Types of Financial Aid

University-based Aid:  There is a variety of need-based funding sources available from Temple University School of Medicine.  Such funding consists of: federal scholarships, low-interest rate loans, scholarships and grants established by the Alumni Office, friends of the University, and other various state/local entities.

These types of financial assistance are considered “need-based.” In order to be considered for such funding, a student is required on a yearly basis to:

1. File a Free Application for Federal Student Aid (FAFSA) by March1st
2. Complete both the student/spouse and parent sections of the FAFSA.

Because there is limited funding available in these programs, students are also required to provide parental income/asset information on the FAFSA for funding consideration.  Please follow all FAFSA instructions regarding how to report parental information.

Federal Stafford Loans:  The Federal Subsidized and Unsubsidized Stafford Loan program consists of government backed loans made by lending institutions and are the most widely used financial aid resource for medical school students.  A student must complete the student/spouse sections of the Free Application for Federal Student Aid (FAFSA) on a yearly basis to have eligibility determined.  You can borrow a maximum each year of $38,500.00 through the Federal Stafford programs.

Temple University Lenders
Students are free to select any lender they chose.  These lenders have demonstrated an outstanding commitment to assisting students. These lenders participate in a fully automated process through American Education Services (AES). This computerized process allows us to certify your loan eligibility annually and provide more efficient services to you. In addition, each of these lenders is a participating Keystone Best lender, offering reduced fees to Temple University students.  Links to each bank are provided, however please do not apply for your federal Stafford Loan through the bank websites.

Federal Graduate Plus Loans: Beginning with the 2006-2007 academic year graduate students can borrow through a new federal loan program - Graduate PLUS. PLUS gives a graduate student a viable alternative to private loans.

Some basic facts about the Graduate PLUS:

* Borrow up to "cost of education less aid"
* Student is the borrower - no cosigner required.
* May reduce high-cost alternative borrowing.
* Fixed interest rate - 8.5%, capped at 8.5%
* Deferred payment while enrolled in school.
* No agrregate or annual loan limits
* Based on simplified credit criteria regardless of income or employment status
* Endorser option available
* Unlimited in-school deferment
* Able to consolidate through the Federal Consolidation Loan Program

Students are free to select any lender they chose. The following federal PLUS loan lenders offer special benefits to our loan borrowers.  All offer a one percentage point interest rate reduction off the prevailing rate and a 0.25 percentage point interest rate reduction for direct debit of payments.   Please visit the American Education Services website to apply for a PLUS loan and for more information on borrowing through these lenders at the reduced rates.

The Grad PLUS Loan Master Promissory Note (Grad PLUS MPN) application:  This one-time initial promissory note will allow borrowers to use the same promissory note for future additional loan requests (up to 10 years).  Requirements to borrow future loans or additional loan amounts will be as simple as the student contacting the lender with an additional amount requested, the loan term the amount is for and the lender will perform another credit check before notifying the University.  

Federal PLUS Loans are for graduate borrowers. These loans provide additional funds for educational expenses that may are not covered by financial aid the student is receiving.   The annual interest rate is tied to prevailing interest rates on 91-day T-bills of the U.S. Treasury. Repayment of principal and interest begins six months after graduation.

Private Alternative Educational Loans:  Many students borrow additional funding through alternative loan programs to help with living expenses and other costs beyond tuition that are included in their yearly cost of attendance budget.  Alternative loans are credit based and are generally more costly in terms of loan fees and interest than Federal loan programs.  SFS can review your options and the various loan programs with you.  

Service Scholarships:  The National Health Service Corps (NHSC) Scholarship and the Health Professions Scholarship Program (military scholarships – Army, Navy, Air Force) are service-based programs.  They provide coverage of full tuition, fees, and a monthly stipend for living expenses in exchange for a specific number of years of service after graduation and/or residency training.  These scholarship programs are competitive and limited in number.  It is a good idea to apply as soon as possible.  If interested in National Health Service Corps, students can visit their website at http://nhsc.bhpr.hrsa.gov/index.cfm.  Students interested in military scholarships should contact their local branch recruiter.

Outside Scholarships/Loans:  There are thousands of awards available from community, religious, business and national organizations.  We suggest that you use the Internet and/or a Library to research possible resources.  This type of financial aid can be designated to very special groups of students based on gender, ethnicity, religious affiliation, educational program or even county of residence.  You may have to do some digging, but it is possible to find rather substantial awards that do not have to be repaid.  Two of the best scholarship websites that you can use are FastWeb and Scholarship Resource Network.   We recommend that you look for as much “free” money as possible, in order to reduce your educational loan debt. 

Please email your questions regarding financial aid to sfsmed@temple.edu.