Financial Aid: Loans
Federal Perkins Loan
Primary Care Loan
Chicago College of Osteopathic Medicine Loan
Lucas Medical Student Loan
Annual Federal Direct Stafford Loan Limits
Aggregate Federal Direct Stafford Loan Limits
Federal Direct Unsubsidized Stafford Loan
Federal Direct Graduate PLUS Loan
Private Loans
Canadian Student Loan Program
National Student Loan Data System(NSLDS)
The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. You can access your federal student loan information from their website at http://www.nslds.ed.gov.
To access your personal loan information, you will need your four-digit Personal Identification Number (PIN) from the U.S. Department of Education. It is the same PIN that you would use to access the FAFSA online. You can request your PIN to access NSLDS online at http://www.pin.ed.gov.
To access the sign-in page for Direct Loan Entrance Counseling, sign a Master Promissory Note for Stafford or Graduate PLUS loans or endorse a Direct PLUS Loan, go to https://studentloans.gov
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 income data on the FAFSA and submit tax returns including all schedules, W-2s, and 1099s and a independent verification worksheet.
- Complete a Primary Care Loan application.
Primary care medicine is defined as:
- Internal Medicine
- Pediatrics
- Family Medicine
- Preventative Medicine
- General Practice
- Combined Medicine/Pediactrics
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 7% 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 CCOM loan
- Students must provide income data on the FAFSA and submit tax returns including all schedules, W-2s, and 1099s and a independent verification worksheet.
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.
Click here to apply.
Federal Direct Unsubsidized Stafford Loan
Eligible Disciplines: All
Lender: Department of Education
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
Loan Fees:
Loans disbursed on or after July 1, 2012
Origination Fee: 1%
Note: Upon entering repayment, a borrower must make the first 12 monthly payments on time in order for the rebate to become permanent. If the borrower fails to make the first 12 on-time monthly payments, the rebate will be added to the outstanding balance of the loan.
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
Eligibility
- Borrowers must be enrolled at least half-time
- Based on cost of attendance less other aid received
Annual Federal Direct Stafford Loan Limits
**Stafford loans are now unsubsidized for graduate students with loan periods starting on or after July 1, 2012.
Aggregate Federal Direct Stafford Loan Limits
*includes amounts borrowed as an undergraduate
Federal Direct Graduate PLUS Loan
What is the Federal Direct Graduate 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.
Federal Direct 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 Federal Direct Graduate PLUS can be awarded.
- Parents of graduate students will not be eligible to borrow the loan.
Credit Eligibility: Federal Direct Graduate PLUS Loan borrowers are required to pass a basic credit check.
Lender: Department of Education
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.
Grace Period: There is a 6-month deferment for loans first disbursed on or after July 1, 2008.
Repayment Terms: The maximum repayment period is 10 years and the minimum monthly payment is $50.00.
Loan Fees:
Federal Direct Graduate PLUS Loans with loan periods before July 1, 2012
Origination Fee: 4%, Rebate: 1.5% , Net Fee: 2.5%
Federal Direct Graduate PLUS loans with loan periods on or after July 1, 2012
Origination Fee: 4%
Note: Upon entering repayment, a borrower must make the first 12 monthly payments on time in order for the rebate to become permanent. If the borrower fails to make the first 12 on-time monthly payments, the rebate will be added to the outstanding balance of the loan.
Interest Rate: Fixed at 7.9%.
To compare the Federal Direct Graduate PLUS loan to the other private loan programs offered to graduate students, please download our Federal Direct Grad PLUS vs. Private Loan comparison chart in PDF format.
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.
