Financial Aid Information School/Program: Medicine

In addition to completing academic requirements, there is a substantial financial responsibility involved in obtaining a professional education. The information below has been gathered in an effort to help students understand more clearly what is involved in financing education at this level. To receive Federal Stafford Loans the student must be a US Citizen or an eligible non-citizen, have not defaulted on a student loan, have not been convicted of any drug crime, and if male, have registered with Selective Service. The Free Application for Federal Student Aid (FAFSA) must be completed every academic aid year preferably by March 15th. Priority packaging is given to students that make the March 15th deadline.

The following figures are from the 2003-2004 academic year:
95% of Medical students requested financial aid. Of those students who filed a FAFSA, 85% received scholarships or grant money. 89% of students who filed a FAFSA by the March 15th deadline received scholarships or grant money. 

Average scholarship/grant award: $4,650

Average federal loans borrowed by students receiving financial aid:

• Year 1- $29,821
• Year 2- $28,042
• Year 3- $26,349
• Year 4- $26,788

Projected graduation debt is approximately: $111,000

Projected 2004-2005 cost of education: (i.e. tuition, books, fees, living expenses)
Year 1

• Resident/On Campus $35,441
• Resident/Off Campus $40,701
• Resident/with Parents $32,001
• NonRes/On Campus $51,451
• NonRes/Off Campus $56,451

Year 2

• Resident/On Campus $34,988
• Resident/Off Campus $40,508
• Resident/with Parents $31,808
• NonRes/On Campus $51,258
• NonRes/Off Campus $56,578

Year 3

• Resident/On Campus $36,941
• Resident/Off Campus $43,253
• Resident/with Parents $32,713
• NonRes/On Campus $52,951
• NonRes/Off Campus $59,263

Year 4

• Resident/On Campus $37,982
• Resident/Off Campus $43,768
• Resident/with Parents $34,198
• NonRes/On Campus $53,927
• NonRes/Off Campus $59,778

Financial Aid Deadlines:

• State Scholarships (MD residents only) is March 1st.
• FAFSA (Federal Aid) is March 15th.

Satisfactory Academic Progress:
Students must meet standards of satisfactory academic progress in order to continue to receive aid. Medical students must maintain at least a C average and are required to complete at least 50% of attempted credits per term. The MD program must be completed within six years in order to continue to receive aid. Failing to meet these criteria may result in a student being placed on a one semester probation and if conditions are not met aid can be terminated.