Financial Aid & Scholarships
The purpose of the financial aid program at the University of Oklahoma Health Sciences Center is to provide assistance to students who need help in meeting the cost of their education. Increased costs have affected every aspect of the educational process. Colleges and universities in general, and health professions schools in particular, have been called upon to assist the growing number of students and parents who cannot afford to carry the financial burden of such professional training. Applications from all students who believe they will require financial aid are encouraged. Questions may be addressed to:
Basis of Awards
The University of Oklahoma
Health Sciences Center
Office of Student Financial Aid
Post Office Box 26901
David Boren Student Union Room 301
Oklahoma City, Oklahoma 73126-0901
Telephone: (405) 271-2118
Further information is available on the OUHSC Student Financial Aid Website
The financial aid program at The University of Oklahoma Health Sciences Center is administered in accordance with policies and guidelines in compliance with federal, state, and local regulations.
The University bases its awards on demonstrated financial need, and the difference between a family's expected contribution and the student's yearly educational expenses. Except for child care costs, federal financial aid policy now precludes federal financial aid dollars from being used to otherwise support a student's family. Since the same method for analyzing need is used in determining each family's ability to assist with academic year expenses, the amount of financial support expected from the student's family will be virtually the same at all institutions. The student's family, spouse, and the student are expected to make a maximum effort to assist with educational expenses. The basis upon which need-based programs are built is that the family is primarily responsible to the extent it is able for financing the student's education.
The amount of the family contribution is determined by analysis of the financial information submitted on the Free Application for Federal Student Aid (FAFSA). This is the primary application for consideration for all sources of aid available through the Financial Aid Office at the OU Health Sciences Center. Some specific aid programs may require a separate application after the award is made to the student.
Applying for Financial Aid and Notification of Award
The Free Application for Federal Student Aid (FAFSA), included in the OUHSC Financial Aid applications packet, will be sent to all accepted and wait-listed applicants to the College of Medicine.
The recommended filing date is March for a fall start date. Many of the aid programs carry a March 1 priority deadline. Funds are limited and will be awarded first to those qualifying applicants who applied by this date. Other students
can be added to a waiting list upon request.
The Office of Financial Aid expects to begin making award/denial announcements beginning May 1 for those students who submit complete applications prior to March 1. The results of financial aid applications will not be finalized until a student has been admitted officially to the College of Medicine. Prospective students are encouraged to begin the application process as soon as possible after January 1 even before the student's admission status is determined.
Lew Wentz Loan
Awarded by the Office of Financial Aid to students demonstrating financial need. Requires a co-signer. Current interest rate is 5%. Loan principal repayment begins the sixth month after graduation. Awards may be up to $5000 per academic year.
Primary Care Loan
Awarded in the spring of the fourth year to medical students who plan to enter and remain in a primary care specialty - family medicine, internal medicine, pediatrics or medicine-pediatrics. Interest rate is 5% per year compounded annually. If the student fails to honor their primary care commitment, the loan balance will be recomputed at an interest rate of 18% per year annually. Number and amount of awards are based on funds available. Generally 1-3 students can get this loan.
Direct Unsubsidized Loans
Direct Unsubsidized Loans are not need-based, but there are federal annual and lifetime limits.
The amount a student can borrow will be determined by the OUHSC Office of Student Financial Aid based on the results of your Free Application for Federal Student Aid, and the cost of attendance for the student's academic year. Interest rate is 6.8%. Interest accrues (accumulates) on an unsubsidized loan from the time of the first disbursement. Interest can be paid while the student is in school and during grace periods and deferment or forbearance periods, or it can be allowed to accrue and be capitalized (added to the principal amount of the loan). Interest rates vary per year but will never go above 9.5 % for Direct Unsubsidized Loans, or 10.50% for Graduate Plus loans. Repayment begins 6 months after graduation or you drop below half time.
Direct Plus Loans
Graduate and Professional students may qualify to borrow
loans up to the cost of attendance through the Direct Plus Loan Program.The interest rate for Direct PLUS Loans is a fixed rate of 7.9%.
There is a fee of 4% of the loan amount, deducted proportionately each time a loan disbursement is made. The repayment period for a Direct PLUS Loan begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final disbursement. However, you may defer repayment while you are enrolled at least half-time. Unlike Direct Stafford loans, the
Direct Plus loan is credit based, and a credit check will be run at the time of application.
Students do not have to have a high credit score, but cannot have bad credit to be approved.
The Office of Student Financial Aid will automatically award students the best loans for which they qualify, and the student can accept or decline loans as needed.
Other Helpful Links
Health Professions Scholarship Program Links