FAQ'S

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Common Financial Aid Questions for Master's Students

What is the deadline to apply for financial aid?

The Financial Aid deadline for both incoming and current students is June 1st. Financial aid applications will be processed with award notifications emailed to students on a rolling basis.

Who is eligible to apply for financial aid?

U.S. citizens and U.S. permanent residents may eligible to apply for financial aid.

What types of aid are available?

Federal Direct Unsubsidized Loans, Federal Direct Graduate PLUS loans, and Federal Work Study.

Federal Direct Unsubsidized Loan: Available to U.S. citizens and U.S. permanent residents who are in good standing on prior federal educational loans. There is no credit check requirement to obtain this loan. Maximum amount borrowed per year: $20,500

Federal Direct Graduate PLUS Loan: Available to U.S. citizens and U.S. permanent residents who are in good standing on prior federal educational loans. There is a credit check requirement. Students must pass a credit check to obtain this loan. Maximum amount borrowed per year is total cost of attendance minus any awarded financial aid.

Private Loans: Available to U.S. citizens and U.S. permanent residents. This option may also be available to international students with a U.S. co-signer. A list of private lenders can be viewed online at https://sfs.harvard.edu/private-loan-options. 

**Please note: The Harvard University Employees Credit Union Loan (HUECU) is not available to students in the Master’s program.

Are there any scholarships available through the Financial Aid Office?

Institutional scholarships are not available through the HMS Financial Aid Office.

Does Harvard Medical School participate in the Yellow Ribbon Program?

Harvard Medical School does not participate in the Yellow Ribbon Program for students in the Master's programs.

What are the current interest rates on the federal loans?

Federal Direct Unsubsidized Loan: Fixed at 6% for the 2017-18 academic year. Origination fee is 1.069%.

Federal Direct Graduate PLUS Loan: Fixed at 7% for the 2017-18 academic year. Origination fee is 4.276%.

What types of aid are available to MD/MMSc Students?

Students in the MD/MMSc program are eligible for the same federal loan programs as students in the Master’s programs. MD/MMSc students are not eligible for institutional loans or scholarships through the HMS Financial Aid Office during the year they pursue their Master’s degree. Funding may be available through the Master’s program’s academic department.

Are International Students eligible for financial aid?

International Students are not eligible to apply for financial aid. International students have the option of applying for a private loan through a private loan lender with a U.S. co-signer. A list of private lenders can be viewed online at https://sfs.harvard.edu/private-loan-options.

*Please note: The Harvard University Employees Credit Union Loan (HUECU) is not available to students in the Master’s program.

How do I apply for outside scholarships?

Students are encouraged to find outside scholarships to try and lower some of their educational loan debt. More information about outside scholarships can be found online in the outside scholarships section on the HMS Financial Aid site.

Is there any financial assistance available to students who support children?

Allowances toward child care expenses are considered in the needs analysis when determining a student's expected financial contribution toward educational costs. If the basic allowances for child care expenses exceed available income to cover these costs, the Financial Aid Office may be able to increase a student's budget for the shortfall.

In addition, the Financial Aid Office may increase a student's budget for reasonable daycare expenses. The student must submit supporting documentation of day care costs. These costs are split between the student and the student's spouse. In the case of a single parent, the entire cost may be applied as an increase to the student's budget. This increase in budget is met with unsubsidized loans.

A portion of my financial aid will cover my living expenses. When and how do I receive this money?

Students should complete a Refund/Cash Advance Request form to obtain money for living expenses. Students may stop by the Financial Aid Office to complete the form or they may submit their requests online.

I need to purchase a computer. Are there financial aid funds available for this expense?

Students may borrow up to $2,500 in additional unsubsidized loans to purchase a computer, printer & software for school. A receipt of the computer purchase must be provided to the Financial Aid Office. Students interested in this option should speak with a financial aid staff member prior to the purchase. Note: requests for additional funding are limited to one such purchase increase during tenure at HMS.

What happens to my financial aid if I take a leave of absence (LOA)?

If a student takes a leave of absence after the semester has begun, tuition and housing charges may be prorated based upon when the student ceases enrollment at HMS. The Financial Aid Office will revise the standard budget to reflect the adjustments to tuition and housing charges as well as proration’s to other costs, and will calculate an adjusted award. Students must contact the Financial Aid Office to set-up a mandatory loan exit interview counseling session. For more information on how a leave of absence impacts a student's financial aid package, please see the HMS Master’s Financial Aid Guidebook.

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