Medical School Financial Aid
Attending medical school requires a major financial commitment. Ross University School of Medicine (RUSM) is committed to providing medical school applicants and active medical students with information to help fund your education through financial aid, including medical school loans and scholarships.
Financial aid is available to all eligible students. It is intended to fill the gap that may exist between your family's ability to afford educational expenses and the cost of attendance. Typically, students at Ross Med finance the cost of their education by combining family resources, institutional student loans, scholarships and loans from other sources.
Medical School Financial Aid - Student Loans
Students accepted for admission to Ross Med, and active students maintaining standards of satisfactory academic progress, may apply for financial aid through either institutional or private programs to meet direct and indirect educational expenses. The maximum loan amount for which a student is eligible may not exceed the cost of attendance (as defined by RUSM) for the academic period in which the student is enrolled. Families should make every possible effort to attain the needed resources for education.
Student Loan Deferment
If you have previously received student loans at other institutions, you may wish to defer repayment while matriculated at RUSM. RUSM provides enrollment data to the National Student Clearinghouse which will be accessible to your loan lenders. There are certain cases (i.e., private loans) where you may need to complete a form from your lender and obtain a verification of enrollment from RUSM. The enrollment verification letter is available at myRoss and should be mailed to your lender with the deferment form. Please be advised that loans cannot be deferred during curriculum gap periods of more than 31 calendar days. This includes gaps due to studying for, sitting for, and waiting for results of the United States Medical Licensing Examination (USMLE).
Federal Direct Loan Program
Ross University School of Medicine is approved for participation in the William D. Ford Federal Loan Program (Direct Loans). Students who wish to participate and determine their eligible level of medical school financial aid are required to complete the Free Application for Federal Student Aid (FAFSA).
Office of Student Finance at Ross University School of Medicine
The Office of Student Finance assists students in applying for several types of medical school financial aid from a variety of sources. Ross Med is committed to providing medical school financial aid counseling to students prior to their matriculation and throughout their education, so that they understand the financial commitment and risks they assume when agreeing to the terms of any student loans. We also encourage students to borrow the minimum amount of financial aid needed. Ross Med has staff dedicated to providing financial counseling in order to promote financial awareness, advise students on repayment and debt forgiveness options, inform students of scholarship opportunities, and encourage responsible borrowing.
Financial Planning Documents
Figuring out how to pay for medical school can be tricky, so it’s best to have a plan in place before you start filling out applications.
This guide serves as a great primer to understanding the basics of medical school financial aid, from scholarships to loans, filling out the FAFSA for medical school, and more.
This guide is a great resource for Canadian students who might not have access to the FAFSA, but still need to figure out how to obtain medical school financial aid.
Have a question about medical school financial aid, or anything else related? Your answer can be found here
This guide to medical school financial aid will make sure you aren’t missing anything before your first semester starts
Student Loan Code of Conduct
Ross University School of Medicine observes all regulations regarding student loan requirements.
Code of Conduct agreements were designed to create and ensure uniform student loan practices that focus on the best interest of borrowers. In these documents, restrictions are defined to manage the relationships among school employees, learning institutions, lender advisory board members, and student loan organizations. Students are encouraged to review the Code of Conduct agreements to learn more about the requirements governing loan regulations.
If you have any questions about these documents, please contact the Office of Student Finance.
Contact the Office of Student Finance at Ross
Please contact the Office of Student Finance if you have any questions or require further information about Ross financial aid:
Office of Student Finance
500 W Monroe St, 28th Floor
Chicago, IL 60661
Financial Aid FAQs
Financial aid is available to those who apply and qualify. Qualifying United States citizens and eligible non-citizens are eligible to receive Federal student loans through the Federal Direct Loan Program which includes the Federal Direct Unsubsidized Loan and Federal Direct Graduate PLUS Loan.
By applying for a variety of types of financial aid. The types of Federal Direct Loans that may be available are the Federal Direct Unsubsidized Loan and Federal Direct Graduate PLUS Loan. US citizens and eligible non-citizens must file the Free Application for Federal Student Aid ® (FAFSA) to determine their eligibility for a Federal Direct Loan. Once the Office of Student Finance has received your FAFSA information from the U.S. Department of Education, we will determine your eligibility for the types of student loans listed on the next page. Interest rates on federal student loans are based on the 10-year Treasury note plus a set percentage established by federal law. Visit https://studentaid.gov/understand-aid/types/loans to find current interest rates.
You may receive financial aid up to the cost of attendance. The Cost of Attendance for a student is an estimate of that student’s educational expenses for the period of enrollment. This amount is intended to cover education related expenses such as tuition, fees, health insurance, supplies, transportation and other reasonable living expenses. Your total financial aid package, including scholarships, grants, tuition waivers, Federal loans and private loans, cannot exceed this amount.
Learn about the resources and assistance available through RUSM financial aid advisors here.
You can apply by logging on to www.fafsa.ed.gov. US citizens and eligible non-citizens must complete the Free Application for Federal Student Aid (FAFSA®) at www.fafsa.ed.gov. When completing the FAFSA, be sure to include the appropriate school code: Ross University School of Medicine: G22460. After your FAFSA has been processed by the U.S. Department of Education, you may be required to submit additional information, such as citizenship documentation. The Office of Student Finance will notify you if you are required to submit additional information.