Scholarships

1. The Honors Incentive Scholarship is awarded to a select number of first-year entering students who have achieved academic excellence in their undergraduate course of study. The Honor Scholarship pays up to total tuition and fees for the first year of study. Each additional year is contingent upon your academic performance.
   
   

2. The Scholarships for Disadvantaged Students (SDS) provides scholarships to full-time, financially needy students from disadvantaged backgrounds, enrolled in health professions and nursing programs. This need based grant program is offered by the Department of Health and Human Services. 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 (NHSC) Scholarship Program pays for tuition, required fees, and some other education costs, tax free, for as many as four years. Education costs may include books, clinical supplies, laboratory expenses, instruments, two sets of uniforms and travel for one clinical rotation. Recipients also receive equipment and a monthly living stipend ($1,326 in 2010-2011). The stipend is taxable. Interested students can call 1-800-638-0824 to request a NHSC application.
   
   

4. The Armed Forces Scholarship pays full tuition and some 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. Students must complete an application that is sent to Tennessee Higher Education Commission (THEC) for certification. Each additional year is contingent upon funding from the State and the student maintaining satisfactory academic progress.
   
   

6. The Southern Regional Education Board (SREB) provides state grants to certified residents of the contract states, i.e. Tennessee (medical and dental) and Arkansas (dental only-one slot per classification).

Loans and Work-Study

The Federal Perkins Loan Program is a low-interest (5%) 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 $8,000.

You may borrow up to $60,000 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 Health Professions Student Loan Program (HPSL) is a long-term, low-interest (5%) 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 7%, 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, MMC has decided to only award PCL funds to third and fourth year students.

Campus-based loans are repayable to Meharry Medical College over a 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 per month.

The Loans for Disadvantaged Students (LDS) is a long-term, low-interest (5%) loan to assist students who are undertaking the course of study to be a physician or 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.

Campus-based loans are repayable to Meharry Medical College over a 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 per month.

The Federal Direct Subsidized Loan is a low-interest, fixed at 6.8% and capped at 8.25%, loan guaranteed by the United States Department of Education.

The federal government pays the interest on the Federal Direct Subsidized Loans. A Graduate/Professional student can borrow up to $8,500 a year. The total Federal Direct Subsidized Loan aggregate limit for Graduate/Professional study is $65,500, including any subsidized loans borrowed at the undergraduate level. In order to be awarded the Federal Direct Subsidized Loan, one must demonstrate financial need. The Federal Direct Subsidized Loan proceeds will be disbursed in two disbursements to the institution via Electronic Fund Transfer (EFT)

The Federal Direct Unsubsidized Loan provides additional funds for educational expenses. This loan also has a fixed interest rate of 6.8%. However, interest on the Federal Direct Unsubsidized Loan begins to accrue from the date of the disbursement. In addition, payments of the accrued interest may be deferred, paid or capitalized and added to the principal amount on a quarterly basis. Like the subsidized loan, these funds are guaranteed by the United States Department of Education. The Federal Direct Unsubsidized Loan may be used to offset the Expected Family Contribution (EFC).

Graduate (MSPH and PhD) students may borrow up to $12,000 per year with a maximum aggregate loan limit of $73,000; Health Professions students, medical and dental, can borrow up to $32,000 annually, with an aggregate loan limit of $158,500.

Federal Direct Grad PLUS Loans are available to students who do not have an adverse credit history. These loans are not based on financial need. Students may borrow through this program to obtain money for the cost of college. These loans carry a fixed 7.9% interest rate.

The origination and insurance fees are different than those of the Federal Direct Subsidized and Unsubsidized Loan programs. Beginning July 1, 2008, any Grad PLUS loan will be deferred until six months after completing your program of study or changing enrolled status to less than half-time, whichever comes first.

Alternative loan programs include the Smart Option Loan from Sallie Mae, US Bank No-Fee Education Loan and Fifth Third Bank private loans. 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.

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.

For more information contact:

Meharry Medical College
Student Financial Aid
1005 Dr. D.B. Todd Jr. Blvd.
Nashville, TN 37208
(615) 327-6826
finaid@mmc.edu