Financial Aid

Applicants whose cost of attendance exceeds their family resources are encouraged to apply for financial aid. To be eligible, the applicant:

• Must meet satisfactory academic progress standards
• Must be a citizen of the United States or an eligible non-citizen
• Cannot be in default on prior student loans

Student financial aid can come in the following forms:

• Federal Grants and Loans
• Federal Work Study funds
• Institutional scholarships (awarded by Colleges)
• State Grants and Scholarship (SC residents only)
• Private Student Loans

Whether you need to report your parent(s)' income on the FASFA depends on your dependency status. If you are considered a dependent student, you must include parent financial information on the FASFA, even if your parents do not claim you on their taxes or do not plan to help pay for college. Your dependency status is determined by your answers on the FASFA and is not based on whether you live with your parents or file your own taxes. Learn more at Federal Dependency Status Guide.

A direct subsidized loan is a federal loan with interest paid by the government while you are in school at least half-time. Only undergraduate students are eligible for the direct subsidized loan.

A direct unsubsidized loan is a federal loan that accrues interest while you are in school. You have the option of paying the interest or deferring it until after you begin repayment.

Repayment of subsidized and unsubsidized federal direct loans begins six months from the date you graduate or cease to be enrolled at least half time. These six months are called a "grace period." The subsidized portion of your loan does not accrue interest during the grace period. There is no penalty for early repayment. 

Under the One Big Beautiful Bill Act, Federal Direct Graduate PLUS Loans will no longer be available to new borrowers for loan periods beginning on or after July 1, 2026. Learn more about Federal Direct Grad Plus Loans.

A Federal Direct Graduate PLUS Loan is a federal loan available to graduate and professional students enrolled at least half-time in a degree-seeking program. To qualify, you must be a U.S. citizen or eligible non-citizen, pass a credit check, and not have an adverse credit history. Graduate PLUS Loans have a fixed interest rate and an organization fee charged by the federal government. Repayment typically begins six months after you graduate, withdraw, or drop below half-time enrollment.

The amount of money a student can request depends on his/her estimated cost of attendance. The estimated cost of attendance is the estimated cost for attending the university. The Office of Student Financial Aid is required to follow federal guidelines in composing your educational cost of attendance. According to federal guidelines, the cost may only include direct educational costs and reasonable living expenses. The cost does not include other financial and familial responsibilities that you may have including consumer debt such as credit card and car payments. You may contact the Financial Aid Coordinator for your college to obtain a copy of your estimated cost of attendance/budget. You may request financial assistance up to your estimated cost of attendance. We encourage students to construct a budget and review their expenses before completing the loan request form. 

Students may request additional financial aid throughout the year up to their Cost of Attendance by submitting an a Loan Request Adjustment Form through the student portal. If you have reached your maximum Cost of Attendance, contact your Financial Aid Coordinator to determine eligibility for a Professional Judgement budget adjustment through appeal.

Supporting documentation of eligible expenses is required. All requests are reviewed by your Financial Aid Counselor, and all decisions are final. Budget adjustments may only be made for expenses or emergencies that occur during the academic year.

If you are applying for private loans, the processing, credit approval, lender certification, and disbursement can take longer than federal loan processing. Students are encouraged to submit requests as early as possible.

Please note:

• Approval is not guaranteed.
• Private loan approval is subject to credit review and lender requirements.
• In extreme circumstances, short-term emergency loan assistance may be available via direct deposit or paper check.

Federal student loans typically take approximately 10-15 business days to process once your application is complete. Additional time may be needed for the Bursar's Office to draw down funds and issue any refund via direct deposit or paper check.

Private student loans generally take 2-3 weeks due to credit review, lender approval, and school certification, and may take longer during peak periods or if additional documentation is required. Plan ahead and apply early.

The Health and Human Services Loan programs offer fixed-rate, low interest, need-based federal loans administered by HRSA. These funding sources include the Health Professions Loan (HPL) Program, the Nursing Student Loan (NSL) Program, and Loans for the Disadvantaged Students (LDS). Funding is extremely limited, and students are encouraged to submit their applications by our priority deadline.

• The Health Professions Loan (HPL) program offers loans to Dental Medicine and Pharmacy students needing financial assistance. The interest rate is 5%. Repayment may be deferred during periods of residency.
• The Nursing Student Loan (NSL) program provides long-term, low-interest rate loans to full-time and half-time financially needy students pursuing a course of study leading to a baccalaureate or graduate degree in nursing.
• Loans for Disadvantaged Students (LDS) are federal loans at 5% interest made to students enrolled in Dental Medicine who meet the HHS guidelines for being from a "disadvantaged background."

The LIFE and Palmetto Fellows scholarships are programs administered by the South Carolina Commission on High Education (CHE). Students must meet certain requirements to be eligible for these state scholarships:

• Resident of the State of South Carolina
• Cumulative GPA of 3.0 or higher
• Can only receive eight consecutive semesters of funding from initial college enrollment.
• Cannot have previously earned a Bachelor's Degree
• Must earn at least thirty credit hours each school year

Each school year, the Student Financial Aid Office reviews student academic records to identify eligible students. Those students who are eligible for the LIFE or Palmetto Fellows Scholarships are notified by email to complete a Scholarship Affidavit. The Student Financial Aid office cannot disburse funds without an affidavit on file each year.

For additional information on these programs and other state resources, visit the South Carolina CHE website. 

Each college at MUSC has its own scholarship committee.

To learn more about scholarship opportunities, visit our scholarships page.

The Family Educational Rights and Privacy Act (FERPA) is a federal law that affords parents the right to have access to their children's education records, the right to seek to have the records amended, and the right to have some control over the disclosure of personally identifiable information from the education records.

For more information, view our Family Educational Rights and Privacy Act Policy.

Financial aid stipends are issued by the Office of the Bursar after aid is disbursed to your student account, typically no earlier than 10 days before the start of classes. Refunds are generally processed within the first two weeks after the start of the term, in accordance with the Academic Calendar and federal regualtions.

Students may receive funds via direct deposit or paper check based on their selected refund preference. For questions about timing or disbursement, contact the Office of the Bursar.