Financial Aid Programs

• Direct Unsubsidized Loans are available to students regardless of income. The Office of Student Financial Services will review the results of the FAFSA to determine the amount a student can borrow. Interest accrues on an unsubsidized loan, even during the in-school period, beginning on the date the loan is disbursed. For further information on Unsubsidized https://studentaid.gov/understandaid/types/loans/subsidized-unsubsidized 
• Borrowing Limits: HMSOM students may not receive more than $224,000 for subsidized and unsubsidized loan programs combined (health professions students only). This total includes all loans combined from undergraduate and graduate programs. HMSOM students are typically eligible for $47,167 annually (12-month period).

• Direct Graduate PLUS Loans are available to students regardless of income but will also require a credit check. The Department of Education looks to see if a student has adverse credit. Little credit or no credit history does not affect the approval of the loan. However, adverse credit can affect the approval of the loan. Like the Unsubsidized Loan, the student can pay the interest while in an in-school deferment or forbearance periods or the student can choose that it be capitalized (that is, added to the principal amount of the loan at the end of the enrollment period). If a student chooses not to pay the interest as it accrues, the total amount to be repaid will increase because the student will be charged interest on a higher principal amount. 
• Borrowing Limits: There is no cap on the lifetime amount for the Graduate PLUS Loan. Students can continue to receive Graduate PLUS Loans even if they have maxed out on their Unsubsidized Loan eligibility. HMSOM students are eligible to receive the full cost of attendance minus the unsubsidized loan and any other aid in the Graduate PLUS Loan award

ELM Select is a not-for-profit private loan resource that allows students to compare recommended private loans based on their needs and preferences. Simply put, it makes comparing private student loans easy. With a few clicks, students can view, filter, and compare private student loan options available for a specific school. Powered by ELM Resources, one of the most trusted names in the industry, ELM Select provides students and borrowers with the information needed to make intelligent, well-informed decisions regarding private student loans.

While there are many different lender options available, the AAMC and ELFI, a division of SouthEast Bank that specializes in private student loans and refinancing, have announced a collaboration – the MedLoans™ borrower benefit program – to support medical students facing urgent education funding gaps. For more information and additional resources, visit the AAMC ELFI collaboration webpage.

For a full listing of available private loan lenders, please visit: ELM Select

Disclaimer

Placement on these lists DOES NOT in any way constitute an endorsement from Hackensack Meridian School of Medicine (HMSOM), nor should it be construed as a preferred lender list. You are free to borrow from any lender of your choice. While HMSOM has made every effort to confirm each of the lender loan terms described above through the website it cannot guarantee its accuracy. Furthermore, lenders listed may or may not be available to students at all schools. The borrower should confirm any and all loan terms with the lender PRIOR to accepting the loan. Each lender’s position on the list is randomly determined. HMSOM will update this page as necessary. The information provided is subject to change without notice.

Hackensack Meridian School of Medicine is approved for Post 9/11 GI Bill Benefits. HMSOM’s facility code is 32002530. Students interested in using their VA benefits should email a copy of their documents to the Office of Student Financial Services. Students who are entitled to federal VA benefits, must contact the Office of Student Financial Services. For questions about use of benefits, please e-mail Student Financial Services at SFS@hmhn.org. Please note that HMSOM does not yet take part in the Yellow Ribbon Program

• The Hackensack Meridian School of Medicine has two types of scholarship programs, need-based and merit scholarships. Need Based Scholarships: Need-based scholarships are awarded to students that qualified for the AAMC Fee Assistance Program. Students that have been approved for the AAMC Fee assistance program are eligible for the Student Support Scholarship. The amount of the scholarship varies based on applicant pool, admission date and available dollars. Merit-based Scholarships are extended by the Office of Admissions upon acceptance. No application form required. You will be notified by the Admissions Office if you qualify.