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 Direct Unsubsidized and Direct 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. 

Education loans

Loans are funds that require repayment. EVMS participates in the Direct Unsubsidized and Direct Grad PLUS Loans 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.

 

Students enrolled at least half-time in a degree or approved graduate certificate program at EVMS are eligible to apply for federal student loans. Learn more about the application process and eligibility requirements. Students will receive an award notice detailing loans for which they are eligible to complete the loan process.

Federal loans would include Title IV loans such as the Direct Unsubsidized Loan and the Direct Grad PLUS Loan. MD students may be eligible for federal Title VII loans from the Health Resources and Services Administration (HRSA).

All federal loans carry a right of rescission or right to cancel.

Students should carefully read all rights and responsibilities associated with each loan as provided in the promissory note for each.

Note: Interest rates for each academic year are available online from the federal government. Historical rates are also available.

Interest rates for direct loans
first disbursed on or after July 1, 2018*

Loan type

Borrower type

Loans first disbursed on or after July 1, 2017 and before July 1, 2018

Loans first disbursed on or after July 1, 2018 and before July 1, 2019

Direct subsidized loans

Undergraduate

4.45%

5.04%

Direct unsubsidized loans

Undergraduate

4.45%

5.04%

Direct unsubsidized loans

Graduate or professional

6.00%

6.60%

Direct PLUS loans

Parents and graduate or professional students

7.00%

7.60%

All interest rates shown in the chart above are fixed rates for the life of the loan.

*Excerpted from the Office of Federal Student Aid.

 Direct Unsubsidized Loan

Graduate students are only eligible to receive the Direct Unsubsidized Loan. Unsubsidized means the loan accrues interest in the student's name during periods of enrollment, grace, deferment or forbearance, as well as repayment.

  • Interest rate is 6.60%
  • 1.062% origination/default fee held by federal processer from each disbursement (effective October 1, 2018 and before October 1, 2019)
  • 6-month grace period between enrollment and repayment
  • Annual limit:
    • School of Health Professions programs: $20,500
    • Doctor of Medicine program: $40,500 (higher during M3 and M4 years)
  • Aggregate for undergraduate and graduate:
    • School of Health Professions programs: $138,000
    • Doctor of Medicine program: $224,000

Standard repayment is over 10 years. Higher levels of borrowing may entitle the borrower up to 25 years to repay under certain repayment options. Learn more about the Direct Unsubsidized Loan.

 Direct Grad PLUS Loan

Graduate students who complete the FAFSA are eligible to apply for a Direct Grad PLUS Loan for the difference between their cost of attendance budget less any other financial aid they are utilizing. The Grad PLUS Loan is an unsubsidized loan. Unsubsidized means the loan accrues interest in the student's name during periods of enrollment, grace, deferment or forbearance, as well as repayment.

  • Interest rate is 7.60%
  • 4.248% origination fee withheld by federal processer from each disbursement (effective October 1, 2018 and before October 1, 2019)
  • 6-month grace period between enrollment and repayment
  • Credit based (may require a credit worthy cosigner)

Standard repayment is over 10 years. Higher levels of borrowing may entitle the borrower up to 25 years to repay under certain repayment options. Learn more about the Direct Grad PLUS Loan.

HRSA Title VII Loans (MD students only)

Loans for Disadvantaged Students or Primary Care Loans from Title VII funding from the HRSA may also be awarded to qualified students subject to availability of  funding. Learn more about the requirements for these loans:

To apply for these loans, complete the steps detailed under application process that pertain to Title VII aid.

Because of the generosity of the community and alumni, students may receive one of the EVMS institutional loan funds. Awarded based on need and availability of funds, these loans are subsidized. Subsidized means that interest is waived during periods of enrollment, grace or deferment. 

  • Interest rate 5%
  • 12-month grace period between enrollment and repayment
  • 10-year standard repayment
  • No origination/default fee

University Accounting Services acts as originator and servicer for these loans as third party servicer for EVMS. Students will be required to complete online entrance counseling and a promissory note, as well as review required disclosures. 

Private or alternative loans are loans not from federal or institutional sources. These loans may be available based on good credit or with a credit worthy cosigner. EVMS Financial Aid urges extreme caution with this type of loan.  Be sure you exhaust all federal and institutional sources first and carefully examine the terms and conditions, including repayment options, before committing to a private or alternative loan. 

Private educational loans:

  • will reduce your eligibility for other loans
  • may have interest rates which adjust monthly
  • cannot be consolidated later with other Title VI federal loans via federal direct consolidation
  • may or may not have forbearance options during residency
  • cannot be consolidated in a federal consolidation loan in order to take advantage of income-based repayment or possible federal loan forgiveness programs

Note that medical residency and relocation loans are not included in the definition of private or alternative loans as they are not for educational purposes. However, MedCAP loans would be included in calculations for other aid.

International students enrolled in health professions programs may be eligible to apply for some private loans. However, they are usually required to have a credit worthy U.S. citizen or permanent resident as a cosigner. 

EVMS does not have preferred lenders for private or alternative student loans and does not track current rights and responsibilities of various private lenders. We urge students to be very cautious with these loans and carefully read all disclosures provided. Over the past 3 years, a few students enrolled at EVMS have used the following private lenders. This list is limited to those lenders which are still offering private student loans to all credit worthy students:

  • Discover
  • Sallie Mae
  • Wells Fargo
  • SunTrust

This historical list is not presented in any order nor does it represent a complete list of those companies offering private student loans. Please use caution in applying for or accepting private education loans. 

Students enrolling at EVMS should plan their finances to have funds to support them for the first month of each term in order to allow time for releasing of aid, disbursement to student account and processing of credit balance refunds. Unexpected emergencies happen. A small emergency loan may be available to help cover those emergency expenses until financial aid is released.

An emergency loan carries no fee or interest if paid within 30 days. The amount of the loan is applied to the student's tuition account as a charge. The most common method of repayment is from disbursement of financial aid for the next term. 

Students must meet with Financial Aid to complete an emergency loan application and discuss the amount needed. Applications for $500 or less may be approved by a Financial Aid coordinator. Larger amounts may require additional signatures from the director, associate director and/or assistance dean. Once approved, the application is delivered to Financial Services for processing. The check, authorization for use of Title IV aid and promissory note will be available at Financial Services no sooner than 24 hours (one business day). Students will be notified by a student loan officer in Financial Services when the paperwork is ready to be completed. Students must go to Financial Services to sign the promissory note and take delivery of the check.

Caution: This loan is an advance on your funding for the term, not additional funding. Using funds early may result in a shortage of funds before the end of the term. Carefully review your program calendar for start dates. Your scheduled disbursement dates are reflected on the disbursements tab of your EVMS Online Financial Aid System under each academic year to assist you with your financial planning. Typically, when all requirements have been met for classroom programs, your aid will be processed on the first day of each term. For distance or hybrid programs, your aid will be released on the eighth day of the term (or the next business day). All aid is released initially in as close to equal amounts as possible over the academic year to your student tuition account.

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.

EVMS scholarships are awarded based on financial need, merit or fields of interest in medicine. All students wishing to be considered for EVMS scholarships are required to submit an EVMS Financial Aid and Scholarship Application to EVMS Financial Aid by the published deadline. EVMS Development continues to work diligently with the community and donors to help grow available funds.

Explore scholarship opportunities for the School of Medicine or for the School of Health Professions.

The Commonwealth of Virginia provides funding for grants to degree-seeking Virginia residents attending EVMS. Need determination along with residency are part of the approval process. For the academic year 2017-2018, the average state scholarship per eligible graduate and professional student was $1,000.

Find more information about state grants.

Virginia Military Survivors and Dependents Education Program

The Virginia Military Survivors and Dependents Education Program (VMSDEP) provides eligible students enrolled in a Virginia public college or university with certain education benefits in acknowledgement of the military service and sacrifice of their military parent or spouse. To be eligible, a student must be accepted by and enrolled in a Virginia public college or university, and the student must be a spouse of a qualifying military service member or a child between the ages of 16 and 29 (inclusive) of a qualifying military service member. For more information, please visit the State Council of Higher Education for Virginia website or contact the Virginia Department of Veteran Services in Richmond at 804.225.2083. You can also review this fact sheet for additional details.

Continue to search for any and all resources such as outside scholarships and/or low interest loans. Look to alumni groups, civic organizations within the community, religious affiliation as well as any organization with which you or a member of your family has a connection. Do not be afraid to approach family, friends or members of your community. Not everyone will be able to help, but by networking, you may connect with an individual or organization who can assist. Every gift dollar received is a dollar less to borrow and a dollar less to repay in achieving your educational goals. 

Consider:

  • speaking with parents and extended family members about assistance, however small
    • Do any of their employers offer scholarships or sponsoring programs? Can they help pay interest on your loans while you are enrolled?
  • speaking with your family doctor to see if they can act as a mentor or perhaps suggest a patron or benefactor
  • using free scholarship search sites such as FastWeb to search for outside resources
  • searching for program-specific funding like the National Health Service Corps Scholarship program for MD and Physician Assistant students or the Health Professions Scholarship Program scholarships for medical or physician assistant students entering the military
  • other government funding agencies, such as the following:

Whenever EVMS Financial Aid learns of possible scholarships, we will post to myPortal and send an announcement to eligible group(s) at their EVMS email address. We also maintain a historical scholarship listing for which students have applied in the past. This is not meant to be an up-to-date or complete listing, simply a historical one, but the list is reviewed annually to confirm web addresses, etc. Please contact us by phone at 757.446.5804 or by email at finaid@evms.edu if you experience any broken links or inaccurate information so we may update this listing. 

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' institutional loan(s), 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. 

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 Federal Direct Loan Change Form

After your loan money is disbursed, there are two ways to cancel all or part of your loan:

  1. 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.

  2. 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 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 Federal Direct Loan Change 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:

Loan cancellation

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 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.