan terms
  • Terms of common UVM institutional loans:
  
  

  	Dr. Robert Larner (borrowed before 7/01/07)	Dr. Robert Larner (borrowed on/after 7/01/07)	Benjamin Adams	Bennett
  Interest rate	0%*	5%	5%	0%
  Payment deferred in residency	No	Yes - Up to 3 years	No	Yes - Up to 3 years
  Repayment period	5 years	6 years	10 years	10 years
  Grace Period	9 months	9 months	9 months	9 months

  *For Larner Loans borrowed through 6/30/07, the interest rate is 0% provided the loan is paid back in its entirety within the 5 year repayment period. If the loan is not fully repaid within the 5 year repayment period, the interest rate converts retroactively to 8% with retroactive interest imposed.

Last modified October 25 2012 11:26 AM