School of Medicine Students
Student Financial Services provides MD students with tools and guidance to successfully manage financial aid while attending BUSM as well as the resources to be financially successful upon graduation. Start the financial aid process for 2014-2015 at New Applicants or Continuing Applicants.
Students who are either U.S. citizens, resident aliens or eligible non-citizens may apply for Federal Direct Loans by completing the Free Application for Federal Student Aid (FAFSA). The Federal Direct Loan (DL) is a non-credit-based, unsubsidized loan; eligibility for DLs is not determined by financial need. The loan amount for which students qualify will vary depending on academic year and enrollment status.
In addition to DLs, BUSM offers merit- and need-based institutional financial aid, which may come in the form of scholarship or institutional loan funding, or both.
Merit-Based Aid: While the majority of merit-based scholarship funding is awarded as part of the acceptance process, there are occasions when BUSM departments notify Student Financial Services of additional scholarship funding.
Type of Aid
|Federal Direct Loan||FAFSA||Unsubsidized Loan – Repaid after graduation|
|BUSM Merit-Based Aid||BUSM Admissions Application||Scholarship Funding – No repayment|
|BUSM Need-Based Aid||FAFSA and Need Access||Repaid after residency, accruing 0 interest while in school or residency; once BUSM loans begin accruing interest, the rate is typically 5 percent.|
Student financial need is based on a complex algorithm with many factors. SFS uses both the FAFSA and the Need Access applications as part of this process. If you DO NOT plan on applying for institutional financial aid, complete only the FAFSA (and other applications document in Resources). If you do not qualify for institutional financial aid, you may still qualify for federal financial aid.
To determine eligibility for need-based funding, SFS evaluates each family’s income and assets. Although a student is considered independent for purposes of awarding the DLs, because BUSM institutional resources are limited, SFS requires that income and asset information be provided by students, parents and spouses for married students.