Student Financial Aid Services Department
Basic Eligibility Requirements for Financial Aid Awards
Students at UConn Health can apply for the Federal Direct Loan Program, Institutional Aid, and Scholarships. As a first step to be considered for these programs, students must submit the annual Free Application for Federal Student Aid “FAFSA”. Such application is available to the public on October 1 every year. To complete FAFSA, visit the FAFSA website. Additionally, students are required to meet a satisfactory academic progress (SAP).
Federal Direct Loans (unsubsidized and Professional/Graduate Plus)
The federal student loan program or Direct Loan is a loan program designed to help students at eligible institutions cover the cost of higher education. For the Direct Unsubsidized Loan and Professional/Graduate Plus there is no requirement to demonstrate financial need. The school will determine the amount students can borrow based on the institution’s cost of attendance (COA) and other financial aid the student may receive. Student will be responsible for paying the interest on the Direct Unsubsidized Loan and the Graduate/Professional Loan while in school. Nevertheless, student may choose to pay interest while enrolled in school and during grace periods.
The U.S. Congress is the entity in charge of establishing interest rates, which are published on October 1 every year. The current interest rate on Direct Unsubsidized Loan is 6.08% and the interest rate on the Graduate/Professional Plus Loan is 7.08%. In addition to an annual interest rate, students will also be charged an origination fee. That means that students will borrow the gross amount but school will receive a net amount. As of October 1, 2019, the current origination fee for unsubsidized loan is 1.059% and 4.236% for the Graduate/Professional Plus Loan.
Interest rates for loans first disbursed on or after July 1, 2020 and before July 1, 2021 are as follows:
Direct Unsubsidized Loan/Health Professions (HEAL) Loan: 4.30%
Direct Graduate PLUS Loan: 5.30%
For further information, please visit StudentAid.gov.
In order to be eligible for these loans, students must meet the following eligibility requirements:
- Be a U.S. Citizen or an eligible non-citizen
- Be enrolled in school at least half-time
- Be enrolled in a program that leads to a degree or certificate awarded by the school
- Submit an Entrance Counseling and a Master Promissory Note
Professional/Graduate Plus Loan
- Students applying for a graduate plus loan must complete and submit a credit application on an annual basis
- Depending on the credit history, students may be required to provide an endorser.
In addition to having a FAFSA submitted, students applying for institutional aid are required to provide parental information on the FAFSA regardless of age, marital status and even if you demonstrate self-sufficiency. The only exception to the rule will be students who have children that they support more than 50%. Students will be required to submit copies of income tax documents including all required schedules for themselves and their parents, as well as W-2 forms. Institutional funds are awarded to students who meet the application deadline and on the basis of financial need. Because of this, it is important that students meet the institution’s application deadline.
The Office Student Financial Aid Services will review all submitted paperwork to assess student’s need based on income tax documents, W-2 Forms, household size, number of students in college and asset information reported on FAFSA. Students will also be asked to complete an Institutional Aid Application to verify information reported on FAFSA. Parent signature is required on the Institutional Aid Application (unless the student has children that they provide more than 50% support for).
The Tuition Remission program is considered a grant and does not need to be paid back. To be considered for this award, students must meet the following requirements:
- Must demonstrate a financial need
- Submit an application for institutional aid
- Submit income tax forms (1040s/W2s)
- Meet institutional deadlines
The University Loan allows students to have access to funds at a fixed annual rate of 5%, and students will have 10 years to repay this loan. This loan is eligible for deferment while in school and residency. To be considered for this award, students must meet the following requirements:
- Must demonstrate financial need
- Submit an application for institutional aid (Institutional Aid Verification Form)
- Submit appropriate tax forms (1040s, W2s)
- Meet institutional deadlines
Institutional aid is awarded for Fall and Spring semesters only to eligible applicants. There are no University Loans or Tuition Remission funds awarded in the summer.
Other Types of Financial Aid
Health Career Opportunity Programs (HCOP)
The Health Career Opportunity Programs or HCOP is managed through the Health Career Opportunity Programs Office. It is intended to recruit underrepresented medical and dental students as well as to support those who are enrolled throughout the academic year. Recipients are determined by the HCOP Office. Students seeking to apply for HCOP must meet the following criteria:
- Demonstrate financial need
- Maintain satisfactory academic progress (SAP)
- Be an underrepresented Dental or Medical student
- Be a full-time student
Students awarded HCOP are not eligible for Tuition Remission and University Loan.
Primary Care Loan (PCL)
The Primary Care Loan (PCL) is a program that supports the aspirations of students at UConn Health School of Medicine seeking a career in primary care by providing a low interest loan of $40,000 at an interest rate of 1%. The maximum duration of the program is four years. The repayment term for this loan is 10 years. Students applying for the Primary Care Loan will also be eligible for a $10,000 scholarship. A maximum of 4 awards will be given per cohort, per year (16 total). The UConn School of Medicine manages this program and students may contact Medical Student Affairs at 860-679-7599 for further information.
Students seeking to apply for the Primary Care Loan must meet the following criteria:
- Be a Connecticut resident
- Maintain a good academic standing (SAP)
- Demonstrate Financial Need as determined by the FAFSA and review of AMCAS application including E01 status
- Under served background; residing in a Health Professional Shortage Area (HPSA) or a Medically Underserved Area (MUA) in the past
- Prior experience with/participation in primary care activities
- Participation in Urban Service Track (UST) or another primary care or community service based track
- Performance during a face-to-face interview
- Submit a personal statement that will articulate the basis for your interest in primary care and aspirations for providing care in the state of Connecticut.
- Students will be required to sign a learning contract every six months until the time of graduation
- Upon graduation from the medical school, participants will be expected to complete postgraduate training in one of the primary care disciplines
- During residency, students will be required to submit a deferment form signed by the their program director annually
- Upon completion of training, the deferment period will end. At this point, interest will begin to accrue and participants will be required to submit annual verification of employment in primary care practice for the duration of the service obligation (each year of loan support). For purposes of this loan, primary care obligation is limited to the disciplines of family medicine, general internal medicine, geriatrics and pediatrics.
Scholarship and Fellowship Opportunities
The Office of Student Financial Aid Services will process merit scholarships awarded by the Department of Admissions. The School of Dental Medicine and the School of Medicine manage these scholarships. These awards are reflected on the student’s award letter. Merit scholarships are issued from UConn Health Foundation accounts. Both schools know the criteria and eligibility requirements for each of these accounts and therefore, they determine which students meet eligibility criteria.
The Office of Student Financial Aid Services manages the request for disbursements once the School of Dental Medicine and the School of Medicine provide information about the Foundation account that will be paying student’s scholarship. In general, merit scholarships are paid on an annual basis. For instance, students awarded a $20,000 scholarship will receive a disbursement of $5,000 for the next four years.
Students are encouraged to seek out and apply for scholarships from outside agencies to assist with funding their education. A non-comprehensive list of external scholarships can be found on the Scholarships page. This list is updated frequently show check back for new opportunities.
Private loans or alternative loans are non-federal, credit-based loans. The credit decision is subject to a credit check. Therefore, some applicants may be required to have a cosigner in order to have a private or alternative loan approved. Interest rates are based on the credit history of the applicant, and interest may be fixed or variable depending on the applicant’s credit worthiness. In addition, the lender will establish repayment terms. UConn Health encourages students to exhaust all federal borrowing options before applying for a private loan.
Students seeking to apply for a private loan should contact ELMSelect.
Residency and Relocation Information
The AAMC recognizes that students completing their medical degrees may experience difficulty transitioning to residency. The possible costs involved may present an undue burden to new graduates. This guide offers resources and tools to make this adjustment easier and less stressful.
All students who choose to borrow loans are required to repay the lender according to the terms of their Promissory Note. If you default, the lender of your loan, State and Federal Government can take action to recover the money.