Special Medical Student Loans
Several special federal loan programs (Title VII programs, Department of Health and Human Services) are available to medical students. You can be considered for these programs only if you provide your parent's income and asset information on your Free Application for Federal Student Aid (FAFSA).
The special medical student loans are:
- Primary Care Loan (PCL) — Aid IDs: PHM, UPHM, POM, UPOM
PCL has a 5% has a fixed interest rate for CHM and COM students enrolled full-time with proven financial need. Students who borrow through this program sign a contract that they will practice primary care medicine (family medicine, internal medicine, pediatrics, preventive medicine, or osteopathic general practice) until the loan is fully repaid; otherwise the interest rate changes from 5% to 18%. If you are interested in this loan you should contact the medical student advisory staff regarding your intent to practice primary care medicine. - Loans for Disadvantages Students (LDS) — Aid IDs: LHM, ULHM, LOM, ULOM, LVM, ULVM
LDS has a 5% fixed interest rate for medical students enrolled full-time with proven financial need who meets the federal definition of coming from a disadvantaged environment - Health Professions Student Loan (HPSL) — Aid IDs: HVM, UHVM
HPSL has a 5% fixed interest rate for veterinary students enrolled full-time with proven financial need
Eligibility
The Office of Financial Aid (OFA) determines eligibility based on proven financial need and availability of funds. These programs are awarded in late June after your initial aid awarding.
Terms
- Must be enrolled full-time for loan disbursement
- Interest is subsidized by the federal government during in-school, grace and approved deferment periods
- Grace period of 12 months after enrollment ceases
- Deferment and forbearance options available
- Standard 10 year repayment schedule; minimum $40/month payment
