Types of Financial Aid

Financial Aid is money provided to a student to assist them in paying for their education. The major forms of financial aid include gift aid (grants and scholarships) and self-help aid (loans and work-study).

Gift Aid

The University of Rochester School of Medicine and Dentistry does not offer scholarships through the Financial Aid Office. However, some departments do have modest scholarship budgets for students in their programs. The Financial Aid Office encourages applicants to inquire with their departments if scholarships funds may be available. Any departmental scholarship funds awarded to students will be incorporated into their financial aid packages and included as an available resource.

Loans

The array of loan options available to finance medical/graduate education is potentially confusing. The Financial Aid Office will work closely with you throughout your years of medical/graduate school to assure that you have the information necessary for making informed decisions.

FIRST...an Unsubsidized Federal Direct Stafford Loan

The primary source of aid for any medical student who is a U.S. citizen or permanent resident is the Unsubsidized Direct Stafford Loan. Like the Perkins Loan, an Unsubsidized Stafford is federally guaranteed, however there is no interest subsidy while the borrower is in school or deferment. Generally borrowers accrue rather than pay the accumulating interest during this period. For loans obtained through the Federal Direct Stafford Loan program, accrued interest is not capitalized until the end of the grace period. Currently the total unsubsidized Stafford loan amount available annually is $20,500 - $33,000, depending on your program and the length of your academic year.

THEN, If Necessary

Most students will find the Stafford loan, in combination with family support and/or other financial aid, sufficient to meet their needs. If this is not the case for you, please then consider a Federal Direct Grad PLUS Loan to meet the difference between your resources and the estimated cost of attendance. Like the Stafford Loan, a Grad PLUS Loan is federally guaranteed, and there is no interest subsidy while the borrower is in school or deferment. However, a credit check is required for a Direct Grad PLUS loan.

Additional Loan Information

Loan Chart

Comparison: Federal vs. Private Student Loans

Federal Student Aid – StudentLoans.gov

Federal Work Study

The University of Rochester School of Medicine and Dentistry receives a modest budget from the U.S. Department of Education to award through the Federal Work-Study program. Students should work with their departments if they are interested in receiving funds through the Federal Work-Study program as their department will be required to provide a portion of the funding.