Downers Grove Overview
Downers Grove, IL Campus
Federal Student Loans
Downers Grove, IL Campus
- Federal Perkins Loan: Qualified graduate students with exceptional financial need may borrow from this campus-based loan program. The interest rate is 5%. Loan amounts and availability of funding are dependent on annual Federal allocations. Awards typically range from $1,000 to $2,000 per academic year. A student may borrow an aggregate maximum of $60,000 for undergraduate and graduate study. The student borrower will also receive a nine-month grace period and may defer or have the loan forgiven in certain circumstances.
- Direct Unsubsidized Stafford Loan: Graduate students enrolled at least half-time in a degree seeking program may borrow up to $20,500 per academic year with an aggregate maximum of $138,500 for undergraduate and graduate study (includes amounts borrowed under the Subsidized Stafford program). Students enrolled in the osteopathic medicine, dental medicine, optometry, podiatry, clinical psychology and pharmacy programs are eligible to apply for higher annual loan limits based on their program of study and year in school and may borrow up to an increased aggregate loan maximum of $224,000 (includes loans from prior schools). Students borrowing the Stafford loan must repay their loan at a fixed interest rate of 6.8%. The student is responsible for payment of the interest but may elect to have the interest accrue and capitalize while enrolled.
- Direct Graduate PLUS Loan: Graduate students enrolled at least half-time in a degree seeking program may borrow up to the budgeted cost of attendance less other aid. Students borrowing the Graduate PLUS must repay their loan at a fixed rate of 7.9%. Repayment of the loan begins 6 months after graduation, withdrawal, or upon enrolling on a less than half-time basis. Students should check with the lender for deferment eligibility.
Dentistry and Pharmacy
- Health Professions Student Loan (HPSL): Graduate students enrolled full-time in a degree seeking program in dentistry, optometry, podiatry or pharmacy may be eligible for a HPSL. Priority consideration is given to third- and fourth-year students with exceptional financial need based on both student and parent income. HPSL is administered by the Department of Health and Human Services. Award amounts are determined according to number of applicants and availability of funds. HPSL is a subsidized loan with a 5% fixed interest rate and a 12-month grace period before interest begins to accrue. Students who are enrolled less than full-time in a given quarter will not be eligible to receive HPSL funds for a subsequent quarter.
- CCOM Student Loan Fund: This institutional loan program is offered to second, third, and fourth-year students. Loan amounts and the availability of funding vary from year to year. Interest will accrue at 5% per annum immediately after graduation unless you enter into an approved internship. Repayment begins 6 months after graduation, unless you enter into an approved internship/residency.
- Primary Care Loan: Priority consideration is given to certain third- or fourth-year students with exceptional financial need who are committed to practicing primary care medicine. Such students may borrow this campus-based loan that offers a one-year grace period and a residency deferment of up to four years. The interest rate is 5%. Students must agree to enter and complete a residency training program in primary care medicine not later than four years after the date on which they graduate. Students must also agree to practice primary care medicine through the date on which the loan is repaid in full. Students who are enrolled less than full-time in a given quarter will not be eligible to receive PCL funds for a subsequent quarter.