Established by the Massachusetts Medical Society in 1955, the Massachusetts Medical Society Charitable and Educational Fund is a 501 (c) (3) tax-exempt organization providing low-interest educational loans to medical students in Massachusetts. Each year, the Charitable and Educational Fund currently makes $1.2 million in new loans available to the students of Boston University School of Medicine, Harvard Medical School and the University of Massachusetts Medical School. The Charitable and Educational Fund has over $9 million in loans outstanding.
Eligible borrowers must be US citizens and residents of the Commonwealth of Massachusetts at the time a loan is made; a 3rd or 4th year student at a participating accredited medical school in Massachusetts; and recommended in writing by the financial aid office of their respective medical school. Loans are made in the amount of either $5,000, $10,000, $15,000, or $20,000 with $20,000 being the maximum amount any borrower can receive.
The Charitable and Educational Fund is governed by a 7 member Board of Directors comprised of representatives from each of the medical schools in Massachusetts, and members of the Massachusetts Medical Society. Donations to the Massachusetts Medical Society Charitable and Educational Fund are tax deductible and are used to help provide new loans to future borrowers.