Institutional Aid Policies
Institutional (School-funded) Aid Policies
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.
See also: Examples of Packaging Policy