Types of Financial Aid 

Federal Student Loans and Private Educational Loans

There are two types of financial aid funds available to medical students.

The first is a series of loan programs, including the Federal Stafford loan, the Federal Grad PLUS loan, and private educational loans that you apply for by providing financial information about yourself and your spouse if you are married. You do this by completing the Free Application for Federal Student Aid (FAFSA).

These loan programs can provide funding equal to your entire cost of attendance in the College of Medicine.  Federal Student Loans come from the Direct Loan Program.  

Federal Stafford loans have a fixed 6.8% interest rate.  There is no subsidized Stafford loan for graduate/professional students.  Medical students are eligible to borrow up to the following amounts of unsubsidized Stafford loans in each academic year:

 The aggregate limit on Stafford loans for medical students is $224,000.  More information on the Federal Stafford loan is available at studentloans.gov.

The Federal Grad PLUS loan is unsubsidized and has a fixed interest rate of 7.9%.  The annual limit on Grad PLUS loans is the Cost of Attendance minus all other forms of financial aid received.  There is no aggregate limit.  Because the Grad PLUS loan is more expensive than Stafford loans, students should borrow only the minimum amount they need to meet their expenses. 

The Grad PLUS loan requires a credit check.  Student with adverse credit can be denied the loan.  In such cases, students can apply for the loan with a credit-worthy endorser (co-signer).  More information on the Federal Grad PLUS loan is available at studentloans.gov. 

Private Educational loans are offered by banks and are an alternative to the Federal Grad PLUS loan.  At present their availability is limited.  If you identify a private educational loan that interests you, we recommend you speak with a staff member in the College of Medicine Financial Aid Office to discuss the terms of the loan.

Institutional Financial Aid

The second type of aid includes scholarships and subsidized loans awarded by the College of Medicine to students who demonstrate financial need. These funds come from the College of Medicine endowments, private foundations, and the federal government.  

 Because these funds are limited, they must be rationed, and eligibility for these programs will be based on an assessment of both student and parent financial resources, whether or not parents are actually providing support.

If you wish to apply for this type of aid, you and your parents must complete the Need Access application.

If your parents are divorced or living outside the US, be sure you read the appropriate sections of the UC Financial Aid Guidelines and Policies. Your parents will not be obligated to contribute financially to your medical education, but without submitting parental information you cannot be considered for need-based financial aid.

More Information