VCOM College Catalog and Student Handbook

The Office of Financial Aid maintains a list of known programs on our website at: https://www.vcom.edu/admissions/tuition-and-fees/scholarships. This is not an all-inclusive list, and we urge students to also research programs on their own. Before entering into a Loan Forgiveness Program or Service Contract, a student should fully understand his/her promised commitment and be aware of all penalties for not honoring the commitment. The VCOM Office of Financial Aid is available for any questions a student may have about a program or contract being considered. Loan Repayment Several options for repayment of loans are available to students. Listed below is a brief description of the different options: • Standard (Level) Repayment: Student repays loan in equal monthly installments over a ten-year period. This is, in general, the least expensive way to repay loans because the amount of accumulated interest and the length of repayment are kept to a minimum. • Graduated Repayment: Monthly payments begin small and increase over time, with a maximum length of 25 years. Since the initial payments are applied mostly to the interest and not to the principal, in the long run the borrower pays more through this method. However, it does appeal to some borrowers who need more time to adjust to making the monthly payments. • Extended Repayment: This option is available to new borrowers who accumulate outstanding loans totaling more than $30,000. A fixed annual or graduated repayment amount is established, and the repayment period extended for up to 25 years. • Saving on a Valuable Education (SAVE) repayment plan: Formerly the REPAYE plan, any Direct Loan with an eligible loan may choose this repayment plan. Monthly payments will be a percentage of your discretionary income and if your monthly payments do not cover the interest charged that month, your payment will be accepted, applied towards the interest accrued, and the balance of interest accrued that month will be forgiven. Private (Alternative) Loans Private loans serve to bridge the gap between the Cost of Attendance and other types of financial aid (Direct Stafford loans, Graduate PLUS loans, scholarships/grants, and service contracts). Private loans are offered by private lenders and are not based on financial need. Private loan eligibility is usually based on the borrower’s credit score. Educational lenders use the credit score in combination with other specific considerations, such as debt-to income ratio and bankruptcy history, to determine eligibility. VCOM does not endorse or promote particular lenders. We highly recommend that students use as much of their Direct Stafford loan eligibility as possible before using Private loans. It is the student’s right and responsibility to choose their lender for any Private loan. It is recommended that a student research the available loan options from multiple lenders before choosing a lender. Students should carefully keep track of all the money they borrow and be aware of the amount that will have to be repaid when interest is added. Financial Aid Entrance and Exit Counseling Entrance and Exit Counseling provide borrowers with important information about their obligations and debt management. Entrance and exit counseling must be completed online at: https://studentaid.gov. Scholarship Information A partial list of scholarships available to medical students (with contact information) is available through the Office of Financial Aid website at: https://www.vcom.edu/admissions/tuition-and-fees/scholarships. While this list is long, it is not an all-inclusive list, and we urge students to also research additional programs on their own.

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