Types of Aid
Institutional Aid
Charter Class Scholarship
This scholarship is based on leadership, research, academics, and overall potential to become a successful researcher and physician. The award is given to all students who are offered admission to the charter class and become enrolled at UCF College of Medicine. The scholarship is intended to cover tuition, fees, and conservative living expenses. Health and disability insurance (which is required of all students is not intended to be covered by this award). The scholarship will provide $40,000 a year for all four years if student maintains eligibility.
The application for admission serves as the application for the charter class scholarship. At this point, we have reached the goal of providing all 40 members of the charter class with scholarships. Please view our cost of attendance page for more information on cost coverage and budgeting.
Additionally, students may be considered for the following types of aid when a FAFSA and all required documents are submitted to the M.D. Program Office of Student Financial Services:
Federal Subsidized Stafford Loan
This loan is need-based and the government pays the interest on it while you are in school. There is a six-month grace period before repayment occurs. The current interest rate is 6.8%. Loan fees vary depending on the lender selected. A Free Application for Federal Student Aid (FAFSA) is required before the Stafford loan can be awarded and processed.
The loan is obtained through a commercial lending institution of your choice and is guaranteed, or insured, by the federal government or a state agency. M.D. students may borrow up to $8,500 per academic year with a cumulative maximum of $65,500. This cumulative maximum includes any amount borrowed as an undergraduate. Interest is fixed with a cap of 8.25% for new borrowers. Neither interest nor principal payments begin until six months after the borrower leaves school or is enrolled less than half time. Fees of up to 3 percent are deducted from the loan before the funds are disbursed. Eligibility may be limited due to cost of attendance, financial aid received, and demonstrated need.
Federal Unsubsidized Stafford Loan
This loan is not need-based and the interest accumulates while you are in school. You have the option of paying the interest as you go or have it accumulate. There is a six-month grace period before repayment occurs. The current interest rate is 6.8%. Loan fees vary depending on the lender selected. A Free Application for Federal Student Aid (FAFSA) is required before the Stafford loan can be awarded and processed.
The loan has the same terms and conditions as the Subsidized Stafford Loan, except that the borrower is responsible for paying the interest that accrues while the student is in school. Eligibility is not based on financial need, but the loan amount cannot exceed the difference between the student cost of attendance and other aid (annual maximum of $32,000 and lifetime borrowing limit of $224,000 for all cumulative Stafford loans). Eligibility may be limited due to cost of attendance, financial aid received, and other factors.
Federal GradPLUS Loan
This is a federal loan that requires a credit check. There will be up to a 4 percent fee attached to it with teh current fixed interest rate of 8%, which begins accruing as soon as the loan is fully disbursed; however, principal payment can be delayed until after a student leaves school. This loan can be considered with all the other eligible federal loans if a student decides to consolidate after leaving school. Students can borrow up to the COA minus any other financial aid awarded. Students must apply for the annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a GradPLUS loan and eligibility may be limited due to cost of attendance, financial aid received, and other factors.
Alternative Loans
These loans can have huge fees and interest associated with them and in most cases costs could be covered by other less-expensive and student-friendly resources. Utilize the federal loan programs before seeking alternative educational loans. Seek advice from the Director of Student Financial Services before making application for educational loans that do not require certification by the school.
Other Aid
Outside and Private Scholarships
Please visit our outside scholarships page to review the list of scholarships available. Revisit the site periodically to review changes and updates to the list. Additional programs may be added for future classes.
Financial Counseling
Counseling is available to students who want more information about financial assistance, personal budgeting, debt management, or other financial-related issues. The Director of Student Financial Services will assist students with questions. Please call us at 407.823.4043 or email at .
