Office of the Dean

O’Dowd Hall, Room 428
586 Pioneer Drive
Rochester, MI 48309-4482
(location map)
(248) 370-3634

Office Hours:
Monday – Friday: 8:00 a.m. – 5:00 p.m.

Types of Financial Assistance

Scholarships


Oakland University William Beaumont Scholarship Awards

OUWB awards merit and need-based scholarships to students in recognition of their diverse accomplishments. Need-based awards are awarded based on a combination of achievement and financial need.  Some of the criteria used by the Scholarship Committee in selecting recipients are:

  • Academic performance

  • Leadership experience

  • Service orientation

  • Research accomplishments

  • Geographic diversity

  • Work experience

  • Financial need


Merit based awards

The information that you provide to the school on your application for admission is used to determine your eligibility. OUWB does not require a separate scholarship application.

Need based awards

You are required to complete a Free Application for Federal Student Aid (FAFSA) and include parent income and asset information in order for OUWB to determine your eligibility for need-based institutional awards. If you will be 30 years of age or older as of August 1 of your M1 year, you are not required to submit parent information in order to be considered for a need-based award.

Students receiving scholarship awards will be notified promptly once a decision has been made. Be aware that all institutional scholarships for incoming students are incorporated into financial packages in mid-May and may require the adjustment of other forms of financial aid.

Questions

Questions about scholarship application and selection should be directed to the Medical School Admissions team at (248) 370-2570 or medadmit@oakland.edu.


External Resources

Following are links to web pages created by sources outside the University. The existence of these links does not suggest that the University approves or endorses the content of these web pages.
The American Association of Medical Colleges (AAMC) provides a wealth of information.  Visit the  AAMC Member Center  to review the Programs, Information and Services that the AAMC has to offer, including information about grants, scholarships and loan repayment programs available to medical students.  
  • Scroll down to Financial Assistance and student debt
  • Select either:  Grants and Fellowships Supplement, Loan Repayment/Forgiveness and Scholarship Programs, or Scholarships Supplement 


National Health Services Corps Scholarship

Outside Scholarships List

U.S. Air Force Health Professions Scholarship Program

U.S. Army Health Professions Scholarship Program

U.S. Navy Health Professions Scholarship Program

International Scholarships

Loans


The following fixed interest rates apply to loans first disbursed on or after July 1, 2016 through June 30, 2017.

Direct Unsubsidized LoansDirect Graduate PLUS Loans
5.31% fixed interest rate 6.31% fixed interest rate 
1.069% federal loan fee (effective October 1, 2016)4.276% federal loan fee (effective October 1, 2016)
Repay 6 months post-graduationMust be enrolled at least half-time
Multiple repayment optionsMust be creditworthy (no adverse credit) or have a creditworthy endorser
Must be enrolled at least half-timeCan borrow up to the Cost of Attendance minus all other aid
Non Need BasedNo grace period 
Repayment begins 60 days after loan is fully disbursed , however included with the in-school deferment is a six month post-enrollment deferment
Interest accrues while in schoolInterest accrues while in school
Can make payments on interest or defer it with principal Multiple repayment options(PDF)


Direct Loan Limits: Annual


Direct Unsubsidized LoansDirect Graduate PLUS Loans
$42,722 = 10 months
Plus $2,222 each additional month
May borrow up to Cost of Attendance minus all other awards (scholarships, grants, Loans)


Direct Loan Limits: Aggregate/Total 


Direct Unsubsidized LoansDirect Graduate PLUS Loans
$224,000 lifetime borrowing (includes all subsidized and unsubsidized federal student loans previously borrowed)None


Federal Loan Servicing

A complete list of loan servicers for federally held loans made through the William D. Ford Federal  (Direct Loan) Program can be found on the Federal Student Aid website.

International student loan
 comparison information (U.S. co-signer required).


Private or Alternative Educational Loans

A number of banks and lending institutions offer private loan funding to assist students with the cost of education. A co-signer may be required, depending on the student's credit history and credit worthiness. Borrow wisely and compare lenders to make a smart long term choice. Be wary of private loan offers which discourage you from working with your financial aid office, offer introductory rates, do not tie the loan interest rate to a fixed percentage of LIBOR or PRIME rate, or claim that you can apply and receive money immediately. OU will certify a private loan from any private lender. Many private loan options are available. Students can find lenders on websites such as Student Lending Analytics

Consider these factors when shopping for a lender:

Eligibility - Are their certain criteria such as:

  • Satisfactory Academic Progress (SAP) 
  • International Students

Interest rate

  • With or without a co-borrower (co-signer)
  • Interest adjusted when and how

Fees

  • Origination fees and other charges
  • Prepayment
  • Late fees

Borrower benefits

  • Direct Debit
  • Co-borrower release
  • Graduation reward

Repayment terms

  • When does repayment begin?
  • Can principal and interest be deferred?
  • When is interest capitalized?
  • Maximum repayment period

Loan limits

  • Minimum loan amount
  • Annual and aggregate loan limits
  • Allow loans for past balances (if applicable)

Service

  • Responsive customer service
  • Student focus