For information on your estimated cost of attendance, contact your school’s Financial Aid Office.

Borrowing to fund your medical education

The majority of medical students borrow from a variety of loan programs to fund their medical education. However, you should take into account your level of indebtedness from other academic programs when determining how much to borrow for medical school. Information on current indebtedness is available from the USC Financial Aid Office.

Sources of Funding for Medical Students

USC awards $29.4 million in need-based grants, merit scholarships, loans and work-study through a combination of state, federal, university and private funds. More than 80 percent of Keck School medical students receive some type of financial assistance from the USC Financial Aid Office. Assistance is available from the following sources.

University of Southern California

  • University scholarships. Students must demonstrate both financial need and merit. Scholarships range from $2,000 to full tuition.
  • USC Keck School of Medicine Student Loan. Students must demonstrate financial need, meet the application deadline and meet citizenship requirements.
  • Emergency loans. Students may borrow up to $1,000, interest free, for up to 90 days.

Federal loans administered by the USC Financial Aid Office

USC Keck School of Medicine Student Loan

  • To be considered for USC Keck School of Medicine need-based student loan, all medical students must submit a copy of their 2006 federal tax return or Non-Filing Statement, Student, Keck School of Medicine if you are not legally required to file a tax return. In addition, medical students who were under 30 years of age on December 31, 2006 must include their parents' 2006 federal income tax return with all schedules and W-2 forms. Fax the Non-Filing Statement, Parent, Keck School of Medicine form If your parents are not legally required to file a tax return. For faxing instructions, visit www.usc.edu/contactfao.

  • If you meet the requirements to be awarded this loan, it will automatically appear on your financial aid eligibility, and you will receive a Promissory Note to sign. The loan are funded through endowments from the (list proper names of endowment funds)The Salerni Loan, the Machris Loan, the Peacock Loan or the Plessner Loan.
  • The loan is repayable over a 10-year period. The 4 percent interest rate is subsidized until repayment begins, one year after your USC enrollment ends. Repayment may be deferred during advanced professional training, such as an internship or residency.
Federal Stafford Loan
  • This loan is available to citizens and eligible non-citizens. Financial need determines whether the loan will be subsidized (interest will be paid by the government while you are enrolled at USC) or unsubsidized.
  • Medical students may receive a maximum of $40,500 annually. Up to $8,500 may be subsidized. The total aggregate amount a medical student can borrow in the Stafford Loan program is $224,000. If you have been awarded a Stafford Loan, you must complete additional steps to receive the funds. Apply Now

Federal Graduate PLUS Loan

  • If you need further financing after you have borrowed the full Stafford Loan amount, USC suggests the Federal Graduate PLUS Loan, because it is credit-based (rather than need-based), has a fixed interest rate, requires no collateral and does not impose an early payment penalty.

    To apply, you must be a graduate/professional student and a U.S. citizen, permanent resident or other eligible non-citizen. In addition, you must have filed a 2009-2010 Free Application for Federal Student Aid (FAFSA). Apply Now

Loans for Disadvantaged Students
  • Available funding is extremely limited. You must meet financial need and “disadvantaged” criteria. To be considered, students must complete the application steps for Keck Need-Based Aid by the deadline (4/15/2009 for entering students, 5/5/2009 for continuing students). Eligibility is reviewed each year. If you are awarded the loan, it will automatically appear on your financial aid eligibility, and you will receive a Master Promissory Note (MPN).
  • The loan is repayable over a 10-year period. The 5 percent interest rate is subsidized until repayment begins, one year after your USC enrollment ends. (Repayment may be deferred during advanced professional training, such as an internship or residency.)
Primary Care Loan
  • Available funding is extremely limited. You must meet financial need criteria and be pursuing a career in Primary Care. To be considered, students must complete the application steps for Keck Need-Based Aid by the deadline (4/15/2009 for entering students, 5/5/2009 for continuing students). Eligibility is reviewed each year. If you are awarded the loan, it will automatically appear on your financial aid eligibility, and you will receive a Master Promissory Note (MPN).
  • Terms

Private Financing

  • You may select any lender for your Private Financing Loan.  These lenders process loans electronically with USC and disburse loans using Electronic Funds Transfer (EFT). If you choose a lender that does not process loans electronically with USC, we may need to process your loan manually, and you will receive your funds via paper check. However, regardless of which lender you choose, the Financial Aid office strives to process your loan quickly and accurately.

  • Available to eligible and creditworthy citizens and permanent residents. You may select any lender for your Private Financing Loan.  These lenders process loans electronically with USC and disburse loans using Electronic Funds Transfer (EFT).
  • You should utilize all sources of federal funding prior to borrowing through a private loan program. If you choose a lender that does not process loans electronically with USC, we may need to process your loan manually, and you will receive your funds via paper check. However, regardless of which lender you choose, the Financial Aid office strives to process your loan quickly and accurately.