Federal Perkins Loan
Primary Care Loan
Chicago College of Osteopathic Medicine Loan
Lucas Medical Student Loan Program
Arizona Medical Student Loan Program
Federal Subsidized Stafford Loan
Federal Unsubsidized Stafford Loan
Federal Graduate PLUS Loan
Federal Parental Loan for Undergraduate Students
(PLUS)
Private Loans
Canadian Student Loan Programs
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.
Return to top
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
Please 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:
- The interest is recalculated at 18% (instead of 5%) from the
time the award was made and compounded annually
- The loan is to be repaid within three years of breaking the
obligation
Contact the Office of Student Financial
Services for an application.
Return to top
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 principle 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:
Please read the below 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]
Return to top
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
Grace Period: 12 months (see promissory note for details)
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.
Return to top
Arizona Medical Student
Loan Program
Eligibility: Must be a full-time medical student who is
a legal resident of the state of Arizona, enrolled at the Glendale,
AZ campus.
Repayment Information: The student must agree to required
practice in a medically underserved area in the state of AZ. Loans
for one or two years have a two year service commitment; three or
four years of loans result in a three or four years service commitment
respectively. Loans borrowed are forgiven if full commitment
is served.
Annual Loan Limit: Cost of tuition + $20,000 for living
expenses.
Deadline Date: Friday, June 20, 2008
Click here for more information.
Click here to download Application or Contract
Return to top
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%
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 Loan Limit:
Aggregate Loan Limit:
Eligibility:
- Borrowers must be enrolled at least half-time
- Based on financial need
Return to top
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%
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 Loan Limit:
Aggregate Loan Limit:
Eligibility:
- Borrowers must be enrolled at least half-time
- Based on cost of attendance less other aid received
Return to top
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 see our Grad
PLUS vs. Private loan comparison chart.
Application: You may begin the Grad PLUS application process
through our on-line application process at http://online.midwestern.edu.
Alternately, you can select one of the campus links below.
You must complete your a FAFSA, and then apply for your Federal
Stafford Loans first.
AZ
Campus Graduate PLUS Loan Application
IL
Campus Graduate PLUS Loan Application
Return to top
Federal Parental Loan
for Undergraduate Students (PLUS)
Eligible Disciplines: BS. 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:
Default Fees:
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
Return to top
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.
Return to top
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 please refer to the following site:
General Information: http://www.canlearn.ca
Please 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.
Return to top
