Background

The Challenge

The cost of medical education has risen substantially over the past two decades. In 1981, the average tuition and fees at public and private U.S. medical schools (per year) were $2,761 and $8,962, respectively. In 2002, the average tuition and fees at public and private U.S. medical schools was $14,577 and $30,960, representing increases of 528% and 345%, respectively.

Our Commitment

The Academy’s Student Financial Aid program was established in 1961 to help promote the study of medicine and dentistry. Since that time, nearly 1200 students have received more than $1.7 million in loans. The Academy of Medicine has supported hundreds of medical and dental students. To be considered for financial aid, a student must be a U.S. Citizen or permanent resident and have at least one year of residency in Delaware.

These funds are made available through special endowments of the Academy, which have been designated for this specific purpose since the time of the Academy’s creation in 1930. Certain endowments support dental students, women entering the field of medicine, and children of practicing Delaware physicians and dentists. Other funds are less restrictive and allow the student loan committee to support any applicant who demonstrates financial need. Loans are usually in the range of $2,500 to $8,000 annually. The amount of funding available is determined by annual loan repayment from previous loan recipients and endowment fund performance. Since there are a limited number of loans available, preference is given to previous loan recipients who continue to qualify.

Download 2010 Application here, Acrobat Reader required.

Student Financial Aid Program General Information

Information in this section is accurate at the time of publishing. Future changes in Delaware Academy of Medicine (Academy) policies may change the application requirements or program guidelines. Please contact the SFA Program Manager Liz Lenz at (302) 733-3952 to review student financial aid matters.

Objectives of the Loan Program

The objective of the Delaware Academy of Medicine’s Student Financial Aid program is to provide general assistance loans to Delaware residents studying medicine and dentistry. These loans are interest free during the time the student is in medical or dental school and repayment does not begin until graduation. See Repayment of Loans below for more information on repayment.

About Funding

These funds are made available through special endowments of the Academy. Loan are usually in the range of $2,500 to $6000 annually and generally do not exceed $8,000 annually. The amount of funding available is determined by annual loan repayment from previous loan recipients and endowment fund performance.

There are a limited number of loans available. Preference is given to previous loan recipients who continue to qualify.

Application Guidelines

All applicants must meet all eligibility requirements in the program and all deadlines in order to be considered for award.

It is the responsibility of the Applicant to completely and correctly submit the application. Due to the simplicity of the application process, any incomplete or incorrectly submitted application will be dismissed for that application year.

Applications are accepted until 15 May.

Applicant must submit application with all other required paperwork postmarked on or before 15 May.

Student Eligibility

To be considered for financial aid, a student must be a U.S. Citizen or permanent resident and have at least one year of residency in the state of Delaware. Applicants must already be accepted into a degree-granting program from a LCME approved school, full time Medicine or Dentistry program (pending statuses into College or program of study are unacceptable). The Academy’s SFA program will not issue loans to fully federally funded armed forces’ students.

Citizenship

In order to be considered for this program, applicant must be a U.S. Citizen or permanent resident. In the case of permanent residents, photocopies of both sides of the I-151 or I-551 card must be submitted in your Application Packet.

Without this documentation, application will not be considered.

Residency

Applicants must have resided in Delaware for at least one year prior to application deadline. Proof of Delaware residency is applicable to first time applicants only. First time applicants must provide an official copy of their signed Delaware tax return (either your personal return, or if you are still a dependent, your parent’s return) for the prior year, along with one of the other items below:

Delaware driver's license or state identification

Delaware vehicle registration

Delaware voter registration card

Without this documentation, application will not be considered.

Application Procedures

First-Time Application Procedure

(Application with all other requirements must be postmarked on or before 15 May.)

Completion of Delaware Academy of Medicine’s SFA Application

Official Copy of Delaware tax return from filing year prior to application (personal of parents).

Official Copy of secondary proof of Delaware residency, such as driver's license or state identification, Delaware vehicle registration or Delaware voter registration card

Official Copy of Letter of Acceptance from LCME College or University.

Copy of Transcipt from previous year.

Letter of Recommendation

Re-application Procedure

(Application with all other requirements must be postmarked on or before 15 May. Applicants must apply annually.)

(Definition of a ‘Re-applicant’ is a student who has previously received a loan award from the Academy of Medicine)

Completion of Delaware Academy of Medicine’s SFA Application.

Provide an update of progress by way of an official copy of coursework from previous year and most recent semester and current contact information and/or residency information.

Letter stating full-time status in coursework.

Awards

Notification of awards generally occurs at the end of July each year. Applicant accepts award by way of a notarized signature from the Applicant on the Academy’s Promissory Note and Loan Agreement Letter.

Notarized, signed originals of Promissory Note and Loan Agreement Letter must be returned to the Academy and postmarked on or before August 31. Promissory Note and Loan Agreement Letter returned after this date will not be fulfilled.

Repayment of Loans

Terms of repayment of loans are covered in full on the Promissory Note and Loan Agreement Letter.

Repayment begins one (1) month after the date the Student graduates from the Academic institution named in the loan agreement signed by the Student and the Academy or three (3) months after the Student for any reason leaves school or there is a departure from school as those terms are defined in the Loan Agreement.

The principal amount of the education loan, together with interest is due five years from the time of student’s graduation from school or two years from the student’s departure from school.

New for 2008*

Upon graduation, students will be able to choose from a 5 year repayment plan with a low interest rate or a 10 year repayment plan with a higher interest rate. The loan repayment period will start one year after the student's graduation. During that time, no interest will accrue.

* This repayment plan is only available to students who have not received loans from the Academy prior to 2008.

This education loan, granted by the Academy to the student, shall not bear any interest until July 1st of the year of the student’s graduation from school or three months from the date that the student for any reason leaves school. At such time, interest on the unpaid balance of the loan shall be assessed at such rate as the Academy, in its sole discretion, may approve. Such interest is usually fixed at or near the Prime Rate. In no event will the interest charged exceed the Prime Rate plus 5% . Interest shall be calculated on June 30th and December 31st of each year and shall be payable within sixty days from the date of notification of interest due. Any unpaid interest shall be added to the balance due at the end of each year and interest will thereafter be charged on such unpaid interest.