Financial Aid Programs

FEDERAL STAFFORD LOAN

The subsidized and unsubsidized Federal Stafford Loan Program is the largest source of funding for students at the School of Medicine:

  • Students may apply for up to $40,500 per year.
  • Students may receive up to $8,500 in subsidized Federal Stafford Loan based upon financial need.
  • Interest is not charged on the subsidized portion while the student is enrolled at least half-time, however, interest is charged on the unsubsidized portion and can either be paid by the student while in school or accrued and capitalized at repayment.
  • Federal Stafford Loan borrowers receive a 6-month grace period following graduation or when enrollment drops below half-time.
  • The Federal Stafford Loan interest rate is fixed at 6.8% for the life of the loan.
  • The lifetime borrowing limit for medical students is $224,000.

FEDERAL GRADUATE PLUS LOAN

Federal Grad PLUS Loans can be borrowed for education expenses not covered by other sources of financial aid:

  • Annual Grad PLUS loan amounts are limited to a student’s total cost of attendance less other financial aid received.
  • Students must borrow their entire Federal Stafford eligibility before applying for a Grad PLUS loan.
  • Eligibility is not income or asset-based, but is based on the student’s credit history.
  • Option to defer payments while in school.
  • Interest is charged on the Grad PLUS Loan while the student is in school and during approved periods of deferment.
  • The interest rate is fixed at 8.5% for the life of the loan.
  • There is no lifetime borrowing limit for the Grad PLUS loan.

FEDERAL PERKINS LOAN

Federal Perkins Loans are awarded on a limited basis to students based upon specific need qualifications determined by the federal government:

  • Eligible students may receive up to $6,000 per year
  • Interest does not accrue while the student is enrolled at least half-time
  • The interest rate on Federal Perkins Loans is fixed at 5% during repayment
  • Federal Perkins Loans receive a 9-month grace period following graduation or when enrollment drops below half-time
  • The lifetime Perkins Loan limit is $40,000


PRIMARY CARE LOAN

Primary Care Loans (PCL) are available to third and fourth-year students with financial need who will specialize in an approved Primary Care field as determined by the Department of Health and Human Services (HHS):

  • Awards vary based upon financial need and availability of funds
  • Primary Care Loans are interest-free:
    1. When the student is enrolled at least half-time;
    2. During the 12-month grace period following graduation or when enrollment drops below half-time; and
    3. For up to 4 years during approved Primary Care residency training.
  • HHS imposes strict penalties for non-compliance. Therefore, any student interested in this program must first meet with the Office of Student Financial Planning. - MORE INFORMATION -



SERVICE SCHOLARSHIPS


Each year approximately 9% of Georgetown University Medical students choose to finance their medical education with service scholarships. The two types of service scholarships are the Armed Forces Health Professions Scholarship Program (HPSP) and the National Health Service Corps Scholarship Program (NHSC) through the Public Health Service.

Both programs currently offer full tuition assistance, reimbursement for books and a monthly living stipend in exchange for service commitments after school and residency.

Students must apply directly to the military or the Public Health Service for these programs.


INSTITUTIONAL AID


Institutional Scholarships are funded by the School of Medicine’s General Fund and by contributions from alumni, foundations and friends of the School of Medicine.

All applicants must meet the requirements to receive federal financial aid (e.g. valid citizenship, not in default on a prior education loan) in addition to fully completing the Free Application for Federal Student Aid (FAFSA) and an institutional application containing both the student’s and the student’s family’s financial data. The Office of Student Financial Planning uses this information to evaluate both student and parental financial strength. Federal income tax returns for the applicable year are used to verify the data provided on the FAFSA for both the student and the parent(s). Students must apply for institutional scholarship funding each academic year.


FEDERAL WORK-STUDY

Students who would like to be considered for Federal Work-Study should indicate such on the Georgetown Application for Financial Aid. Receipt of Federal Work Study funds should help students reduce borrowing from alternative loans.

ALTERNATIVE LOANS

Alternative loans are offered by many lenders who also participate in the Federal Stafford Loan Program and are borrowed for education expenses not covered by other sources of financial aid:

  • Annual alternative loan amounts are limited to a student’s total cost of attendance less other financial aid received.
  • Student must be enrolled at least half-time and be a U.S. citizen or a permanent resident or provide a U.S. cosigner.
  • Alternative loans are unsubsidized and carry a variable interest rate. Interest rates are determined by the lending institution and may change as often as every 30 days.
  • Alternative loan approval is based upon the student’s credit history. Credit history may also affect the interest rate.
  • Each alternative loan lender has their own credit criteria, application process and maximum lifetime borrowing limits.