Resources

Financial Aid: Loans


Loans At-A-Glance:

Aggregate Direct Loan Limits
Annual Direct Loan Limits
Chicago College of Osteopathic Medicine Loan / Arizona College of Osteopathic Medicine Loan
Direct Graduate PLUS Loan
Direct Unsubsidized Loan
Health Professions Student Loans (HPSL)
MWU Loan
Primary Care Loan
Private Loans

National Student Loan Data System (NSLDS)

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. You can access your federal student loan information from their website at: nslds.ed.gov

Return to TOP 

Aggregate Direct Loan Limits

Students

Subsidized Maximum Outstanding Principal Balance Combined Subsidized + Unsubsidized Maximum Outstanding Principal Balance
Graduate $65,500* $138,500*
Dental, Optometry, Osteopathic Medicine, PharmD, Podiatric Medicine, PsyD, Vet Med $65,500* $224,000*

*includes amounts borrowed as an undergraduate

Return to TOP

Annual Direct Loan Limits

Downers Grove

Maximum Annual Unsubsidized Eligibility
Graduate Students $20,500
PharmD 1st, 2nd, 3rd Year $33,000 9-month academic year
PharmD 4th year $37,167 12-month academic year
1st, 2nd Year Osteopathic Medicine $42,722 10-month academic year
3rd, 4th Year Osteopathic Medicine $47,167 12-month academic year
PsyD (*amount varies, depends on length of enrollment during the academic year) $33,000* varies
1st,  Year Dental; 1st, 2nd Year Optometry $40,500 9-month academic year
2nd, 3rd, 4th year Dental; 3rd, 4th year Optometry $47,167 12-month academic year
Glendale Maximum Annual Unsubsidized Eligibility
Graduate Students $20,500
Years 1-3 PharmD, Years 1 - 4 PsyD $37,167 12-month academic year
1st, 2nd Year Optometry; 1st, 2nd Year Dental; Years 1-3 Vet Med $40,500 9-month academic year
1st and 2nd Year Osteopathic Medicine; 1st Year Podiatric Medicine $40,500 9-month academic year
3rd & 4th Year Osteopathic Medicine;
2nd , 3rd , 4th  Year Podiatric Medicine; 3rd, 4th year Dental; 3rd & 4th Year Optometry, 4th year Vet Med
$47,167 12-month academic year

*Direct Loans are all unsubsidized for graduate students.
Return to TOP

Chicago College of Osteopathic Medicine Loan / Arizona College of Osteopathic Medicine (CCOM/AZCOM)

Eligible Disciplines:  

  • CCOM: 3rd and 4th year Osteopathic Medical Students
  • AZCOM: 4th year Osteopathic Medical Students 

 

 

Interest:  

Loan Fees: None

Grace Period: Repayment begins six months after graduation or withdrawal from CCOM/AZCOM, unless the borrower enters an approved internship and properly completes the necessary deferment forms

Repayment Information

Annual Loan Limit: Varies, Office of Student Financial Services will notify students

Aggregate Loan Limit: Not applicable

Eligibility

Application

Return to TOP

Direct Unsubsidized Loan

Eligible Disciplines: All

Lender: Department of Education

Interest:

Loan Fees:

Grace Period: 6 months used prior to taking a deferment

Repayment Information:

Eligibility

Return to TOP

Direct Graduate Plus Loan

Direct Graduate PLUS Loan Basics

Borrower Eligibility: You must be a graduate/professional student enrolled at least half-time in a matriculated program.

Credit Eligibility: 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.

Interest: 

Loan Fees:  

Grace Period: There is a 6-month post-enrollment 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.

Compare the Direct Graduate PLUS loan to the private loan programs offered to graduate students. Please consider federal loans first! 

Federal vs. Private Loan Comparison Graphic          

Health Professions Student Loan (HPSL)

Eligible Disciplines:  

Interest:

Loan Fees:  None  

Grace Period: 

Repayment Information: 

Annual Loan Limit: Varies, Office of Student Financial Services will notify students

Aggregate Loan Limit: Not applicable

HPSL Deferment Provisions: During a deferment period on an HPSL interest does not accrue and the borrower does not have to make payments on the loan. Some additional provisions are: 

Eligibility

Return to TOP

MWU Loan

What is the MWU Loan?

The MWU Loan provides an additional source of assistance to eligible students enrolled full-time.  This loan is subject to availability.

Interest:

Loan Fees:

Repayment Information:

Application:

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

Loan Fees: None

Grace Period: 12 months to be taken prior to the internship/residency deferment

Repayment Information

Annual Loan Limit

Aggregate Loan Limit: Not applicable

Eligibility

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 Activities Medicine/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 Activities Medicine/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:

Application

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.  Midwestern University does not have a preferred lender list for private education loans, nor can we advise on specific lenders. 

Federal vs. Private Loan Comparison Graphic          


Private loan programs all have certain elements in common:

Return to TOP