Types of Funding
Due to institutional resources being limited, Stanford University School of Medicine holds the policy that the primary responsibility for financing a student’s education rests with the family to the extent of demonstrated ability.
You are considered financially dependent upon both your biological parents, even if they do not claim you as a dependent. This applies regardless of your marital status, or the fact that you may have been self-supporting for a number of years.
Exception: Students who are 30 years old by the start of the academic year are considered independent and will not be required to provide parental information.
The Need Access Application and your parents’ latest federal income tax returns are used to determine the parental contribution. The formula takes into consideration your parents':
- Taxable income (wages or salaries, interest and dividends)
- Untaxed income (social security benefits, veteran benefits, voluntary annual contributions to tax deferred savings, workers compensations)
- Assets (savings, investments of all kind, stocks and bonds, stock options)
- Number of dependents
- Number of dependents in college*
- Federal and state income taxes paid
- An allowance, which varies according to family size.
*The calculation of parental contribution may be affected by the number of children enrolled in college (excludes parents enrolled in college). As a result of this, the amount of the expected parental contribution will vary from student to student and may change year to year.
Information from Separated or Divorced Parents
For the purposes of determining Stanford-based financial aid only, each natural parent must submit financial information and the required tax forms.
Estrangement from Parents
If it is not possible for you to secure information from a parent due to absolute estrangement, you may complete an absolute estrangement waiver from the School of Medicine Financial Aid Office. Professional third-party verification of the circumstances is required. If approved, this parent's information will be waived each succeeding year that you are on financial aid.
Verification of Sibling/Spouse Enrollment in College
- Only siblings under the age of 26 that are attending college at least half time for a minimum of one semester or two quarters in the current academic year may be counted as dependents on the FAFSA and Need Access Application.
- Verification of sibling enrollment will be required during the winter quarter of the current academic year. Failure to provide certification of a sibling's enrollment in college by the specified deadline and/or when the sibling is no longer enrolled in college will result in the financial aid office will recalculating the student's Stanford aid eligibility.
- Students may complete the verification form provided by the Financial Aid Office or they may have their sibling/spouse request that the National Student Clearing House provide proof of enrollment (for a nominal fee and this option is only available if the sibling/spouse's school participates in this program).
Effective February 14, 2010, new disclosure and certification rules for private education loans (including Stanford University (SU) Loans) are required for all new and increased loans.
Stanford University is required to issue students receiving these loans three specific disclosure forms at different times during the application/disbursement process. Disclosures 1, 2 and 3 will be sent to the student by Stanford's loan servicer University Accounting Services.
Students will continue to e-sign their self-certification and promissory notes at www.signmyloan.com. Students will receive an email from signmyloan.com when their promissory note is ready for them to sign.
If you are awarded an SU Loan, the following must be completed and/or viewed:
*Notification of where to find these documents will be provided to the student when the SU Loan is awarded or increased.*
- Student Self Certification Form (e-signed at www.signmyloan.com)*
- Disclosure 1 (sent to student by University Accounting Services)*
- Disclosure 2 (sent to student by University Accounting Services)
- Promissory Note (e-signed at www.signmyloan.com)
- Disclosure 3 (sent to student by University Accounting Services)
Sample of required documents:
If a student is eligible for Federal loan funding, he or she will be awarded loans (up to an annual amount) to meet the their financial need.
All borrowers must complete specific loan funding requirements prior to loan funds being released to the student's account.
Master Promissory Note (MPN)
All students will be required to complete a new Master Promissory Note with the Department of Education's Direct Lending Program.
- The entrance interview is conducted in a group format during the new student orientation week. If you miss the orientation session, you must contact the Financial Aid Office to schedule an entrance interview. A separate online entrance counseling session is also required.
- The exit interview is a graduation requirement for recipients of any loan program. At the exit interview, you will receive a summary of your total loan debt to date and estimated repayment schedule. Exit interviews are conducted in groups or individually (at the student's request). Students that apply for a leave of absence are required to complete an exit interview. Federal loan borrowers must also complete an online exit counseling session on the National Student Loan Data System.
- Loan borrowers are required to maintain satisfactory academic progress each quarter he or she is receiving financial aid.
Types of Federal Loans that can be used when packaging a student for financial aid:
- Federal Perkins Loan
- Federal Unsubsidized Loan
- Federal Grad PLUS Loan
- Stanford University (SU) Loan
- Private Loan
Note: Federal loans are subject to origination fee and interest rate adjustments.
Stanford University participates in the Department of Education's Direct Loan (DL) Program.
The following outlines key points about the Department of Education’s Direct Lending (DL) Program. Stanford University School of Medicine will process all Stafford (Unsubsidized) and Grad PLUS Loans through the Direct Lending Program.
- New loans will be funded by the Department of Education’s Direct Lending Program (Direct Loans, or DL).
- Loans will be certified and processed though the Financial Aid Office. Students do not apply for loans directly with DL.
- First-time borrowers must complete a new Master Promissory Note (MPN) and entrance counseling for Unsubsidized Stafford Loans.
- Grad PLUS Loans will require separate MPN and credit check.
- The MPN and Entrance Counseling for both the Stafford and Grad PLUS loans may be completed electronically at studentloans.gov.
- The Stafford Loan (Unsubsidized) origination fee is 1.072%. For new loans disbursed after October 1, 2014 the origination fee is 1.073%.
- The Grad PLUS Loan origination fee is 4.288%. For new loans disbursed after October 1, 2014 the origination fee is 4.292%.
- The academic year loan limits are as follows:
- Unsubsidized Stafford $40,500 (3Q enrollment) or $47,167 (4Q enrollment).
- Grad PLUS – up to cost of education less any other financial aid.
- Direct Loan borrowers are eligible to receive in-school deferment, 6 month grace period and can apply for Income-Based Repayment (IBR) and Public Service Loan Forgiveness (PSLF).
- Students can consolidate FFELP Loans into the Direct Lending Program during grace and repayment periods after the student has separated from SoM (i.e. graduation).
Private Loan Lenders
If you wish to apply for a private loan, please contact the School of Medicine Financial Aid Office prior to doing so.
For information about managing your debt during school and after graduation, see our Debt Management page.
Welcome to Stanford University School of Medicine's External Funding Directory. Students are encouraged to search this directory for information on external funding opportunities. If you have any questions please contact the Financial Aid Office.
**Direct all requests for letters of recommendation or support to your academic advisor** Applications requiring certification of financial need should be submitted to the Financial Aid Office.
- Deadlines, availability and requirements of scholarships, fellowships and grants are subject to change.
- It is the student's responsibility to be aware of all deadlines and requirements associated with the scholarship, fellowship or grant of interest.
- The Financial Aid Office will not be held responsible for students missing application deadlines.
- This database is a work in progress. Please be aware that information on scholarships, fellowships and grants is constantly being updated.
Additional scholarship information can be located on the web at: http://www.finaid.org/