Financial Updates and Things to Know

Please see our Financial Calendar.

The information you provide on the Free Application for Federal Student Aid (FAFSA) will be reviewed according to federal, state, and institutional guidelines. Your SAI is a formula-based index number used by financial aid professionals when creating an aid offer. Your SAI is calculated using information that you (and other contributors, if required) provide on the FAFSA.

Financial Aid will be applied to student accounts and will officially 'pay' toward institutional charges beginning the first day of classes if all outstanding eligibility requirements are met. All credit balances and refunds of financial aid are handled by the Office of Student Accounting. Classes MUST BE taken for credit and be required for your program and degree to count toward financial aid. Classes taken as audit or for a certificate program will not count for financial aid. The amount of financial aid you receive may differ from the amount shown on your award letter.

To be considered for federal financial aid, students must complete the Free Application for Federal Student Aid (FAFSA) each academic year at www.studentaid.gov. Note: Professional students (including MD students) are considered independent for financial aid purposes and do not submit parental information.

Eligibility Requirements

Eligibility for federal aid is determined on the basis of financial need as well as several other factors. In order to receive aid from federal programs, students must:

• demonstrate financial need for need-based federal student aid programs;
• be a U.S. citizen or an eligible noncitizen;
• have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
• be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;
• maintain satisfactory academic progress in college or career school;
• provide consent and approval to have your federal tax information transferred directly into your Free Application for Federal Student Aid (FAFSA®) form;
• sign the certification statement on the FAFSA form stating that you’re not in default on a federal student loan, you do not owe money on a federal student grant, and you’ll only use federal student aid for educational purposes; and
• show you’re qualified to obtain a college or career school education.

Federal Direct Unsubsidized Loans

All students who submit a FAFSA are eligible for a Federal Direct Unsubsidized Loan.

• Effective July 1, 2026: Professional students will be eligible for up to $50,000 in Direct Unsubsidized Loans annually.
• Limits: Award amounts are subject to the overall estimated cost of attendance (COA) as well as aggregate and lifetime loan limits.

Federal Graduate PLUS Loan

The Graduate PLUS Loan Program is being discontinued effective July 1, 2026 (the start of the 2026-2027 academic year).

• New Borrowers: Students beginning their program on or after July 1, 2026, will not have access to Graduate PLUS Loans.
• Legacy Exception: Students who have a Federal Direct Loan (Unsubsidized or Graduate PLUS) disbursed before July 1, 2026, can continue to borrow Graduate PLUS Loans for up to three additional academic years or until their expected time to credential, whichever is less.

Federal Loan Limits: Annual
For New Borrowers starting July 1, 2026

Academic Year	Direct Unsubsidized Loan	Graduate PLUS Loan	Total Federal Limit
2025-2026	$40,500 (M1 and M2) $47,167 (M3 and M4)	Up to max COA	Up to max COA
2026-2027 & Beyond	$50,000	Not Available*	$50,000*

*Legacy Exception: Based on enrollment, students who borrowed before July 1, 2026, remain eligible for pre-legislative loan limits and Graduate PLUS access for up to 3 additional years or until graduation. Contact the Financial Aid Office to confirm your specific limits.

Federal Loan Limits: Aggregate & Lifetime
The following limits apply to all federal student loans borrowed for undergraduate and graduate/professional studies.

Limit Type	Before July 1, 2026	Beginning July 1, 2026
Aggregate Graduate-Level	Not applicable	$200,000
Lifetime Limit	$224,000	$257,500

Legacy Exception: If you are a current student who borrowed before July 1, 2026, you may be protected under the legacy exception for an additional three years. Contact the Financial Aid Office to confirm your specific limits. Starting July 1, 2026, Grad PLUS loans will count toward the $257,500 lifetime federal loan cap, except for students who qualify for the legacy exception.

Students Have the Right to Know:

• The names of organizations that accredit and license the University
• The University’s programs, instruction, laboratories, physical facilities, and faculty
• The cost of attending the University and its refund policy
• The type of financial assistance offered by the University from federal, state, local, and private programs
• Who the financial aid personnel are and the location of the Financial Aid Office
• What are the procedures and deadlines for applying for financial aid
• How the University selects its financial aid recipients
• How the University determines financial need
• How much financial need has been met
• How financial aid is received
• About each type of financial assistance offered
• Information about all student loans offered
• When and how financial aid awards are adjusted
• About special facilities for the handicapped
• The University’s Satisfactory Academic Progress Policy
• USA Complaint Policy

Students Have The Responsibility To:

• Review and consider all information about the University before enrolling
• Pay special attention to the application for financial aid, complete it accurately, submit it on time, and to the right place
• Know all deadlines for applying for aid and meet them
• Provide all required documentation, corrections, and/or information requested by the Financial Aid Office
• Notify the University of any information that has changed since the financial aid application was submitted
• Read, understand, and keep copies of all forms
• Repay any student loans borrowed
• Perform an entrance and exit interview
• Notify the Financial Aid Office of a change in name, address, or enrollment status (half-time, full-time, three-quarter-time)
• Understand the University’s refund policy.

Because the cost of medical school is so high, the Office of Financial Aid in the Frederick P. Whiddon College of Medicine is here to help with budgeting tips and advice from the AAMC. Please contact the Office of Financial Aid for a one-on-one budgeting meeting.

Federal Student Aid is implementing the most current updates regarding loan repayment plans on studentaid.gov. Below are the most  

• New Standard Repayment Plan: This plan has a fixed number of years of repayment: 10, 15, 20, or 25 years, based on the outstanding principal balance.
• Income-Based Repayment Assistance Plan (RAP): This plan has a monthly payment based on a percentage of your Adjusted Gross Income (AGI), from 1-10%. There is a $10 minimum monthly payment. The repayment period is 30 years. Additional benefits include no interest accumulation on unpaid amounts, and if your payment does not reduce the principal, you are eligible for a $50/month reduction in your balance.
• Exceptions for Current Borrowers: Borrowers with no new loans made on or after July 1, 2026, are eligible to enroll in the current Standard, Graduated, Extended, or Income-Based plans. Borrowers enrolled in ICR, PAYE, or SAVE plans have until July 1, 2028, to transition to a new repayment plan, or they will be automatically moved into RAP.

The AAMC has updated the MedLoans® Organizer and Calculator (MLOC) program to reflect the new loan repayment options. The MedLoans® Organizer and Calculator was developed to assist medical students and residents with managing their education debt. The MLOC provides a secure location to organize and track student loans while also displaying possible repayment plans and costs based on the borrower’s student loan debt.