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Types of Financial Aid

Financial Aid is money provided to a student to assist them in paying for their education. The major forms of financial aid include gift aid (grants and scholarships) and self-help aid (loans and student employment).

Gift Aid

The University of Rochester School of Medicine and Dentistry does not offer scholarships through the Financial Aid Office for Eastman Institute of Oral Health Students. However, some departments may have scholarship budgets for students in their programs. The Financial Aid Office encourages applicants to inquire with their departments if scholarships funds may be available. Any departmental scholarship funds awarded to students will be incorporated into their financial aid packages and included as an available resource.

Federal Loans (for Masters Programs)

The array of loan options available to finance a dental/graduate education is potentially confusing. The Financial Aid Office will work closely with you throughout your years of dental/graduate school to assure that you have the information necessary for making informed decisions.

FIRST...an Unsubsidized Federal Direct Stafford Loan

The primary source of aid for any graduate/professional student who is a U.S. citizen or permanent resident is the Unsubsidized Direct Stafford Loan. An Unsubsidized Stafford is federally guaranteed, however there is no interest subsidy while the borrower is in school or deferment. Generally borrowers accrue rather than pay the accumulating interest during this period. For loans obtained through the Federal Direct Stafford Loan program, accrued interest is not capitalized until the end of the grace period. Currently the total unsubsidized Stafford loan amount available annually is $20,500, depending on your program and the length of your academic year.

THEN, If Necessary

Most students will find the Stafford loan, in combination with family support and/or other financial aid, sufficient to meet their needs. If this is not the case for you, please then consider a Federal Direct Grad PLUS Loan to meet the difference between your resources and the estimated cost of attendance. Like the Stafford Loan, a Grad PLUS Loan is federally guaranteed, and there is no interest subsidy while the borrower is in school or deferment. However, a credit check is required for a Direct Grad PLUS loan.

Additional Loan Information

Loan Chart

Comparison: Federal vs. Private Student Loans

Federal Student Aid - StudentLoans.gov

Private Loans (for Certificate Programs)

Students who are in need of a financing option for an Advanced Certificate Program may wish to consider securing a “Private Student Loan”. A private student loan is an educational loan that is not issued, associated with, or guaranteed by the federal government and is made to students by banks, educational lenders, or finance institutions.

They are comparable to federal loans in that students may borrow only for the costs associated with their education including: tuition, fees, books/supplies, the student’s off-campus living expenses, travel, etc. However, private student loans differ in that the terms of the loan may vary from one bank/lender to another. These differences may include varying interest rates, fees, grace periods, repayment options, etc. Additionally, private educational loans may require a check of the borrower’s credit history/score, and/or a creditworthy co-signer.