Financial Aid and Scholarships

The majority of students earning a Doctor of Veterinary Medicine degree (DVM) who use financial aid do so in the form of student loans that are to be repaid after completion of the degree.

FOR UNITED STATES CITIZENS OR PERMANENT RESIDENTS

US Federal Student Loans

US Federal Student Loans are only available for the Four-Year DVM portion of all dual degrees. Students are not eligible for US Federal Loans if enrolled in courses outside of Grenada or the US at any point during the DVM program and for any subsequent enrollment thereafter.

The William D. Ford Federal Direct Loan Program consists of the Federal Direct Unsubsidized Loan and Federal Direct Graduate PLUS Loan. The maximum loan amount for which a student is eligible may not exceed the cost of attendance (as defined by St. George’s University) less any other financial aid received for the academic period in which the student is enrolled. Eligible students can borrow up to $20,500 per academic year from the Federal Direct Unsubsidized loan not to exceed an overall aggregate amount borrowed of $138,500. The Federal Direct Graduate PLUS loan program is used to bridge the gap between the Unsubsidized Loans and the remaining cost of attendance. Students must not have an adverse credit history in order to qualify for a Federal Direct Graduate PLUS loan. The Direct PLUS loan does not have an aggregate limit.

Students may choose to pay the interest while attending school. If allowed to accrue, interest will be capitalized (added to the principal balance) at the beginning of the repayment period. The interest rate for all Unsubsidized loans with a first disbursement on or after July 1, 2024 is fixed at 8.083%. The interest rate for all Grad PLUS loans with a first disbursement on or after July 1, 2024 is fixed at 9.083%. The student will also be required to pay a pre-disbursement loan origination fee on the amount borrowed. Effective October 1, 2021 the fee will be 1.057% on Unsubsidized loans and 4.228% on Direct PLUS loans. These fees will be deducted from the amount borrowed and will be reflected in the disbursements issued to the student’s account.

Loans are typically processed for an academic year and are disbursed in two installments. Disbursements typically occur 10 days before the start of an academic term. For example, if a student requests a $20,500 Federal Direct Unsubsidized Loan, the Department of Education will release half the requested amount, less loan fees, any applicable fees for the first term of the academic year, and release the second half of the approved amount (less fees) 10 days before the start of the second term. Loan funds are disbursed to the student’s account and if a credit balance is created, the credit will be refunded to the student by check or direct deposit, typically within 5 business days.

Under the Direct Unsubsidized and Graduate PLUS loan programs, the student is responsible for all accruing interest and may choose to repay the interest while in school or defer it until repayment begins. Upon graduation, a grace period is applied automatically to your Federal Direct loans. The grace period is a one time 6-month period during which no payments are required, although interest will continue to accrue on these loans. If a student ceases to be enrolled at least half-time (withdraws or takes a leave of absence), the 6-month grace period would apply in most circumstances. Students who withdraw, drop below five (5) credits or graduate must complete online Exit Counseling if they have received any Federal Loans. The Exit Counseling will provide you with your federal loan history and will inform you of your repayment options.

Repayment on these loans begins 6 months after the student ceases to be enrolled at least half-time. The amount of your monthly repayment is calculated based upon the total amount that you have borrowed, as well as the repayment plan that you choose. Visit the Federal Student Loan page to learn about repayment plans and to use the loan simulator.  The Loan Simulator will help find the best repayment strategy for you.

Students can apply for US federal loans by completing the Free Application for Federal Student Assistance (FAFSA) at studentaid.gov. When completing the FAFSA, be sure to enter the appropriate school code. The SGU School of Veterinary Medicine federal school code is G39743. Students will also need to complete an Entrance Counseling and Master Promissory Notes in order to complete the application process.

To receive Direct Loans, recipients must be either permanent residents or citizens of the United States, be enrolled in the School of Veterinary Medicine at least half-time, maintain satisfactory academic progress, and not be in default on any prior U.S. government guaranteed loan. These guidelines are subject to statutory and/or regulatory changes in the U.S. Higher Education Act and the Title IV Program Regulations. For details on how to apply, click here.

Students borrowing federal loans can complete the Title IV Authorization form online through their SGU Student Self Service account. This will allow the Office of the Bursar to apply your federal loan proceeds toward non-tuition charges such as books and health insurance in order to satisfy your student account.

Borrower Rights and Responsibilities

Private Educational Loans

Private educational lenders in the United States offer students at St. George’s University alternate loans. US Students can apply for these loans to meet all or part of their cost of attendance. Some lenders may also offer private loan programs for parents, guardians, sponsors, or other individuals who wish to borrow on behalf of the student to help fund their education. These private loan programs are all credit-based and are offered only to borrowers who have a satisfactory credit history as determined by the lender. The loans may have a fixed or variable interest rate that is tied to an index, such as LIBOR or PRIME, plus a margin. The interest rates and fees you pay on a private student loan are based on your credit score and the credit score of your cosigner, if applicable. These loans have repayment terms that begin following graduation or withdrawal from school and may be able to be extended up to 25 years.

The Office of Financial Aid at SGU provides extensive financial aid counseling services to students in order to help them understand the eligibility requirements, terms and conditions.

St. George’s University does not prefer, recommend, promote, endorse, or suggest any lenders. You are not required to borrow from any of the lenders appearing on these lists and there is no penalty for selecting a different lender, if available.

Financial Aid Loan Code of Conduct

FOR CANADIAN CITIZENS

St. George’s University is approved by the Canadian Ministry of Education, entitling most students to the ability to receive Canadian Federal loans, Provincial loans and Federal grants.

The Canada Student Loans Program (CSLP) offers financial assistance to full-time and part-time students pursuing post-secondary education in the form of loans, grants and repayment assistance. The CSLP delivers student financial assistance in partnership with most provinces and territories. Quebec and the Northwest Territories operate their own programs.

These loans are interest-subsidized by the Canadian government while the student is enrolled in school and maintaining satisfactory academic progress as determined by the individual province. Below you will find a comprehensive list of available funding by Province. To supplement the financing of their education, students usually apply for a professional line of credit available through the banks in Canada. Credit lines can be approved for between $150,000 and $500,000, depending on the bank you choose to apply with. Please note all banks will require a co-signer.

St. George’s University is committed to ensuring that students are aware of all of their financial aid options. We have designated a counselor to work directly with Canadian students to address their questions and needs. For more information, please contact:

ISFA@sgu.edu

Beth Cohen
Senior Institutional Student Financial Assistance Specialist
Phone: 1 (631) 665-8500 ext. 1237
Email: bcohen@sgu.edu

Amanda Curcio
Institutional Student Financial Assistance Specialist
Phone: 1 (631) 665-8500 ext. 1712
Email: acurcio@sgu.edu

Canadian Funding Amounts

All figures listed below are the maximum eligibility awards per province. Students should complete an application to determine their actual award.

Alberta Student Financial Assistance
Students are eligible for both federal and provincial funding as well as grants. The estimated combined maximum a student can receive is $42,000 (CAD) per year. Loan and grant funding is based on the student’s loan period. If the term starts/ends mid-month, the award is prorated and the award is made for the whole month or nothing for that month. Students are awarded funding based on the number of months in a term.

British Columbia Student Financial Aid
Students are eligible for both federal and provincial funding as well as grants. Students can receive up to $320 (CAD), $210 federal and $110 provincial, per week and $4,500 per year in a grant. Loan and grant funding is based on the student’s loan period. Loans are calculated based on the number of instructional weeks in a loan period; grants are determined by the number of months in the loan period. Funding is provided one term at a time.

Manitoba Student Aid
Students are eligible for both federal and provincial funding as well as grants. Students can receive up to $350 (CAD), $210 federal and $140 provincial, per week and $4,500 per year in a grant. Loan and grant funding is based on the student’s loan period. Loans are calculated based on the number of instructional weeks in a loan period; grants are determined by the number of months in the loan period. Funding is awarded by the literal number of weeks in a loan period.

Newfoundland Student Financial Assistance
Students are eligible for both federal and provincial funding as well as grants. Students can receive up to $350 (CAD), $210 federal and $140 provincial, per week and $4,500 per year in a grant. Loan and grant funding is based on the student’s loan period. Loans are calculated based on the number of instructional weeks in a loan period; grants are determined by the number of months in the loan period. Funding is awarded by the literal number of weeks in a loan period.

Nova Scotia Student Assistance
Students are eligible for both federal and provincial funding as well as grants. Students can receive up to $410 (CAD) per week of education ($210 federal and $200 provincial). Students can receive up to $6,180 (CAD) per year in a grant. Loan and grant funding is based on the student’s loan period. Loans are calculated based on the number of instructional weeks in a loan period; grants are determined by the number of months in the loan period. Students may be awarded up to 40% of the provincial loan amount in a scholarship.

Northwest Territories Student Financial Assistance
Students are eligible to receive scholarships and bursaries totaling up to $14,400 (CAD) in combined loans and grants per year.

Ontario Student Assistance Program
Students are eligible for federal funding only (not provincial). Maximum federal funding is $210 (CAD) per week of instructional time. Students are also eligible for grants (up to $4,500 (CAD) per year). Loan and grant funding is based on the student’s loan period. Loans are calculated based on the number of instructional weeks in a loan period; grants are determined by the number of months in the loan period.

Quebec Student Financial Assistance Programs
Students are eligible for both federal and provincial funding. Maximum eligibility is $985 (CAD) per month of education. Students can receive up to $37,430 (CAD) for the program. Funding is awarded by the number of months in a loan period.

Saskatchewan Student Loans Program
Students are eligible for both federal and provincial funding up to $575 (CAD), $365 federal and $210 provincial, per week. Awards are based on actual number of weeks of instructional time. Students are also eligible for grants (up to $4,500 (CAD) per year). Loan and grant funding is based on the student’s loan period. Loans are calculated based on the number of instructional weeks in a loan period; grants are determined by the number of months in the loan period.

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SGU awards partial scholarships for veterinary students who demonstrate financial need and/or academic excellence. Those students who feel they meet the criteria for one or more veterinary school scholarships and grants programs are encouraged to apply. Although an application may be reviewed for several programs, a recipient generally will receive only one type of scholarship.

Scholarship Opportunities for Entering Freshmen

International Peace Bursary

Partial scholarship awards to non-US citizen/permanent residents who demonstrate financial need and can fund the balance of their education beyond the scholarship award. The International Peace Bursary program is committed to promoting a student body made up of diverse nationalities and cultural backgrounds, which in the future will contribute to a worldwide medical community. Partial tuition scholarship awards are granted to international students who exhibit financial need and who are committed to returning to their home countries as physicians dedicated to the enhancement of the countries’ medical care systems. These awards are grants-in-aid and do not have to be repaid.

Grenada Scholarships

Two scholarships are awarded annually to Grenadian citizens. Applicants must have been accepted into the University by the Committee on Admission, nominated by the Scholarship Selection Panel, and awarded by the Grenadian Government. The scholarships provide full tuition and administrative fees. This scholarship is only awarded in January.

Applications are made to the Grenada Ministry of Education and Human Resource Development. Contact your regional admissions counselor or Colin Dowe at cdowe@sgu.edu or +1(473) 444-4680.

Scholarship Opportunities for Upperclassmen Students

William M. McCord Scholarships

This scholarship is dedicated to the memory of William M. McCord, MD, a leader in the field of medical education in the United States who had a major impact on the development of St. George’s University School of Medicine’s clinical program. These partial tuition scholarships are awarded to students who withdraw from a term due to compelling personal reasons, and when they return to resume their studies suffer undue financial hardships which affect their ability to pay for their education. These awards are grants-in-aid and do not have to be repaid.

Whether you’re concerned about how to afford traveling to and from Grenada or budgeting during your time as a college student, SGU offers many insights on making college expenses more affordable.

Hear from students who share their perspective on some great ways to save money.