Whether this is your first time applying for financial aid or you went through the process as an undergrad, this overview will help you understand the factors unique to paying for medical school.
Financial aid at the University of Michigan Medical School takes the form of scholarships, grants and loans.
Two common classifications of student financial aid are:
- Gift assistance: Scholarships and grants, which do not have to be repaid.
- Self-help: Loans, which must be repaid — interest rates, loan forgiveness, and repayment schedules vary depending on loan terms.
Stats: Financial Support at U-M
The University of Michigan Medical School has a long history of maximizing the value of a medical education for students.
- Our school funds more grant disbursements than any other public university.
- Roughly one-third of entering students receive some scholarship support.
- About 85 percent of students received some financial aid in 2012-13.
- Average debt load for our graduates ranks in the lower third of all medical school graduates.
Our staff has more than 76 years of combined experience with guiding students through the process of determining their best financial aid options. Contact us to see how we can help!
Types of Available Aid
Admitted students are automatically considered for all types of aid when they submit both financial aid applications. These are:
U-M scholarships: We’re proud to offer scholarships that range from a few hundred dollars to full tuition. These include the Dean’s Merit Scholarship, departmental scholarships, and donor-related scholarships. This type of funding is generally merit-based. Learn more about scholarships →
Grants: While no federal grants exist for medical school students, we do have a large pool of need-based institutional grant funds. Eligibility for these grant funds are calculated based on information submitted on the FAFSA. Learn more about grants →
Loans: There are several loans available to medical school students with a variety of repayment options. When you’re considering loans, examine their interest rates, terms and repayment. Learn more about loans →
Private loans and scholarships: It’s up to individual students to decide whether to pursue private funding. We’re happy to advise students on where to start their search. Learn more about external scholarships →
Your Financial Aid Package
At U-M Medical School, financial aid is offered as a package — usually a combination of Federal Direct Stafford Loans, institutional and/or other federal loans, and institutional grants. The exact makeup of this package depends on a student’s individual context and eligibility.
When your financial aid application is processed, it will be reviewed to determine what institutionally based aid will be offered to you. When allocating institutional funds, the U-M Medical School follows the traditional idea that the family bears the first responsibility to contribute toward college costs to the extent that it can.
Before You Apply for Aid
- Review the resources on this site, including the FAFSA and AAMC FIRST websites. Find more useful links →
- Complete the FAFSA and U-M Medical School financial aid applications on time. Get directions on how to apply →
- Talk to us! Our financial aid counselors are here to help you every step of the way. We understand that no two situations are alike, and we have the experience to guide you through the aid process. Contact us →