Office of Student Financial Services
Indiana University School of Medicine
1130 West Michigan Street, Fesler Hall 224
Indianapolis, IN 46202-5120
Tel: (317) 274-8568
Fax: (317) 278-2691
For outside scholarships, please mail the scholarship check to:
IU School of Medicine
P O Box 7059
Indianapolis, IN 46207-7059
About Financial Aid
A medical education is a true investment with the expectation of enhanced earning power in the future. Until now, you have been encouraged to focus on your intellectual challenges, broadening your horizons, enjoying learning and becoming a person who will be engaged in analytic dialog with your surroundings throughout your life. At a minimum, you already assumed a temporary sacrifice of earning capacity while an undergraduate student, and for some, also added some indebtedness incurred in funding that phase of your education. In medical school, you will continue to suspend your earning capacity and more than likely incur educational debt as you continue to invest in yourself and future.
It is important that as a medical student you thoroughly understand the economics of your own personal situation. A large number of entering medical students have never been involved in financial arrangements that incur substantial debt. Your medical education is one of your biggest economic challenges and the prospect of indebtedness can be a source of considerable anxiety. It helps to remember that you are investing in yourself and your future. Faith in your proven abilities will allow you to handle the assumed total educational indebtedness in a way that is both matter of fact and does not constrain your prospects for the future.
Now is the time to develop good, basic fiscal skills, and a clear understanding of future goals and obligations as you pass through this phase of your education. If you have not already done so, it would be helpful to employ some simple budgeting techniques and a method of recording monthly expenditures. This will enable you to review your expenses so that as yearly requests for assistance are made, you can do so with a realistic understanding of your true financial need. Throughout your medical education we will offer formal and informal opportunities to acquire and nurture the skills to make sound decisions about loans and indebtedness that align with your principles and which will aid in your professional development.
IUSM Office of Student Financial Services
The IUSM Office of Student Financial Services (SFS) assists medical students in identifying resources in meeting the Cost of Attendance (COA) whose combined personal resources are not sufficient to meet the total cost of their medical education.
Purpose of SFS
SFS manages and administers the Indiana University School of Medicine Scholarship and Loan Programs, acts as a liaison between the Indiana University School of Medicine (IUSM) and the IUPUI Office of Student Financial Aid Services as well as the IUPUI office of the Bursar. SFS also attempts to provide medical students with information about internal and external funding opportunities.
The Financial Aid Guide provides information on the various financial aid programs available at IUSM. The Guide separated into an Introduction, Applying for Financial Aid, Programs administered by IUPUI, Managing Your Debt, Service-Related Scholarships, Loan Consolidation, Programs offered through IUSM and an Appendix of other resources.
There is an additional resource page for new students, which provides information for New Students to the IUSM.
It costs considerably more to provide a medical education than what the student actually pays in tuition and fees. In addition to what students pay in tuition and fees, the medical school receives funding that comes from the state of Indiana subsidies, supportive organizations, generous friends and alumni.
Public Service Loan Forgiveness
How to Qualify for Public Service Loan Forgiveness (PSLF)
Specific qualifications and eligibility requirements must be satisfied to obtain forgiveness under Public Service Loan Forgiveness.
Medloans® Organizer and Calculator(MLOC)
Organize and track your loans, then view sample repayment scenarios with the Medloans® Organizer & Calculator, the only Web tool of its kind developed for medical students.
Steps to Apply for Financial Aid at IUSM
The 2019-2020 Academic Year FAFSA is required of all medical students applying for financial aid. It establishes a record in the university system and allows for communication about your eligibility for financial aid. Applying for financial aid at IUSM includes federal loans through the Direct Loan (DL) Federal (Unsubsidized) Stafford Loans, the DL Federal Graduate PLUS Loan, the Federal Loans to Disadvantaged Students, the Federal Primary Care Loan and any IUSM financial need-based scholarships.
The FAFSA is to be completed each year beginning on January 1st each year when it is made available by the U.S. Department of Education. There is not a specific FAFSA deadline for medical students, but rather a target date of April 15 is encouraged so that you are receiving information in a timely manner from us. You are encouraged to provide parental information on the FAFSA in order to be considered for the more restricted Federal Loans to Disadvantaged Students and any IUSM financial need-based scholarships.
If you are only applying for the DL Federal (Unsubsidized) Stafford Loans and the Direct Loan Federal Graduate PLUS Loan, then the parental information is not required or used in determining your eligibility. Keep in mind that not providing the parental information will exclude you from any considerations requiring the parental information. This includes any IUSM need-based scholarships, Loans to Disadvantaged Students and Primary Care Loans.
We encourage you to also explore Financial Information, Resources, Services and Tools (FIRST), a resource to help you in your financial planning created by the Association of American Medical Colleges. We hope that as you interact with us, you have a much clearer understanding of what we are able to provide for you in your medical education years.
The AAMC has partnered with SALT to provide money management tools, personal finance blogs, articles, videos and calculators as well as loan repayment assistance.
To access SALT and other financial literacy resources, go to this section to learn more.
We look forward to working with you, and should you have questions or concerns, please do not hesitate to contact us.