Hope every one had a happy Thanks Giving Holidays. Wishing you all same for Christmas and New year.
I am a parent of a BS/MD student who is planning to attend MD in Univ of Miami - Med School for the year 2018-19 on wards. My sources say: For us to have a good shot at merit scholarship in this college, it appears we need at least 525 in MCAT score since we are in the guaranteed program. My son’s MCAT score is 518. So we are looking for other sources on the Finaid and loans.
(A) FinAid: Would appreciate if you could point to any threads that has info on Outside(other than the Univ of Miami scholarships) FinAid for MD students.
(B) Loans: What options we have here? Any deadlines on any applications?
There are plenty of places who will give private loans to med students. With the high payoff there won’t be any problems for him getting a loan on his won. The U Miami financial aid office should have a list of loans available to med students.
Once he enters the professional portion of his BA/MD, he will be an independent student (though will still require parental financial information for your son to receive FA for med school) and can take out federal student loans of up to $40,500/year and Grad Plus loan up to the listed COA at UMiami SOM.
There are some programs that will pay for the med school portion your son’s education, but they are not without strings attached. All require a service payback for the scholarship. NHSC offers 2, 3 or 4 year scholarships that cover tuition (up to $40,500/year) plus offer a modest living expenses stipend. In return the med student must specialize in a primary care field (family medicine, pediatrics, general internal medicine, OB/GYN or psychiatry) and agree to work in a federally designated medically underserved area for at least one year for each year of scholarship received. HPSP is similar but allows a broader choice of specialties (including all surgical specialties & EM) and requires the med student to payback his scholarship by serving as doctor in the military. (Military residency does NOT count toward service repayment. The repayment clock starts only after residency has been completed.)
There are some state scholarship-for-service programs that will forgive/payback federal student loans for each year a primary care physician works in a state designated medically underserved area. (See: https://nhsc.hrsa.gov/loanrepayment/stateloanrepaymentprogram/index.html for a list of state programs) There are also service-for-loan-repayment programs sponsored by NIH and the Indian Health Service.
AMCAS has a good overview on how to pay for medical school, including a discussion of various loan repayment options.
<a href="https://students-residents.aamc.org/applying-medical-school/preparing-med-school/paying-medical-school/">https://students-residents.aamc.org/applying-medical-school/preparing-med-school/paying-medical-school/</a>
Federal Student Loans: <a href="https://students-residents.aamc.org/financial-aid/article/direct-loans-101/">https://students-residents.aamc.org/financial-aid/article/direct-loans-101/</a>
Scholarships for Service: <a href="https://students-residents.aamc.org/applying-medical-school/article/pay-medical-school-through-service/">https://students-residents.aamc.org/applying-medical-school/article/pay-medical-school-through-service/</a>
Debt Fact Card for medical students, including various loan repayment options:
<a href="https://members.aamc.org/iweb/upload/2017%20Debt%20Fact%20Card.pdf">https://members.aamc.org/iweb/upload/2017%20Debt%20Fact%20Card.pdf</a>
(A) FinAid: Would appreciate if you could point to any threads that has info on Outside(other than the Univ of Miami scholarships) FinAid for MD students.
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You’re looking for unicorns.
The only one that i know of is the small one time/one year award from Johnson and Johnson. Very hard to win, and i don’t know if they still offer it.
There just isn’t any motivation for outside entities to be offering merit awards to future MDs.