Students are encouraged to complete the Free Application for Federal Student Aid (FAFSA) as soon as possible each year.
The FAFSA is available each year on January 1. If the student filed a FAFSA for the previous year, the Renewal FAFSA can be easily submitted at www.fafsa.ed.gov. List the University of Central Florida (Title IV Code: 003954) as a school of choice and note that the student anticipates attendance in the M.D. program. There is no separate code for the College of Medicine. Submit the FAFSA by March 1 each year even if acceptance into the M.D. program is not known by that date.
Students may be asked to complete additional paperwork at the appropriate time. The required documentation will depend on factors, such as:
Once accepted to the UCF College of Medicine and beginning in April, students will receive an official Financial Aid Award Letter. Students may accept or decline any aid that is offered, and please keep in mind that accepting aid does not obligate students to enroll at UCF. It simply “holds” the money for them.
During the Orientation Week, each enrolled student will have the opportunity to meet with Student Financial Services to discuss budgeting, financial concerns and questions.
These scholarships are VERY competitive and are not to be repaid. All returning students must maintain satisfactory academic progress for award renewal and are limited to 4 years of eligibility.
UCF College of Medicine offers need-based grants to students with demonstrated financial need via a processed FAFSA application.
Additionally, students may be considered for the following types of aid when a FAFSA and all required documents are submitted to the M.D. Program Office of Student Financial Services:
Note: as of July 2012, the subsidized Stafford Loan is no longer available for professional students.
With the Federal Unsubsidized Stafford Loan, the borrower is responsible for paying the interest that accrues during enrollment. The current interest rate is 6.8% fixed. Although eligibility is not based on financial need, the loan amount cannot exceed the difference between your Cost of Attendance and other aid. The annual maximum is $40,500* with a lifetime borrowing limit of $224,000 for all cumulative Stafford loans. There is a six-month grace period before repayment occurs, and you have the option of paying the interest as you go or have it accumulate. The loan has an origination, which will be deducted from the gross amount of the loan borrowed.
Eligibility may be limited due to the Cost of Attendance, financial aid received, and other factors.
The Free Application for Federal Student Aid (FAFSA) is required before a Stafford loan can be awarded and processed. Students can confirm acceptance of the loan/s on the Financial Aid Award Letter or via email. The requested annual amount is divided into two equal payments, made in August and January.
*Students may have additional eligibility when the academic year is greater than 9 months:
$42,722 – 10 months
$44,944 – 11 months
$47,167 – 12 months
This federal loan requires a credit check. The current interest rate is 7.9% fixed and has an origination fee. Repayment begins 60 days after the annual loan has been fully disbursed; however, students are granted a deferment that allows postponement of payments while continuing their education. There is no grace period, so students will be expected to begin repayment as soon as their deferment ends. The interest also begins accruing as soon as the loan is fully disbursed. If you choose to pay the interest that accrues while in school rather than have it accumulate, you may contact the Direct Loan Servicing Center at 1.800.848.0979.Students can borrow up to the Cost of Attendance minus any other financial aid awarded. If a student decides to consolidate loans after leaving school, this loan can be considered with all the other eligible federal loans.
Students must have applied for the annual maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a GradPLUS loan. Students will be asked to confirm the amount of GradPLUS they wish to borrow each year via email. Any requested adjustments made to the loan amount must also be provided in writing. The U.S. Department of Education will conduct a credit check that is valid for 90 days. The requested annual amount is divided into two equal payments, made in August and January. The origination fee of 2.5% is deducted from the loan before the funds are disbursed.