The Office of Student Financial Services works with students during their medical school career to provide information on current funding sources, as well as debt management counseling to help plan for your financial future.
In order to be considered for all possible funding, applicants are strongly encouraged to complete the FAFSA, including the parental information, by March 1st. The FAFSA code for LKSOM is 003371.
Available resources for LKSOM students include:
There are a variety of funding sources available from LKSOM. Funding sources include federal scholarships, low-interest rate loans, scholarships and grants established by the Office of Institutional Advancement, friends of the University and other state/local entities. Some of these sources of financial assistance are considered “need-based” while others are “merit-based.” There is no application for University-based aid, all accepted students are considered.
Accepted students are notified of institutional scholarships beginning in March through the start of orientation.
Direct Unsubsidized Loan
A government guaranteed loan program is the most widely used financial aid resource for medical students. Students must complete the FAFSA each year of medical school for eligibility determination. Once Temple receives the FAFSA information, starting in the spring, accepted students will be awarded the Direct Unsubsidized Loan.
Direct GradPLUS Loan
The GradPLUS loan is used to supplement the Direct Unsubsidized Loan to cover tuition, fees and living expenses. This loan is subject to credit approval.
The National Health Service Corp (NHSC) and Health Professions Scholarship Program (military scholarships) are service-based programs. They provide coverage for tuition, fees, and a monthly stipend for living expenses in exchange for years of service after graduation/residency training.
There are thousands of awards available from community, religious, business, and national organizations. The internet is a good source for finding these scholarships. Two of the best scholarship websites are www.fastweb.com and www.collegeanswer.com.
Private alternative loans are managed through private lenders, issued in the student’s name, and may require a credit-worthy cosigner. Many lenders have health profession specific loans. Eligibility, rates, terms, and conditions vary upon lender.
The AAMC FIRST program also has a number of resources dedicated to helping you plan for your financial future. The goal of FIRST is to help medical student borrowers expand their financial literacy, make smart decisions about student loans, and manage their debt wisely.