| EVMS Office of Financial Aid: Loans Available |
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Loans Available
Financial Aid Code of ConductStudents are responsible for deciding which lender to use for student financial aid. Students may select as their choice any lender from the available choices in the financial aid field. The EVMS Student Financial Aid Office also has available information regarding lenders students have used in the past. EVMS does not recommend lenders to students. The EVMS Office of Financial Aid adopted the following Student Loan Code of Conduct:
Any questions, feedback or concerns regarding student financial aid will be answered promptly by the Student Financial Aid Office or the Associate Dean for Academic Affairs. EVMS-Administered Student Loan FundsStudents are awarded school-administered loan funds based on financial need. Most loans are interest-free during enrollment and carry a 5 percent interest rate at the time repayment begins. Repayment will begin 12 months (grace period) after graduation or withdrawal from medical school. Both principal and interest payments may be deferred for internship and residency (for a maximum of three years) upon completion of the required deferment forms. The deferment may be continued for an additional year if the borrower can prove financial need. A 10-year repayment period is allowed.
Federal Perkins LoanThe Federal Perkins loan funds are administered by EVMS to students demonstrating need in accordance with federal guidelines. The maximum award a student may receive is $8,000 per year. Repayment begins nine months after graduation or after enrollment is terminated. Over the 10- year repayment period, the interest is 5 percent (the borrower is not charged interest during full-time study and deferment periods). Primary Care Loan (PCL)An M.D. student must show financial need to be eligible for PCL and must plan to do a primary-care residency and to practice in primary-care. Repayment begins after postgraduate training is completed. During the 10-year repayment period, interest accrues at the rate of 5 percent (i.e., the borrower is not charged interest during full-time study and deferment periods). These funds are limited and by federal regulations must be assigned to the neediest of students.
Federal Stafford Loan - SubsidizedThe federal government subsidizes the interest while the borrower is enrolled (i.e., the borrower is not charged interest until repayment begins). Effective July 1, 2010, all federal students loans are through the William D Ford Federal Direct Loan Progarm. Direct Subsidized Loans will be at a fixed interest rate of 6.8 percent. Repayment of the Subsidized Loan begins six months after graduation or when at least half-time enrollment is terminated. During the 10-year repayment period, the borrower must pay interest on the total outstanding balance. Medical student borrowers may be eligible for forbearance for two to three years for residency training. Each year, the borrower obtains the required forbearance form from the servicer. Federal Stafford Loan - UnsubsidizedThe interest charged begins to accrue at the time of the disbursement of the loan. Although students are responsible for paying their own interest, both interest and principal payments on the Federal Unsubsidized Stafford Loan may be deferred until completion of education or a student's status drops below half time. Medical student borrowers may apply for a forbearance for two to three years of residency. During these periods, interest accrues and may capitalize on the principal amount of the loan. The interest rate is fixed at 6.8 percent. Federal Graduate PLUS LoanEffective July 1, 2006 this loan is available to the graduate/professional student. In some cases an endorser may be required. Credit approval by federal guidelines, not credit score. Fixed rate interest of 7.9% The interest begins to accrue at the time of disbursement. To be eligible the student must be enrolled at least half-time. The loan can be deferred for the graduate/professional student enrolled in school at least half-time. Repayment begins at the time the student separates from school or when student drops below half-time enrollment. The amount borrowed cannot exceed the cost of attendance minus other financial aid awarded for the period of enrollment. Alternative/Private Loan ProgramsThere are lenders who provide alternative loan programs. These non-need-based loan programs are designed to assist students in financing the costs of education when the borrowers eligibility for Stafford loans has been exhausted. The total amount available per year is the cost of education (standard student budget) less all other financial aid, i.e., Federal Stafford Loan, school or outside awarded loans and scholarships. The amount borrowed may not exceed the approved school budget. Interest on these loans begins to accrue immediately and is at a higher rate than the Federal Stafford loan interest rate. Check with the servicer of the loan for the terms and conditions of these loans. Unlike the Federal loanprogram, most of the alternative loans are not insured in the event of a borrower's death or disability. Residency/Relocation Loans for senior medical studentsSeveral lenders offer loan programs designed especially for senior medical students. These loan programs are specifically designed to assist students with the expenses associated with interviewing for residency programs and in relocating to the area in which their residency training will occur. The terms of these loans vary (including fees and interest rates) by lender and repayment generally begins three to four years after graduation and may extend up to 20 years. Loans for International StudentsFederal regulations do not allow for federal financial assistance to be awarded to anyone who is not a U.S. citizen or permanent resident. As a result, assistance available for international students is provided by private lenders using private funding. Loan Funds Available for StudentsMedical Students
Graduate Program Students
Certificate Program Students
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| Last Updated on Wednesday, 27 October 2010 18:59 |