1. The Honors Incentive Scholarship is awarded to a select number of first-year entering freshman students who have achieved academic excellence in their undergraduate course of study. The Honor Scholarship pays tuition and fees for the first year of study. Each additional year is contingent upon your academic performance.
   
   
2. The Scholarship for Disadvantaged Students (SDS) is a need based grants program offered by the Department of Health and Human Services to eligible students from disadvantaged backgrounds. In order to be considered for this scholarship, students must submit parental income statements from the prior year, and the parental income must fall within DHHS income guidelines for disadvantaged.
   
   
3. The National Health Service Corps (NHSE) Scholarship Program pays for tuition, some fees, books, equipment and a monthly stipend for 10 and 1/2 months.  Interested students can call 1-800-638-0824 to request a NHSC application.
   
   
4. The Armed Forces Scholarship pays full tuition and fees, books and supplies, plus a monthly stipend. There is a military service obligation.  Meharry students can contact Air-Force, Army and Navy recruiters for more information regarding this program.
   
   
5. The Tennessee Black Conditional Grant Program (TCG) awards a grant yearly to residents of Tennessee.
   
   
6. The Southern Regional Education Board (SREB) provides state grants to certified residents of the contract states, i.e. Alabama, North Carolina and Tennessee.

Loans and Work-Study

The Federal Perkins Loan Program is a low-interest (5 percent) loan that must be repaid to Meharry Medical College; interest does not accrue while you are enrolled in school. The amount of the award depends on your need, the availability of Federal Perkins funds and the amount of other aid you are receiving. The maximum award per year is $6,000.00.

You may borrow up to $40,000 for graduate or professional study (this total includes any amount you borrowed under the Federal Perkins Loan Program for your undergraduate study). You must begin repaying your Federal Perkins Loan nine (9) months after you graduate, leave school, or drop below part-time status.

For loans made to medical school borrowers on or after July 1, 1993, you can no longer obtain a regular deferment while in residency; however, a forbearance deferment may be granted.

The Federal Work-study Program (FWS) provides jobs for students who demonstrate financial need. It gives you a chance to earn money to help pay your educational expenses.

The Federal Subsidized Stafford Program is a low-interest (capped at 8.25%) loan made to you by a lender such as a bank, credit union or savings and loan association.

A guarantee agency and the federal government insure the Federal Subsidized Stafford Loans. A graduate/professional student can borrow up to $8,500 a year. The total Federal Subsidized Stafford Loan debt for graduate or professional study is $65,500, including any Subsidized Stafford loans made at the undergraduate level. In order to be awarded the Subsidized Stafford Loan, you must demonstrate financial need. The Subsidized Stafford Loan proceeds will be disbursed in multiple disbursements to the institution by paper check, which is payable to you and requires your endorsement, or Electronic Fund Transfer (EFT).

The Federal Unsubsidized Stafford Loan provides additional funds for educational expenses. This loan has a variable interest rate capped at 8.25%. Interest on Unsubsidized Stafford for which payments of principal and interest may be deferred, paid quarterly or capitalized is added to the principal amount on a quarterly basis. Like Subsidized Stafford, a lender such as a bank, credit union or savings and loan association disburses the Unsubsidized Stafford Loan The Unsubsidized Stafford loan may be used to offset expected family contribution. Graduate or professional students may borrow up to $10,000 per year, to a total of $73,000 aggregate loan limits. This amount is in addition to Subsidized Stafford limits. In addition, the Department of Education along with the Department of Health and Human Services has increased the unsubsidized Stafford loan to $30,000 per year due to the phase out of the Health Education Assistance Loan (HEAL). The aggregate loan limit has been increased from $73,000 to $123,625.

The Health Professions Student Loan Program (HPSL) is a long-term, low-interest (5 percent) loan to assist students who are undertaking the course of study to be a dentist. The maximum amount that you may borrow for each school year is the cost of tuition plus $2,500 or the amount of your financial need, whichever is the lesser. There is no cumulative maximum amount. The income, assets and resources of the student and parents must be considered before the loan is made. All HPSL loans for medical students granted after July 1, 1993, will be the Primary Care Loan (PCL). The PCL loan has an awarding stipulation that states if you decide not to practice primary care after graduating from medical school, the interest rate of 5% will increase to 18%, effective the day of default. Therefore, all borrowers are strongly encouraged to only accept the PCL loan funds if they are definitely going to be a practicing primary care physician after graduation. For this reason alone, MMC has decided to only award PCL funds to third and fourth year students.

Loans are repayable to Meharry Medical College over a ten (10) year period, which begins one year after you complete or otherwise cease to pursue the prescribed full-time course of study. Interest begins to accrue at the time the loan becomes repayable. You must pay no less than $30.00 per month.

Alternative loan programs include CitiAssist, MedAchievers, Dental Education Alternative Loan (DEAL), Dental and Medical Access. These loans are credit-based and are approved solely by the lenders' credit criteria. If denied, students are encouraged to obtain a co-borrower to increase changes of approval. (NOTE: A co-borrower does not automatically guarantee approval). Alternative loans are only awarded if the student's total cost of attendance has not been met, and there is an unmet need. The Office of Student Financial Aid cannot guarantee approval of these funds.

For more information contact:

Student Financial Aid
(615) 327-6826
financialaid@mmc.edu