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
Canadian students are not eligible to borrow Federal Direct loans, but may be eligible to borrow private loans. Most of these loans require a U.S. cosigner. For general information regarding Canadian Student Loans, refer to http://www.canlearn.ca
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.
You must be a currentstudent in the final year of your program. (AZCOM AND CCOM are excluded, please see CCOM/AZCOM Loan)
Borrower must complete the 2014-2015 FAFSA and University institutional application.
Borrower must not be in default on federal student loan or 90 days or more delinquent on any debt.
Borrower must be making satisfactory academic progress at the time of disbursement.
Borrower may be required to apply with credit-worthy co-signer. The co-signer must be either a U.S. citizen or permanent resident, be at least 21 years old and reside in the U.S.
Borrower must be maximize their Stafford loan eligibility prior to receiving the loan.
Fixed interest rate of 6%. Interest rate and fees are subject to change for new loans originated on or after July 1.
Interest will accrue at the time of disbursement.
Borrower will have the option to either: (1) pay interest monthly during in-school and/or 6-month grace period or (2) defer the payment of interest during the in-school and/or 6-month grace period.
A loan origination fee of 2%.
Repayment begins 6 months after graduation or separation from your program of study.
There are two repayment plans available for up to 10 years: Standard Repayment Plan and Graduated Repayment Plan.
$100 per month minimum payment.
Deferments available for qualified periods of enrollment, unemployment, and economic hardship (see promissory note for details.)
Forbearance may be granted when a borrower is temporarily unable to make scheduled loan payments for reasons including, but not limited to, financial hardship and illness. (see promissory note for details.)
No prepayment penalty.
Loan cannot be included in a Federal Consolidation Loan or other Federal loan repayment plans.
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
Determined by the terms under which the student first borrowed
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
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
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
Independent students do not have to provide parental data, but must be at least 24 years of age and must provide documentation showing they have been independent for a minimum of three years
Complete a Primary Care Loan application.
Acceptable Residency Training
Medicine/Osteopathic/Allopathic Medicine: 3-year residency approved by ACGME or AOA in: • Family medicine • Internal medicine • Pediatrics • Combined medicine/pediatrics • Preventive medicine • General practice
Acceptable Practice ActivitiesMedicine/Osteopathic Medicine: • Primary Care Clinical Practice • Clinical Preventive Medicine • Occupational Medicine • Public Health • Senior/Chief Resident in primary care residency program • Faculty, Administrators, or Policy Makers certified in one of the primary health care disciplines • Geriatrics • Adolescent Medicine • Adolescent Pediatrics • Urgent Care [Campus Based Policy Memorandum 2003-1]* • Sports Medicine Training for Primary Care Faculty Career • Training for Public Policy Career • Masters in Public Health • Public Policy Fellowship • Faculty Development Training • Primary Care Fellowship • Hospitalist *It has been determined that physicians practicing in urgent care or as a generalist would meet the practice eligibility requirement for PCL and retain compliance provided they have not obtained any subspecialty training.
Unacceptable Residency/Practice ActivitiesMedicine/Osteopathic Medicine: • Cardiology • Gastroenterology • Obstetrics/Gynecology • Surgery • Dermatology • Radiology • Rehab Medicine • Physical Medicine • Emergency Medicine • Other Subspecialty Training or Certification
NOTE: The law requires that you practice in primary care, but does not specify that the practice be full-time or that it involve a minimum number of hours per week. Even though part-time practice is acceptable, you would be in breach of the service obligation if you were to obtain any type of subspecialty training that would allow you to sub-specialize during your remaining service.
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.
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.