Outside Funding Sources
The Central Scholarship Bureau offers interest-free loans in amounts up to $3,500 per year (maximum total of $8,000) to qualified Baltimore City and Baltimore County residents. For more information:
Central Scholarship Bureau
c/o #108, Bristol House Apartments
4001 Clarks Lane
Baltimore, Maryland 21215
Primary Care Loans may equal tuition plus $2,500 annually. Interest accrual at 5 percent and principal payments are deferred until one year after graduation, at which time both interest and principal payments begin. Both interest and principal may also be deferred for internships and residencies and for up to three years of service in the uniformed services (including National Health Service Corps) and the Peace Corps. Interest accrues from beginning of repayment period.
Recipients must enter and complete a residency training program in primary health care no later than four years after graduation from the institution. Recipients must also practice primary health care until the loan is repaid in full and provide annual certification that they are practicing primary health care. Primary health care is defined as family medicine, general internal medicine, general pediatrics, preventive medicine or osteopathic general practice.
The Maryland State Scholarship Administration offers one-year Maryland Professional School Scholarships of $200-$1,000, which can be sought for subsequent years by proper reapplication. Senatorial and House of Delegates awards are also available. To apply, students should complete the Federal Renewal Free Application for Federal Student Aid or the Free Application for Federal Student Aid.
National Medical Fellowships are need-based awards to minority medical students. For further information and applications write:
National Medical Fellowships
250 West 57th Street
New York, New York 10019
The Federal Work-Study Program provides jobs for students who need financial aid and who choose to earn part of their educational expenses. Jobs are arranged either on or off campus with a public or private nonprofit agency. Eligible students may be employed for as many as 20 hours per week. To be eligible for Federal Work-Study a student must apply for financial aid and demonstrate financial need.
Federal Perkins Loans (formerly known as National Defense/Direct Student Loans) are available to students from the University. The aggregate legal loan maximum is $30,000 (including undergraduate borrowing). The annual interest rate is 5 percent; interest does not accrue until repayment begins.
Federal Subsidized Stafford Loans (formerly Guaranteed Student Loans) are made by private lenders. The annual legal loan maximum for graduate students is $8,500. The aggregate loan limit is $65,500, including graduate and undergraduate debt. Current interest rates for new borrowers will be variable, but not higher than 8.25 percent. Interest does not accrue until repayment begins.
Federal Unsubsidized Stafford Loans are also made by private lenders. Medical students may borrow up to $30,000 a year with an aggregate limit of $179,000. The interest rate is variable and will be adjusted annually, with a 8.25 percent cap. Interest will accrue on the loan from the date of disbursement and may be paid quarterly, annually, or will be capitalized.
Alternative Loans are designed to meet the remaining student's eligibility after both Federal Subsidized and Unsubsidized Stafford Loans have been borrowed. Alternative loans are credit-based. Students are strongly encouraged not to borrow this loan unless absolutely necessary.
Federal regulations governing financial aid are subject to change, and it is suggested that interested applicants contact the Financial Aid Office to ensure receiving the most recent information.