Types of Aid
Direct Loans for Medical Students
Direct Stafford Loans allow students to meet some of their cost of education by borrowing money from the Federal Government. Students must apply for these funds each year by completing the Free Application for Federal Student Aid (FAFSA). Funds are disbursed on a federally regulated disbursement schedule and applied to the student's educational costs. Disbursement amounts may be slightly lower than award amounts due to the 1% deduction for processing fees. Award packages will only include Direct Unsubsidized Stafford loans.
Direct Unsubsidized Stafford Loan
An Unsubsidized Loan is not based on financial need. The student borrower of the unsubsidized loan is responsible for the interest from the time the loan is disbursed until it is paid in full. Borrowers may choose to pay the interest as it accrues while enrolled or may defer the interest and allow it to accumulate. If interest is allowed to accumulate, it will be capitalized - that is, the interest will get added to the principal amount of the loan and will increase the amount to be repaid. If interest is paid as it accumulates, repayment over time will be less.
- The interest rate is fixed at 6.08%.
- There is a 6 month grace period after graduation or if enrollment drops below half time before repayment of the loan principal begins.
IMPORTANT NOTE - Before you can receive a Stafford Loan you must complete both the Loan Entrance Counseling and the Master Promissory Note online at https://studentloans.gov
Direct PLUS for Graduate Students
Graduate Students now have the option to apply for a Graduate PLUS loan in their own name to assist in covering their educational costs. The PLUS loan cannot be awarded beyond the institution's Estimated Cost of Attendance, but it can assist the student in meeting educational expenses if this cost is more than the total of any other aid awarded (grants, waivers, fellowships, veteran's benefits, tuition assistance and other loans). A credit check is required for PLUS loan pre-approval. The Graduate PLUS loan may be a better option than a non-federal (private) educational loan, so be sure to check out all options before choosing to borrow through a non-federal (private) loan.
The Graduate PLUS loan is a credit based loan and a separate application must be completed online at http://studentloans.gov If approved, borrowers must complete both the Graduate PLUS Loan Entrance Counseling and the Graduate PLUS Master Promissory Note online at http://studentloans.gov
Interest Rates and Fees
The interest rate on PLUS Loans first disbursed after July 1, 2019 is a fixed rate of 7.08%.
U.S. Department of Education Direct PLUS Loan Information, 1-800-4-FED-AID (1-800-433-3243).
If your financial aid is equal to or greater than your estimated cost of attendance, you will not qualify for a PLUS loan, even if you are approved by a lender.
The Federal Perkins Loan is a low interest (5%) loan that is awarded to students who demonstrate need as calculated by the Free Application for Federal Student Aid (FAFSA) and school cost of attendance. The loan is processed through Florida State University and no disbursement or guarantee fees are deducted. Repayment begins nine months after graduation or withdrawal from enrollment.
Perkins funds are limited, so students must complete the FAFSA as soon as possible after October 1 each year in order to receive priority consideration. If you are awarded both Federal Perkins and Federal Stafford Loan, consider accepting the Federal Perkins Loan first, as the interest rate and disbursement amount are more favorable.
Bridge Students Scholarships
Through the generosity of The Florida State University, College of Medicine , we are able to offer the following scholarships related to medical education (provided funding is available):
FSU College of Medicine Mission Scholarship - Annual award of $5,000.
The award of scholarship money from The Florida State University College of Medicine may reduce other awards and loans or the direct receipt of the money to the student.
Southern Scholarship Foundation
Would you like to:
- pay only $950 per semester for housing with perks?
- live right across the street from the Medical School?
- save up to $6,000.00 a year off the cost of attending FSU College of Medicine?
- eliminate parking headaches?
For additional information please visit www.southernscholarship.org
Health Professions Scholarships - Army, Navy, and Air Force
- Scholarship covers complete tuition, books and stipend up to $2,060 per month
- Two, three and four year programs available
- Should apply at the same time as medical school
- One year payback in armed forces for each year in program
- Call 1-800-USA-ARMY; 1-800-USA-NAVY or 1-800-282-1390 (Air Force) to speak to an armed forces representative for more details regarding the health profession scholarships
National Health Service Corps Scholarship (NHSC)
- Scholarship covers tuition, required fees and other education costs
- Provides monthly living stipend ($1,289 in 2010-11)
- Apply before first year of medical school or after completion of one or more year of school.
- One year service commitment for each year in program (minimum of 2 years)
- Visit http://www.nhsc.hrsa.gov/scholarship/
Scholarships available from other sources