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 October 1st. If the student filed a FAFSA for the previous year, the Renewal FAFSA can be easily submitted at www.studentaid.gov. List the University of Central Florida (Title IV Code: 003954) as a school of choice. 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:
- after the processed FAFSA results are received from the U.S. Department of Education, additional information may be requested.
- whether the student chooses to apply for a loan to assist with costs
Once accepted to the UCF College of Medicine and beginning in April, students will receive an official Financial Aid Notice. 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.
Types of Aid
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:
Direct Unsubsidized Stafford Loan
Note: as of July 2012, the subsidized Stafford Loan is no longer available for professional students.
With the Direct Unsubsidized Stafford Loan, the borrower is responsible for paying the interest that accrues during enrollment. The current interest rate is 5.28% with an origination fee of 1.057%. 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 fee, 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. 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
Direct GradPLUS Loan
This direct loan requires a credit check. The current interest rate is 6.28% with an origination fee of 4.228%. 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. 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 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. 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 180 days. The requested annual amount is divided into two equal payments, made in August and January. The origination fee is deducted from the loan before the funds are disbursed.
UCF COM Help Fund
The UCF COM Help Fund was established to assist MD program students with emergency expenses that arise unexpectedly during the year. The Help Fund is supported by individual donations, so availability of funds is subject to change and not guaranteed. Students must have sufficient unmet Cost of Attendance in order to receive Help Fund assistance in a given academic year.
Students may apply for Help Fund support by contacting the Office of Student Financial Services and providing an explanation of the relevant expense and supporting documentation (proof of payment, estimate, receipt, etc.)
Emergency expenses include, but are not limited to: emergency or unexpected medical expenses, catastrophic vehicle damage, expenses incurred as a result of the death of a close family member, damage to property required for the pursuit of the MD degree.
Emergency expenses do NOT include: routine vehicle maintenance or medical care, veterinary/pet care, car payments or insurance premiums.
Distribution of Help Fund monies is at the discretion of Student Financial Services staff. Access to alternative resources will be considered when determining if Help Fund assistance can be allocated. For example, a student who has not borrowed at all from the federal loan programs in a given year will typically not qualify for Help Fund assistance.