Types of aid
Financial aid at EVMS includes grants and scholarships as well as education loans.
Grants and scholarships are gift aid, which do not usually require repayment, but may have other requirements (i.e., course of study, service, need, merit) in order to receive funding. Education loans require repayment, which begins after a grace period. The grace period starts when a student drops below half-time enrollment (ideally because of graduation).
Available loans at EVMS include the federal William D. Ford Direct Unsubsidized and Grad PLUS loans. The Health Resources Services Administration (HRSA) also provides funding for primary care loans, loans for disadvantaged students and loans for students in the Doctor of Medicine program. There are also a limited number of EVMS institutional loans based on extreme need.
Regardless of your level of satisfaction with your education, student loans must be repaid. Under certain circumstances, borrowers may qualify for some forms of loan forgiveness (i.e., public service loan forgiveness, etc.) during loan repayment.
Loans are funds that require repayment. EVMS participates in the William D. Ford Federal Direct Loan Program and the HRSA Title VII loans for Doctor of Medicine students. Doctor of Medicine students interested in practicing primary care, or qualifying as coming from a disadvantaged background, may apply for loans offered by the Department of Health and Human Services under Title VII. Students who indicate their desire to be considered for need-based institutional loans may be eligible for school-administered loans. Private or alternative loans may also be available, but EVMS Financial Aid urges extreme caution in using those loans.
Scholarships and grants
Scholarships and grants are considered gift aid, which normally does not require repayment after school. Although as graduate students, EVMS students are not eligible for the federal Pell grant, there are some resources for need-based grants for state residents. There are also some institutional scholarships available.
Students are urged to continue searching for scholarships and grants from outside resources using reputable search engines like Fast Web. Other scholarship sources include the Military Scholarship and the National Health Service Corps Scholarship programs. In exchange for service commitment, these scholarship programs pay tuition and fees, plus a monthly stipend.
Rights and responsibilities
Each type of loan for which you apply will carry its own set of rights and responsibilities. Carefully review your promissory notes for all rights and responsibilities. Under truth in lending legislation, you will receive disclosure statements reflecting the exact amounts being borrowed, the terms (interest rate and length of repayment), total interest if paid over time and total amount to be repaid over time.
Note: All federal and institutional loans are simple interest loans which may be prepaid in whole or in part without penalty.
You will be required to complete entrance counseling on your federal and institutional loans prior to disbursement to be certain you understand your rights and responsibilities. At the end of your program, you will be required to undergo exit counseling to reconfirm those rights and responsibilities as well as advise you of the full amount which you have borrowed and repayment options.
Entrance counseling will be completed as part of the application process with Title IV federal loans online. United Accounting Services, the servicer of EVMS' federal Perkins and institutional loans, will require online entrance counseling in the process of completing promissory note(s) if awarded those funds.
Exit counseling will be completed during your final term of enrollment in your program prior to graduation. If you leave your program prior to completion, you must contact Financial Aid for an individual exit counseling appointment. Basic requirements can be met by visiting the National Student Loan Data System and completing online exit counseling using your FAFSA PIN, but in-person counseling is recommended.
Your right to cancel
You have the right to cancel your loans in whole or in part. EVMS requires active acceptance of your loans via the EVMS Online Financial Aid System. You may accept, reduce or decline your loans there. Once you have initially submitted your response to your awards notice, you must take other steps to reduce or cancel your aid.
William D. Ford Federal Direct Loan Programs include both Direct Unsubsidized and Direct Graduate PLUS Loans.
Canceling your Direct Unsubsidized Loan
Before your loan money is disbursed, you may cancel all or part of your loan at any time by notifying EVMS Financial Aid in writing using a loan reduction form.
After your loan money is disbursed, there are two ways to cancel all or part of your loan:
- If your school obtains your written confirmation of the types and amounts of Title IV loans that you want to receive for an award year before crediting loan money to your account at the school, you may tell the school that you want to cancel all or part of that loan within 14 days after the date the school notifies you of your right to cancel all or part of the loan, or by the first day of your school’s payment period, whichever is later (your school can tell you the first day of the payment period). If the school does not obtain your written confirmation of the types and amounts of loans you want to receive before crediting the loan money to your account, you may cancel all or part of that loan by informing the school within 30 days of the date the school notifies you of your right to cancel all or part of the loan. In either case, your school will return the cancelled loan amount to us. You do not have to pay interest or the loan fee on the part of your loan that you tell your school to cancel within these timeframes. If you received an up-front interest rebate on your loan, the rebate does not apply to the part of your loan that you tell your school to cancel. Your loan will be adjusted to eliminate any interest, loan fee, and rebate amount that applies to the amount of the loan that was cancelled. If you ask your school to cancel all or part of your loan outside the timeframes described above, your school may process your cancellation request, but it is not required to do so.
- Within 120 days of the date your school disbursed your loan money (by crediting the loan money to your account at the school, by paying it directly to you, or both), you may return all or part of your loan to us. Contact the Direct Loan Servicing Center for guidance on how and where to return your loan money. You do not have to pay interest or the loan fee on the part of your loan that you return within 120 days of the date that part of your loan is disbursed. If you received an up-front interest rebate on your loan, the rebate does not apply to the part of your loan that you return. Your loan will be adjusted to eliminate any interest, loan fee and rebate amount that applies to the amount of the loan that you return.
This information was obtained from the William D. Ford Direct Loan Program Direct Unsubsidized Loan Borrower’s Rights and Responsibility Statement. For additional information regarding your Federal Student Loans please refer to your Borrower’s Rights and Responsibility Statement and your Master Promissory Note
Canceling your Direct Graduate PLUS Loan
Before your loan money is disbursed, you may cancel all or part of your loan at any time by notifying EVMS Financial Aid in writing using a Loan Reduction Form.
After your loan money is disbursed, you may cancel all or part of your loan within certain timeframes. For details, refer to the Grad PLUS Borrower’s Rights and Responsibilities Statement that accompanies your PLUS MPN.
From the PLUS MPN:
I may pay back all or part of a disbursement within the timeframes set by the Act, as explained in the Borrower’s Rights and Responsibilities Statement and in a disclosure statement that I will receive. If I return the full loan amount within those timeframes, I will not incur any loan fee or interest charges. If I return part of a disbursement within those timeframes, the loan fee and interest charges will be reduced in proportion to the amount returned.
EVMS institutional loans
After your initial response, if you change your mind about accepting your federal Perkins or EVMS institutional loan(s), you must notify Financial Aid in writing via your EVMS email account of your wishes to reduce or decline. You may be contacted for additional information at that time. You will be directed to your EVMS Online Financial Aid System to review any changes once they have been completed.