The Janet and Ray Scherr Fellowship Loan Repayment Endowment Program
The program provides loan assistance for fellows to help repay medical student debt and to encourage fellows to pursue a career in pediatric academic medicine. The candidate must exhibit documented loans and is selected based on merit and need by a committee of faculty members. All applicants are evaluated on a competitive basis depending on their potential for an academic career post-fellowship.
Loan Amount & Repayment
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The loan amount is a maximum of $10,000 per fellow per year of fellowship.
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The loan is interest free while not in repayment.
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For every year after graduation that the individual remains on the faculty at UCLA Mattel Children's Hospital, a full year's repayment is forgiven. (For example, if the individual remains on as faculty for 2 years, then 2 years would be forgiven, etc.).
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For every year after graduation the fellow remains in a full-time academic pediatric position elsewhere, fifty percent (50%) of one year's repayment is forgiven. The remaining 50% is payable according to the terms of the loan agreement.
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The loan amount that is forgiven is subject to federal and state taxes.
If the trainee does not stay in academic medicine:
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The entire amount must be repaid within three years of the date the amount financed becomes due and payable.
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The due date and payable date is one year after completion of the fellowship or immediately if the fellow withdraws from the program or does not pursue a career in academic Pediatrics.
Criteria
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Pediatric fellows with verifiable documentation for current loans are eligible to apply (including loans in deferment).
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Applicants must apply annually for loans.
Application Materials
The annual deadline for applications is typically in September. Fellows must submit the following materials when applying:
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Copy of entire fellowship application file (first time applicants only)
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Cover letter written by candidate to include his/her statement and potential for academic post-fellowship
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Letter of recommendation from fellowship Program Director
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At least two additional letters of recommendation
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Documentation of loan burden, e.g., with bank documents, etc.
Please let us know if you have any questions.
