Types of Financial Aid That Are Available
TULANE SCHOLARSHIP PROGRAMS
The Tulane School of Medicine administers several scholarship programs, all of which are listed in the school’s Bulletin/Catalogue. Scholarship awards are generally determined either by academic merit and/or financial need. The Admissions Committee automatically considers all accepted students for scholarships awarded strictly upon the basis of academic merit. Your completion of the FAFSA and the Financial Aid Addendum (complete with all requested parental data) are required for the Office of Financial Aid to evaluate your eligibility for a Tulane need-based scholarship. Scholarship awards vary in amount with the average award being approximately $5,000 per academic year.
For greater details of Tulane Scholarships, please review this Power Point presentation.
The U. S. Army, Navy, and Air Force offer full scholarships, covering tuition and fees, and a stipend for books, supplies, and living expenses. In exchange for their financial assistance, you agree to serve the military’s medical needs for a period of time following your graduation and residency. If you would like information about military scholarship programs we recommend that you contact your local recruiter or visit the following internet addresses:
NATIONAL HEALTH SERVICE CORPS SCHOLARSHIPS
This highly competitive scholarship program is available for students interested in the primary care specialties and committed to serving part or all of their career in a health professional shortage area. The NHSC program pays for tuition and fees, books, supplies and equipment for up to four years and a monthly stipend for living expenses. For information and application materials call (800) 638-0824 or visit http://nhsc.hrsa.gov/.
INDIAN HEALTH SERVICE SCHOLARSHIPS
This scholarship program is available for qualified American Indian and Alaska Native candidates (members of federally recognized Tribes only) move forward with their medical education and pursue careers in a health profession. The IHS program pays for tuition and fees, and other educational and living expenses. Students incur service obligations and payback requirements on acceptance of their scholarship award. For information and application materials visit http://www.ihs.gov/scholarship/index.cfm .
Many foundations, organizations, and other entities offer financial support to medical students. We strongly urge students to take an aggressive approach in attempting to secure such support on their own. An excellent way to search for possible private scholarships and loans is on the Internet at the following URL address:http://www.finaid.org. Potential private sector assistance may also be found by contacting your local chamber of commerce, hospitals, and medical society. You should attempt to identify any support that may be available to you by virtue of your ethnicity, race, gender, religion, and social organizations to which you or your family may belong.
WILLIAM D. FORD FEDERAL DIRECT LOAN PROGRAM (Stafford Loans)
The William D. Ford Federal Direct Loan Program (Direct Loans) will typically be a major source of financing for Tulane medical students. If eligible, students may borrow up to $40,500 per year of "unsubsidized" Direct Loan funds. "Unsubsidized" means that the student pays the interest on the loan while in school (or agrees to capitalize the interest and add it to the principal upon repayment). The fixed interest rate for loans borrowed between 7/1/13 and 6/30/14 is 5.41%
FEDERAL PERKINS LOANS
Federal Perkins Loans are granted on a need basis by Tulane. While the annual maximum amount of Perkins Loan funds a medical student can receive is $8,000. Our offers of Federal Perkins Loans normally do not exceed $4,500 in order to assist as many eligible students as possible. The interest rate is 5% during repayment.
LOANS FOR DISADVANTAGED STUDENTS
This loan program is designed for students who are either financially disadvantaged or come from an environment, which would inhibit a student from obtaining the MD degree. The amount of the award depends on the availability of funds. You must submit a signed copy of your parents’ 2012 federal income tax return if applying for this program for the 2013/2014 academic year..
PRIMARY CARE LOANS
The US Department of Health and Human Services (DHHS) offers this loan program whereby recipients must sign an agreement to enter a primary care field of medicine, with primary care being defined as family practice, pediatrics, or general internal medicine. Should a recipient deviate from these areas of medicine, or begin a sub-specialty training program after completing residency, a significant monetary penalty is assessed. Therefore, with only rare exceptions, this program is somewhat less desirable for first year medical students (since most students wish to experience the medical school curriculum before committing to a primary care field). Eligibility for the Primary Care Loan requires full disclosure of parental information by the applicant, including submission of a signed copy of your parents’ 2012 federal income tax return for 2013/2014 applicants. For more information on the primary care loan, visit the following web site:http://www.hrsa.gov/loanscholarships/loans/primarycare.html .
FEDERAL DIRECT GRADUATE PLUS LOANS
The Federal Direct Graduate PLUS Loan is available for graduate students and has a fixed interest rate for loans borrowed between 7/1/13 and 6/30/14 of 6.41%. This loan requires that the borrower pass credit worthiness criteria and allow for students to borrow up to the cost of attendance less other aid received. Students should select EITHER a Federal Graduate PLUS Loan OR a private loan (below). Refer to the Frequently Asked Questions for additional information.
When needed, private loans are non-federal credit based loans that can be used to provide additional funds up to the cost of attendance. For example, if any scholarship and/or federal aid were not sufficient to provide enough money to fund the full cost of attendance, a private loan might be needed to complete the aid package.
TULANE LOAN PROGRAMS
The Tulane School of Medicine administers a small number of loan programs. Funds from these programs are awarded to students, generally seniors, who demonstrate a significant financial need that cannot be met by other sources of student financial aid.
CREDITWORTHINESS TESTS FOR PRIVATE LOAN PROGRAMS
Private loan lenders perform a creditworthy evaluation on all applicants to their private loan programs. Student borrowers (and/or their co-signers) must pass the lender’s creditworthiness standards prior to their approval of a private loan application. (NOTE: There is no creditworthiness evaluation requirement for the processing of William D. Ford Federal Direct loans, Federal Perkins loans, Loans for Disadvantaged Students, or Primary Care Loans.)
Before applying for private education loans or if you are ever denied credit, you should request a copy of your credit report from a local agency or from one of the national credit reporting agencies. Review the report carefully, paying particular attention to the number of accounts, total account balances, and the timeliness of payments. If you find any derogatory information that appears to be incorrect, you should contact the credit reporting agency. Unfortunately, errors can occur in your credit report. Common reasons for errors are: inconsistent reporting by creditors, wrong or misplaced dates, wrong amounts, double reporting, incorrect reporting due to common names, parents and students having the same address and name, and incomplete reporting of demographic information. Items that are reported in error can be corrected, but it can take several months to have the corrections made. In order to expedite delivery of a private loan for your medical education, you should correct any credit problems prior to starting the loan application process.
Most credit reporting agencies will charge you a fee for your credit report. These fees can vary by your state of residence. Thus, you should call the credit reporting agency to verify the fee before you mail your request. Submit the fee by check or money order made payable to the company from which you are requesting the credit report. You are entitled to a free copy of your credit report if you have been denied credit within the past 60 days. Here is a listing of the three major national credit reporting agencies:
Also, you are eligible for a free annual credit report.
Health Sciences Financial Aid, Tulane University, New Orleans, LA 70112 504-988-6135 firstname.lastname@example.org