Financial Aid

Description of the Department
How Much Aid Will I Get?
Cost of Education
Applying for Financial Aid
Financial Aid Available
Financial Aid Policies
Resource Links
Financial Aid Calendar 2013-2014
Financial Aid Forms
Private Loans

Financial Aid Programs

Federal School Code (FAFSA): G24824
School Code for Loans : 024824


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., USA Funds, Scholarships for higher learning and others.

Institutional Scholarships to cover educational expenses are available for distribution. Annually Institutional funds are allocated to distribute among students. The scholarships committee integrated by faculty members of all programs selects the recipients, the total distribution exceed $100,000 annually. Actually some fund raising activities are been developed to increase availability of funds to this purpose.

To apply for scholarships available, the student select  to be considered (in a space provided) in the request to financial aid form.


The 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:
  • Federal Loan Changes for 2012-2013

The Budget Control Act of 2011 was passed on August 2, 2011. Some of the provisions in the act impact federal student loan programs offered at Ponce School of Medicine and Health Sciences. These changes WILL NOT affect the amount of loan funding available. However, loan funding will become more expensive. Here are the key
provisions affecting future federal graduate and undergraduate student loans:

  1. Graduate and Professional Students Only:
    Beginning July 1, 2012, all graduate and professional students will lose the interest subsidy on the Subsidized Stafford loan. The graduate Stafford loan program will become entirely unsubsidized, which means the loan will accrue interest while a student is in school. These changes will not affect the annual and aggregate borrowing limits. The maximum amount a student can borrow will remain at $20,500 per academic year.

  2. Loss of “origination fee rebate” affecting Stafford, Grad PLUS
    Currently, there is a 1% origination fee on a Stafford loan and a 4% fee on PLUS loans, but a portion of the fee, .5% for a Stafford and 1.5% for a PLUS, is rebated at the time of disbursement.
    (New) Beginning July 1, 2012, the full fee will be charged.

  3. Loss of interest rate reduction:

    The last change is the loss of the .25% interest rate reduction if you pay your loans electronically while in repayment.

    We recommend that students monitor their Federal Loan borrowing history online at

  • Unsubsidized Stafford Loans

The fixed interest rate loan has an annual loan limit of $12,000 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. For MPH, PhD, DrPH and Certificates the maximum amount is $12,000 per year.

  • Aggregate Amount of Loans

The medical student may obtain an aggregated $224,000.00 in Stafford Loans of which $65,500.00 can be Subsidized and $158,500.00 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.

  • Graduate Plus Loan

There are no fixed annual or aggregate loan limits. A graduate or professional student may be awarded a PLUS loan for up to the student’s cost of education minus other financial assistance.

Credit will be verified, interest begins to accrue upon disbursement. For academic year 2012-2013 interest rate is 8.5%, origination fee is 4%. 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.


  • Alternative Loans

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. 

Graduate Assistantships/Fellowships

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.


Links for you

PIN Number
NSLDS for Student
Entrance Counseling
Master Prommissory Note
FIRST AAMC Resource to help manage student debt
Financial Aid Forms
Loan Consolidation


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