Types of Financial Assistance

OUWB Financial Services strives to help our students ease the financial cost of their medical educations by offering multiple types of financial assistance.  Combined, these resources enable every student at OUWB to meet the costs of their medical education investment regardless of income level or financial background.

Student Emergency Relief Fund

In response to the nationwide COVID-19 (Coronavirus) outbreak, Oakland University William Beaumont School of Medicine and Oakland University are working hard to meet the unique needs of students on an individual basis and are taking immediate action to ensure safety is the priority. See tab below for more information about criteria.

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Student Emergency Relief Fund

The OUWB Medical Student Emergency Relief Fund has been made possible through the generous donations of OU and OUWB faculty, staff, alumni, and donors.

Student Emergency Relief Award Criteria
Student relief funds are for limited emergency financial support to currently enrolled M.D. degree-seeking medical students who are unable to meet essential expenses due to a temporary or unexpected hardship.

The maximum amount awarded generally does not exceed $1,000 and is typically only awarded once. Decisions regarding disbursement of funds are made on a case-by-case basis. Awards are not considered loans and do not require repayment. Some funds may be considered income and are therefore subject to federal taxes.

Types of Expenses That May Be Considered for Funding include:

  • Car repairs or emergency transportation
  • Replacement of essential belongings due to theft or lost in a fire, flood or natural disaster
  • Safety-related needs (i.e., lock change)
  • Emergency temporary lodging if you find yourself homeless or in an unsafe situation
  • Emergency medical treatment/medication/prescriptions when you do not have the ability to pay and the costs cannot be covered by insurance
  • Travel expenses to return home in the case of a sudden family death or other emergency

Expenses that may be considered on a case-by-case basis:

  • Additional expenses resulting from a loss of employment by a student, their spouse, or significant other.

Types of Expenses That Cannot Be Covered by This Fund:
(Note: This list is not exhaustive.)

  • Expenses due to a lack of financial planning or overspending
  • Outstanding debt to the university or otherwise (i.e., credit cards, fees past due, etc.)
  • Normal and anticipated academic expenses (tuition, university fees, health insurance, study abroad, books, rent)
  • Penalties, fines, tickets, or legal fees
  • Non-essential utilities, household or furniture costs not related to damage or theft
  • Costs of entertainment, recreation, or non-emergency travel
  • Replacement of non-essential personal items due to fire, flood, theft, or natural disaster

Eligibility Requirements

  • Applicants must be students in the OUWB Doctor of Medicine program.
  • Applicants must be able to provide documentation of their financial hardship.

Applying for Funding
To apply for funding, medical students should contact OUWB Financial Services to discuss their needs, and complete the OUWB Student Emergency Relief Assistance form. They will be asked to provide supporting documentation to verify their need.

Please be aware that submitting a request does not guarantee that emergency funding will be approved. All decisions are final and cannot be appealed elsewhere.

University Contacts

OUWB Financial Services, medfinservices@oakland.edu

Contribute
Please share information about the OUWB Medical School Student Emergency Fund with others who may be interested in supporting medical students by directing them to our contribution page.

Scholarships

Merit-based Scholarships

Merit-based scholarships are awarded to select incoming students in recognition of their academic excellence, personal attributes, commitment to serving others and the medical profession, and having the strongest mission-fit with OUWB.

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 to be considered for merit-based scholarships.

Need-based Scholarships

Need-based scholarships are awarded to select incoming students in recognition of their past accomplishments, personal characteristics, and level of financial need. OUWB is committed to ensuring access to a world-class medical education regardless of your level of financial need.

Incoming students wishing to be considered for need-based scholarships are required to complete a FAFSA and include their parental information*. OUWB does not require a separate scholarship application to be considered for need-based scholarships.

*Students over the age of 30 as of August 1, do not need to include parental information.

Donor-funded Scholarships

Donor-funded scholarships are awarded to current students in recognition of their ongoing commitment to fulfilling various aspects of the OUWB mission. These donors share a passion for OUWB's mission, a strong desire to help medical students reduce their medical education debt, and recognize the importance of exceptional performance, both in and outside of the classroom. In recent years, scholarships have been awarded for demonstrated academic excellence, commitment to serving the community, and providing leadership in medical education.

The donor-funded scholarship application process is announced to current students annually, typically in September.

Generous donors to these scholarships have included: 

Henry Baskin

Hugh and Nancy Elliott

Dr. James V. and Ruth Huebner

The Family of Dr. W.J. and Lillian Kemler

Michael and Zina Kramer

The Family of Paul E. Morath

Ann Nicholson

OUWB Faculty and Staff

The Schostak Family 

External-funding Opportunities

In addition to the internal funding opportunities listed above, OUWB Financial Services strongly encourages prospective and current students to regularly explore the external opportunities below and consider pursuing those which align with individual educational and professional interests and goals.

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.

Outside Scholarship Search Process and List

Service Commitment Scholarship Programs

Indian Health Service (IHS) Scholarship Program

National Health Services Corps Scholarship

Loans

Direct Unsubsidized Loans

Direct unsubsidized loans are available to medical students and are not based on financial need. Interest begins accruing (accumulating) from the date the loan is disbursed and any unpaid interest will be capitalized (added to the principal amount of your loan) when the loan enters repayment. Repayment begins six months after graduation or you fall below half-time enrollment.

For further information see: Federal Student Aid: Subsidized and Unsubsidized Loans 

Direct Graduate PLUS Loans

Direct Graduate PLUS loans are available to medical students and are not based on financial need. You must not have an adverse credit history. If you are determined to have an adverse credit history, you may still receive a Direct PLUS loan if you obtain an endorser who does not have an adverse credit history. Interest begins accruing (accumulating) from the date the loan is disbursed and any unpaid interest will be capitalized (added to the principal amount of your loan) when the loan enters repayment. Repayment begins six months after graduation or you fall below half-time enrollment.

For further information see:

AAMC: Direct PLUS Loans for Graduate/Professional Students

Federal Student Aid: PLUS Loans

Find current rates:

Interest: Current Interest Rates

Loan Fees: Current Loan Fees

Private Loans

Private loans are used to help students pay for educational expenses up to their cost of attendance. Private loans are offered by private lenders, and there are no federal forms to complete. Eligibility for private student loans often depends on your credit score.

While Oakland University will certify a private loan from any private lender, students are encouraged to compare federal and private loan options prior to applying for a private loan. It is particularly important that you conduct due diligence if considering applying for a private loan.