Types of Aid

Institutional Scholarships

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.

Institutional Grants

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 7.94% 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 8.94% 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.

Private Loan

The Private Loan is a credit-based loan available for M.D. students, in which the approval and interest will be based on the borrower’s creditworthiness.

These loans can vary in terms, conditions and eligibility requirements. Therefore, Private Loans should be considered as a last resort for educational purposes after the federal aid option have been exhausted (Direct Unsubsidized Stafford Loan).

Eligibility Requirements

• Student and/or co-signer must be creditworthy as determined by the lender
• Eligibility criteria may vary per lender (citizenship, degree-seeking, Satisfactory Academic Progress, and enrollment). We advise that students research to understand the terms and conditions of the loans from the lenders.
• The Private Loan combined with other aid cannot exceed the total estimated Cost of Attendance.
• Loan application process with lender must be completed before school can certify and award the loan.

How to Apply for Private Loans

1. Students must apply for the Direct Unsubsidized Stafford Loan by submitting the Loan Request Form for the current academic year. If the student elects not to borrow the federal loan, then they must submit in writing that they are forgoing the Federal Loan option and proceeding with the Private Loan option.
2. Contact the chosen lender directly to apply and complete all required documents.
3. Acceptable loan periods* are either Fall or Spring and Fall/Spring combined. Students must apply separately per loan period. Do not apply more than 6 weeks before the semester begins to avoid credit check expiration.
4. Use the UCF main campus branch code when applying: 003954-00. (There is no separate branch code for UCF COM).
5. Complete and submit all required documents to the lender, including the following disclosure forms:
   • Self-Certification Form. Students may obtain the total financial aid awards from the myUCF View Financial Aid screen.
   • Application Disclosure
   • Approval Disclosure
   • Final Disclosure

Remember to review all terms of the disclosure statements for interest rates, fees, loan balance, and number of payments.

6. After the full loan application process with the lender is complete, the lender will send the School Certification request to UCF for final approval. Please note that we will not begin to process Private Loans until AFTER the first week of classes. Please note since Private Loan processing time is longer than a federal loan, it will take 3-4 weeks for funding to arrive, after the School Certification has been processed.

*Loan Award Year Periods

UCF School Code: 003954-00

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.