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VCOM Campus

Financial Aid Process

Types of Financial Aid 

Federal Direct Unsubsidized Loan (new and continuing students)

The offer for this loan is not based on financial need. The federal educational loan is administered by the United States Department of Education through the Direct Lending Program. The interest rate is fixed and does not change throughout the life of the loan. Interest begins accruing on the Federal Direct Unsubsidized Loan on the date of disbursement and will continue to accrue even while a student is enrolled in school and during other periods of deferment or forbearance.

Eligibility for the Federal Direct Unsubsidized Loan is calculated after eligibility for other aid is subtracted from the student’s Cost of Attendance (COA). A credit check is not required for approval of Federal Direct Unsubsidized Loans. The total maximum annual, aggregate, and lifetime principal debt a medical student can have from all Federal Direct Unsubsidized Loans are listed below. 

Incoming Students

  • Maximum annual limit is $50,000 for new borrowers
  • Maximum aggregate limit is $200,000 for new borrowers
  • Maximum lifetime limit is $257,500 for new borrowers

The new Lifetime Aggregate Federal Student Loans Limit includes all federal student loans from all schools. If you have already borrowed more than $57,500 in federal student loans before coming to VCOM, you will not be able to use the entire $200,000 D.O. Degree Limit. Your Lifetime Aggregate Federal Student Loans amount cannot be reduced by repaying part of your loans. All prior federal student loans count toward the limit, even if they are already repaid in full.

Continuing Students

Maximum annual limit is $47,167 for a 12-month period; However, VCOM’s academic years are 11 months for OMS 2 and 10 months for OMS 3 and OMS 4. 

Below are the amounts expected by Class: 

  • Class of 2029 - $44,944
  • Class of 2028 - $42,722
  • Class of 2027 - $42,722

The interest rate is fixed and is set on June 1st for the academic year that begins on or after July 1st, each year. Current Rates can be found here: Federal Interest Rates and Fees | Federal Student Aid. Interest begins accruing as soon as the funds are disbursed to VCOM.

The federal aggregate limit for the Federal Direct Unsubsidized loan is $224,000. This limit includes any previous Direct and Stafford undergraduate or graduate loans.
 

Federal Direct Graduate PLUS Loan (continuing students only)

The Federal Direct Graduate PLUS loan will not be available at all to “new borrowers” or our incoming students. If you need loan money beyond the Federal Direct Unsubidized loan amount, you will have to secure a Private Education Loan. See more information in the Private Education Loan section below. 

The offer for this loan is not need-based. This federal educational loan is administered by the United States Department of Education through the Direct Lending Program. The interest rate is fixed annually and will not change throughout the life of the loan. Interest starts to accrue on the date of disbursement and continues to accrue even while a student is enrolled in school and during other periods of deferment or forbearance.

Eligibility for the Federal Direct Graduate PLUS Loan is calculated after eligibility for the Federal Direct Unsubsidized Loan is subtracted from the student’s Cost of Attendance (COA). The maximum annual Federal Direct Graduate PLUS Loan amount available to medical students is equal to the COA minus all other aid.

A credit check by the Department of Education is required for approval.

The interest rate is fixed and is set on June 1st for the academic year that begins on or after July 1st, each year. Current Rates can be found here: Federal Interest Rates and Fees | Federal Student Aid. 
 

Private Educational Loans 

Private educational loans serve to bridge the gap between the Cost of Attendance and other types of financial aid (Federal Direct Unsubsidized loans, scholarships/grants, and service contracts). Private loans are offered by private lenders and are not based on financial need. Private loan eligibility is usually based on the borrower’s credit score. Educational lenders use the credit score in combination with other specific considerations, such as debt-to-income ratio and bankruptcy history, to determine eligibility. Interest rates can be variable or fixed, and a favorable rate would depend on the factors mentioned above. The annual maximum for a private loan is your COA minus other financial aid. 

VCOM does not endorse or promote lenders. We highly recommend that students use as much of their Direct Unsubsidized loan eligibility as possible before using Private loans. It is the student’s right and responsibility to choose their lender for any Private loan. It is recommended that a student research the available loan options from multiple lenders before choosing a lender. Students should carefully keep track of all the money they borrow and be aware of the amount that will have to be repaid when interest is added. VCOM will provide more information on the private loan process to our incoming class of students by email. 

Tips on preparing your credit

Students should prepare their credit profiles so that they can obtain a private loan, if it is needed to help cover the cost of their education. Preparing your credit can be done by reviewing your credit history. You can request a free copy of your credit history from 

www.AnnualCreditReport.com. While reviewing your credit history, make sure your accounts listed are accurate and in good standing. If there are any inaccuracies, you can report these to the three major credit bureaus.

If you have accounts that are not in good standing, try and correct that by calling creditors and making a payment or setting up payment arrangements.  If you have more severe credit issues, such as bankruptcy, you might need to consider obtaining a cosigner. When obtaining a cosigner, make sure your cosigner has a better credit situation than you. In addition, several private education lenders will release a cosigner after a certain point. This is good information to let your cosigner(s) know if they are apprehensive about taking on such a huge responsibility. 
 

Scholarship and Service Contracts

A partial list of scholarships available to medical students (with contact information) is available through the Office of Financial Aid website at: https://www.vcom.edu/admissions/tuition-and-fees/scholarships . While this list is long, it is not an all-inclusive list, and we urge students to also research additional programs on their own.

National Health Service Corps Scholarship Program (NHSC)

NHSC offers a competitive scholarship program designed for students committed to providing primary health care in communities of greatest need. NHSC will pay for tuition, eligible fees, and a monthly stipend. The period of service is one year for each year of support received, with a two-year minimum commitment.

National Health Service Corps Scholarship Program

Military Health Professions Scholarship Program (HPSP)

HPSP recipients serve a minimum of one year for each year the scholarship is received. HPSP will pay for tuition, fees, books, some equipment, and provide a living stipend. 

PLEASE NOTE: HPSP requires recipients to complete officer training before graduation, and due to our academic and rotation schedules, we strongly encourage HPSP recipients to complete their officer training before starting at VCOM.

Military Health Professions Scholarship Program

Medical and Dental Student Stipend Program (MDSSP)

MDSSP is a military reserves program that offers medical students a monthly stipend.

Medical and Dental Student Stipend Program

 

Steps for Receiving Loan Money:

Step 1: Complete the FAFSA

https://studentaid.gov/ to apply for the Federal Direct Unsubsidized loan. 

Step 2: Financial Aid Loan Offer on MyVCOM Portal

You must respond to your financial aid Loan Offer through the MyVCOM portal. The financial aid Loan Offer is not an application for loans; it is to inform you of the maximum amounts of loans for which you may apply.   Loans cannot be finalized until you have responded to your financial aid Loan Offer on the MyVCOM portal.

Step 3: Federal Direct Unsubsidized (new and continuing students) and/or Federal Direct Graduate PLUS Loans (continuing students only).

If you intend to use a Federal Direct Unsubsidized or Graduate PLUS loan, you must complete these steps online with Direct Loans. 

  • For Federal Direct Unsubsidized loans, complete a Master Promissory Note (MPN), if this is your first year receiving this loan type at VCOM. Be sure to log into the studentaid.gov website using your Federal Student Aid ID (the same username and password you use to complete the FAFSA) and indicate VCOM should receive a copy of your MPN by selecting the campus you will attend. We will receive electronic confirmation upon your completion of the MPN. Federal Direct Unsubsidized loans do not require a credit check.
  • For Federal Direct Graduate PLUS loans, continuing students should not have to complete a Federal Direct Graduate PLUS Master Promissory Note (MPN) unless theirs has expired. Students starting at VCOM after July 1, 2026, are not eligible for the Federal Direct Graduate PLUS loan. Federal Direct Graduate PLUS loans do require a credit check.
  • If this is your first year requesting a loan at VCOM, you must complete Federal Entrance Counseling online at Entrance Counseling | Federal Student Aid. The Department of Education requires that the Federal Entrance Counseling session be completed before funds can be disbursed. VCOM will receive an electronic confirmation when you have completed the session. In addition to the Federal Entrance Counseling requirement, VCOM requires students to watch our Online Entrance Counseling Session. More information will be provided to you about this session via your VCOM email. 

Step 4: Apply for a Private (Education) Loan

If you intend to use Private Loans, you must choose a lender to process the loan. Any private loan lender should be able to process a loan for you to use at VCOM.  You have the right to choose any lender you wish.  After you’ve chosen a lender, complete a loan application directly with that lender. 

Complete an application and Master Promissory Note for the private loan of your choice using the ELM Select process. Links for the ELM Select process will be posted soon. 

Step 5: Disbursement of funds

All loans are typically disbursed to VCOM in two installments, usually one-half for the Fall term and one-half for the Spring term.  VCOM disburses funds in the second week of classes. Disbursed funds come directly to VCOM and are applied to your student account. VCOM will refund any excess loan money (living expense stipends) to students after each disbursement, typically within three business days.   If you receive a scholarship during the year, subsequent disbursements of loan money may be reduced accordingly.

Step 6: Living Expense Stipends

Living Expense Stipends are available in the third week of classes. The exact dates for each Class are published once they are official.  We cannot disburse funds prior to the published dates.

Step 7:  (optional) Additional Forms

Depending on your circumstances, you may also need to complete one or more of the following documents:

  • Direct Deposit Form
  • Authorization for Information Sharing Form
  • Special Circumstances/Dependent Care Appeal, with supporting documentation

 

 

Your offer of financial aid is contingent upon:

  • availability of Federal Funds
  • continued Satisfactory Academic Progress
  • verification of previous loan history
  • receipt of information required through any verification process, as determined by the Department of Education and/or VCOM
  • accuracy of information you provided to the Department of Education and/or VCOM

Financial aid offers may be reduced or cancelled because of the following:

  • enrollment status changes
  • receipt of any other forms of aid from any source, including scholarships (all aid together is capped at the Cost of Attendance)
  • failure to provide required documents to the Financial Aid Office
  • default on prior loans

Family Educational Rights and Privacy Act (FERPA)

The FERPA prohibits the release of information to anyone other than you without your permission.  If you choose to authorize the Financial Aid Office to release information regarding your aid to anyone other than yourself, including parents and/or spouse, you must complete an Authorization for Information Sharing Form and return it to the Financial Aid Office. More details are found in the College Catalog and Student Handbook