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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.

Effective July 1, 2018, the interest rate for Federal Direct Unsubsidized Loans is 6.6%, and is fixed for the life of the loan. 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 1.062% 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.

Effective July 1, 2018, the interest rate for Federal Direct Graduate PLUS Loans is 7.6%. 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 4.248% 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 credit-worthy co-signer.

Private Education Loans are offered by various financial institutions such as credit unions and banks. The interest rate you obtain will be determined by your credit history, choice of variable or fixed rate loan and whether you use a co-signer. The AAMC offers unbiased guidance on Federal vs. Private Loans to help you make an informed decision. If you are an international student, please contact our office for information about a private loan for which you may be eligible that does not require a U.S. co-signer. The maximum amount a student may borrow is the cost of attendance less any other financial aid. Interest will accrue from the time the funds are disbursed.

Private loans for residency interviewing and relocation expenses are 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.

Students who are eligible for Post-9/11 GI Bill® Benefits should review the criteria for the Yellow Ribbon Program to determine whether or not they are eligible for this benefit. Questions regarding veterans’ educational benefits should be directed to our VA school certifying officials at VASCO@vanderbilt.edu.