Welcome current and future students!
Financial Aid Pro-Tip!
If accepting loans, truly borrow what you need. These loans will need to be repaid in the future!
Grants
Grants are gift aid and do not need to be repaid. Grants not guaranteed each academic year as they are dependent on funding availability and student eligibility criteria.
Scholarships
Scholarships are gift aid and do not need to be repaid. Scholarships can be awarded by the College of Medicine or through third party sponsors. To search and apply for scholarships please visit the University of Florida Scholarship Search Engine. For more information on scholarships, please visit the College of Medicine Scholarship Website
Federal Direct Unsubsidized Loans
The Federal Direct Unsubsidized Loan is a federal loan not based on financial need. Eligibility is determined by your cost of attendance minus other financial aid (such as grants or scholarships). Interest is charged during in-school, deferment, and grace periods. You can find more information on Federal Direct Unsubsidized Loans on the Student Financial Aid and Scholarships Website.
Direct Unsubsidized Loans disbursed on or After July 1, 2023, and Before July 1, 2024, have an interest rate of 7.05% for graduate and professional students. Your lender is the U.S. Department of Education, and graduate students can borrow up to $20,500 per year and up to $138,500 total, including undergraduate loans. The interest rate changes every July 1 for new loans. The interest rate is capped at 9.5%. The loan origination fee is 1.057%.
*Please note that Medical, PA and Graduate Students are not eligible for Federal Direct Subsidized Loans
Graduate PLUS Loans
Graduate Plus Loans are loans for graduate and professional students who are ineligible for Unsubsidized Loans or need to supplement their Unsubsidized awards. The Graduate Plus Loan typically has a higher interest rate than the Federal Direct Unsubsidized Loan.
Graduate and professional students may borrow up to the student’s cost of attendance, minus other financial aid. Interest is charged during in-school, deferment, and grace periods. The borrower is responsible for the interest from the time the PLUS Loan is disbursed until it’s paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay. You can find more information on Graduate Plus Loans on the Student Financial Aid and Scholarships Graduate Plus Website.
The Direct Graduate PLUS Loan, has a fixed interest rate of 8.05% for loans disbursed on or After July 1, 2023, and Before July 1, 2024. This loan allows the student to borrow up to the cost of attendance minus any other financial resources. The Graduate PLUS Loan requires a credit check. The interest rate will change every July 1 for new loans. Capped at 10.5%. The loan origination fee is 4.228%.
Note: Students do not have to make payments while in school, but interest accrues on Federal Direct Loans. Students are given an automatic deferment and have a six-month grace period upon graduating, leaving school, or dropping below half-time enrollment.
Alternative or Private Loans
Alternative or Private loans are available to certain students who are not eligible for financial aid or who need additional funds to meet educational expenses. The student’s eligibility is determined by the cost of attendance minus other financial aid or the annual loan maximum amount as determined by the lender. In addition, the lender will look at your credit history as well as other factors to determine if it will lend to you. You may be denied by one lender and approved by another because of the different ways they interpret your information.
Alternative loans are not for everyone. They can be expensive and should only be utilized when all other federal resources, such as Federal Direct Stafford and Federal Direct PLUS Loans, have been exhausted. You can find more information on Alternative or Private Loans on the Student Financial Aid and Scholarships Alternative Loan Website.