Types of Financial Assistance for Medical Students

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• Federal Subsidized Stafford Loans
• Vanderbilt Medical School (VMS) Loans
• Vanderbilt Medical School (VMS) Scholarships
• Federal Unsubsidized Stafford Loans
• Federal Graduate PLUS Loans
• Private Loans
• Interviewing and Relocation Loans

Federal Subsidized Stafford Loans have a fixed 6.8% interest rate as of July, 1, 2006. The maximum that a graduate/professional student may borrow per academic year is $8,500. No interest accrues while in full-time studies, grace, or deferment status. Repayment begins 6 months after the last date of attendance. Repayment of loans may be deferred. Graduate/professional students are considered independent for these federal funds. Students must be U.S. citizens or permanent residents. For additional terms click here. 67% of our students utilize these loans.

Vanderbilt Medical School (VMS) Loans are institutional need-based loans. Please click The Catalog for a listing of these loans. Parental information must be included on the FAFSA in order to be considered. Failure to do so will make you ineligible. Previous borrowers with an outstanding balance as of April 1, 2007, will be eligible if there is remaining need after the Estimated Family Contribution (which includes parents) and the Federal Subsidized Stafford loan have been utilized. The amount of the award is dependent upon the calculated need and the amount of funds available. As of April 1, 2007, new borrowers will be those borrowers who cannot obtain a federal loan. For additional terms click here. 38% of our students qualify for loans ranging from $1,100 to $34,000.

Vanderbilt Medical School (VMS) Scholarships are institutional need-based scholarships. For a listing of the more than 50 scholarships, click The Catalog . All students applying for institutional funds will be considered for scholarship assistance. Parental information must be included on the FAFSA in order to be considered. Failure to do so will make you ineligible. Scholarships will be used to minimize indebtedness for as many students as possible. The amount of the award is dependent upon the level of need and the availability of funds. 27% of our students qualify for scholarships ranging from $1,000 to $26,000.

Federal Unsubsidized Stafford Loans are subject to the same terms and conditions as the Federal Subsidized Stafford Loans with the following exceptions. Interest will accrue during the in-school, grace, and deferment periods. These loans may replace the estimated family contribution. The annual borrowing limit for first- and second-year medical students is $40,500 minus any amount received under the Federal Subsidized Stafford Loan Program. The limit for third-year medical students is $47,167, and the limit for fourth-year medical students is $42,723. The maximum combined Subsidized and Unsubsidized aggregate loan limit is $224,000. The aggregate loan limit includes undergraduate loans. 59% of our students utilize these loans.

Federal Graduate PLUS Loans have a fixed 8.5% interest as of July 1, 2006. The maximum amount that a student may borrow per academic year is the cost of attendance less any other financial aid. Interest accrues from the time the funds are disbursed. Repayment begins at graduation, but may be deferred. Federal Stafford Loans will be utilized first. For additional terms click here. 10% of our students utilize these loans.

Private Loans are available to international students and generally require a U.S. co-signer. The maximum amount a student may borrow is the cost of attendance less any other financial aid. Interest rates are variable. Interest will accrue from the time the funds are disbursed.

Interviewing and Relocation Loans are available to medical students in their final year of studies. These expenses are not included in the cost of attendance; therefore, these loans are not included in the Award Letter. These loans are considered an outside source that you would apply for if needed. All funds should be utilized on the Award Letter before applying for these loans. Credit is checked and these loans may be denied based on a poor credit history.