Charles E. Schmidt College of Medicine
Florida Atlantic University
777 Glades Road, BC-71
Boca Raton, FL 33431
This is a non-need-based loan and interest accrues from the date the funds are disbursed. The student may make interest payments while in school to avoid having the interest added to the principal upon entering repayment; however, this is not required. There is a six‐month grace period after the student stops attending before repayment begins. Medical students may borrow up to $42,722 in year 1, $40,500 in Year 2 and $47,167 in years 3 and 4. The maximum amount is determined each new academic year and is tied to the number of months funded in those years. The cumulative total allowed for all subsidized and unsubsidized Federal Direct student loans is $224,000.
The interest rate for this loan is 4.30% for loans originated and the first disbursement made prior to July 1, 2021 (this applies to 3rd and 4th year students, only) and 5.28% for all loans first disbursed on or after July 1, 2021 (this applies to all 1st and 2nd year students, as well as 3rd and 4th year students who receive their first disbursements on or after July 1, 2021.
The Origination Fee for this loan is 1.057%. The amount of the loan less the origination fee is the amount that will be disbursed to the student’s account. Both the interest rate and origination fee are subject to change for new loans first disbursed on or after July 1st, and October 1st, respectively, each year. The Master Promissory Note (MPN) is completed one time while enrolled at the Charles E. Schmidt College of Medicine, and the amounts borrowed in subsequent years are added to the MPN. Students must also complete Entrance Loan Counseling prior to the disbursement of their first Direct Loan. Both of these requirements are completed at https://www.studentaid.gov.
The MD program at FAU is a non-standard term program for financial aid purposes. According to federal regulation, a program offered in non-standard terms that are not substantially equal in length must use a borrow-based year (BBAY3) approach when awarding Federal student loans. Using BBAY3, a student becomes eligible for a new annual loan limit only after successfully completing the credit-hours AND weeks of instructional time in current grade level. This means students may not become eligible for the next grade level’s annual loan limits until they have successfully completed all of the previous year’s academic requirements.
The Graduate PLUS Loan is a Federal student loan that is offered to graduate students who need to borrow beyond the Federal Direct Loan limits. This loan has all the benefits of a federal loan program, such as deferment, forbearance, consolidation, and death and disability cancellation. The student must pass a credit check and will need to complete an application, master promissory note (MPN) and Entrance Loan Counseling at https://www.studentaid.gov prior to receiving any loan funds. The interest rate for loans originated and first disbursed before July 1, 2021 (this applies to 3rd and 4th year students, only) is 5.3%. The interest rate for loans originated and first disbursed on or after July 1, 2021 is 6.28% (this applies to all 1st and 2nd year students, as well as 3rd and 4th year students who receive their first disbursements on or after July 1, 2021). The student may borrow up to the Cost of Attendance (COA) minus other aid received and must first apply for the lower cost Federal Unsubsidized Direct Loan.
The Origination Fee for this loan is 4.228%. The amount of the loan less the origination fee is the amount that will be disbursed to the student’s account. Both the interest rate and origination fee are subject to change for new loans first disbursed on or after July 1st and October 1st, respectively, of each year. Students do not have to make any payments while they are enrolled in school at least half time, and for an additional six months after they graduate, leave school, or drop below half-time.
Private student loans (also known as alternative loans) are loans made by banks and private lending institutions. They are not part of the Federal government’s guaranteed student loan program and usually do not have the same benefits. They can have either fixed or variable interest rates and are often a more expensive source of education financing. Students may not want to consider borrowing from a private or alternative loan program until all Federal Loan options have been exhausted. It is strongly recommended that students schedule an appointment in the Office of Student Financial Aid before pursuing alternative loans.
This need‐based grant is derived from the financial aid fee charged to all students enrolled at FAU. To be considered for funding, students must complete the FAFSA form and demonstrate financial need. This is a grant that is not repaid. Funds are awarded on a first-come-first-served basis.
The College of Medicine provides scholarship opportunities for medical students. To apply, students must complete the scholarship application and include parent data on their FAFSA’s. Please visit the COM Scholarship Opportunities web page to view current scholarship opportunities, criteria and the application form.
FAU offers scholarships to University students, and medical students are eligible to apply for many of them. Please view the FAU Scholarships webpage for additional information.
Students who received for Florida Bright Futures funding and completed their undergraduate degree in less than eight semesters, may receive one semester of funding as a medical student. Students need to make the Office of Medical Student Financial Aid aware of their eligibility.
Students with unused Florida Prepaid funds may use them while in medical school. Students need to make the Office of Medical Student Financial Aid aware that they have this funding.
The Office of Student Financial Aid at the College of Medicine encourages students to seek scholarships from outside sources. Those scholarships and/or other outside resources must be reported to the Office of Medical Student Financial Aid, as a student’s total financial assistance may not exceed the cost of attendance budget. Adjustments to the Federal award package may be required, and loan will be reduced (where possible) to allow for increased grant or scholarship funding. This requirement applies to outside scholarships, as well as research and teaching assistantships/fellowships (if applicable).
EXTERNAL SCHOLARSHIP MAILING INSTRUCTIONS
In order to expedite the processing of funds, it is important to follow the instructions if you are receiving any external scholarship(s). If you have any questions, please contact Rose Paul, External Scholarship Coordinator.
NMF offers scholarships and other awards. Offered primarily to first and second year medical students, these scholarships are granted on the basis of financial need. Learn more at https://www.nmfonline.org/programs.
The National Health Service Corps (NHSC) Scholarship provides payment of tuition and fees, books, supplies and equipment, and a monthly stipend. Selected applicants may receive up to four years of funding. For each year of financial support, NHSC requires one year of full-time clinical practice at salaried ambulatory care sites in high-priority, Health Professional Shortage Areas. The minimum service obligation is 2 years. For further information, please go to: https://nhsc.hrsa.gov/scholarships.
Research grants, need-based scholarships and merit-based scholarships are available. For additional information, please go to: https://www.ama-assn.org/physicians-tomorrow-awards.
Education award payments for current educational expenses must be made “in 2 or more installments”, none of which exceeds 50% of the amount of the payment. The interval between installments may not be less than one-half of the period of enrollment, except as necessary to permit the second installment to be paid at the beginning of the semester, quarter, or similar period of enrollment. To request payment log into my.americacorps.gov and select “Create Educational Award Payment Request”, shown on the upper left had side of the page. FAU’s Controller’s Office will coordinate receipt of the payment with AmeriCorps.
These scholarships provide financial assistance to medical students in exchange for active duty service in the Armed Forces. For each year of participation, the student must serve one year of active duty with a minimum obligation of two years. The scholarship pays for tuition and fees; provides a monthly stipend and 45 days of active duty pay and allowances after the first year of medical school, while in training. It also reimburses expenses for items such as books, supplies, instruments, health insurance, etc. These scholarships are competitive and each branch of the military has its own selection board. For information contact:
The Indian Health Service (IHS), an agency within the Department of Health and Human Services, is responsible for providing federal health services to American Indians and Alaska Natives. The provision of health services to members of federally-recognized Tribes grew out of the special government-to-government relationship between the federal government and Indian Tribes.
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