UNSOM Students: Resources: Student Handbook: Financial Services
The University of Nevada offers an extensive financial assistance program to ensure that qualified students will not be denied higher education because of financial need. Financial aid is considered a supplement to the funds provided by the student and his/her family. The university evaluates all available outside sources of income and expects the student to utilize them completely. Information regarding the availability and application procedures for all financial aid programs may be obtained in the Office of Student Financial Assistance on the University of Nevada, Reno campus, 775-784-4666. The Office of Admissions and Student Affairs is available to help with financial issues whenever possible. However, it is the responsibility of THE STUDENT to submit all documents to the appropriate offices by the established deadlines.
NOTE: Aid from Federal programs is NOT guaranteed from one year to the next. STUDENTS MUST REAPPLY EVERY YEAR. (Forms are available in January for the following academic year.)
QUALIFICATIONS
Students receiving financial aid must maintain satisfactory progress toward completion of their respective degree in order to remain eligible for student aid funds. Financial need is the most significant factor in determining eligibility for institutional, state, and federal financial aid programs. This policy offers more equitable distribution of the limited funds available to qualified students.
Applicants for all aid programs are required to complete and submit the Free Application for Federal Student Aid (FAFSA) by February 15 to receive priority consideration for the following academic year. The FAFSA may be completed online or a paper copy may be obtained in the School of Medicine Office of Admissions and Student Affairs after January 1.
Deadlines must be strictly observed. Failure to meet established deadlines may result in the loss of financial aid. Students should complete and mail appropriate forms at least six weeks prior to applicable deadlines. Late applications are accepted; however, scholarships, grants, and some loans are administered on a first come, first served basis and may not be available after the priority deadline.
LOANS
Amounts, interest rates, and regulations regarding loans are subject to change, and students are advised to contact the Office of Student Financial Services for updated information.
LOW-INTEREST STUDENT LOANS
Federal Perkins Loan
• maximum $6,000 per year
• 5% interest rate
• student must demonstrate exceptional financial need
• repayment begins nine months after borrower ceases to be a half-time student
• no deferment during residency for new recipients after July 1, 1993
• promissory notes are sent in July and must be returned to the UNR Loan Department
Primary Care Loan (PCL) (formerly Health Professions Student Loan)
• maximum tuition plus $2,500 per year
• 5% interest rate
• student must demonstrate exceptional financial need
• student must provide parental income and asset information on the FAFSA
• Student is required to enter and complete a residency training program in a primary health care field and practice in that field for five year after residency training. The penalty for failing to enter and practice primary care for the duration of the loan repayment will include the recomputation of the interest rate at 12% per year, compounded annually from the date of issuance, as well as the requirement that the loan be repaid in full no later than three years from the date on which the borrower failed to comply with the agreement
• loan is deferred during residency
• see the webpage for more information
Federal Subsidized Stafford Loan
• maximum $8,500 per year, cumulative $65,500
• interest rate capped at 8.25%
• interest is deferred while student is in medical school
• student must demonstrate financial need
• repayment begins six or nine months after graduation, depending upon when the first Stafford loan was received
• requires a separate application
Federal Unsubsidized Stafford Loan
• Maximum $38,500 per year; loan is limited to cost of education minus any other aid received
• Unsubsidized loan limit is less any subsidized loan amount
• interest rate variable based on the 91-day Treasury bill plus 3.1% with a cap of 8.25%
• interest begins accruing once funds are disbursed and interest is capitalized
• not based on financial need although eligibility is based on the cost of attendance
• student must apply for subsidized Stafford loans first but may receive both subsidized and unsubsidized loans as long as they don't exceed established loan and budget limitations
• requires a separate application
• cumulative $189,125
Additional Loan Programs
• Contact the University of Nevada, Reno’s Office of Student Financial Services (775-784-4666) for information regarding additional alternative loan options.
Loan Deferment
STUDENTS MUST COMPLETE DEFERMENT FORMS FOR ALL OUTSTANDING STUDENT LOANS. Deferment forms are obtained by contacting the lender (bank, savings & loan) and must be submitted to the Office of Student Financial Services for certification. Loan repayment is a serious legal obligation. Responsible and successful repayment is critical to both the student and the University of Nevada School of Medicine. For this reason, it is essential that students understand the terms of each loan program to which they are committed.
NOTE: Even if a student has applied for a loan deferment, payments must continue until the deferment is processed and documentation of the deferment is received by the student.
SHORT TERM LOANS
The following short term loans are available for medical students experiencing financial difficulty during the academic year:
Emergency School of Medicine Loans
• Emergency School of Medicine Loans are short-term, interest free loans granted for up to $2,000 and must be repaid within the agreed upon 3 month (90 day) deadline.
• If at the end of the 90-day period the loan is not repaid, a repayment plan must be set up. If a repayment plan is not in place by that time, an automatic hold will be placed on the student’s university record. This will prevent registration, releasing of transcripts, distribution of diplomas, etc. If at any time the agreed upon repayment plan becomes more than 30 days past due, an automatic hold will be placed on the student’s university record and the loan must be repaid in full before the hold is released.
• All outstanding loans must be repaid prior to graduation, if not, the student will not be entitled to the service of verification of graduation for the purpose of commencement of residency program, medical licensure or hospital privileges.
Additional information and emergency loan applications are available in the Office of Admissions and Student Affairs.
University Loans
University Loans are granted for up to $2,500 at 4% interest and must be repaid within one year. These loans are need-based and will be included in the student's financial aid package. University loans are to be used only for school related expenses. Additional information and applications are available in the Office of Student Financial Services (775-784-4666).
University Emergency Loans
University Emergency Loans are very short term loans granted for educationally related, emergency expenses. They must be repaid within 30 to 60 days. These loans are need-based and will be included in the student's financial aid package. Students may borrow up to $200 under this program. There is a 12% per annum interest charge for those loans in addition to a $.50 service charge per month. Additional information and applications are available in the Office of Student Financial Services.
GRANTS AND SCHOLARSHIPS
Grants are awarded to help eligible students meet educational expenses and do not have to be repaid. They are awarded primarily on the basis of financial need and are utilized in conjunction with other financial aid resources.
University of Nevada School of Medicine Scholarships
• amount of award varies depending upon availability of funds and the financial need of eligible students
• all School of Medicine scholarships require a separate application. Get the application form.
• application will be mailed to applicants upon admission to the School of Medicine
Nevada Student Incentive Grant (NSIG)
• average award $1,000
• student must be a Nevada resident and demonstrate financial need
Outside Scholarships
• Contact the UNSOM Office of Admissions and Student Affairs for a list of outside scholarships available for medical students.
