Financial Aid
Programs
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Federal
School Code (FAFSA): G24824
School
Code for Loans : 024824
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Scholarships
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| There
are several different scholarships available to the students
from sources outside Ponce School of Medicine. Some of
these scholarships require a repayment commitment by the
recipient, such as one year of obligated service for each year
of scholarship received: ARMY,
NAVY, AIRFORCE
and NATIONAL
HEALTH SERVICE CORPS.
The Ponce
School of Medicine allocates funds received from sources such
a U.S. Public Health Services (Scholarship
for Disadvantaged Students); the Commonwealth
of Puerto Rico (Beca Ayuda Suplementaria); National
Medical Fellowship, Inc., and others.
Institutional
Scholarships to cover Tuition and Fees are limited by the
annual funds available for distribution. |
Loans
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student applies for educational loans with our technical
assistance. The interest rate of these loans is usually
less than private loans. As of July 1st, the
interest rate is set by the federal government annually.
The most frequently processed loans are: |
- Subsidized
Stafford Loans
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Loan limits
are $8,500 per year. The Federal Government pays the
interest while the student is in school. The Federal
Government may discontinue the interest at any time.
All applications are made through various U.S. lenders.
Interest is variable and repayment starts Six Months after
student graduates or leaves school with a ten years maximum
term for repayment.
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- Unsubsidized
Stafford Loans
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The variable
interest rate loan has an annual loan limit of $10,000 and
the Federal Government do not pay the interest while the
student in the school. However, as an Institution
participating in the previous HEAL program, the
student of our MD program may be awarded an additional
$20,000 and those of our Psy. D program receive $12,500 to
$16,667 depending on the months of the academic year.
For MPH, PhD and Certificates the maximum amount is $12,000
per year.
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- Aggregate
Amount of Loans
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The medical
student may obtain an aggregated $189,125.00 in Stafford
Loans of which $65,500.00 can be Subsidized and $123,625.00
Unsubsidized. The other PSM Graduate Programs
have an aggregated limit of $138,500.00, of which $65,500.00
are Subsidized Stafford Loans. The aggregated debt
limit includes ALL LOANS, both undergraduate and graduate
levels.
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There are
several alternative loans programs for the health
professional students. These are credit-based loans
that may be used to supplement other types of financial
assistance. The loan amounts vary from $10,000 to
$20,000. The interest rate is variable, accrued while
in school and usually based on the current “Prime
Rate” plus a lender’s predetermined interest rate.
Repayment may be up to 20 years. Alternative Loans
sometimes provide funds to complete the remaining need after
the student is awarded other financial aid. Due to the
high interest rate that these loans represent, the student
should seek these loans as a last resource to their
financial need.
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You do not
have to demonstrate financial need for this program.
Interest begins to accrue upon disbursement. Interest
for the Grad PLUS is 8.5% fixed. There
is a 3% origination fee which
are deducted from the loan proceeds. Lenders may offer
rate and/or fee reductions. Loan funds are disbursed
at the beginning of each term. Repayment begins immediately,
but you may obtain a deferment while in school. PLUS
loans have no grace period, so repayment begins upon
graduation or withdrawal from the school.
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Graduate
Assistantships/Fellowships
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| There
are research assistantships provided by faculty members for
externally funded research projects. One of these
programs is the Minority
Biomedical Research Support Program (MBRS) that may be
available for participation. The program provides
student support that includes salary and fringe benefits.
Additional information may be requested at the Offices of the
Deans, Program Directors, and/or faculty. |
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