Medical Students Financial Assistance

Vanderbilt Medical School (VMS) Scholarships are awarded on the basis of merit and need. For a listing of the scholarships, view The Catalog. If awarded, students will receive the same amount for four years of study. To determine demonstrated need, first-year students should submit the PROFILE application and include parental information.

Federal Direct Unsubsidized Loans have a variable fixed interest rate as of July 1, 2013. The rates will vary annually based on the 10-year Treasury bill plus 3.60% with a cap of 9.50%, but will be fixed for the life of the loan. Effective July 1, 2014, the interest rate is 6.21%. The maximum that a medical student may borrow per academic year is $47,167. Interest will accrue during the in-school, grace, and deferment periods. These loans may replace the estimated family contribution. A loan origination fee of 1.073% will be deducted at each disbursement. Repayment begins 6 months after the last date of attendance. The maximum aggregate loan limit is $224,000. The aggregate loan limit includes undergraduate loans. 

Federal Direct Graduate PLUS Loans have a variable fixed interest rate as of July 1, 2013. The rates will vary annually based on the 10-year Treasury bill plus 4.60% with a cap of 10.50%, but will be fixed for the life of the loan. Effective July 1, 2014, the interest rate is 7.21%. The maximum amount that a student may borrow per academic year is the cost of attendance less any other financial aid. Interest accrues from the time the funds are disbursed. Repayment begins six months after the last date of attendance. Federal Direct Unsubsidized Loans will be utilized first. A loan origination fee of 4.288% will be deducted at each disbursement. Credit is checked for all Graduate PLUS loans. If you have an adverse credit history, the loan may be denied. If you are denied, you may reapply with a creditworthy co-signer.

Vanderbilt Medical School (VMS) Loans are available to international students since they are not eligible for federal loans. Please view The Catalog for a listing of these loans. Parental information must be included on the PROFILE application in order to be considered. The amount of the award is dependent upon the calculated need and the amount of funds available. No interest accrues while in full-time studies, grace, or deferment status. There is a one-year grace period following the last date of attendance. The interest rate is 7%. The loans are deferrable (no payment is required) for up to three years of residency.  If awarded, students will receive the same amount for four years of study.

Private Loans are available to international students but generally require a U.S. co-signer. The maximum amount a student may borrow is the cost of attendance less any other financial aid. Interest rates may vary. Interest will accrue from the time the funds are disbursed.

Residency Interviewing and Relocation Loans are private loans available to medical students in their final year of studies. The average residency interviewing expense is included in the cost of attendance; however, if students need additional funding for interviewing or for relocation, these loans are available. All funds should be utilized on the Award Notification before applying for private loans. Credit is checked and the loan may be denied based on a poor credit history.

The Yellow Ribbon Program is available to eligible Chapter 33 students with 100% entitlement. This program is a supplement to the Post 9/11 GI Bill that helps veterans to bridge the gap between the Post 9/11 tuition benefit and the actual cost of tuition and fees. The School of Medicine provides up to $12,000 additional tuition dollars per year ($6,000 from VUSM and $6,000 matching funds from VA). The exact amount of Yellow Ribbon dollars received is based on the student's tuition and fees balance after Chapter 33 benefits and institutional aid are applied. Yellow Ribbon awards may reduce, or be reduced by, other institutional aid awarded. The VUSM portion will be disbursed one-half each fall and spring term. Students currently on Active Duty are not eligible to partcipate in the Yellow Ribbon program. The University will review its Yellow Ribbon commitment each year. Participation levels may vary in future years.