Office of Admissions and Financial Aid
The goal of the financial aid program is to provide information and assistance to students to enable them in meeting the costs of the educational program. Because funding sources are limited, need is the basis on which University aid is awarded. To establish need, the FAFSA and the Need Access Application must be completed and reviewed, analyzing all resources available to the student. Applicants and their families are required to provide parental, as well as the student's and spouse's, financial data in order to be considered for School-administered funds. The general types of aid utilized are:
- Perelman School of Medicine scholarships -- non-repayable assistance.
- Federal Loan Programs -- fixed interest loans (Direct, Direct PLUS, Perkins).
In establishing a school financial aid package, consideration is given to: (1) the needs analysis, (2) individual circumstances, (3) prior indebtedness and (4) the availability of funds. The average debt of students graduating in 2012 is about $135,000. Many loan programs are dependent on the credit history of the applicant. Financial aid applicants who have any doubt about their credit rating should request a copy of their credit report and reconcile problems prior to matriculation. If a student cannot obtain a loan because of a negative credit rating, school funds cannot be awarded to replace the loan.
Non-permanent residents of the United States are not eligible for federal or school financial aid programs. Students in this situation must provide documentation certifying the financial resources that will enable them to meet the four-year cost of medical education by placing the funds in an escrow account prior to matriculation.
Twenty-First Century Scholars Program
The Perelman School of Medicine also has scholarship programs recognizing student excellence. There are approximately 35 full tuition scholarships awarded annually. All students accepted into the Perelman School of Medicine are considered for this program. Selection criteria include: outstanding academic performance and achievement, a broad range of intellectual interests, demonstrated leadership, commitment to interests other than academic work, and unique life experiences that may contribute to a medical career.
Page Updated: 08-Nov-2012