Legacy Student Financial Aid Program for Physicians and Dentists
Application is Closed for 2024
Application will reopen March 14, 2025
Objectives of the Loan Program
The objective of the Delaware Academy of Medicine’s Legacy Student Financial Aid program is to provide tuition loans to Delaware residents studying medicine and dentistry and pursing a terminal degree of DO, MD, DDS, and DMD. 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).
About Funding
These funds are made available through special endowments to the Delaware Academy of Medicine. Loans to students are made in the range of $4,000 to $15,000 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 and all deadlines in order to be considered for an award.
It is the responsibility of the Applicant to completely and correctly submit the application and requirements.
Applications are accepted until May 15th of each year.
Eligibility
Applicants must:
- Be a U.S citizen or permanent resident (I-151 or I-551 card);
- Have at least one year of residency in the State of Delaware; and
- Have been accepted into a full-time, degree-granting program from an LCME approved school in Medicine or Dentistry (pending statuses into college or program of study are unacceptable)
Please note: fully federally funded armed forces students are ineligible for this program.
Requirements
Applicants must:
- Complete the online application;
- Complete the online self-certification form;
- Complete the online credit check authorization form;
- Submit proof of Citizenship
- Submit a copy of their signed 2023 Delaware Tax return (personal and/or parents, if applicant is a dependent);
- Submit proof of Delaware residency (driver’s license, vehicle registration, voter’s registration card);
- Submit a copy of their Letter of Acceptance into a degree granting program from an LCME approved school
Re-Application Procedure
A ‘Re-applicant’ is a student who has previously received a loan award from the Delaware Academy of Medicine
- Complete the online application;
- Complete the online self-certification from;
- Complete the online credit check authorization form;
- Submit an official transcript from previous year (sent directly from the LCME approved medical or dental school)
- Submit a copy of their signed 2023 Delaware Tax Return (personal and/or parents, if dependent)
Awards
Notification of awards generally occurs at the end of June each year. The applicant will accept the award by signing and having notarized the Academy’s Promissory Note and Loan Agreement Letter. The notarized Promissory Note and Loan agreement are due on or before July 31
Repayment of Loans
The terms of loan repayment are covered in full on the Promissory Note and Loan Agreement.
Repayment begins one (1) year 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 leaves school for any reason, or if there is a departure from school (as defined in the Loan Agreement).
Upon graduation, students will choose from a 10-year repayment plan with a low-interest rate or a 15-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 Delaware Academy of Medicine prior to 2016.
Have Questions? Need Assistance? Email Giselle Bermudez, MS, Student Financial Aid Coordinator at gbermudez@delamed.org or call 302-733-1122.