Financial Aid Loan Program

For 30 years, the Delaware Academy of Medicine has been a trusted private lender for Delaware residents wishing to attend medical or dental school. A portion of the APRA funding expands that program to include other degrees, including nursing and physician assistants, medical and dental assistants, and behavioral health professionals.

The program makes interest-free loans to Delaware residents attending Delaware institutions of higher learning who are willing to commit to a period of practice in Delaware after their graduation.

Loans will focus on students from areas disproportionately impacted by the COVID-19 pandemic, marginalized communities, and students who will be first-generation medical professionals in their families.

Applications are not being accepted at this time.

Eligibility:

  • U.S. Citizen or permanent resident (I-151 or I-551 card)
  • One year of residency in the State of Delaware
  • Enrolled in an approved degree-granting program or certificate in Nursing, Medical Assistant, Dental Assistant, Medical Laboratory Technician, Physician Assistant, Behavioral Health, or Allied Health

Requirements:

  • Completed online application
  • Online self-certification form
  • Complete the online credit check authorization form
  • Copy of signed 2022 Delaware tax return (personal and/or parents, if dependent)
  • Proof of Delaware residency (driver’s license, vehicle registration, voter’s registration card)
  • Proof of Citizenship
  • Letter of Acceptance
  • Promissory Note and Loan Agreement

Funding:

  • Funded by the Delaware American Rescue Plan Act (ARPA) for shortages in the healthcare field due to the COVID-19 pandemic
  • Loan amount averages between $2,500 to $15,000 annually

Repayment:

  • Interest-free while enrolled in an approved degree program
  • Repayment begins 6 months after graduation
  • Repayment plan options will depend on the degree type
    • Certification programs: 1 to 3-year plans
    • Associates, Bachelors, or Masters Degree programs: 5 to 7-year plans
    • Doctoral (Ph.D.) programs: 7 to 11-year plans

The student loan repayment will be interest-free if the borrower continues to be a Delaware resident, attends a Delaware institution, and works in an approved Delaware Healthcare position after graduation for a period of time.

Applicants are subjected to a 6.5% fixed rate who cannot fulfill the interest free requirements.

Commitment to Working in Delaware:

Certificate 1 year
Associate 2 years
Bachelors 3 years
Masters 2 years
Doctor – Ph.D, DNP, DPT 3 years

Note: Terms of repayment of loans are covered through the promissory note and loan agreement

Have Questions? Need Assistance? email Giselle Bermudez, MS, Student Financial Aid Coordinator at gbermudez@delamed.org or call 302-733-1122

  • As a recipient of Federal financial assistance, the Delaware Academy of Medicine / Delaware Public Health Association does not exclude, deny benefits to, or otherwise discriminate against any person on the basis of race, color, national origin, disability, sex, or age in admission to, participation in, or receipt of the services and benefits under any of its programs and activities, whether carried out by Delaware Academy of Medicine / Delaware Public Health Association directly or through a contractor or any other entity with which Delaware Academy of Medicine / Delaware Public Health Association arranges to carry out its programs and activities. Copyright 2024
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