Other Student Aid
Funds for North Carolina Residents
North Carolina Board of Governors Scholarship Loan Program (BGMSLP) In 1974 a program of scholarships was established by the Board of Governors of the University of North Carolina to increase the number of minority physicians and to improve medical educational opportunities for minorities and economically disadvantaged youth enrolled in NC medical schools. The Program was changed from a scholarship to a scholarship/loan by the 2005 General Assembly. The Program is available to residents of North Carolina who have been accepted for admission at one of the four medical schools in North Carolina. Applications are available from the medical school office of financial aid. Selection is based on academic merit, financial need, and commitment to work in North Carolina.
The NC Health, Science, and Math Loan Program is administered by the State of North Carolina. Loans are available to legal residents of North Carolina ONLY. Loans can be made up to $8,500 per year for medical students and up to $5,000 per year for physician assistant students. The interest is 4% during the in-school period. The loan can be repaid by serving in a shortage area in NC one year for each year the loan was received. The interest rate for cash repayment is 10% if practicing in a non-shortage area in NC. The interest rate is 15% if practicing out-of-state.
Application packets can be obtained from the Financial Aid Office. Supplies will be limited. Application packets can also be obtained from the Program Office directly at the following: NC Student Loan Program, PO Box 14223, Research Triangle Park, NC 27709-4223 Phone: (919)549-8614 or 1-800-700-1775
Institutional Aid
Scholarships/Grants
Most scholarships awarded by WFUSM are based on financial need, academic or extracurricular merit, and specific criteria as established by the donor. A complete list of available scholarship funds is provided in the Wake Forest University School of Medicine Bulletin. Applicants applying for WFUSM funds will be considered for all available WFUSM resources by completing all required application forms by the application deadline. Students selected for an endowed scholarship will be asked to write a letter of appreciation to the donor.
School of Medicine Loans
The Wingate Johnson Loan Fund — established in memory of Dr. Johnson, longtime Professor of Medicine, acting Dean of the School of Medicine, founder of the North Carolina Medical Journal, and Chair of the Board of Trustees of Wake Forest University.. Other sources include the Primary Care Loan, the Medical Center Guild, the Robert L. McMillan Loan, the Robert Wood Johnson, the Beckmann, the Edna Langston, the W.J. Moss, and the Mary C. Powell Loan Funds. Students are also eligible to apply to the James W. Denmark Loan Fund, established in 1875 and administered through the Treasurer’s Office on the undergraduate campus.
Loan Repayment Options
State and Other Loan Repayment/Forgiveness and Scholarship Programs, published by the Association of American Medical Colleges, provides information on all repayment/loan forgiveness programs in the United States. This publication can be accessed on line at www.aamc.org/fed_loan_pub
Lender Selection
Choosing a lender is an important decision, one that will affect you for the life of your loan. If you already have a Federal Stafford Loan, we recommend you remain with the same lender. However, if you have no prior Stafford Loans, we recommend that you carefully evaluate student loan providers. The WFUSM Office of Financial Aid annually reviews federal student loan providers. We consider the lender’s stability in the marketplace, competitive loan pricing with achievable borrower benefits, customer service to borrower and school, and ability to service the loan. We also consider financial literacy and debt management materials and services for borrowers; on-line access; and other information and tools available to the borrower.
We encourage students to carefully evaluate a lender before making a selection and recommend that you “interview” the lenders. Questions you might ask a lender about their loan program include:
What is the interest capitalization policy?
Interest capitalization is addition of accrued interest to the loan amount and increases the cost of the loan.
Do you sell your loans?
Explain how your borrower benefits work.
How could I lose the borrower benefits?
What percentage of borrowers is achieving the borrower benefits?
If borrower benefits are lost, is there an opportunity to reestablish them?
Evaluate the lender representatives' responses to your questions. Consider how your call was handled. Remember, your relationship with the lender could last up to 30 years.