Financial Aid

Description of the Department
How Much Aid Will I Get?
Cost of Education
Applying for Financial Aid
Financial Aid Programs
Financial Aid Policies
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Academic Calendar 2007-2008
Academic Calendar 2008-2009
 
EXIT COUNSELING

Financial Aid Programs

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

Scholarships

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

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:
  • 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 $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.

  • Aggregate Amount of Loans

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.

  • 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. 

  • Grad PLUS Loan

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.

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.

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