Financial Aid Programs
- Direct Unsubsidized Loans are available to students regardless of income. The Office of Student Financial Services will review the results of the FAFSA to determine the amount a student can borrow. Interest accrues on an unsubsidized loan, even during the in-school period, beginning on the date the loan is disbursed. For further information on Unsubsidized https://studentaid.gov/understandaid/types/loans/subsidized-unsubsidized
- Borrowing Limits: HMSOM students may not receive more than $224,000 for subsidized and unsubsidized loan programs combined (health professions students only). This total includes all loans combined from undergraduate and graduate programs. HMSOM students are typically eligible for $47,167 annually (12-month period).
- Direct Graduate PLUS Loans are available to students regardless of income but will also require a credit check. The Department of Education looks to see if a student has adverse credit. Little credit or no credit history does not affect the approval of the loan. However, adverse credit can affect the approval of the loan. Like the Unsubsidized Loan, the student can pay the interest while in an in-school deferment or forbearance periods or the student can choose that it be capitalized (that is, added to the principal amount of the loan at the end of the enrollment period). If a student chooses not to pay the interest as it accrues, the total amount to be repaid will increase because the student will be charged interest on a higher principal amount.
- Borrowing Limits: There is no cap on the lifetime amount for the Graduate PLUS Loan. Students can continue to receive Graduate PLUS Loans even if they have maxed out on their Unsubsidized Loan eligibility. HMSOM students are eligible to receive the full cost of attendance minus the unsubsidized loan and any other aid in the Graduate PLUS Loan award
- Hackensack Meridian School of Medicine does not maintain a lender list. Students can seek out private loans with any lender of their choosing. If HMSOM is not currently approved by the lender of your choice, you may contact SFS@hmhn.org so that we can initiate the steps needed to participate with the lender.
- The Hackensack Meridian School of Medicine has two types of scholarship programs, need-based and merit scholarships. Need Based Scholarships: Need-based scholarships are awarded to students that qualified for the AAMC Fee Assistance Program. Students that have been approved for the AAMC Fee assistance program are eligible for the Student Support Scholarship. The amount of the scholarship varies based on applicant pool, admission date and available dollars. Merit-based Scholarships are extended by the Office of Admissions upon acceptance. No application form required. You will be notified by the Admissions Office if you qualify.
Student Emergency Fund
The Student Emergency Fund provides financial assistance to enrolled HMSOM students who are unable to meet basic needs due to an emergency. The fund provides short-term financial help and does not replace or supplement financial aid.
The Student Emergency Assistance Fund covers short-term, unanticipated emergencies. Emergencies are defined as urgent, unforeseen, and non-recurring.
Emergencies may include:
- Unusual or unforeseen medical expenses;
- Support for students experiencing food and/or housing insecurity;
- Displacement by fire or other unforeseen environmental hazards;
- To fund travel or transportation home due to family emergency, crisis, or death; and/or
- Other financial needs based upon special circumstances.
This fund typically does not cover the following:
- Penalties, fines, tickets, legal fees, or jail bonds
- Lost IDs
- Normal and anticipated academic expenses (e.g., tuition, fees, health insurance, books, rent)
- Non-essential utilities, household or furniture costs not related to damage or theft
- Costs for entertainment, recreation, or non-emergency travel
- Replacement of non-essential personal items due to fire, flood, theft or natural disaster
Long-term needs will be directed to the Office of Student Financial Services for financial aid options.
- Currently Enrolled at the SOM (i.e., Enrolled at the time of application to the SEF);
- Who are not less than six (6) weeks from graduation;
- Facing unanticipated and unforeseeable Financial Hardship resulting from a legitimate emergency/catastrophic event;
- Who are US Citizens or Permanent Residents who have available a Free Application for Federal Student Aid (FAFSA®) form, or its equivalent, at the time of application; and
- Who have already exhausted all other financial resources, including federal, private, and/or personal loans.
It can take 3-5 business days to review your request.
If approved, the funds will be distributed through TouchNet for a refund. Direct deposit is recommended as the fastest way to receive your emergency funding.