Financial Aid

Scholarship and Loan Information

Philosophy
The Schools of Medicine and Dental Medicine believe that the primary financial responsibility for a medical/dental education rests with the student and her/his family. Because funds are limited, Institutional and other sources of financial aid are viewed as supplementary to the student's own resources. It is the goal of the Financial Aid Office to award aid on a fair and equitable basis to students who would find it difficult to enroll without such aid.

Financial Assistance Funds are awarded as a financial aid package to students with documented need as determined by the Financial Aid Office according to the formula: Budget minus Resources equals Financial Need.

A standard school budget, which includes allowances for tuition, fees, books and supplies, housing, food, transportation and miscellaneous expenses, is developed annually for each class through student survey and discussion. Adjustments to the standard budget are made on a case-by-case basis and require documentation.

A student's resources are determined according to Federal Need Analysis Methodology using information provided on the Free Application for Federal Student Aid (FAFSA). Additional information, including parents' financial information, is required of those students applying for funds from programs authorized under Title VII of the Public Health Service Act and for other Institutionally-administered funds. A parental contribution, which becomes a resource for the purpose of determining eligibility for these funds, is calculated. This additional information is collected on the FAFSA and the UConn Application for Financial Aid.

A financial aid package, based on a student's financial need and specific fund eligibility criteria, consists of awards from one or more of the following sources:

A. Federal programs administered through the U.S. Department of Education Federal Family Education Loan Program. Applicant must be a U.S. citizen or an eligible non-citizen.

Subsidized Stafford loans are need-based, and the government pays the interest on these loans while you are in school, during a six-month grace period immediately preceding repayment, and during authorized deferment.
Unsubsidized Stafford loans are not need-based, and you are responsible for all of the interest that accrues on the loan, including while you are in school. Payment of interest may be deferred during your in-school, grace and deferment periods.

For Stafford loans first disbursed beginning July 1, 2006, the interest rate is fixed at 6.8%. For loans first disbursed July 1, 2007–June 30, 2008: Up to 2.5% in fees that includes a 1.5% federal origination fee and a 1% federal default fee. There are lenders and guarantors that we work with that pay all or a portion of these fees. The maximum loan is $8,500 a year for the Subsidized Stafford Loan. The maximum Unsubsidized Stafford Loan is $40,500. Interest does not accrue during the in-school, grace or deferment periods; there is a standard 10-year repayment period.
Graduate PLUS Loans
The Graduate PLUS Loan is a credit based loan. Students who are approved may borrow up to the full cost of your education, less other financial aid. The Graduate PLUS interest rate is fixed at 8.5%. There is a 3% origination fee charged by the federal government. Up to a 1% federal default fee is also charged. There are lenders and guarantors who we work with that pay all or a portion of the default fee for loans guaranteed July 1, 2007–June 30, 2008.

B. Title VII Programs: Federal programs administered through the U.S. Department of Health and Human Services. Applicant must be a U.S. citizen or an eligible non-citizen. Parent information is required on both the FAFSA and UConn Application for all Title VII Programs.

Primary Care Loan: To be eligible, a student must agree (1) to enter and complete a residency training program in primary health care not later than 4 years after the date on which the student graduates from the School and (2) to practice in such discipline through the date on which the loan is repaid in full; maximum annual award is tuition plus $2,500; additional funds may be awarded to third- and fourth-year Primary Care Loan recipients to repay higher interest loan debt from prior years of medical school; 5% interest rate (does not accrue while in school, grace or deferment period); there is a severe penalty for failure to meet loan criteria; student must have exceptional need.

C. School of Medicine and School of Dental Medicine Programs: Parent information is required for these programs.

Scholarship Aid - Tuition Remission: State/Institutional program; full or partial tuition awards made to students with the highest need.
University Loan: Health Center program; 5% interest rate (does not accrue while in school, during 12-month grace period or deferment of up to 2 years for military service or through completion of residency training); 10-year repayment period; awarded to students with demonstrated need.
Robert Wood Johnson Loan: 5% interest rate (does not accrue while in school, during 12-month grace period or deferment of up to 3 years for military service or through completion of residency training); minority students, women, and students from a rural background with demonstrated need are eligible.
McCook Auxiliary Revolving Loan: 5% interest rate (does not accrue while in school, grace or deferment period); up to 3-year deferment for military service; 10-year repayment; awarded to students demonstrating need. (Medical students only.)
UCHC Auxiliary Scholarships: Four $5000 scholarships are available for medical students and two for dental students each year based on community service and need.
UCHC Auxiliary Loan Program: 5% interest rate (does not accrue while in school, during 12-month grace period or determent of up to 3 years for military service or through completion of residency training, 5-year repayment, awarded to students demonstrating need.)

Note: Loan program terms pertain to the 2007-2008 academic year and may change for 2008-2009. Read the loan information you receive very carefully.