Financial Aid Programs

Institutional Scholarships and Loans

The School of Medicine offers both institutional grants and subsidized student loans; eligibility for institutional financial aid funds is based solely on financial need.  Institutional scholarships and student loans 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 both the Free Application for Federal Student Aid (FAFSA) and the Georgetown School of Medicine Application for Financial Aid containing both the student’s and the student’s family’s financial data. The Office of Medical Student Financial Services uses this information to evaluate both student and parental financial strength. 

Students who apply for institutional aid, and demonstrate eligibility, may receive funding for a maximum of four (4) years.

Federal Direct Stafford Loan

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

  • Students may apply for up to $42,722 per year (additional amounts are available for M3 and M4 students).
  • Interest accrues from the date of disbursement until the loan has been paid in full.  Accrued interest can either be paid by the student while in school or deferred and capitalized at repayment.
  • Stafford Loan borrowers receive a 6-month grace period following graduation or when enrollment drops below half-time.
  • The Stafford Loan interest rate is fixed at 4.30% for loans disbursed between July 1, 2020 and June 30, 2021.
  • Origination fee of 1.059% is deducted from the loan funds at disbursement.
  • The lifetime borrowing limit for medical students is $224,000.

Federal Direct Graduate Plus Loan

The Graduate PLUS Loan can be borrowed for education expenses not covered by other sources of financial aid:

  • Annual Graduate PLUS loan amounts are limited to a student’s total cost of attendance less other financial aid received.
  • Students must borrow their entire Stafford loan eligibility before applying for a Graduate 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 accrues from the date of disbursement until the loan has been paid in full.  Accrued interest can either be paid by the student while in school or deferred and capitalized at repayment.
  • The Graduate PLUS interest rate is fixed at 5.30% for loans disbursed between July 1, 2020 and June 30, 2021.
  • Origination fee of 4.236% is deducted from the loan funds at disbursement.
  • There is no lifetime borrowing limit for the Graduate PLUS loan.

Federal Service Scholarships

Each year approximately 8% of Georgetown University medical students choose to finance their medical education with federal 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.

Outside Scholarships

Many non-profit, charitable, religious and other organizations offer scholarships to assist students with their education expenses. Scholarship amounts and eligibility criteria vary based upon each funding organization’s policies. Students are encouraged to research and apply for outside scholarships, which will help reduce total medical school loan debt.

In addition to the outside scholarship information provided on our web site, medical students may also research the following as sources of possible scholarship funding:

  • organizations in or near your hometown (Rotary Club, Lion’s Club, Knights of Columbus, etc.)
  • city, state and regional medical societies
  • your parent’s employer
  • churches/religious organizations
  • your state scholarship office

Receipt of outside scholarship funding does not affect either a student’s eligibility for institutional scholarships or the amount of institutional scholarship a student receives from the School of Medicine.  All outside scholarship funds a student may receive will be used to reduce unsubsidized student loan eligibility.

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 Medical Student Financial Services.

Federal Work-Study

Students who intend to work on campus and would like to be considered for Federal Work-Study funds should indicate such on the School of Medicine Application for Financial Aid. Receipt of Federal Work Study can help students reduce the amount of student loans they may need to borrow each academic year.

Alternative Student Loans

Alternative loans are offered by many lenders and can be borrowed for education expenses not covered by other sources of financial aid.  Students are strongly encouraged to utilize all of their federal student loan eligibility before seeking an alternative student loan:

  • 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
  • Student must be a U.S. citizen or a permanent resident. International students must have a U.S. citizen as cosigner.
  • Alternative loans are unsubsidized and carry either a fixed or a variable interest rate. Interest rates are determined by the lending institution. Variable interest rates 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.