Regulations & Procedures

Refund Policy: Refund of Medical School Tuition and Fees

Tuition and fees will be adjusted on a percentage basis determined by the day on which the student withdraws from the University, until 60% of the term is completed, as outlined in the policy posted on the Student Financial Services website.

Return of Financial Aid

Students who receive Title IV financial aid must return loans in accordance with federally-mandated Return of Title IV Aid Policy.

The School of Medicine Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw (including taking a Leave of Absence longer than 6 months) or are dismissed prior to completing 60% of a semester. Federal Title IV financial aid must be recalculated in these situations. Title IV funds include the Perkins Loan, Unsubsidized Loans, and Graduate PLUS Loans.

In most cases, the University will return loans on your behalf. You may be required to repay a portion of any financial aid refund.  Your financial aid counselor will advise you.

Recalculation is based on the percent of earned aid using the following Federal Return of Title IV funds formula:

Percent of aid earned = the number of days completed up to the withdrawal date, divided by the total days in the semester. (Any break of five days or more is not counted as part of the days in the semester.)

Return of UVA SOM (Institutional) Funds

Students who have received UVA SOM scholarship and/or loan funds will be expected to return the unearned portion of those awards. The earned portions of institutional aid will be determined by using the same procedures and formulas shown above.

The School of Medicine offers several non-need-based scholarships, which are awarded by the Admissions Committee.  With the exception of the non-need scholarships and the MD/PhD and Generalist Scholars programs, most school-funded scholarships and loans are awarded on the basis of demonstrated financial need, as determined by the Financial Aid Office.

Need-Based Aid Policies

1. Filing Deadlines: Application for need-based school-funded aid must be made annually, preferably prior to published deadlines.  Students may apply for aid at any time during enrollment.
2. Award Limits: The medical school determines the maximum annual need-based aid awards, based on funding availability.
3. U.S. Citizenship: Students who are not United States citizens or permanent resident aliens are not eligible for financial aid from the medical school.
4. Parental Information: All applicants must provide parental income and asset information on the application forms, regardless of age or independent status for federal loan programs. See the application page for exceptions. Other exceptions are rare and are not granted without prior written approval from the Financial Aid Director.
5. Parental Contributions: With the following exceptions, the full parent contribution produced by the need analysis will be imputed in the calculation of school aid eligibility:
   
   • Parent Contributions: Single Students The full parent contribution produced by Federal Methodology through the FAFSA will be included in the formula used to calculate school aid eligibility for all single students who are under age 26 when they enter medical school.  Those who are 26 or older upon entering MAY have their parents’ contribution reduced, depending on the amount of school monies available relative to the total demand of the eligible applicant pool.  Students whose calculated parent contribution is not "forthcoming" may replace some or all of the contribution with unsubsidized loans.
   • Parent Contributions: Married Students If a student’s spouse is also a student, the standard single student parent contribution will be assessed in the calculation of school aid eligibility.  If the student’s spouse is employed, the spouse’s contribution from income usually replaces the parent contribution.  However, a supplemental parent contribution MAY be assessed in the event that funding falls seriously short of meeting the need of students from financially disadvantaged families.
6.  Satisfactory Academic Progress is required to maintain eligibility for school, state or federally funded aid.
7. Loans and Scholarships from Gifts and Endowments: Although you need not apply separately or specifically for any of our school-funded scholarships or loans, you should complete the optional information section of the UVA Financial Aid Application to inform the Financial Aid Office if you meet any of the special scholarship or loan criteria such as geographic origin, ethnic background, specialty interest, etc.  This section also helps the Financial Aid Office to find external scholarship opportunities for each student.
8. Institutional Loans: Loans are interest-free during medical school and for six months following graduation or termination of studies. Repayment of principal can be deferred throughout residency training, but the 5% simple annual interest must be paid monthly beginning six months after graduation and continuing throughout residency. Repayment of principal begins upon completion of residency training and interest continues to be assessed on the unpaid balance throughout the life of the loan. The maximum repayment period is ten years in duration.

Need-Based Scholarships and Loans

The School of Medicine offers scholarships f9r students who demonstrate need per institutional policy.  Once students are awarded a need-based scholarship, that amount is guaranteed to renew annually.  Parental financial information must be included on the FAFSA and UVA application forms to initially qualify (see our Application Process page for exceptions).  Although you do not apply separately or specifically for any particular school-funded scholarship or loan, you should use the optional section of our UVA Application to inform the Financial Aid Office if you meet any of the special scholarship or loan criteria such as geographic origin, specialty interest, etc.

School-funded (Institutional) Loans are interest-free during medical school and for six months following graduation or termination of studies.  The maximum school loan is $10,000.  This loan is need-based and is awarded after the maximum need-based scholarship has been awarded.

Please click here for official disclosures regarding the interest rate, fees, and repayment cost.  Repayment of principal can be postponed throughout residency training, but the 5% simple annual interest is billed on a monthly basis during that time.  Repayment of principal begins upon completion of residency training and interest continues to be assessed on the unpaid balance throughout the life of the loan.  The maximum repayment period is ten years, excluding years of residency forbearance (principal postponement).