Federal Loans

The Virginia Tech Carilion School of Medicine participates in the William D. Ford Federal Direct Loan Program (Title IV). Under Title IV loans, students enrolled at Virginia Tech Carilion School of Medicine are eligible to apply for the William D. Ford Direct Unsubsidized Stafford Loan and the William D. Ford Direct Grad PLUS Loan.

In order to be eligible for federal loans, students must maintain Satisfactory Academic Process. In the event a student withdraws, Title IV loans are refunded in accordance with the federal Return of Title IV Funds Policy.

Direct Unsubsidized Loans 

Direct Unsubsidized Loans are available to all VTCSOM students regardless of their demonstrated financial need. The Direct Unsubsidized Loan is automatically placed in an in-school deferment status for students enrolled at least half-time. Interest on the Federal Unsubsidized Loan starts accruing as soon as it has been disbursed. After graduation or once a student is no longer enrolled, Federal Direct Loan borrowers receive a six-month grace period before repayment begins. If necessary, medical residents have the option to request a Mandatory Medical Forbearance. Loan repayment will begin after graduation or once a student is no longer enrolled. If necessary, medical residents have the option to request a Mandatory Medical Forbearance. Please note, there are origination fees that are deducted from each loan disbursement. For current interest rates and loan fee information, please visit the Federal Student Aid website.

Direct Graduate PLUS Loans 

Direct Graduate PLUS Loans are available to all VTCSOM students regardless of their demonstrated need. Students may only borrow the Direct Graduate PLUS Loan after they have borrowed their annual maximum amount in the Direct Unsubsidized Loan. The maximum amount a student can borrow is the cost of attendance less any other financial assistance received. The Graduate PLUS Loan is automatically placed in an in-school deferment status for students enrolled at least half time, and for an additional six months after the student graduates or ceases to be enrolled half-time. Interest on the Graduate PLUS Loans starts accruing as soon as it has been disbursed. If necessary, medical residents have the option to request a Mandatory Medical Forbearance. During the online application process, a credit check is automatically performed. Students who have an adverse credit history will be required to obtain an endorser. Please note, there are origination fees that are deducted from each loan disbursement. For more information on interest rates and loan fee information, please visit the Federal Student Aid website.

How to Apply

Federal Direct Unsubsidized Loan

In order to apply for the Federal Direct Unsubsidized Loan, students must complete the Free Application for Federal Student Aid (FAFSA) for each academic year. In order to submit a FAFSA, students will first need to obtain a Federal Student Aid ID (FSA ID) from the Department of Education.

According to Federal Regulations, students choosing to borrow their Federal loan eligibility are required to complete Entrance Counseling and a Master Promissory Note (MPN) at the initial time of borrowing and Exit Counseling once ceasing to be enrolled at VTCSOM (www.StudentLoans.gov.)

Currently, students are not required to submit parent information on the FAFSA. Some students may be required to submit additional documentation for verification purposes. We recommend that students complete the FAFSA by March 1st, to ensure that the information is successfully transmitted to VTCSOM.

Please Note: For the 2018/2019 FAFSA, please include both VTCSOM’s school code G42186 and Virginia Tech's School Code 003754. If you do not include both school codes, VTCSOM will not be able to process your request for aid.

How to Apply

Direct Graduate PLUS Loan

To apply for the Direct Graduate PLUS Loan, students must have completed the FAFSA and are required to complete an application at www.StudentLoans.gov. All Graduate PLUS loan borrowers must complete a new application for each year they wish to borrow these loan funds. Once completing the Direct Graduate PLUS Loan application, students are required to sign Direct PLUS Loan Master Promissory Note (MPN). Students who have not previously borrowed a PLUS loan will also be required to complete Entrance Counseling. Students who have an adverse credit history will be required to obtain an endorser.

Private/Alternative Loans

A Private/Alternative Loan is a loan that a student can obtain to help finance the student’s cost of attendance. VTCSOM strongly encourages all students to utilize their Federal Direct and PLUS loan borrowing eligibility before seeking a private/alternative loan. It is strongly recommend that you carefully review all the terms of each individual loan, as they can vary greatly. Private/Alternative Loan lenders require their own application, timeline, and repayment terms.

How to Apply

Private/Alternative Student Loans

Private/Alterative student loans are typically offered by banks, credit unions, and state agencies. Students will have to seek out a lender of their own liking. Students can borrow up to the cost of attendance minus any other financial aid received. All student loans must be certified by VTCSOM in order to confirm a student’s loan eligibility.

VTCSOM Endowed Scholarships

Thanks to generous donors, the Virginia Tech Carilion School of Medicine is pleased to be able to offer several privately funded scholarships.

In order to be apply for these scholarships, students must submit the FAFSA and scholarship application by the established deadline. The number of scholarships awarded and amounts are subject to change each academic year.

How to Apply

VTCSOM Endowed Scholarships

Current students may apply for VTCSOM Privately Funded/Endowed Scholarships by completing the scholarship application form by the established deadline each academic year. Students must submit an essay and information release form.

Service Scholarships

The two types of service scholarships are the Armed Forces Health Professions Scholarship Program (HPSP) and the National Health Service Corps Scholarship Program (NHSC) through the Public Health Service. Both programs currently offer full tuition assistance, reimbursement for books and a monthly living stipend in exchange for service commitments after school and residency. Visit Medicine and the Military and/or the National Health Service Corps Scholarship website for more information.

How to Apply

Service Scholarships

Students must apply directly to the military or the Public Health Service for these programs.

Air Force Health Professions Scholarship
Army Health Professions Scholarship
Navy Health Professions Scholarship
National Health Service Corps

Yellow Ribbon Benefits

Eligible students must first apply for benefits under the Post-9/11 GI Bill with the Department of Veterans Affairs. For more information about the Post-9/11 Bill and VA education benefits, please visit the website, or call 1-888-442-4551. Once a student receives their Certificate of Eligibility from the VA, they must bring the certificate to the Office of Financial Aid. VTCSOM will verify your eligibility and notify you on your total benefits and acceptance into the program.

How to Apply

Yellow Ribbon Benefits

Eligible students must first apply for benefits under the Post-9/11 GI Bill with the Department of Veterans Affairs. For more information about the Post-9/11 Bill and VA education benefits, please visit the website, or call 1-888-442-4551. Once a student receives their Certificate of Eligibility from the VA, they must bring the certificate to the Office of Financial Aid. VTCSOM will verify your eligibility and notify you on your total benefits and acceptance into the program.

Outside/External Scholarship Opportunities

All students are strongly encouraged to apply for outside scholarships, which can help reduce their medical school loan debt. Students are required to report receipt of all outside scholarships to the Office of Financial Aid. Please note, receipt of an outside/external scholarship can offset your total loan borrowing eligibility.

How to Apply

Outside/External Scholarships

Students can search and apply using online search engines such as FastWeb.com. Please be cautious of scholarships with an application fee, scholarship matching services, sales pitches, and applications requiring sensitive personal information. Students are required to report all outside scholarships to VTCSOM. If you have been awarded any outside scholarships, please submit the Scholarship Reporting form.