Financial Aid
Financial aid information and applications are available from the Office of Student Financial Aid Services. All applications for financial aid should be filed no later than March 10, for the following academic year. Applications received after this deadline will be considered according to remaining availability of funds and on a first-come basis.

All federally funded scholarships and loans are based on financial need. Students interested in applying for financial aid at the Medical University of South Carolina must complete both the University’s Application for Financial Aid as well as the Free Application for Federal Student Aid (FAFSA). Both of these required documents must be filed annually to ensure a continued equitable distribution of funds and to meet federal guidelines/requirements. The FAFSA form may be obtained from the Office of Student Financial Aid Services, other college/university financial aid offices, or high school guidance counselors. You may also download the FAFSA Express software directly from the Department of Education’s Web page: http://www.ed.gov/offices/OPE/express.html.

In addition to the university’s Loan Request Application for Financial Aid and the FAFSA, students (and spouses, if appropriate) may have to submit a copy of their IRS 1040EZ, 1040A, or 1040 tax form annually to the Office of Student Aid Services if selected for verification by the Central Processing Center for the FAFSA application. All students who desire to be considered for aid offered by the Department of Health and Human Services, must also submit a copy of their parents’ appropriate federal tax form(s) to the Office of Student Financial Aid Services.

Financial aid through the Medical University is not available to international students unless the person has received a permanent visa or has been awarded political asylum. (Appropriate documentation is required.)

Types of Financial Assistance
The Medical University participates in the federal and state financial assistance programs described below. In addition, many foundation loan and scholarship programs and miscellaneous donor loans and scholarships are available. Assistantships are granted on a competitive basis to graduate students. Detailed program information is available in the Office of Student Financial Aid. Inquiries should state to which of the six colleges of the University application is being made. Information packets vary according to discipline.

The South Carolina Life Scholarship is available for eligible, full-time students enrolled in undergraduate coursework who meet certain state residency and credit hour requirements. Students must have graduated from a South Carolina high school on or after May, 1995 and have completed a minimum of 60 credit hours of undergraduate work to be eligible for the LIFE Scholarship. Eligibility for the LIFE Scholarship is contingent upon initial year of college enrollment.  All students accepted for enrollment or enrolled at MUSC who meet the scholarship guidelines will be eligible to receive the LIFE Scholarship award.

Students may also find additional information for MUSC Financial Aid Services at http://www.musc.edu/em/financialmanagement.

For students in all programs:
Federal Perkins Program (Formerly National Direct Student Loans) - The Federal Perkins Loan Program provides financial aid to both undergraduate and graduate students who are enrolled at least half-time and who demonstrate financial need.

The maximum cumulative amount a student may borrow at the University as an undergraduate student is $20,000 (including Perkins awarded during attendance at other institutions). The maximum cumulative amount for a university graduate student is $40,000 (including all Perkins received as an undergraduate student).

Repayment of the loan is required over a 10-year period. Deferment of repayment is allowed under specified conditions.

Subsidized Federal Stafford Loan - The Subsidized Federal Stafford Loan is a low interest education loan made by the federal government to students who have documented need. The lender may be a state, bank, savings and loan, or the federal government directly through the school. Eligibility is limited to students enrolled at least half time and who maintain satisfactory academic progress. The federal government pays all interest payments on the student’s behalf while the student is enrolled in school at least half time or during any approved deferment periods. The interest rate for all Subsidized Stafford Loans varies based on grade level. Annual loan maximums are $5,500 for a third, fourth, or fifth year undergraduate student and $8,500 for a graduate student.

Note: The cumulative, lifetime loan maximums for the Federal Stafford Loans (both subsidized and unsubsidized) are $31,000 for a dependent undergraduate student, $57,500 for an independent undergraduate student, and $138,000 for a graduate or professional student (including loans for undergraduate study.) Students enrolled in the Doctorate of Pharmacy, Masters or Doctorate of Health Admininstration, Doctorate of Medicine, or Doctorate of Dental Medicine programs may qualify for additional unsubsidized Stafford Loan amounts.

Unsubsidized Federal Stafford Loan - The Unsubsidized Federal Stafford Loan parallels the terms (interest rates, deferments, etc.) of the Subsidized Federal Stafford with the exception that students are responsible for all interest costs associated with the Unsubsidized Federal Stafford Loan. Students who are not eligible for a Subsidized Federal Stafford may apply for an Unsubsidized Federal Stafford up to an amount equal to their annual cost of attendance minus other aid received for the maximum annual limits allowed, whichever is lesser. The lender may be a state, bank, savings and loan, or the federal government directly through the school. Eligibility is limited to students enrolled at least half time and who maintain satisfactory academic progress. The interest rate for Unsubsidized Stafford Loans varies based on grade level. Annual loan maximums are $7,500 for a dependent undergraduate student and $12,500 for an independent undergraduate student (minus the subsidized loan amount for which the student may qualify). Graduate students may borrow up to $20,000 per year (minus the amount of any approved Subsidized Federal Stafford Loan for which the student is eligible).

Federal PLUS Loans - The Federal PLUS Loan program offers to graduate students and to parents of students who are classified as “dependent” by the appropriate federal statutes regulating federal financial aid. The lender may be a state, bank, savings and loan, or the federal government directly through the school. Eligibility is limited to students enrolled at least half time and who maintain satisfactory academic progress. The interest rate is 8.5%. Graduate students and parents may borrow up to the unmet cost of attendance for the student.  Parents are responsible for all interest charges from the date of disbursement of PLUS funds; repayment of the loans may be deferred. Parents should contact their lenders to request a deferment on a PLUS loan.

Federal Work Study Program (FWS) - The Federal Work Study Program provides on-campus jobs to students pursuing an undergraduate or graduate degree who can demonstrate financial need. The money earned is to be used for educational expenses and is considered part of the institution’s aid to the student. Pay rates meet the federal minimum wage standards and the University’s pay scale guidelines. Students receive an hour’s pay for an hour’s work.

Veterans’ Educational Benefits Program - All degree programs at the Medical University are approved for the Veterans’ Educational Benefits Program. Under this program, veterans and other eligible persons (dependents of disabled veterans, orphans or widows of veterans, etc.) receive monthly checks from the Veterans Administration or free tuition, depending on their entitlement. Certification for benefits by the Office of Enrollment Services is required before benefits are awarded. This certification follows procedures and timelines prescribed by the Veterans Administration. The University does not initiate any Veterans Administration forms automatically; only upon the request of the student will paper work be prepared and forwarded to the Veterans Administration. Students receiving veterans benefits are required to report to Enrollment Services any change in credit hours carried.

Donor Scholarships - Miscellaneous donor scholarships are available based on varying criteria.

Medical Vibe Scholarship - Medical Vibe Educational Scholarship fund will provide $1,000 towards a student's education in any health care related field to be used for tuition, books, or living expenses (room and board) at any technical school, college, or university. A 300 word essay outlining the reasons why the applicant wants to pursue a career in healthcare. Please email document to scholarships@medicalvibe.com with your name at the top of the essay. In addition,an official letter must be supplied from the respective school noting acceptance to a school or being in good standing at a program. Letters must be scanned and sent to scholarships@medicalvibe.com.

For undergraduate students:
Federal Pell Grant - The Federal Pell Grant Program provides grants to students pursuing their first undergraduate baccalaureate degree. The size of the award is based on a formula revised annually by the federal government. The Medical University requires undergraduate students to apply for a Pell Grant before they can be considered for other aid as the Pell eligibility is considered in figuring a student’s total award.

Federal Supplemental Educational Opportunity Grant (FSEOG) - The FSEOG program provides financial aid for undergraduate students pursuing their first undergraduate baccalaureate degree and who demonstrate financial need.

South Carolina State Need Based Grant Program - This program provides additional financial aid assistance to South Carolina’s neediest students enrolled in undergraduate programs. To be eligible, a student must: 1) complete a Free Application for Federal Student Aid annually and be considered a “needy” student; 2) be a S.C. resident; 3) be enrolled as a full-time student; 4) be seeking for the first time a baccalaureate degree. Awards vary based on funding.

For students in specified programs:
Additional Loan Programs are available to students whose traditional sources of aid are less than their cost of attendance for the academic year.

The Armed Forces Health Professions Scholarship (for Anesthesia for Nurses, Dental, and Medical students) offers full scholarships to dental, medical, and anesthesia for nurses students interested in service in the Armed Forces. The Armed Forces Health Professions Scholarship Program pays full tuition/fees, reimburses for books and supplies and pays a monthly stipend to the student while in school. The student commits to a year of service in exchange for each year of payment with a minimum period of service being two years. Interested students should contact their local recruiter or call (843) 577-3425, Eugene Arcurio, United States Army.

Graduate Incentive Fellowships (for graduate students in Dental Medicine, Graduate Studies, Medicine, and Pharmacy) offer funding to promote diversity in the graduate-level programs at the Medical University of South Carolina. All students are eligible to apply but special consideration shall be given to minority students and to South Carolina residents. The value of the annual award depends on state appropriations. Students must sign a contract declaring their intention to practice their profession in the state of South Carolina.

Health Professions Loan (for Dental and Pharmacy students) provides long-term, low interest loans to students needing financial assistance to undertake the course of study required to become a dentist or pharmacist. The present interest rate on the loan is 5 percent per annum with a 12-month grace period. Repayment of the loan is required over a 10-year period. Cancellations and/or deferments of repayment are allowed under specified conditions.

J.T. Stevens Scholarship Program (for Medical and Dental students) provides assistance to medical students who are willing to relocate and practice in Lancaster or Kershaw counties. The amount of this scholarship varies from year to year. The student signs a contact for a year of practice in one of the two counties for each year of support.

Loans for Disadvantaged Students (for Medical and Dental students) are low interest loans regulated by the Department of Health and Human Services. LDS Loans are available to students in the Colleges of Medicine and Dental Medicine who are from disadvantaged backgrounds and who demonstrate financial need. (Note: Awards based on availability of funding by Congress.)

National Medical Fellowships (for Medical students) provide need-based awards to assure diversity in medical students who have been accepted by or are attending accredited schools of medicine. Awards are given to first- and second-year students with special merit awards for junior and senior students. Applications are available from the Medical University of South Carolina’s Office of Diversity.

The Nursing Student Loan Program (for Nursing students) is available to at least half-time nursing students with demonstrated financial need. The amount of the loan is contingent on available funding not to exceed $4,000, per (nine-month) year. The cumulative loan maximum is $13,000. The interest rate is five percent with a nine-month grace period.

Primary Care Loan (for Medical students) is a five percent interest loan for medical students who agree to practice in the primary health care field. Borrowers must agree to 1) enter and complete a residency training program in primary health care not later than four years after the date on which the student graduates from such a school; and 2) to practice primary health care through the date on which the loan is repaid in full.

Award Determinations
The following factors are considered in determining the amount of loan, work, and/or scholarship awarded:

1. The income, assets, and resources of the student and his/her family. (Family income and asset information is required from all applicants, regard less of  dependency status. This information is collected on the Free Application for Federal Student Aid and is used to assess the comparative collateral position of all students requesting aid.)
2. Support available to the student from other sources such as prizes, scholarships, veterans benefits, etc.
3. The costs reasonably required to attend the University.

Primary consideration is given to students who have the lowest family contribution toward meeting educational costs. Students are notified by mail of their financial awards prior to the time of registration. Award amounts are prorated according to the number of semesters enrolled during the academic year.

Award Renewal
Financial needs and family situations fluctuate from year to year; therefore, applications must be submitted annually. Candidates must maintain satisfactory academic and personal records to be considered for the following year. Students should inform the Office of Student Financial Aid Services of any extenuating circumstances affecting the family situation.