Financial Aid
Financial Aid is available to all medical students who complete the Free Application for Federal Student Aid (FAFSA) annually. The amount of aid that a student may qualify for is determined by need analysis. Each student’s award is based on need, which is calculated by the Cost of Attendance minus any institutional aid awarded to the student. The Cost of Attendance is designed to help students cover any necessary fees such as tuition, living expenses, etc. associated with their program each year. Most federal aid applicants will be reviewed for financial assistance.
Students receiving federal aid must maintain Satisfactory Academic Progress in their field of study in accordance with the standards of the Whiddon College of Medicine to remain eligible.
Eligibility Requirements
Eligibility for federal aid is determined on the basis of financial need as well as several other factors. In order to receive aid from federal programs, students must:
- demonstrate financial need for need-based federal student aid programs;
- be a U.S. citizen or an eligible noncitizen;
- have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
- be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;
- maintain satisfactory academic progress in college or career school;
- provide consent and approval to have their federal tax information transferred directly into their Free Application for Federal Student Aid (FAFSA) form;
- sign the certification statement on the FAFSA form stating that they're not in default on a federal student loan, they do not owe money on a federal student grant, and they will only use federal student aid for educational purposes; and
- show they are qualified to obtain a college or career school education.
Loans
To be considered for federal financial aid, students must complete the Free Application for Federal Student Aid (FAFSA) each academic year at www.studentaid.gov. Note: Professional students (including MD students) are considered independent for financial aid purposes and do not submit parental information.
Federal Direct Unsubsidized Loans
All students who submit a FAFSA are eligible for a Federal Direct Unsubsidized Loan.
- Effective July 1, 2026: Professional students will be eligible for up to $50,000 in Direct Unsubsidized Loans annually.
- Limits: Award amounts are subject to the overall estimated cost of attendance (COA) as well as aggregate and lifetime loan limits.
Federal Graduate PLUS Loan
The Graduate PLUS Loan Program is being discontinued effective July 1, 2026 (the start of the 2026-2027 academic year).
- New Borrowers: Students beginning their program on or after July 1, 2026, will not have access to Graduate PLUS Loans.
- Legacy Exception: Students who have a Federal Direct Loan (Unsubsidized or Graduate PLUS) disbursed before July 1, 2026, can continue to borrow Graduate PLUS Loans for up to three additional academic years or until their expected time to credential, whichever is less.
Federal Loan Limits: Annual
For New Borrowers starting July 1, 2026
| Academic Year | Direct Unsubsidized Loan | Graduate PLUS Loan | Total Federal Limit |
|---|---|---|---|
| 2025-2026 |
$40,500 (M1 and M2) $47,167 (M3 and M4) |
Up to max COA | Up to max COA |
| 2026-2027 & Beyond |
$50,000 |
Not Available* | $50,000* |
* Legacy Exception: Based on enrollment, students who borrowed before July 1, 2026, remain eligible for pre-legislative loan limits and Graduate PLUS access for up to 3 additional years or until graduation.
Federal Loan Limits: Aggregate & Lifetime
The following limits apply to all federal student loans borrowed for undergraduate and graduate/professional studies.
| Limit Type | Before July 1, 2026 | Beginning July 1, 2026 |
|---|---|---|
| Aggregate Graduate-Level | Not applicable | $200,000 |
| Lifetime Limit | $224,000 | $257,500 |
Legacy Exception: If a current student borrowed before July 1, 2026, the student may
be protected under the legacy exception for an additional three years. Starting July
1, 2026, Grad PLUS loans will count toward the $257,500 lifetime federal loan cap,
except for students who qualify for the legacy exception.
Additional Aid Resources
- Top 10 Questions Premeds Should Ask Medical School Financial Aid Officers
- MedLoans® Organizer and Calculator (MLOC)
- Budgeting Basics and Tips
- A Medical Student’s Guide to Money Management and Student Loans
- NBME STEP fees
- The Cost of Applying for Medical Residency
- Fees for ERAS Residency Applications
- Student Loan Repayment Plan Options as of July 1, 2026
- Changes to Federal Student Loans
Emergency Loans
An Emergency Loan Fund is administered by the staff of the Office of Student Affairs. Loans of up to $500 may be obtained for a period of up to 60 days for the purpose of alleviating any unanticipated financial need. There is no interest charged. Applications are available in the Office of Student Affairs.
As soon as the Emergency Loan is received, the student is encouraged to make appropriate financial arrangements with the Associate Director of Financial Aid for repayment. Because of the limited amount of money in the Emergency Loan Fund and the frequent use of it by medical students, the payback deadline must be met. In the unusual situation where the student believes there is a legitimate reason for being unable to meet the deadline, he or she may petition the Associate Dean of Student Affairs in writing for a short extension.
Whiddon College of Medicine CARES
The Whiddon College of Medicine Collaborative Access, Resources, and Emergency Support Program is for students with emergency financial circumstances to apply for additional funds to assist them. A student can apply for additional emergency funds through the COM CARES program by going online to the CARES webpage.
Scholarships and Awards
The Whiddon College of Medicine is pleased to award several scholarships and awards based on academic performance and financial need. The Whiddon College of Medicine Scholarship Committee reviews all current students annually for scholarship eligibility based on available scholarship funding and criteria. The Whiddon College of Medicine is deeply appreciative of the generous support from the individuals, organizations, and foundations that fund these scholarships. Students are encouraged to apply for outside scholarships as well.
In addition to scholarships and various awards, eligible students are elected for significant honors: Alpha Omega Alpha Honor Medical Society (Alabama Beta Chapter), the Gold Honor Society for Humanism in Medicine, Research Honors, and Aequitas Health Equity Medical Honor Society. These honors are based on academic and non-academic criteria, including professionalism, leadership attributes, community and school service, and extensive research in a selected science.
Students can earn the following awards related to Continuous Professional Development: the Professional Development Certificate of Honor, the Community Service Certificate of Honor, the Dean’s Award for Life-Long Learning, and the Dean’s Award for Service to the Community.
In addition, eligible students may be elected for four significant honors: Alpha Omega Alpha Honor Medical Society (Alabama Beta Chapter), the Gold Honor Society for Humanism in Medicine, the National Pathology Honor Society, and Research Honors. These honors are based on academic and non-academic criteria, which include professionalism, leadership attributes, community and school service, and extensive research in a selected science.
For additional tips on budgeting, visit aamc.org/FIRST.