Scholarships and Loans

“In the third and fourth years of medical school, it becomes more difficult to balance school work with efforts to finance your education,” writes Sarah Graboski ’06 in a letter thanking the Alumni Association for her scholarship. “The study of clinical medicine leaves little time for other activities. I am grateful that you, as alumni, understand this situation.”

No one better appreciates a medical school’s costs and benefits than its alumni. Looking back, many physicians clearly recall their own balancing act between studying and paying bills — and that was before tuition topped $20,000 per year and students graduated with an average debt of $100,000.

In recognition of its members’ own fine education and in support of today’s students, the Alumni Association puts its greatest effort into raising funds for scholarships and loans. In the past two decades, RWJMS alumni have contributed more than $1.6 million to support student scholarships and low-interest loans.

Carol A. Terregino, MD ’86, associate professor of medicine and associate dean for admissions, congratulates three recipients of the Alumni Association’s Hippocrates Scholarship: Joshua Dalessio, MD ’05, Michael Murphy ’08, and Richard Byrne ’07.

Alumni who contribute $1,000 or more to the Alumni Association Annual Fund may create a named scholarship. As a $1,000 donor, Mary I. Holowinsky, MD ’84, took the opportunity to name a scholarship in memory of her close friend Justine Bonsignore Zompa, MD ’84. Michael Miller, MD ’83, also gave $1,000 in memory of Dr. Zompa, which created a $2,000 scholarship. “Being a physician is still the most wonderful career. It gives so many opportunities to help others, including helping your medical school when you can,” says Dr. Holowinsky. “Of all the things we can spend money on, helping fund medical students is the best investment, because it will benefit many down the road.”

In 2004, longtime donor Donald J. Rose, MD ’80, named a scholarship in memory of his mother, Audrey. “She was very supportive of me emotionally and financially during medical school,” says Dr. Rose. “I wanted to do something in her name to decrease the emotional and financial burden on students today.”

Daniel Y. Kim, MD ’80, chose to name a $1,000 scholarship in honor of his father, Young M. Kim, MD, a New Jersey pathologist who inspired him to become a doctor. “He represented the idea that being a doctor is not a career or a profession but a way you live your life,” says Dr. Kim. “In remembering him, I want to give back to those who helped me.”

For the 2004–2005 academic year, the association allocated $180,000 in scholarships and loans. This included three $20,000 Hippocrates Scholarships: four-year scholarships, initiated in 2002, that are awarded annually for academic excellence to a member of the incoming class. In addition, the association made its second $25,000 payment to the $100,000 endowed RWJMS Alumni Association Scholarship Fund.

Eduardo Fernandez, MD ’89, former president, Alumni Association, congratulates a recipient of an association scholarship.

A sudden illness in the family obligedArvind Trindade ’06 to finance his entire medical education. “On the wards I am hearing from so many doctors how the interest adds up and can be overwhelming,” he says. As a recipient of a $3,000 Alumni Association low-interest loan, he adds, “It is good to know that as students we have a strong alumni association that looks out for its students.”

Ernest S. Biczak, MD ’77, chair, Development Committee, underscores the importance of the association’s low-interest loans: “They support the students when they most need the help, without burdening them with vast interest on top of their tuition debt. Later, their repayments will replenish available funds and allow the program to continue supporting students year after year.” The loans carry a 3 percent annual interest rate, with payment deferred until the recipients complete their residencies or fellowships. For graduates who practice in New Jersey, the rate drops to 2 percent.

Carol A. Terregino, MD ’86, associate professor of medicine and associate dean for ad missions, fervently hopes that alumni will support scholarships, an important tool in competing for and recruiting top students. Last year, Dr. Terregino’s classmates contributed $22,000 toward a Class of ’86 Scholarship, which she will distribute as two $11,275 scholarships. “I wish class gifts would become a tradition,” says. Dr. Terregino. “It would be wonderful to have more scholarships that support students beyond the first year.”

“Medical school is a long and expensive road,” says Mr. Trindade. “Thank you again.”