Financing Your Medical Education

Xavier University awards scholarships to a limited number of applicants admitted to the College of Osteopathic Medicine. Scholarship funding is highly competitive and is based on factors such as demonstrated service that aligns with our mission, academic achievement, and specific donor-established criteria.

Scholarship eligibility is determined through a holistic review of each applicant at the time of admission, and awards are offered to eligible students accordingly. No separate scholarship application is required.

Outside scholarships and grants are offered by organizations outside of Xavier University and can provide additional financial support for your medical education. While the list below is not exhaustive, it highlights several funding opportunities that may be particularly relevant to osteopathic medical students.

American Osteopathic Foundation (AOF): The AOF offers various scholarships for osteopathic medical students, including the Golden Ticket Scholarship, which assists students facing unexpected financial challenges. Other AOF scholarships include those recognizing leadership, dedication to the profession, and community involvement. 

Student Osteopathic Medical Association (SOMA): The SOMA Foundation, a student-run non-profit, provides scholarships to its members, including the SOMA New Member Scholarship, SOMA Scholar Award, and scholarships focused on Community & Preventive Medicine and Leadership in Specialty Medicine. 

American Osteopathic Association (AOA) Research Grants: The AOA provides grants to DOs, MDs, osteopathic medical students, and PhD researchers conducting studies that address areas of study identified by the AOA Bureau of Osteopathic Research and Public Health. 

Advocates for the American Osteopathic Association (AAOA) Special Projects Fund: This fund supports innovative projects that benefit the osteopathic profession, DOs, students, and community initiatives.

Arnstein Underrepresented Minority Scholarship: Offered by the AACOM, this scholarship supports osteopathic medical students from underrepresented minority groups. 

National Health Service Corps (NHSC) Scholarship Program: This program awards scholarships to primary care health professions students (including DOs) in exchange for a commitment to serving in a Health Professional Shortage Area (HPSA) upon completion of their degree. HPSAs can be rural, urban, or tribal areas with a lack of access to care. The NHSC Scholarship Program can provide full tuition, fees, and a monthly stipend in exchange for a minimum of two years of service at an approved site. 

National Medical Fellowships (NMF): NMF provides scholarships and service-learning opportunities for underrepresented minorities in medicine, including DO students, with programs like the Johnson & Johnson/NMF AIM Scholarship and the Brave of Heart Fund scholarships. 

Tylenol Future Care Scholarship: This scholarship is open to healthcare students, including those pursuing a DO degree, and recognizes academic excellence, leadership, and commitment to patient care. 

Armed Forces Health Professions Scholarship Program: Available to eligible military service members, the HPSP covers full tuition for advanced medical degree programs, including osteopathic medicine. Participants may also receive funding for books and equipment, a living stipend, and additional benefits. Contact Xavier’s Veteran and Military Family Center to explore this and other opportunities for financial assistance with medical education.

Although some scholarship funding is available, many medical students require additional financial resources to cover tuition, fees, and everyday living expenses. To help manage these costs, students typically depend on a combination of federal and private student loans.

Federal Direct Unsubsidized Loans

Federal Direct Unsubsidized Loans are issued by the federal government and offer many advantages over private loans, including fixed interest rates, income-driven repayment options, and access to loan forgiveness programs. To be eligible for federal loans, you must be a U.S. citizen or permanent resident, complete the FAFSA, and be in good standing on any existing federal student loans.

Private Student Loans

Private student loans are issued by banks, credit unions, and other financial institutions, with terms and conditions that vary by lender. Eligibility is based on meeting an individual lender's criteria and may depend on factors such as credit history or the availability of a qualified cosigner.

Although private loans offer fewer borrower protections than federal loans, some advantages include access to higher loan amounts, multi-year approval, and lower interest rates for well-qualified applicants. In addition, some lenders offer the option to defer repayment while you’re in residency.

Federal Direct Unsubsidized Loans

• Amount Available: Capped at $50,000 annually with an aggregate (lifetime) limit of $200,000
• Credit Requirement: No credit check is required.
• Interest Rates: The interest rate is fixed and is often lower than private loans. View the current interest rates on federal student loans. 
• How to Apply: Students must complete the FAFSA each year to determine eligibility. 
• When Payments Become Due: Six months after you graduate, leave school, or change your enrollment status to less than half-time. 
• Repayment Plans: The standard repayment is 10 years. You can also pick from repayment plans that base your monthly payment on your income or plans that give you a fixed monthly payment over a set repayment period. 
• Postponement options: If you are having trouble repaying your loan, you may be able to temporarily postpone or lower your payments. 
• Loan forgiveness: You may be eligible to have some portion of your loans forgiven if you work in public service. Learn about loan forgiveness programs. 

Private Student Loans

• Amount Available: Up to the annual cost of attendance minus any other financial aid resources. Aggregate limits vary by lender.
• Credit Requirement: Often require an established credit record or a cosigner.
• Interest Rates: Can have variable or fixed interest rates, which may be higher or lower than the rates on federal loans depending on your circumstances. 
• How to Apply: Directly with a lender of your choice.  
• When Payments Become Due: Many private loans require payments while you are still in school. Others allow you to defer payments while in school or residency.  
• Repayment Plans: Repayment options vary by lender.  
• Postponement options: Check with your lender to find out about options for postponing or lowering your loan payments. 
• Loan forgiveness: Private lenders do not offer loan forgiveness programs, but some state agencies offer repayment assistance programs for qualifying applicants.  

We encourage students to maximize available federal loan funding before pursuing private loans because they often provide greater repayment flexibility and borrower protections.

To apply:

• Complete the Free Application for Federal Student Aid (FAFSA)
• Note: Enter Xavier University's school code (003144) in the school selection part of the application.

If this is your first time borrowing as a medical student, you must also complete the following:

• Master Promissory Note (MPN) for Subsidized and Unsubsidized Loans
• Entrance Counseling for Graduate & Professional Students

When you submit the FAFSA, review the submission summary for accuracy and make any necessary corrections. A federal processor will then forward your FAFSA to Xavier to confirm your eligibility and extend the appropriate loan offer to you.

Additional Eligibility Criteria

Sometimes the U.S. Department of Education requires us to verify that information reported on the FAFSA is accurate. In many cases, the verification selection process is random. If your FAFSA is selected, we notify you of the documents required for us to complete the process.

Continuing students must also meet standards of Satisfactory Academic Progress (SAP) to maintain federal aid eligibility, which is evaluated prior to each academic year.

Timeline

Although the application can be submitted throughout the academic year, we recommend students complete the FAFSA by March 1. We begin preparing aid offers for students in late spring in preparation for fall semester, so early FAFSA submission will allow adequate time for processing and completion of any necessary requirements, helping to ensure that your federal loans will be applied to your fall bill.

We will notify you via email once your federal loan eligibility is finalized. The maximum loan amount that you are eligible to receive will be automatically accepted on your behalf. No further action is necessary unless you wish to accept a lesser amount. Funds will disburse to your account on the second week of class each semester.

If additional funding is needed after scholarships and federal loan funding has been exhausted, private student loans may help bridge the gap. Xavier University is prohibited from recommending specific lenders or loan products. Therefore, students must explore private loans independently and apply on the chosen lender’s website. Use our FASTChoice loan comparison tool to help narrow your search.

As you explore private loan options to meet your unique needs, consider questions such as:

• Do you want to begin repayment while you’re in school, after graduation, or after completing residency?
• How long will you have to repay the loan?
• If you have limited credit history, do you have someone willing to cosign your loan?
• Does the lender place limits on the total amount you can borrow throughout your degree program?
• Would you prefer to apply for a new loan each year or work with a lender that offers multi-year approval?

Timeline

Once you have chosen a lender, you will apply directly through their website. If your loan is approved, the lender will notify us, and we will certify the loan after you enroll in classes. The loan application and certification process typically takes 2-3 weeks.

To allow enough time for processing and ensure your loan appears on your fall billing statement, we recommend that you apply for private loans 2-4 months before the start of the fall semester.

Loan funds will disburse to your student account on the second week of class each semester.