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Financing your Medical Education

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Need-Based Aid
Non-Need Based Aid
Consider All Types of Aid
Family Assistance
Definition of Independent Student
When You Graduate

 

Need-Based Aid

Subsidized Federal Stafford Loans, Federal Perkins Loans, Health Professions Loans and Scholarships

Medical students who submit a federal financial aid application to the University of Arizona are automatically considered for the subsidized Federal Stafford Loan, Federal Perkins Loan, and grant money supplied by the Arizona Board of Regents. Federal Health Professions Loans and Scholarships are considered for those students also supplying the Health Professions Parental Information Form. For more information, please refer to Health Professions Scholarships and Loans.

College of Medicine Scholarships

Students who show need are also considered for scholarships through the College of Medicine. The College of Medicine Scholarship Application for Need-based Scholarships should be completed for consideration as well as the federal aid application.

Programs With A Service Commitment

The Arizona Medical Student Loan Program provides funding up to $38,508  per year to selected students who are willing to practice in an eligible area in Arizona upon completion of residency.  For details, see the Arizona Medical Student Loan Program information. The National Health Service Corps, Indian Health Service Scholarship Program, and Uniformed Services Health Professions Scholarship Programs also offer service-related programs. For these programs, please refer to the Scholarship Information. These programs are competitive.

 

Non-Need Based Aid

Unsubsidized Federal Stafford Loan

If the student does not qualify for the maximum Subsidized Federal Stafford Loan in which interest payments are subsidized by the federal government, the student may qualify for the Unsubsidized Federal Stafford Loan.  Interest accrues during the time the borrower is in school, during the 6-month grace period, and during any period of authorized deferment, and may be paid monthly or quarterly or be added to the principal amount of the loan (i.e. capitalized) by the lender.  These loans are not based on need; however, they are limited to the cost of attendance minus other financial aid, with the maximum loan amounts set by federal law. See Educational Loan Programs.

Federal Graduate PLUS

The Federal Graduate PLUS Loan is based on Cost of Attendance minus other financial aid.  It is a more expensive loan than the Unsubsidized Federal Stafford Loan.  Most students will be able to meet their need with other financial aid as described on this website.  A Graduate PLUS borrower is subject to a credit check to be eligible for this loan.  If you need more information about the Graduate PLUS or additional loan sources, please contact the College of Medicine Financial Aid Office.

Private Loans

Various lenders throughout the United States have developed loan programs for students to borrow money up to your cost of attendance (as determined by the school) minus your financial aid.  Most students will be able to meet their need with aid described elsewhere on this website. However, if you need more information about additional loan sources, please contact the College of Medicine Financial Aid Office. Private loans should be the last financial aid resource a student considers, since they are more expensive than other loan programs.

 

Consider All Types of Aid

In considering how to finance your medical education, if your personal/family funds are insufficient to attend the University of Arizona College of Medicine, consider all types of aid including scholarships. Nearly all of our scholarships are need-based. Complete the Free Application for Federal Student Aid and our scholarship application to apply for scholarships selected by the College of Medicine. If possible, furnish parental information for Health Professions loans and scholarships as directed and complete the Supplement. We suggest you do your own research on the internet and contact clubs and organizations for possible outside scholarships for which you might apply. Leads on some scholarships are provided on this website.

To avoid scams do NOT pay a fee for a scholarship search.  

 

 

Family Assistance

We encourage you to utilize all possible resources from parents and relatives if undue hardship is not placed upon them. Important note: independent students applying for financial aid must include cash support or any money paid on the student's behalf (e.g. bills paid)  in 2007  in #41 (Worksheet B) on the Free Application for Federal Student Aid.  For 2008-2009, all College of Medicine students are independent students for federal financial aid purposes under Title IV funds administered by the Department of Education (see below).

 

Definition of Independent Student

Under federal law governing federal financial aid programs under the Department of Education, an independent student is one who meets one of the following conditions:

  • Student was born before January 1, 1985.
    •
  • Student will be working on a master's or doctorate program (such as M.D., Ph.D. etc.) at the beginning of the 2008-2009  school year.
  • Student is married as of the date the FAFSA is completed.
  • Student has children who receive more than half of their support from the student.
  • Student has dependents (other than children or spouse) who live with the student and who receive more than half of their support from the student and will through June 30, 2009.
  • Student's parents are both deceased or student is/was a ward/dependent of the court until age 18.
  • Student is currently serving on active duty in the U.S. Armed Force for purposes other than training.
  • Student is a veteran of the U.S. Armed Forces (see application instructions).

 

When You Graduate

You may want to celebrate having a paycheck when you enter residency; however, plan on continuing to live like a student. Plan on 1/3 of your total monthly income to be deducted for taxes. You may also have deductions for health insurance and other employment benefit plans. It is wise to continue to live economically even when you enter practice until your educational debts are repaid!

Educational Loan Programs

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