Loans

Federal Stafford Loans

Federal Stafford Loans allow students to meet some of their cost of education by borrowing money from the Direct Stafford Loan Program at favorable rates. Students must apply for these funds each year by completing the Free Application for Federal Student Aid (FAFSA).  Loan amounts are awarded based on the class level and cannot exceed the estimated cost of attendance for the school, including other aid (see the table below for class level eligibility).  Funds are  disbursed on a federally regulated disbursement schedule and applied to the student's educational costs. Disbursement amounts may be slightly lower than award amounts due to the 1.057% deduction for processing fees.


 

Federal Direct Unsubsidized Stafford Loan

An Unsubsidized Loan is not based on financial need. The student borrower of the unsubsidized loan is responsible for the interest from the time the loan is disbursed until it is paid in full. Borrowers may choose to pay the interest as it accrues while enrolled or may defer the interest and allow it to accumulate. If interest is allowed to accumulate, it will be capitalized - that is, the interest will get added to the principal amount of the loan and will increase the amount to be repaid. If interest is paid as it accumulates, repayment over time will be less. 

  • The interest rate is fixed at 5.28%.
  • There is a 6 month grace period after graduation or if enrollment drops below half time before repayment of the loan principal begins.

IMPORTANT NOTE - Before you can receive a Stafford Loan you must complete both the Loan Entrance Counseling and the Master Promissory Note online at https://studentloans.gov

 

Medical Student Loan Limits by Class Level:

Year 2022-2023 Budget/Maximum Financial Aid * Maximum Stafford Loan* Maximum Direct Plus Loan*
First Year                $62,181           $44,943          $17,238
Second Year                $51,102           $40,500          $10,602
Third Year                $65,032           $44,943          $20,089
Fourth Year               $60,100           $44,943          $15,157
Aggregate Loan Limits                    $224,000  

*The Budget/Maximum Financial Aid amounts are estimates. The actual amounts are subject to change due to tuition changes. Actual loan amounts may vary due to other aid received.

 

Physician Assistant Loan Limits by Class Level:

Year 2022-2023 Budget/Maximum Financial Aid* Maximum Stafford Loan* Maximum Direct Plus Loan*
First Year $64,887 $30,750 $34,137
Second Year $64,887 $30,750 $34,137
3rd year (one semester) $22,604 $10,250 $12,354
Aggregate Loan Limits   $138,500  

*The Budget/Maximum Financial Aid amounts are estimates. The actual amounts are subject to change due to tuition changes. Actual loan amounts may vary due to other aid received.

Federal PLUS for Graduate Students

Graduate students now have the option to apply for a Direct PLUS loan to assist in covering their educational costs. The PLUS loan cannot be awarded beyond the institution's Estimated Cost of Attendance, but it can assist the student in meeting educational expenses if this cost is more than the total of any other aid awarded (grants, waivers, fellowships, veteran's benefits, tuition assistance and other loans). A credit check is required for PLUS loan pre-approval. The Direct PLUS loan may be a better option than a non-federal (private) educational loan, so be sure to check out all options before choosing to borrow through a non-federal (private) loan.

The Direct PLUS loan is a credit based loan and a separate application must be completed online at http://studentloans.gov   If approved, borrowers must complete both the Direct PLUS Loan Entrance Counseling and the Direct PLUS Master Promissory Note online at http://studentloans.gov

 

 Notes

If your financial aid is equal to or greater than your estimated cost of attendance, you will not qualify for a PLUS loan, even if you are approved by a lender.