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:

FASTCHOICE

The list of lenders on the Scholarnet 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.



Federal Direct Loan Program (subsidized, unsubsidized and Grad Plus loans)
Direct Loans are low-interest loans for students to help pay for the cost of a student's medical education. The lender is the U.S. Department of Education rather than a bank or other financial institution.

With Direct Loans, you

• Borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
• Have online access to your Direct Loan account information 24 hours a day, 7 days a week at Direct Loans on the Web at: www.studentloans.gov.
• To complete Direct loan application you must complete a Master Prom Note and entrance counseling.
• Prior to graduation you will be required to complete exit counseling at http://www.nslds.ed.gov/nslds_SA/.

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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.

To complete entrance counseling and "e" sign your master prom note for your Perkins go to Campus Partners. Please note, entrance counseling needs to be completed every year that a Perkins loan is awarded.

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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:

Canadian Student Financial Aid Information
Chase Bank
Sallie Mae
Wells Fargo
Med Cap X-tra Loan – call 1-800-658-3567

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Student Loan Programs that require a credit review to determine eligibility

• 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 score will affect the interest rate you will be charged on a private student loan. A poor credit score 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.

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 this list.

• Access Group
  
• Citi
• Fifth Third Bank
  
• SallieMae Medical School Loans
• PNC Bank Medical Professions Loan Program
• Wells Fargo
  

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