MD Education Program

Financial Aid for MD Students

Most medical students need scholarship and/or loan assistance to finance their medical education. Navigating the details of financial aid is complex, and the Office of Student Financial Services, part of the Office of MD Admissions at IU School of Medicine, is available to guide med students through the process. Non-MD students at IU School of Medicine may seek assistance from IUPUI Student Financial Services.

The Office of Student Financial Services determines financial aid eligibility for MD students and assists them in applying for aid. The Office also manages and administers IU School of Medicine scholarship and loan programs; acts as a liaison between the School and the Office of the Bursar and the Office of Student Financial Services at Indiana University-Purdue University Indianapolis; provides information about external scholarship and loan opportunities; and aids in overall student financial literacy.

Financial Aid Eligibility

All students who are accepted to IU School of Medicine are eligible for merit scholarships based on academic credentials (undergraduate GPA, MCAT) submitted with the medical school application and interview scores. Once a student has committed to attend IU School of Medicine, they may also submit an Application for Financial Assistance to be considered for additional scholarship and loan opportunities.

Eligibility for financial assistance is determined by evaluating the medical student’s ability to contribute to their medical education. Spousal contribution is taken into consideration for married students. Parental contribution is taken into consideration for students who apply for need based aid using the Free Application for Federal Student Aid (FAFSA).

How Student Eligibility for Financial Aid is Determined

Cost of AttendanceStudent ContributionFinancial Need
  • Tuition and fees
  • Room and board
  • Books and supplies
  • Transportation
  • Personal and miscellaneous expenses
  • Parent contribution (for institutional aid only as described above)
  • Student’s contribution from assets and available earnings as calculated through the FAFSA
  • Other resources such as outside scholarships/awards
Financial assistance based on financial need includes all need-based scholarships and any institutional funds based on parental ability to contribute and where financial need is a factor.

Expectations for Students

Students who are awarded financial aid have responsibilities to the IU School of Medicine Office of Student Financial Services and the IUPUI Office of Student Financial Services that include:

  • Providing accurate and complete financial information on the FAFSA in a timely manner
  • Reporting annually all outside aid from the military and other institutions
  • Maintaining good academic standing as described in the IU School of Medicine Student Handbook
  • Providing documentation, corrections, and/or additional information as requested by either financial services office
  • Writing a note of thanks to scholarship donors
  • Attending an exit interview prior to graduating if in receipt of federal and institutional loans
  • Reading, understanding and keeping copies of all disclosures and signed forms
  • Notifying the Office of Financial Services of a change in name and/or address
  • Displaying professional behavior when dealing with the IUPUI Office of the Bursar, the IUPUI Office of Student Financial Services and the IU School of Medicine Office of Student Financial Services

Students who fail to honor these responsibilities may compromise their financial aid eligibility from both IU School of Medicine and IUPUI.

Applying for Financial Aid

Students who have committed to attend IU School of Medicine and who wish to apply for financial aid should complete the following steps by the appropriate dates. Note: A priority date is a target date to assure timely notification of financial aid eligibility and should not be mistaken as a deadline

For priority consideration of institutional scholarships, students should submit the Application for Financial Assistance to the Office of Student Financial Services by May 31. Applications received after May 31 will be kept on file for consideration if additional scholarship funds become available during the academic year.

Students applying for institutional, state or federal loans and scholarships based partly or solely on financial need must submit the FAFSA application, including the sections regarding parental finances regardless of the student’s age or independency status. First time FAFSA applicants need to apply for a PIN.  The PIN is important because it serves as an electronic signature and streamlines the FAFSA submission process. Students who previously filed a FAFSA electronically, whether for undergraduate school or a previous year of medical school, should use the same PIN when completing a new FAFSA.

The parental information on the FAFSA is used to calculate a parental contribution; the parental contribution and the student’s ability to contribute is taken into consideration when awarding institutional funds. If both parents are deceased, copies of the death certificates must be submitted to the school in order to waive the parental information requirement. Submissions may be made as early as January 1 to begin the financial aid process for the subsequent academic year.

Indiana State Deadline: March 10

School Priority Date: May 1

Federal Deadline: June 30

The Federal School Code, also known as the Title IV Code, for IUPUI/IU School of Medicine is 001813 and must be included on the FAFSA for the school to receive the applicant’s FAFSA data.

Students applying for Federal Direct Loans for the first-time must complete a Direct Loan Master Promissory Note (MPN). The MPN is a binding legal document that lists the terms and conditions of repayment and explains the borrower’s rights and responsibilities. The MPN is only completed once in the four years of medical school. Borrowers are notified when the MPN is ready for completion online.