Financial Aid

Financial Aid Programs

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

• Scholarships
• Loans
• Graduate Assistantships/Fellowships

Scholarships

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 and others. (en USA Funds crear el link: http://www.usafunds.org/scholarship/)
 

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.

Loans

• Subsidized Stafford Loans

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.

• Unsubsidized Stafford Loans

The variable 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.

• 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 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 estimated financial assistance.

Credit will be verified, interest begins to accrue upon disbursement. For academic year 2010-2011 interest rate is 7.9%, origination fee is 4%, with an instant rebate of 1.5%. 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.
 

Graduate Assistantships/Fellowships

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