Office of Medical Education

Loan Program Information

Alternative Student Loan (private student loan)
This loan can be used by students who cannot cover the cost of attendance with federal student loans due to having reached annual and/or aggregate totals or have school-related expenses that cannot be funded with federal funds. These loans are structured similar to a consumer loan in that loan approval is based on the borrowers credit record. Most lenders offer a pre-determination of eligibility prior to actual application. These loans are unsubsidized in that the interest accrues, beginning at the date of disbursal (including in-school enrollment) and there tends to be no cap on the interest rate, which is variable. For most alternative loans, eligibility for the amount borrowed must be certified by the Financial Aid Office. Please note the following points may vary by lender when considering an alternative loan:

• fees deducted from the proceeds of the loan prior to disbursal
• potential that the lender may sell the loan(s)
• length of deferment for residency program and grace period
• frequency of capitalization of interest accrued on the loan(s)
• repayment options and benefits
• co-signer options
• determination of interest rate

To apply for a Private loan please visit the following interactive lender database, from this website you will be able to complete your EMPN (electronic master prom note) with the lender of your choice:

SimpleTuition

The list of lenders on the SimpleTuition website is not a comprehensive list of Private lenders and students always have the option to select a lender that does not appear on this list.

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Federal Perkins Student Loan
The maximum amount a graduate/professional student can receive annually is $6,000 (total aggregate, $40,000 and includes undergraduate loans). The interest rate is a fixed 5 percent that is subsidized during in-school enrollment, a 9-month grace period and periods of approved deferment. Please note that this program is not a major source of assistance at the professional school level and funds are limited (need-based). Perkins loans are processed and certified through the Financial Aid Office. For program information, go to the Department of Education.

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Federal Graduate PLUS Loan Program

To apply for Federal Graduate Plus loan please visit the following interactive lender database, from this website you will be able to complete your EMPN (electronic master prom note) with the lender of your choice:

SimpleTuition

The list of lenders on the SimpleTuition website is not a comprehensive list of Federal Graduate Plus lenders and students always have the option to select a lender that does not appear on this list.

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Federal Stafford Loan Entrance Counseling
It is a mandatory requirement that all Stafford Loan borrowers complete online entrance counseling. To complete this requirement, go to the following web site:

https://ent.glhec.org/FastFacts/entrance/Welcome.do?configId=1205435981739

Loan funds cannot be disbursed until counseling is completed. The College will automatically be notified electronically of students who complete this process.

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Federal Stafford Student Loan
Students who select this program must choose a lender that participates in the Federal Family Education Loan Program (FFELP).

New entering first-year medical students who have outstanding student loan debt have the option to remain with the current holder of the loans or they may opt to use a different lender for his or her medical school loans. Please note the following points that may vary by lender:

• fees deducted from the proceeds of the loan prior to disbursal
• potential that the lender may sell the loan(s)
• repayment incentives/options (borrower benefits that will reduce the interest rate under certain terms specified by the lender. An example would be a 1.0 percent reduction in interest rate for 36-48 on-time payments, an additional 0.25 percent reduction in the interest rate for making payments by auto-debit, and/or cash/credit rebates.)

To select a Stafford lender please visit the following interactive lender database, from this website you will be able to complete your EMPN (electronic master prom note) with the lender of your choice:

SimpleTuition

The list of lenders on the SimpleTuition website is not a comprehensive list of Stafford lenders and students always have the option to select a lender that does not appear on this list.

For assistance with selection of a loan program and/or lender, contact financial aid. Application also requires the completion of the following:

• FAFSA
  
• College of Medicine Institutional Application (Second year, Third year, and Fourth Year Students)
  
• College of Medicine Institutional Application (Entering First Year/Transfer Students)
  

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Financial Resources for International Students
To be eligible for federal financial assistance, students must be a U.S. Citizen, National, Permanent Resident (hold an I-151, I1551, or I1551C Alien Registration Receipt Card) or an eligible non-citizen (have an Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization Service) showing one of the following designations:

• Refugee
• Asylum Granted
• Indefinite Parole or Humanitarian Parole
• Cuban-Haitian Entrant, Status Pending
• Conditional Entrant (valid only if issued before April 1, 1980)

Students are not eligible for federal financial assistance for the following:

• have a Notice of Approval to Apply for Permanent Residence (I-171 or I-464);
• are in the United States on an F1 only; and
• have G series visas (pertaining to international organizations) are not eligible.

International students who do not qualify for federal financial assistance, upon admission to medical school, must document they have sufficient financial resources to finance a medical education. Most international students who do not have sufficient personal financial resources, (i.e. savings, sponsorship, scholarship, etc.) rely on qualifying for a private student loan (usually with an approved co-signer). Eligibility for the amount borrowed must be certified by the Financial Aid Office.

Listed below are links that students have found to be helpful:

http://www.iefa.org/
http://www.iefc.com/
http://www.internationalscholarships.com
http://www.internationalstudentloan.com/intl_student/
http://www.naahp.org/resources.htm (Canadian Students)
http://www.salliemae.com
http://www.studentloan.com
http://www.theloanprogram.org
http://www.teri.org
http://www.nelliemae.com

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Student Loan Programs that require a credit review to determine eligibility

• Graduate PLUS Stafford Loan
• Graduate PLUS Direct Loan
• Residency & Relocation Loan (limited to senior students)
• Alternative (private) Student Loan

Negative Credit may also require a student borrower to have a co-signer on the loan. It is a good idea to request a copy of your credit report before beginning school and resolve any outstanding problems or errors you might have. Your credit rating will affect the interest rate you will be charged on a private student loan. A poor credit rating will be reflected in a higher interest rate. Most lenders do not set a cap on interest rates and the amount of interest can be charged during the life of the loan.

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Residency and Relocation Loans
This loan program is available to senior students to provide assistance with the costs associated with residency application, travel for residency interviews and the cost of relocation for residency, if applicable. Residency and relocation costs cannot be included in the cost of attendance and funded by federal funds. The Financial Aid Office does not process these loans. Residency and relocation loans do not require certification of eligibility.

Listed below are links to lenders that we feel are competitive and that students have currently selected. Please note that this is not a comprehensive list of participating loan lenders and students are always free to select other lenders that may not appear on the comparison chart.

• Access Group
  http://www.accessgroup.org
  
  
• Chase Medical Education Program
  http://www.chasestudentloans.com/medical/med_greatlakes.htm

• Citi
  http://studentloan.citibank.com/slcsite/setschool.asp?schoolcode=001989&campuscode=02&url=http://studentloan.citibank.com/mbslcsite%3Fop=offer
  
• SallieMae Medical School Loans (Residency & Relocation Loans)
  http://www.salliemae.com/medical
  
  
• Wells Fargo
  http://www.medcapnofees.com

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