Education / Financial Aid Office / Graduate Students / Types of Aid

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 work-study).

Gift Aid

The University of Rochester School of Medicine and Dentistry does not offer scholarships through the Financial Aid Office. However, some departments do have modest 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.

Loans

Federal Student Loan Changes from the One Big Beautiful Bill Act

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

FIRST...an Unsubsidized Federal Direct Loan

The primary source of aid for any medical student who is a U.S. citizen or permanent resident is the Unsubsidized Direct Loan. Like the Perkins Loan, an Unsubsidized 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 Loan program, accrued interest is not capitalized until the end of the grace period.

THEN, If Necessary

Most students will find the Unsubsidized Direct Loan, in combination with family support and/or other financial aid, sufficient to meet their needs. If this is not the case for you, you can then consider a Private Educational Loan to meet the difference between your resources and estimated cost of attendance. Unlike the Unsubsidized Direct Loan, the terms of private loans vary by lender and may differ in interest rates, fees, repayment options, and grace periods. most lenders review your credit history and credit score, and some students may need a co-signer to qualify. To learn more about the University of Rochester School of Medicine and Dentistry's lender comparison tool: ElmSelect (link coming soon).

Additional Loan Information

Federal Student Loans and Interest Rates

Comparison: Federal vs. Private Student Loans

Federal Student Aid – StudentLoans.gov

Service Based Programs

Loan Forgiveness/Repayment Program

Federal Work Study

The University of Rochester School of Medicine and Dentistry receives a modest budget from the U.S. Department of Education to award through the Federal Work-Study program. Students should work with their departments if they are interested in receiving funds through the Federal Work-Study program as their department will be required to provide a portion of the funding.