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Loan programs for U.S. citizens and permanent residents

Student loan options for US citizens and permanent residents are available to cover your full cost of attendance, regardless of which Áù¾ÅÉ«Ìà education program you are enrolled in or where you are in the curriculum. 

Before you borrow

Borrowing funds to pay for educational costs is a tremendous responsibility. All loans borrowed must be repaid; regardless of your academic or professional success. If you default, you risk ruining your credit, which can burden you for up to 10 years and can affect your ability to secure credit, housing, insurance, or even employment. Thus, we urge you to borrow only as much as you need, which may not be your full cost of attendance (COA). Student loans have varying interest rates and term lengths that can affect the total amount you will pay over the life of the loan. Typically, repayment begins after you have completed your education.

You will not be permitted to borrow more than the COA for each loan period. Even if a student loan is approved by a lender for an amount larger than the cost of attendance, the Office of Financial Aid can only certify a maximum amount equal to that of your total COA. Consumer or other personal debt (credit cards, mortgages, car payments, legal fees, family support, etc.) cannot be included in the COA.

It’s important to know what is on your credit report, since our main loan provider, Sallie Mae, will be basing their credit decision on the information in your TransUnion credit report. Your credit score is not as important as the detailed account histories contained in your full report. Sallie Mae’s credit decision will be based on these historic credit details. You are eligible for a free copy of your report from each of the three credit reporting agencies once a year and any time you are denied housing, insurance, employment, or credit based on the data in your report. You can get your free annual copy at .

Full COA for each loan period can be covered by the appropriate Sallie Mae program. Sallie Mae offers loan programs for students in both the Accelerated Review Program (ARP) and Doctor of Medicine program. Your COA, and the semesters included in your loan period, will vary according to your progress through the curriculum. COA budgets for both the standard MD curriculum and the Extended Basic Science (EBS) curriculum can be found on the Cost of Attendance webpage. You will also get a financial aid package via email with your COA before each award year's start.

Please don't apply for any loans until you receive your financial aid package email.

You will get a financial aid package at the appropriate time to apply or reapply. Please be sure to wait for those instructions before submitting any applications to Sallie Mae.

Sallie Mae Medical School Loan Program

Áù¾ÅÉ«Ìà has partnered with Sallie Mae to offer the Sallie Mae Medical School Loan Program to Áù¾ÅÉ«Ìà MD students who are US citizens or Permanent Residents. The Sallie Mae Medical School Loan is a private educational loan. This means that it is not subsidized by the federal government, nor is an approval guaranteed. The lender’s decision to approve a loan request will be based on the student’s and any co-signer's creditworthiness as displayed by the data in their credit report. This may also include a review of the applicant’s debt-to-income ratio.

Features: 

• Easy online application.
• Borrow up to full COA.
• Three repayment options to choose from, including deferment until after graduation or minimum monthly payments while in school.
• Competitive interest rates, with the choice of variable or fixed- rate once your request is approved.
• Up to 20 years to repay with no prepayment penalties.
• 36- month grace period.
• Up to 48 months of residency and internship deferment.
• No co-signer requirement; however, applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.

Use the following loan application links to apply for your Medical School Loan online:

Sallie Mae Residency And Relocation Loan Program

The Residency and Relocation Loan from Sallie Mae allows students to finance the costs associated with finding a medical residency, including travel to interviews and relocation costs. If you’re enrolled at least half time in your final year of study or have graduated from medical school in the last 12 months, you can use the loan to cover board examination expenses, as well as other expenses not included in your school’s cost of attendance.

 for the Sallie Mae Residency and Relocation Loan.

Áù¾ÅÉ«Ìà Institutional Loan Program

Áù¾ÅÉ«Ìà maintains a loan program for students who have been unsuccessful at qualifying for Sallie Mae's Smart Option or Medical School Loan programs. This University-funded program provides loans to students who have made a concerted effort to obtain funding for the upcoming term and have fallen short of their needs. Loans approved under this program are applicable toward tuition only. Students must have been denied by Sallie Mae to qualify. These loans are available on a per-semester basis. The maximum amount available per semester is $6,000.

Contact the Office of Financial Aid for further information and to determine eligibility. 

In-school deferment for your previous student loans

Students who have borrowed previous education loans need to be diligent about monitoring the status of ALL existing student loan accounts while enrolled at Áù¾ÅÉ«ÌÃ. Since Áù¾ÅÉ«Ìà has not been approved to participate in the Federal Student Aid programs, any existing student loans will not be eligible for in-school deferment. Áù¾ÅÉ«Ìà also does not automatically report enrollment to lenders.

In-school deferment forms require a federal school code. Áù¾ÅÉ«Ìà does not have a federal school code. If a deferment form is submitted to the Registrar, the form will be completed, less the school code field, and submitted to your lender. Approval is not guaranteed. You must monitor your accounts to ensure the outcome of your deferment request. If your deferment is not approved by your lender, you should be able to apply for forbearance.

Loan forgiveness programs

Medical school loan forgiveness programs offer valuable opportunities for graduates to reduce or eliminate their student debt. These programs, available through federal and state governments as well as private organizations, often require participants to meet specific criteria, such as serving in designated health professional shortage areas (HPSAs) or primary care roles. By participating in these initiatives, physicians can receive significant financial support while addressing critical healthcare needs in underserved communities. Explore the resources below to find out how to ease your debt burden while advancing your medical career.

• (financialresidency.com)
• (aafp.org)
• (bankrate.com)
• (nerdwallet.com)