Types of Aid

Students enrolled in the D.V.M. program may apply for institutional financial aid which includes need-based grants. Unlike loans, grants do not need to be repaid, making them one of the most favorable types of financial assistance a student can receive.

To be considered for institutional aid, applicants must:

• Be U.S. citizens or eligible non-U.S. citizens
• Submit a complete financial aid application by the published deadline

Institutional aid is awarded based on demonstrated financial need. To receive consideration, students are required to provide their parents' financial information so the university can assess the family's total resources.

Highest priority for aid is given to students with the greatest demonstrated need.

In some cases, exceptions to the parent information requirement may apply. Students should review the Parent Information Requirement & Exceptions page for details and contact the Financial Aid Office with any questions.

Eligibility for institutional grant funding in subsequent years is based on a student’s initial first-year financial aid assessment. Students who do not apply or qualify for institutional aid in their first year will generally not be considered for institutional funding in later years, unless there is a significant change in financial circumstances.

Federal Direct Loans are fixed-rate student loans funded by the U.S. Department of Education to help students meet educational expenses.

• Repayment begins: 6 months after graduation, withdrawal from Tufts, or dropping below half-time status.
• Repayment plans: A variety of repayment plans are offered including standard fixed plans and Income-Driven Repayment (IDR) plans as well as Public Service Loan Forgiveness (PSLF).
• Interest rates: Set annually by the federal government on July 1.

Applying for Federal Student Aid

1. Submit the FAFSA:
   • Complete the Free Application for Federal Student Aid (FAFSA) form.
   • Cummings School FAFSA Code: E00262
2. Additional steps:
   • Visit the Applying for Financial Aid page for a complete overview.

Determining Loan Eligibility

Loan eligibility at Cummings School is determined by FAFSA results, utilizing a formula that considers the cost of education and other financial aid received.

Next Steps to Receive a Loan

After the student receives their Financial Aid Notification, they must complete the following:

1. Complete a Master Promissory Note (MPN)
2. Complete student loan entrance counseling
3. Return your signed Financial Aid Notification to the Financial Aid Office
   • This authorizes the office to certify the loan you are requesting

Federal Direct Unsubsidized Loan

The federal Direct Unsubsidized Loan is available to D.V.M. and graduate students who are U.S. citizens or eligible noncitizens enrolled at least half-time in a degree-seeking program.

This is a non-need-based loan, which means students do not have to demonstrate financial need to qualify.

Interest begins accruing as soon as the loan is disbursed. Students are responsible for paying all interest during every period of the loan. You can choose to:

• Pay the interest as it accrues, or
• Defer interest payments, allowing the interest to accumulate and be added to the loan balance later.

Direct Unsubsidized Loan – Rates and Fees

Student Loan Borrowing Limits for 2026-27 & Beyond 

Federal Direct Graduate PLUS

Effective July 1, 2026, the Federal Direct Grad PLUS loan program will no longer be available to new borrowers.

Legacy Provision: If a borrower has a Federal Direct Loan made before July 1, 2026, while enrolled in a program of study, the borrower can continue to borrow the Grad PLUS for 3 academic years or the remainder of their expected time to credential, whichever is less.

Federal Grad PLUS is available to D.V.M. students who are U.S. citizens or eligible noncitizens, enrolled at least half-time in a degree-seeking program, and meets the legacy eligibility criteria described above.

The Grad PLUS is a credit-based loan.

This is a non-need-based loan, which means students do not have to demonstrate financial need to qualify. Students may borrow up to the cost of education minus all other financial aid.

Interest and Repayment

Interest begins accruing as soon as the loan is disbursed. Students are responsible for paying all interest that accrues during the life of the loan. You can choose to:

• Pay the interest as it accrues, or
• Defer interest payments, allowing the interest to accumulate and be added to the loan balance (capitalized) later.

Direct Grad Loan – Rates and Fees

Federal Work-Study

Federal Work-Study (FWS) is a need-based financial aid program that provides eligible students with part-time employment opportunities while enrolled in school.

Students are considered for FWS when they apply for financial aid and request work-study consideration.

Eligibility

Federal Work-Study is available to:

• D.V.M. and graduate students
• U.S. citizens or eligible noncitizens
• Students enrolled at least half-time in a degree-seeking program

Finding a Work-Study Job

Students are responsible for securing their own Work-Study positions.

Available opportunities can be searched through Handshake, our online job platform. For additional resources and guidance, visit the Career Services page.

Health Professions Student Loans

The Health Professions Student Loans (HPSL) program is a need-based federal loan available to students who are enrolled in the D.V.M. program. HPSL is a loan program of the Department of Health and Human Services and administered by Cummings School.

Eligibility is based on financial need as determined by federal guidelines. Loan amounts vary based on available funds. Eligibility is determined by the Financial Aid Office. To be considered, students must apply for financial aid and submit their parents' information.

HPSL has a fixed interest rate of 5.0%, with repayment beginning 12 months after the borrower graduates, withdraws, or drops below half-time enrollment.

While the student is enrolled at least half-time, no interest accrues. The loan remains interest-free during the 12-month grace period.

Students who are awarded an HPSL will receive additional information about its terms and conditions. HPSL borrowers must complete a promissory note and student loan counseling before receiving the loan.

Active-duty service members, veterans, members of the military reserves, and in some cases, spouses or children of veterans may qualify for education benefits through the U.S. Department of Veterans Affairs (VA).

These benefits can help cover:

• Tuition and fees
• Books and supplies
• Housing expenses
• Licensing and testing fees
• Other education-related support

The VA determines eligibility, benefit amounts, and the length of time you can receive benefits.

VA Contact

If you have any questions about your benefits, contact the VA directly:

• Online: AskVA
• GI Bill® Hotline: 1-888-GIBILL-1 (1-888-442-4551) TTY 711.
• Outside the U.S.: +1-918-781-5678.

Types of VA Education Benefits  

• Post-9/11 GI Bill® (Chapter 33)
  Available to eligible active-duty service members and veterans. Provides up to 36 months of education benefits. Benefits can be transferred to qualifying dependents.
• Veteran Readiness and Employment (VR&E) (Chapter 31)
  Veterans who have a service-connected disability that limits their ability to work or prevents them from working may qualify for benefits.
• Survivors’ and Dependents’ Educational Assistance (Chapter 35)
  Education benefits for children or spouses of a service member or veteran who died, is missing, captured, or became permanently disabled as a result of military service.
• Montgomery GI Bill Active Duty (MGIB-AD) (Chapter 30)
  Available to active-duty service members and veterans who served at least two years. This benefit cannot be transferable to dependents.
• Montgomery GI Bill Selected Reserve (MGIB-SR) (Chapter 1606)
  Provides education benefits for members of the National Guard or Selected Reserve.
• Yellow Ribbon Program
  Cummings School does not participate in the Yellow Ribbon Program.

Estimating Your Benefits

You can estimate your education benefits and compare schools using the VA GI Bill® Comparison Tool.

This tool allows you to:

• Estimate tuition and fees
• Review housing allowances
• Compare benefits across schools and programs

Get Started with Applying for Benefits

Step 1: Complete the online Application for VA Education Benefits (VA Form 22-1990).

Step 2: After reviewing your application, the VA will issue you a Certificate of Eligibility (COE) confirming your benefits.

Step 3: Submit a copy of the COE to Cummings School's VA Certifying Official so your enrollment and benefits can be processed.

For more detailed instructions and information, visit Cummings School Financial Aid Office here.

School Certifying Official:

Sarah Hurd
Registrar’s Office
Cummings School of Veterinary Medicine at Tufts University
Website: https://vet.tufts.edu/registrars-office
Email: sarah.hurd@tufts.edu

GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website at https://www.benefits.va.gov/gibill.

Private student loans are non-federal loans offered by private lenders such as banks, credit unions, and state agencies. They help cover the gap between the cost of education and other financial aid you may receive, such as grants, scholarships, and federal student aid.

We encourage students and families to make informed borrowing decisions by:

• Completing the FAFSA first and reviewing all available federal loan options
• Borrowing only what is needed to cover educational expenses
• Comparing loan details carefully, including interest rates, fees, in-school deferment and repayment options, and borrower benefits before choosing a loan

Compare Lenders Through ELM SELECT

To help you make an informed decision, we provide a list of lenders through ELM SELECT, an independent loan comparison tool.

With ELM SELECT, you can:

• View our preferred lender list
• Compare private student loan options side-by-side, including interest rates, fees, in-school deferment and repayment options, and borrower benefits
• Review up-to-date lender information maintained directly by the lenders
• Access direct links to apply for private student loans

Using ELM SELECT allows you to evaluate multiple lenders in one place and choose the option that best fits your needs.

View in ELM SELECT

You are not required to borrow from any of the lenders on our list. We encourage you to explore all available options to find the loan that best meets your needs. If you decide to work with a different lender, simply apply directly with them. Once approved, that lender will coordinate with us to provide the necessary loan information.

Private Loan Application Timeline

Students should submit private loan applications in May or June to allow sufficient processing time before fall billing.  Fall semester bills are issued in early July, so applying early helps avoid last-minute delays.

Private loan applications are completed online directly through the lender. After the application is submitted and the loan is approved, the Cummings school will review and certify the loan before funds can be applied to the student’s account.

Preferred Lender List

Our preferred lender list is provided as a resource to help students and families compare private student loan options. Lenders on this list were selected through a formal Request for Information (RFI) process and evaluated using several factors, including

• Competitive interest rates and borrower fees
• Flexible in-school deferment and repayment options and borrower benefits
• Quality of customer service and default management support
• Efficiency and reliability of the application, approval, and loan disbursement process

We periodically review lender information to ensure the list continues to meet the needs of our students and families.

Important Information

• The university receives no financial benefit from lenders for being included on our list.
• The university has no revenue-sharing agreements with any lenders.
• We do not assign borrowers to specific lenders.
• We will process private loans from any eligible lender you choose whether they appear on our list. 

Lenders are not ranked or listed in order of preference.

Private Student Loan Options for International Students

International students may be eligible for private student loans through lenders that offer international loan programs.

Most private loans for international students require:

• A creditworthy U.S. citizen or permanent resident co-signer
• Enrollment in an eligible degree program

Some lenders may offer no-cosigner loan programs based on school eligibility and borrower criteria.

International students can use ELM SELECT to: 

• Identify lenders that work with international borrowers
• Compare loan options
• Access application links

We encourage international students to review lender eligibility requirements carefully before applying. These lenders are evaluated through the same RFI and review process described above, with additional consideration given to their experience serving international borrowers and the accessibility of their loan products.

Understanding credit is an important step before applying for a private student loan. Your credit history and score can influence whether you’re approved, the interest rate you receive, and whether you’ll need a cosigner. Use this guide to learn the basics and prepare before applying.

What is credit?
Credit is the ability to obtain goods or services now and pay for them later, typically with interest. 

Common types of credit include: 

• Credit cards
• Student loans
• Mortgages
• Car loans

Using credit responsibly helps build a financial history that lenders use to evaluate future loan applications.

What is a Credit Report?
A credit report (sometimes called a credit file or credit history) is a record of your credit activity. In includes information reported by lenders and public records.

Credit reports are maintained by three credit bureaus:

• Experian
• Equifax
• TransUnion

Your report may include:

• Open and closed credit accounts
• Payment history
• Credit limits and balances
• Public records such as bankruptcies

Lenders review this information to evaluate your creditworthiness.

What is a “Credit Score”?
A credit score is a numerical estimate of how likely you are to repay borrowed money. Lenders use it to measure the risk of lending to you.

Scores fall within a defined range, and generally:

Higher score = Lower risk to lenders 

A higher score can help:

• Qualify for loans
• Receive lower interest rates
• Reduce overall borrowing costs

The most widely used scoring model is the FICO® score, developed by the Fair Isaac Corporation.

Why Your Credit Report Matters

Private student loan lenders typically use your credit profile to determine: 

• Loan approval
• Interest rate offered
• Whether a cosigner is required 

A strong credit history can also help you qualify for other financial products such a credit card, auto loans and mortgages, and can affect the total amount that you pay for those products – lowering interest rates and utility deposits.

What Factors Affect Your Credit Score?

• Payment History
  • Do you pay your bills on time?
• Amounts Owed
  • How much of your available credit are you using?
• Length of Your Credit History
  • How long have your credit accounts been active?
• New Credit
  • How often and how recently have you applied for credit?)
• Credit Mix
  • What types of credit accounts do you have (credit cards, loans, etc.)?

Tips for Building and Managing Credit

1. Establish a credit history – opening your first credit account begins your financial track record. Some students start by becoming an authorized user on a parent’s credit account or using a cosigner.
2. Always pay on time – late payments can significantly harm your credit score and make it harder to obtain credit in the future.
3. Apply for credit wisely – only apply for credit when you have a clear purpose. Too many applications in a short time may impact your score.
4. Be patient- strong credit is built over time through consistent, responsible use.
5. Plan for repayment – before borrowing, make sure you understand how and when you will repay your debts.

Check Your Credit Before Applying for a Private Loan
Before applying for a private student loan, review your credit report.

Steps to take:

• Request a free credit report from Experian, Equifax , or TransUnion
• Review it carefully for errors
• Dispute any inaccurate information
• Understand your credit score and overall credit profile

Checking your credit early helps you address potential issues before lenders review your application.

Comparing Private Student Loan Options
When considering private student loans, compare lenders carefully. Ask about the following: 

• Interest Rate
  • Is the rate fixed or variable? What rate do you qualify for?
• APR (Annual Percentage Rate)
  • APR includes both interest and fees and helps compare the total cost of loans.
• Repayment Options
  • Some lenders offer multiple repayment choices, such as:
    • Immediate full payments
    • Interest-only payments
    • Deferred payments while in school
    • Fixed monthly payments
• Cosigner Requirements

  • Is a cosigner required? Does the lender offer cosigner release after a certain number of payments?

    Cosigners can increase approval chances and may help secure lower rates.

• Fees
  • Look for potential costs such as:
    • Origination fees
    • Late payment fees
    • Returned payment fees
• Borrower Protections
  • Check whether the lender offers:
    • Deferment and forbearance options
    • Hardship assistance
    • Discharge policies in certain situations
      
      Tip: Applying to multiple lenders within a 30-day period typically counts as a single credit inquiry. Some lenders also offer prequalification with a soft credit check, which doesn’t affect your credit score.
      
      Common Reasons for Loan Denial Without a Cosigner
      Students applying without a cosigner may be denied due to
      • Low credit score
      • Limited or no credit history
      • Delinquent or past-due accounts

If this happens, adding a qualified cosigner or improving your credit profile may help.

Borrower Requirements and Disclosures
Under the Higher Education Act, private education loan borrowers must:

• Receive a disclosure from the lender outlining loan terms and costs
• Complete a Private Education Loan Self-Certification Form
• Observe a three-day right-to-cancel period after final approval and before disbursement

RFI Review Process

• Tufts conducts its RFI and lender review periodically. During this process:
• Lenders are invited to submit detailed information about their loan products and services.
• Responses are reviewed using standardized evaluation criteria.
• The Preferred Lender List is updated as appropriate based on the results of the review.
• No revenue-sharing arrangements with lenders
• No gifts or incentives accepted from lenders
• No preferred lender placement based on financial benefit
• No staffing assistance from lenders
• Borrower choice of lender is always honored

For questions about private education loans or the Preferred Lender List, please contact rfi@tufts.edu.

Code of Conduct and Compliance

In accordance with the Higher Education Act, the university follows a strict Student Loan Code of Conduct:

• No revenue-sharing arrangements with lenders
• No gifts or incentives accepted from lenders
• No preferred lender placement based on financial benefit
• No staffing assistance from lenders
• Borrower's choice of lender is always honored

Tufts University has always been committed to the highest standards of professional conduct and ethical behavior.  We recognize that ensuring the integrity of the student financial aid process is critical to providing fair and affordable access to higher education.  With the Reauthorization of the Higher Education Act of 1965, Congress has required that all colleges post a Code of Conduct relating to financial aid, private lending and student choice. Accordingly, the staff in Student Financial Services herein confirms that we adhere to the following sound practices.

1. University employees do not receive any personal benefits from Lending Institutions
   No member of the Student Financial Services staff will accept anything of more than nominal value on his or her behalf or on behalf of another person or entity from any Lending Institution.  For example, cash, stocks, gifts, entertainment, expense-paid trips, etc. will never be accepted from a Lending Institution. Likewise, an individual will never accept payment or reimbursement from a Lending Institution for lodging, meals or travel to conferences or training seminars.
    
2. The University does not provide any advantage to a Lending Institution
   The staff in Student Financial Services does not accept anything of value from any Lending Institution in exchange for any advantage or consideration provided to the Lending Institution related to its student loan activities, including but not limited to revenue-sharing, printing costs or below-cost computer hardware or software. Likewise, the University does not allow any Lending Institution to staff the Student Financial Services office or the Student Services calling center at any time.
    
3. The University makes appropriate use of any Preferred Lender Lists
   The selection of Lending Institutions for inclusion on the private/alternative loans Preferred Lender List is based solely on the best interests of University students and their parents without regard to the financial interests of the University.
   We abide by the following:
   • Students and their parents are free to select the Lending Institution of their choice for private/alternative loans and will suffer no penalty imposed by the University for using a Lending Institution that is not a “Preferred Lender.”
   • Students and their parents are not required to use any of the University's private/alternative loan “Preferred Lenders” and may borrow through any lender or guarantor they choose.
   • The University does not assign a borrower’s loan to a particular lender and will certify all loans based on a borrower’s selection of a lender.
      
4. University employees do not serve on lender advisory boards for remuneration
   No officer, trustee or employee of the University who makes financial aid decisions for the University or who is employed in, supervises or otherwise has responsibility or authority over the University Student Financial Services office will receive any remuneration for serving as a member or participant on a student loan advisory board of a Lending Institution, or receive any reimbursement of expenses for such service.