Types of Aid
Federal Title IV Loan Programs
Federal Unsubsidized Direct Student Loans
The Federal Unsubsidized Direct Loan is a non-need-based financial aid option where interest begins to accrue from the date funds are disbursed. While students are not required to make payments while enrolled, they may choose to pay the accruing interest to prevent it from being added to the principal balance (capitalization) upon entering repayment. Additionally, students benefit from a six-month grace period after they graduate or drop below half-time status before their regular repayment schedule begins.
Annual and Aggregate Loan Limits
Medical students are subject to the following limits based on their first disbursement date:
- New Borrowers (First disbursement on or after July 1, 2026): Medical students may borrow up to $50,000 per academic year. The cumulative (lifetime) total allowed for all professional-level Federal Direct Unsubsidized loans is $200,000.
- Legacy Borrowers (First disbursement before July 1, 2026): Students who received a Direct Loan disbursement prior to July 1, 2026, and have been continuously enrolled in the MD Program, remain eligible for the previous limits ($42,722 in Year 1/2 and $47,167 in Year 3/4) for up to three academic years or until program completion, whichever comes first. Their cumulative total remains $224,000.
Note: There is now a total lifetime borrowing limit of $257,500 for all federal student loans (excluding Parent PLUS).
Interest Rates and Fees
- Interest Rate: The interest rate for this loan is 8.08% for loans first disbursed before July 1, 2025. For loans first disbursed on or after July 1, 2025, the rate is 7.94%. These rates are fixed for the life of the loan.
- Origination Fee: The current origination fee is 1.057%.
Requirements
- Master Promissory Note (MPN): The MPN is completed once while enrolled at the Charles E. Schmidt College of Medicine; subsequent annual loans are added to this existing MPN.
- Entrance Loan Counseling: Students must complete Entrance Loan Counseling prior to their first disbursement.
Both of these requirements are completed at www.studentaid.gov.
Federal Graduate PLUS Loans
The Graduate PLUS Loan is a Federal student loan offered to graduate students who need to borrow beyond the Federal Direct Loan limits. It includes standard federal benefits such as deferment, forbearance, consolidation, and death/disability cancellation.
Eligibility
The Graduate PLUS Loan Program is now available exclusively to Legacy Borrowers. A legacy borrower is defined as a student who borrowed a federal student loan prior to July 1, 2026, and has remained continuously enrolled in their current program. These students remain eligible to borrow under this program for up to three academic years or until program completion, whichever occurs first.
Interest Rates and Fees
- Interest Rate: The interest rate for this loan is 9.08% for loans first disbursed before July 1, 2025. For loans first disbursed on or after July 1, 2025, the rate is 8.94%. These rates are fixed for the life of the loan.
- Origination Fee: The current origination fee for this loan is 4.228%.
Requirements
- Application and Credit Check: Students must complete a specific Graduate PLUS application and pass a credit check to qualify at www.studentaid.gov.
- Master Promissory Note (MPN) and Entrance Counseling: Students must complete a Graduate PLUS MPN and Entrance Loan Counseling at www.studentaid.gov.
- Graduate PLUS Loan Addendum: Students must complete this internal document to indicate the specific amount they would like to borrow for the academic year.
Borrowing Limit
Eligible students may borrow up to the full Cost of Attendance (COA) minus other aid received. Students are required to apply for their maximum eligible Federal Unsubsidized Direct Loan before utilizing Graduate PLUS funding.
Private Student Loans
Private student loans, also known as alternative loans, are offered by banks and private lending institutions. These loans are not part of the Federal government’s student loan programs and generally do not provide the same borrower protections or repayment benefits as federal loans. Private loans may have fixed or variable interest rates and are often a more expensive source of educational funding.
Students are strongly encouraged to meet with the Schmidt College of Medicine Office of Student Financial Aid before pursuing a private loan to ensure all federal loan options have been considered first.
Selecting a Private Loan Program
Medical students in the Schmidt College of Medicine at Florida Atlantic University can research and compare private loan options using the ELMSELECT private loan search and comparison tool. When starting a search, students should select “Medical/Dental” to ensure loan programs relevant to medical students are displayed.
When using ELMSELECT, students are encouraged to take advantage of the “Sort and Filter” options on the left sidebar to identify loan programs with the terms and qualifying criteria that best meet their needs.
Please note:
- Neither Florida Atlantic University, the Schmidt College of Medicine, nor the FAU Office of Student Financial Aid promote, endorse, or recommend any private lenders or loan products by including them in ELMSELECT.
- The Schmidt College of Medicine Office of Student Financial Aid can process loans with any private loan provider; however, processing is most efficient with ELM-participating lenders.
- If your preferred lender does not appear on the ELMSELECT list, please contact them directly to confirm whether they are an ELM participant.
Factors to Consider When Comparing Private Loans
When evaluating private loan options, be sure to:
- Review your likely qualifying interest rate before applying.
- Compare rates across multiple lenders.
- Focus on the Annual Percentage Rate (APR), not just the stated interest rate.
- Ask if the lender charges origination or other fees.
- Understand when and how interest will capitalize.
- Inquire about any borrower benefits (e.g., autopay discounts).
Institutional Grants and Scholarships
FAU Graduate Grant
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.
Charles E. Schmidt College of Medicine Scholarships
The College of Medicine provides scholarship opportunities for medical students. To apply, students must complete the scholarship application. Please visit the COM Scholarship Opportunities web page to view current scholarship opportunities.
Florida Atlantic University (FAU) Scholarships
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.
State Scholarships and Florida Prepaid
Florida Bright Futures
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.
Florida Prepaid
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.
External Scholarships
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 Shaveta Dabas – External Scholarship Coordinator.
National Medical Fellowships (NMF)
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 www.nmfonline.org/programs.
National Health Service Corps Scholarship Program
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: nhsc.hrsa.gov/scholarships.
American Medical Association (AMA)
Research grants, need-based scholarships and merit-based scholarships are available. For additional information, please go to: amafoundation.org/applications.
AmeriCorps
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.
Uniform Services Health Professions Scholarship Program (HPSP)
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:
IHS Scholarship Program | Indian Health Service (IHS)
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. www.ihs.gov/scholarship/