Allopathic Medicine

Institutional Scholarships

Both financial need and merit based scholarships are available to full time MD students. The scholarship application is usually available in October and students notified via their salud.unm.edu of opportunity.

Several institutional scholarships are available for financial need based students. Financial need is determined by the results of the Free Application for Federal Student Aid (FAFSA); the difference between annual School of Medicine cost of attendance (COA) and your Expected Family Contribution (EFC) (COA – EFC = Financial Need). Awards range from $1000 - $2000 per academic year. Student must reapply each year for these awards and are available for incoming and current students.

Student Loan Assistance

Federal Direct Unsubsidized Loans

Eligibility: Available to any U.S. citizen or Permanent Resident who completes the FAFSA and is not in default on a Federal student loan.
Interest rate: For loan first disbursed on or after July 1, 2017 through June 30, 2018, the fixed interest rate is 6.00%
Origination Fee: 1.069% will be applied to each disbursement. Repayment begins 6 months after the last date of attendance. The maximum aggregate loan limit is $224,000. The aggregate loan limit includes undergraduate loans.
Repayment: Begins six months after graduation or dropping below half time status.

Federal Direct Graduate PLUS Loans

Eligibility: Available to any U.S. citizen or Permanent Resident who completes the FAFSA and is not in default on a Federal student loan.
Interest rate: For loan first disbursed on or after July 1, 2017 through June 30, 2018, the fixed interest rate is 7.00%
Origination Fee: 4.276% will be applied to each disbursement. Repayment begins 6 months after the last date of attendance.
Credit: Credit check will be conducted by Direct Loans. If a borrower has adverse credit history, the loan may be denied. If denied, borrower may reapply with a credit worthy co-signer.
Repayment: Begins six months after graduation or dropping below half time enrollment.

Robert Wood Johnson Loan

Eligibility: Available to any U.S. citizen or Permanent Resident who completes the FAFSA and is not in default on a Federal student loan and has unmet financial need. Award level dependent upon available funds and eligible applicants. $2000 maximum award.
Interest rate: 9% which does not accrue while borrower is in school.
Repayment: Begins one year after gradation.

Loan for Disadvantaged Students

Eligibility: Available to any U.S. citizen or Permanent Resident who completes the FAFSA and is not in default on a Federal student loan and has unmet financial need. Award level dependent upon available funds and eligible applicants. Parental income information must be provided on FAFSA.
Interest rate: 5% which does not accrue while borrower is in school or in deferment period.
Repayment: Begins one year after graduation, however borrower could qualify for a deferment while in residency. Interest would not accrue during deferment period. Usually a 10 year repayment period, normally starting after residency, time frame which does not include the grace period or deferment.

Primary Care Loan

Eligibility: Available to any U.S. citizen or Permanent Resident who completes the FAFSA and is not in default on a Federal student loan and has unmet financial need. Award level dependent upon available funds and eligible applicants. Third and fourth year students will be provided preference in awarding. Parental income information may be requested. Borrower must be accepted in primary care field residencies.
Interest rate: 5% which does not accrue while borrower is in school or during deferment period.
Repayment: Begins one year after graduation, however borrower could qualify for a deferment while in residency. Interest would not accrue during deferment period. Usually a 10 year repayment period, normally starting after residency, time frame which does not include the grace period or deferment.