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Financial Aid: Loans
Federal Perkins Loan
Primary Care Loan
Chicago College of Osteopathic Medicine Loan
Lucas Medical Student Loan
Federal Subsidized Stafford Loan
Annual Stafford Loan Limits
Aggregate Stafford Loan Limits
Federal Unsubsidized Stafford Loan
Federal Graduate PLUS Loan
Federal Parental Loan for Undergraduate Students (PLUS)
Private Loans
Canadian Student Loan Program
Federal Perkins Loan
Eligible Disciplines: All
Interest
- 5% simple interest
- No interest accrues during the in-school or grace period
- No interest capitalization
Loan Fees: None
Grace Period: 9 months (see promissory note for details)
Repayment Information
- Up to 10 year repayment term
- $40 per month minimum payment
- Deferments available for qualified periods of enrollment, unemployment, and economic hardship (see promissory note for details)
- Loans may be consolidated.
- No prepayment penalty
- Loan forgiveness for Physician Assistant, Occupational Therapy, and Cardiovascular Science students who practice in their chosen field of study.
Annual Loan Limit
- Varies based on availability of funds
- Not to exceed $4,000 for undergraduate students
- Not to exceed $6,000 for graduate students
Aggregate Loan Limit
- $20,000 for undergraduate students;
- $40,000 for graduate students (including the amounts borrowed as an undergraduate)
Eligibility
- Based on exceptional financial need
- Students with a history of default on student loans or other debt non-payment may not be considered for a Perkins loan.
Application
- Free Application for Federal Student Aid
- The federal Perkins loan is automatically awarded to eligible students during the awarding process.
Primary Care Loan
Eligible Disciplines
Osteopathic Medical Students enrolled in their 3rd or 4th year only. Due to limited funding, preference is first given to previous recipients and 4th year medical students
Interest
- Determined by the terms under which the student first borrowed
- Currently 5%
- No interest accrues while in-school, grace, or during an internship/residency deferment
Loan Fees: None
Grace Period: 12 months to be taken prior to the internship/residency deferment
Repayment Information
- Up to 10 year repayment term
- $40 per month minimum payment
- Deferments available for qualified periods of enrollment, up to 4 years for internship/residency, and several other circumstances (see promissory note for details)
- Loans may not be consolidated
- No prepayment penalty
Annual Loan Limit
- Varies based on availability of funds
- Not to exceed the cost of education less other financial aid
Aggregate Loan Limit: Not applicable
Eligibility
- Borrower must sign an agreement to complete a primary care residency within four years after graduating from medical school
- Borrowers must be enrolled full-time and must be committed to practicing primary care through the date on which the loan is repaid in full
- Based on exceptional financial need
- Students with a history of default on student loans or other debt non-payment will not be considered for a Primary Care loan
- Students must provide parental data on the FAFSA and submit both parents' and student's tax returns including all schedules, W-2s, and 1099s. Please see the following regulation.
Excerpted from U.S. Department of Health and Human Services, Health Resources and Services Administration, Bureau of Health Professions 101.3.142 PARENTS' FINANCIAL INFORMATION:
Beginning with the 1993-94 academic year, all graduate students will be considered independent according to the need analysis formula in Title IV of the Higher Education Act. Nonetheless, institutions still must take parents' information into account for the purpose of awarding PCL funds. This requirement cannot be waived. In cases where the parents refuse to provide income information, an affidavit documenting such a refusal cannot be accepted in lieu of the required information. Unless the parents are deceased, a student who does not provide parental income information may not be considered for PCL funds.
The amount of PCL funds awarded to a student plus the amount of the student's expected family contribution—including parents' contribution—may not exceed the student's cost of attendance. Note that Department of Education programs authorized under Title IV of the Higher Education Act, such as Federal Stafford Loans, Federal Perkins Loans and Federal College Work-Study, do not require parents' contribution to determine eligibility for independent students. PCL, however, requires parents' contribution for all students without regard to age, tax, marital or independent status. It is possible, therefore, that an independent student's expected family contribution figure will be lower for determining the amount of a student's need for these Department of Education Title IV programs than for the PCL program, because parents' financial information is not taken into account. For the purpose of awarding PCL, the Department of Education funds may replace the parents' contribution for students who meet the Higher Education Act's independent student definition for Title IV programs. An overaward will not result as long as the total of the independent student's contribution plus financial aid from all sources and actual other resources do not exceed the cost of attendance. [42 CFR Part 57.206]
Primary care medicine is defined as:
- General Internal Medicine
- General Pediatrics
- Family Medicine
- Preventative Medicine
- Osteopathic General Practice
NOTE: Obstetrics/Gynecology and Emergency Medicine are not considered in the above definition of primary care.
The penalty for breaking the obligation under the Primary Care Loan program is as follows:
- For PCL borrowers who fail to comply with the primary care service requirement, the PCL loan will begin to accrue interest at a rate of 18% per year beginning on the date of such noncompliance.
- The repayment period will be 10 to 25 years, at the discretion of Midwestern University, for borrowers who fail to comply with the primary care service requirement with the PCL program.
Contact the Office of Student Financial Services for an application.
Chicago College of Osteopathic Medicine Loan
Eligible Disciplines
2nd, 3rd, and 4th year Downers Grove, Illinois Osteopathic Medical Students
Interest
- No interest will accrue during the in-school period
- 5% interest will accrue on the loan after graduation unless a student enters an approved internship
- Interest will accrue and be payable during residency
Loan Fees: None
Grace Period: Repayment begins six months after graduation or withdrawal from CCOM, unless the borrower enters an approved internship and properly completes the necessary deferment forms
Repayment Information
- Up to 8 year repayment term
- $50 per month minimum payment
- One-year internship deferment available
- An additional principal deferment available for residency through post-graduate year four with the approval of CCOM. Must re-apply annually.
- No prepayment penalty
- Loan cannot be included in a Federal Consolidation Loan
Annual Loan Limit: Varies, Office of Student Financial Services will notify students
Aggregate Loan Limit: Not applicable
Eligibility
- Based on exceptional financial need
- Students with a history of default on student loans or other debt non-payment will not be considered for a Primary Care loan
- Students must provide parental data on the FAFSA and submit both parents' and student's tax returns including all schedules, W-2s, and 1099s. The CCOM Loan follows the guidelines mandated for all Health Professions Student Loans (HPSL) Please see the following regulation.
The CCOM loan is a limited fund, thereby requiring a needs analysis to determine the student is eligible based on need. The CCOM loan follows the regulations for the Department of Health and Human Service's HPSL program when awarding funds.
Excerpted from U.S. Department of Health and Human Services, Health Resources and Services Administration, Bureau of Health Professions 101.3.142 PARENTS' FINANCIAL INFORMATION:
Beginning with the 1993-94 academic year, all graduate students will be considered independent according to the need analysis formula in Title IV of the Higher Education Act. Nonetheless, institutions still must take parents' information into account for the purpose of awarding HPSL funds. This requirement cannot be waived. In cases where the parents refuse to provide income information, an affidavit documenting such a refusal cannot be accepted in lieu of the required information. Unless the parents are deceased, a student who does not provide parental income information may not be considered for HPSL funds.
The amount of HPSL funds awarded to a student plus the amount of the student's expected family contribution—including parents' contribution—may not exceed the student's cost of attendance. Note that Department of Education programs authorized under Title IV of the Higher Education Act, such as Federal Stafford Loans, Federal Perkins Loans and Federal College Work-Study, do not require parents' contribution to determine eligibility for independent students. HPSL, however, requires parents' contribution for all students without regard to age, tax, marital or independent status. It is possible, therefore, that an independent student's expected family contribution figure will be lower for determining the amount of a student's need for these Department of Education Title IV programs than for the HPSL program, because parents' financial information is not taken into account. For the purpose of awarding HPSL, the Department of Education funds may replace the parents' contribution for students who meet the Higher Education Act's independent student definition for Title IV programs. An overaward will not result as long as the total of the independent student's contribution plus financial aid from all sources and actual other resources do not exceed the cost of attendance. [42 CFR Part 57.206]
Lucas Medical Student Loan Program
Eligible Disciplines: Must be an Osteopathic Medical Student enrolled at the Glendale, AZ campus.
Interest
- 0% interest while the student is enrolled in medical school
- 2% simple interest while in repayment
Loan Fees: None
Repayment Information
- Upon graduation, 2% simple interest will accrue each year.
- Repayment will be in equal monthly payments over a period of five (5) years from the date of completion of residency.
- $30 minimum monthly payment
Annual Loan Limit: Varies based on availability of funds
Eligibility
- Loan funds will be awarded to medical students who are permanent residents of the state of Arizona and who intend to practice in Arizona.
- Priority is given to students who document financial need or who meet federally defined guidelines for underrepresented minorities.
Application: Applications are distributed annually by the Office of Student Financial Services when funds are available.
Federal Subsidized Stafford Loan
Eligible Disciplines: All
Lender: You may borrow from any lender of your choice.
Interest
- Fixed interest rate of 6.8%
- No interest accrues during in-school or grace period
- No interest capitalization
Origination Fees: Origination fees may vary per lender - maximum of 1% for loans disbursed by June 30, 2009 and .5% for loans disbursed on or after July 1, 2009.
Federal Loan Default Fee: Loan default fees may vary per guarantor - maximum of 1%
Grace Period: 6 months used prior to taking a deferment
Repayment Information
- Up to 10 year repayment term in Standard Repayment Plan
- $50 per month minimum payment in Standard Repayment Plan
- Graduated, Extended, and Income Sensitive Repayment plans also available
- Deferments available for qualified periods of enrollment, unemployment, and economic hardship (see promissory note for details)
- Loans may be consolidated
- No prepayment penalty
Annual Federal Stafford Loan Limits
Aggregate Federal Stafford Loan Limits
*includes amounts borrowed as an undergraduate
Eligibility
- Borrowers must be enrolled at least half-time
- Based on financial need
Federal Unsubsidized Stafford Loan
Eligible Disciplines: All
Lender: You may borrow from any lender of your choice.
Interest
- Fixed interest rate of 6.8 %
- Unpaid interest may be capitalized only when the loan enters repayment, at the expiration of a grace period or period of deferment or forbearance, or when the borrower defaults
Origination Fees: Origination fees may vary per lender - maximum of 1% for loans disbursed by June 30, 2009 and .5% for loans disbursed on or after July 1, 2009.
Federal Loan Default Fee: Loan default fees may vary per guarantor - maximum of 1%
Grace Period: 6 months used prior to taking a deferment
Repayment Information
- Up to 10 year repayment term in Standard Repayment Plan
- $50 per month minimum payment in Standard Repayment Plan
- Graduated, Extended, and Income Sensitive Repayment plans also available
- Deferments available for qualified periods of enrollment, unemployment, and economic hardship (see promissory note for details)
- Loans may be consolidated
- No prepayment penalty
Annual Federal Stafford Loan Limits (See Chart)
Aggregate Federal Stafford Loan Limits (See Chart)
Eligibility
- Borrowers must be enrolled at least half-time
- Based on cost of attendance less other aid received
Federal Graduate PLUS Loan
What is the Federal PLUS?
The PLUS (Parent Loan for Undergraduate Students) was previously available only to the parents of dependent undergraduate students. Beginning July 1, 2006, that availability was expanded to graduate/professional students.
Graduate PLUS Loan Basics
Borrower Eligibility: You must be a graduate/professional student enrolled at least half-time in a matriculated program.
- You must complete a FAFSA.
- You must first apply for your maximum loan eligibility in Subsidized and Unsubsidized Stafford loan before the Graduate PLUS can be awarded.
- Parents of graduate students will not be eligible to borrow the loan.
Credit Eligibility: Graduate PLUS Loan borrowers are required to pass a basic credit check.
Lender: You may borrow from any lender of your choice.
Annual Limits: Borrower may borrow the difference between the total cost of the student's education (including books, fees, and personal expenses) minus any financial aid the student will receive.
Repayment Terms: Repayment begins within 60 days after the final disbursement of each loan. The maximum repayment period is 10 years, and the minimum monthly payment is $50.00. You may be eligible to defer payments as long as you are enrolled at least half-time.
Loan Fees: You will be charged an origination fee of 3%, which is deducted proportionately from each loan disbursement. In addition, some loan guarantee agencies charge a 1% default fee, which will also be deducted from your disbursements. This 1% fee may be waived depending on your choice of lender.
Interest Rate: The interest rate will be fixed at 8.5%.
To compare the Federal Graduate PLUS loan to the other private loan programs offered to graduate students, please download our Grad PLUS vs. Private Loan comparison chart in Word format.
Federal Parental Loan for Undergraduate Students (PLUS)
Eligible Disciplines: B.S. Biomedical Sciences Programs
Lender: You may borrow from any lender of your choice.
Interest
- Fixed interest rate of 8.5%
- Unpaid interest may be capitalized only when the loan enters repayment, at the expiration of a grace period or period of deferment or forbearance, or when the borrower defaults
Loan Fees: Up to 3% origination fee
Default Fees: Up to 1% default fee
Grace Period: None, the first payment is due within 60 days after the loan is fully disbursed
Repayment Information
- 5 to 10 year repayment term, depending on total amount outstanding
- $50 per month minimum payment
- Deferments available when the borrower (parent) is unemployed or meets economic hardship guidelines (see promissory note for details)
- Parents may consolidate PLUS loans for each of their children into one account or can consolidate PLUS loans along with their own student loans. Parents cannot consolidate PLUS loans with loans borrowed by their children.
- No prepayment penalty
Annual Loan Limit: Cost of attendance less other aid per year, per child
Aggregate Loan Limit: None
Eligibility
- Borrowers must be the parent or step-parent of a dependent student who is enrolled at least half-time
- Based on cost of attendance less other aid received
- A simple credit check is required by law to ensure that the borrower has no adverse credit history
Private Loans
Private loan programs can help assist students who have unmet educational costs that cannot be filled by conventional financial aid programs.
Private loan programs all have certain elements in common:
- The loans are not based on financial need. Rather, the amount of eligibility is determined by subtracting other financial aid received from the student's total cost of attendance.
- The loan programs are not federally guaranteed or subsidized. These loans are offered by lenders from the private sector. Interest rates are not mandated by the government, but are variable and based on market interest rates (such as the Prime Rate or the 91-day Treasury Bill Rate, LIBOR).
- The loan programs have no prepayment penalty.
- Loan approval is based on the review of the borrower's and/or co-borrower's creditworthiness and ability to repay the loan. Student borrowers and co-borrowers must be certain that they meet the minimum credit criteria established by lenders.
- Funds borrowed under these programs may not be included as part of a federal Title IV or Title VII consolidation package. Although it is possible to refinance other school educational loans such as Stafford, Perkins, or HEAL to extend the repayment term and combine several loans from different lenders into one simplified repayment plan, these private loans must remain under a separate repayment plan. You can contact your private loan lender to find out if private loan consolidation options are available.
Canadian Student Loan Programs
Canadian students are not eligible to borrow Federal Stafford loans, but are eligible to borrow private loans. Some of these loans require a U.S. cosigner. For general information regarding Canadian Student Loans, refer to http://www.canlearn.ca
Contact the following lender for additional information.
Human Resources Development Canada - Canada Student Loans Program
Canada Student Loans Program
Human Resources Development Canada
P.O. Box 2090, Station "D"
Ottawa, Ontario, K1P 6C6
Ph. 1-800-O CANADA (1-800-622-6232)
http://www.hrsdc.gc.ca/en/gateways/topics/cxp-gxr.shtml
Canadian students who would like to borrow a private loan through Sallie Mae must use a U.S. cosigner.
