Calculating Need
Eligibility for financial aid is based on your documented financial need. This is calculated by subtracting your contribution (as determined by your FAFSA information) from your cost of attendance. Your total financial aid resources cannot exceed your Cost of Attendance.
School of Medicine Need-Based Resources
Students interested in need-based resources are required to provide both parents' information on financial aid applications, from which your contribution will be determined. In cases where a divorced parent has remarried, you have the option of using the parent and stepparent. A parent’s ability to help, rather than his or her willingness, is something you should consider carefully. For these school-administered programs, “financial need” is considered in relation to the need of other applicants and the funding available for the academic year. Institutional resources consist of a limited number of need-based scholarships and low-interest loans.
Federal Direct Unsubsidized Loans
Students who submit a valid FAFSA and submit any required verification items will receive notification of their Federal Direct Unsubsidized Loan eligibility. Federal Student Aid eligibility requirements are listed at https://studentaid.gov/understand-aid/eligibility/requirements. The annual Federal Direct Unsubsidized Loan maximum ranges from $40,500 to $47,167 for medical students based on the number of months the student is enrolled. Interest accrues during enrollment and deferment periods and must be repaid by the student borrower. While in school, students may choose to make payments on the interest or defer all payments. Federal Direct Unsubsidized loans first disbursed from July 1, 2023 to June 30, 2024 have a fixed interest rate of 7.05%. The rate for loans disbursed starting July 1, 2024 will be determined in May 2024. A loan origination fee is also charged; origination fee schedule. There is a six-month grace period after graduation before repayment begins.
The aggregate maximum for federal student loans is $224,000 for medical students. This includes federal student loans incurred before beginning medical school but does not include Federal Direct PLUS Loans.
Federal Direct Graduate PLUS Loans
Students who need to borrow more than the Federal Direct Unsubsidized Loan may also choose to borrow Federal Direct Graduate PLUS Loans. Unlike Federal Direct Unsubsidized Loans, the Graduate PLUS loan requires a credit check. The annual maximum is based on Cost of Attendance less other financial aid. Interest accrues during enrollment and deferment periods and must be repaid by the student borrower. While in school, students may choose to make payments or defer all payments. Federal Direct Graduate PLUS Loans first disbursed from July 1, 2023 to June 30, 2024 have a fixed interest rate of 8.05%. The rate for loans disbursed starting July 1, 2024 will be determined in May 2024. A loan origination fee is also charged; origination fee schedule. A six-month grace period after graduation is available before repayment begins. Federal Direct Graduate PLUS Loans do not count toward the aggregate loan limit.
Private Alternative Loans
Students can choose to borrow a private loan in place of or in addition to a federal student loan. Private loans are typically made by banks or credit unions. Each lender offers its own terms and conditions, and the interest rate is based on the borrower's credit history. Please be sure to understand the rates, terms, and conditions of a loan before borrowing. A list of lenders to get you started on your private loan search can be found at FastChoice. Students may use any lender they wish, regardless whether it is on the list.
International Students
If you are an international student, you may find that there are limited opportunities to assist you with your educational costs. Applicants who do not hold a permanent visa or an immigrant visa are not eligible for educational loan programs supported by the US government. Visit studentaid.gov for additional details regarding eligibility for US federal student aid.
Because of these limitations and the high cost of pursuing a medical education within the US, qualified international students will be issued conditional acceptance into the University of Pittsburgh School of Medicine under the following conditions: On or before June 1 of the year of matriculation, the accepted applicant must deposit in an escrow account funds sufficient to meet their first two years of their medical education with documented support of the ability to pay their final two years.
Please be advised that if you are a conditional permanent resident of the US and your status expires while in medical school, you may be required to place funding in an escrow account to cover the costs for the remaining academic terms.
Specific information regarding the required International Student Escrow Deposit along with information regarding Financial Aid and Scholarships can be found in the University of Pittsburgh School of Medicine International Medical Student Application Process Policy and International Medical Student Escrow Account 2024-2025 Terms and Conditions.