University of Vermont

Student Financial Services

Types of Aid Available to Medical Students

This page covers general information on types of aid available to medical students.

The primary source of financial aid for medical students is loan funding. As detailed below, medical students may also pursue institutional scholarship and state grant funds.

Generally, the FAFSA is the only application required to be considered for the aid listed below; however external scholarships and state grants may require additional applications.


  • 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.


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: 6.21% fixed
    • Origination Fees: Click here for Direct Stafford Loan Origination Fee.
    • 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: 7.21% fixed
    • Origination fees: Click here for Direct PLUS Loan Origination Fee.
    • 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.
  • 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 May 21 2014 09:40 AM

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