Loans for Graduate and Professional Students

Eligibility

• Complete FAFSA
• Financial need is not a requirement.
• Must be enrolled at least half-time
• Must complete a Direct Loan Master Promissory Note and Entrance Counseling prior to first disbursement
• Exit Interview required after student drops below half time

Interest Rates

• Fixed interest rate of 8.08 percent for loans first disbursed on or after July 1, 2024, and before July 1, 2025
• Fixed interest rate of 7.05 percent for loans first disbursed on or after July 1, 2023, and before July 1, 2024
• Borrower is responsible for interest during life of the loan.

Loan Fees

Direct Loan Master Promissory Note

Once the Federal Direct Loan has been awarded and guaranteed, the Department of Education will send you a notification to complete the MPN. Loan funds will not be disbursed until the borrower completes the MPN.

You are only required to complete an MPN one time as it can be used for up to 10 years of borrowing for educational expenses. A new MPN must be signed is if you cease enrollment for one full academic year or if your MPN has expired after 10 years. Each academic year, all students using the MPN will be notified of their loan eligibility. You may accept, reduce, or decline your loan(s) by logging into your financial aid account in SharkLink.

Annual Loan Limits - Direct Loan

Aggregate Loan Limits

Repayment

Student does not have to pay the principal while enrolled at least half-time, but will be charged interest. Student can defer interest but it will be capitalized (added to principal loan balance) later. For information on minimizing your student loan debt by making interest payments while in school, view the Unsubsidized Direct Loan Scenarios.

Program Details

Only awarded to the following independent students:

• Doctor of Pharmacy; Doctor of Clinical Psychology:
  • $12,500-9 mo. period
  • $16,667-12 mo. period
• Doctor of Allopathic Medicine, Osteopathic Medicine, Dentistry and Optometry:
  • $20,000-9 mo. period
  • $26,667-12 mo. period

Eligibility

• Complete FAFSA
• Financial need is not a requirement
• Must be enrolled at least half-time
• Must complete a Direct Loan Master Promissory Note and Entrance Counseling prior to first disbursement.
• Exit Interview required after student drops below half time.

Interest Rates

• Fixed interest rate of 8.08 percent for loans first disbursed on or after July 1, 2024, and before July 1, 2025
• Fixed interest rate of 7.05 percent for loans first disbursed on or after July 1, 2023, and before July 1, 2024

Loan Fees

Master Promissory Note

Once the Federal Direct Loan has been awarded and guaranteed, the Department of Education will send you a notification to complete the MPN. Loan funds will not be disbursed until the borrower completes the MPN.

You are only required to complete an MPN one time as it can be used for up to 10 years of borrowing for educational expenses. A new MPN must be signed if you cease enrollment for one full academic year or if your MPN has expired after 10 years. Each academic year, all students using the MPN will be notified of their loan eligibility.

Annual/Aggregate Loan Limits

• Maximum loan limits: Unsubsidized loan limits plus additional loan amounts.

Repayment

Student does not have to pay the principal if enrolled at least half-time, but will be charged interest. Student can defer interest but it will be capitalized (added to principal loan balance) later.

Eligibility

• Complete FAFSA
• Must be enrolled at least half time
• Annual maximum loan eligibility under the Federal Direct Subsidized and Federal Direct Unsubsidized Loan Program must be met
• No annual or aggregate amounts, except student may not borrow more than the difference between the Cost of Attendance (COA) and other financial aid the student excepts to receive
• Contingent upon credit approval
• Must complete Master Promissory Note and Entrance Counseling prior to first disbursement
• For more information, visit Federal Student Aid.

Interest Rates

• Fixed interest rate of 9.08 percent for loans first disbursed on or after July 1, 2024, and before July 1, 2025
• Fixed interest rate of 8.05 percent for loans first disbursed on or after July 1, 2023, and before July 1, 2024
• Interest accrues as soon as the first disbursement is made.

Loan Fees

Loan Limits

• Maximum amount is cost of attendance minus any other financial aid the student receives; no minimum award amount.

Repayment

Please visit studentaid.gov for detailed information or contact the lender.

Apply for a Federal Direct Graduate PLUS Loan

• Online PLUS Request Process available through the Department of Education. Students will need their FSA ID to log in to the Department of Education's secure site.

The LDS and HPSL programs provide long-term, low-interest rate loans (5%) to full-time, financially needy students from disadvantaged backgrounds, to pursue a degree in allopathic medicine, osteopathic medicine, dentistry, optometry, podiatric medicine, pharmacy, or veterinary medicine.

• College of Dental Medicine
• College of Optometry
• Dr. Kiran C. Patel College of Osteopathic Medicine
• Barry and Judy Silverman College of Pharmacy

Citizenship Status

A student applicant must be a citizen or national of the United States, or a lawful permanent resident of the United States, the Commonwealth of Puerto Rico, the Northern Mariana Islands, the Virgin Islands, Guam, American Samoa, or the Trust Territory of the Pacific. A student who remains in this country on a student or visitor's visa is not eligible.

Loan Amounts

Loans made on or after November 13, 1998, may be made in amounts that do not exceed the cost attendance (including tuition, other reasonable educational expenses, and reasonable living expenses).

Parents' Financial Information

Graduate students are independent; however, U.S. Department of Health and Human Services regulations require schools to consider parents' information for the purpose of awarding HPSL or LDS funds. This requirement cannot be waived unless the parents are deceased; a student who does not provide parental income information will not be considered for HPSL or LDS funds.

Interest Rates

An interest rate of five percent per year applies to all loans made on or after November 4, 1988. Interest is computed on the unpaid principal balance and begins to accrue upon expiration of the grace period, unless a borrower is eligible for deferment status.

Grace Period

The grace period for LDS and HPSL is one year long during which repayment of principal is not required and interest does not accrue. The grace period immediately follows completion or termination of full-time-student status and cannot be postponed to follow any deferments for which the borrower may be eligible.

Deferment Provisions

A deferment period on LDS and HPSL means that interest does not accrue and the borrower does not have to make payments on the loan. Borrowers may obtain deferments if they participate in certain activities, please see chart below:

Forbearance

Due to a borrower's extraordinary circumstances, and at the discretion of the institution, the borrower may be placed in forbearance. This has the effect of temporarily suspending payment of principal; however, interest continues to accrue. During periods of forbearance, interest continues to accrue on the unpaid principal balance of the loan. Further, a minimum payment must be made on all accrued interest during the period in which the borrower is in forbearance.

Cancellation

LDS and HPSL may be canceled because of the death of the borrower, or because the borrower has become permanently and totally disabled.

Permanent and Total Disability

A borrower is entitled to cancellation of an HPSL in the event of permanent and total disability. Permanent and total disability is defined as being unable to engage in gainful employment of any kind because of a medically determinable impairment which is expected to continue for a long and indefinite period of time or to result in death. The review and final determination shall be made by the Secretary on the recommendation of the school, supported by required medical certification relating to the borrower's disability.

1. The Primary Care Loan (PCL) program interest rate is 5 percent which begins to accrue following a one year grace period after you cease to be a full-time student.
2. New recipients of the Primary Care Loan must enter into a residency training program in family medicine, internal medicine, pediatrics, combined medicine/pediatrics, preventive medicine, or osteopathic general practice; must complete the residency program within 4 years of graduation; and must practice primary care for either 10 years (including the years spent in residency training) or through the date on which the loan is repaid in full, whichever occurs first.
3. Should you fail to fulfill the service obligation; the outstanding loan balance will be computed annually at an interest rate of 2 percent greater than the rate you would pay, if compliant.
4. Repayment begins following a 12-month grace period after you cease to be a full-time student. Loans are repayable over a period of not less than 10 years or more than 25 years, at the discretion of the institution.
5. Repayment of the Primary Care Loan may be deferred for
   
   • up to 4 years in an eligible primary health care residency program;
   • up to 3 years as a volunteer under the Peace Corps Act practicing in an eligible primary health care activity;
   • up to 3 years as a member of a uniformed service. To be eligible for deferment, you must be on sustained full-time active duty practicing in an eligible primary health care activity in the Army, Navy, Air Force, Marine Corps, Coast Guard, National Oceanic and Atmospheric Administration Corps, or the U.S. Public Health Service Commissioned Corps.

Please see the lists below of Acceptable and Unacceptable Training and Practice Activities per the U.S Department of Health and Human Services.

Acceptable Residency Training for Osteopathic Medicine Approved 3-Year Residencies

• Family Medicine
• Pediatrics
• Preventive Medicine
• Internal Medicine
• Combined Medicine/Pediatrics
• General Practice

Acceptable Practice Activities for Osteopathic Medicine Primary Clinical Practice

• Clinical Preventive Medicine
• Public Health
• Adolescent Medicine
• Sports Medicine
• Training for Public Policy Career
• Public Policy Fellowship
• Primary Care Fellowship
• Occupational Medicine
• Geriatrics
• Adolescent Pediatrics
• Training for Primary Care Faculty
• Masters in Public Health
• Faculty Development Training
• Hospitalist

Urgent Care [Campus Based Policy Memorandum 2003 - 1]

Senior/Chief Resident in primary care residency program

Faculty, Administrators, or Policy Makers certified in one of the primary health care disciplines

Unacceptable Residency/Practice Activities for Osteopathic Medicine

• Gastroenterology
• Surgery
• Radiology
• Physical Medicine
• Other Subspecialty Training or Certification
• Obstetrics/Gynecology
• Dermatology
• Rehabilitation Medicine
• Emergency Medicine
• Cardiology