Institutional Aid

Institutional Aid

Need-Based Scholarships and Loans

The School of Medicine offers scholarships up to $20,000 per year for in-state students and $24,000 per year for out-of-state students who demonstrate need per institutional policy.  Parental financial information must be included on the FAFSA and UVA application forms to qualify (see our Application Process page for exceptions).  Although you need not apply separately or specifically for any particular school-funded scholarship or loan, you should use the optional section of our UVA Application to inform the Financial Aid Office if you meet any of the special scholarship or loan criteria such as geographic origin, specialty interest, etc.

School-funded (Institutional) Loans are interest-free during medical school and for six months following graduation or termination of studies.  The maximum school loan is $10,000.  This loan is need-based and is awarded after the maximum need-based scholarship has been awarded.

Please click here for official disclosures regarding the interest rate, fees, and repayment cost.  Repayment of principal can be postponed throughout residency training, but the 5% simple annual interest is billed on a monthly basis during that time.  Repayment of principal begins upon completion of residency training and interest continues to be assessed on the unpaid balance throughout the life of the loan.  The maximum repayment period is ten years, excluding years of residency forbearance (principal postponement).

 

Financial Aid Packaging Examples

 

Institutional Aid Policies