Federal Direct Loans

We automatically offer Unsubsidized and GradPlus loans to eligible, currently enrolled medical students who have completed their FAFSA.

Direct Unsubsidized Loan 

This loan is federally-guaranteed, and it is not based on financial need.  Interest accrues from the time the loan is disbursed to the school and is a fixed rate for the life of the loan.  Loan origination fees are taken out at the time of disbursement. There are maximum amounts you can receive per school year determined by the number of months you are in school.

If you are an:

  • MS1 or MS2 you may borrow up to $42,722
  • If you are an MS3 you may borrow up to $47,167
  • If you are an MS4 you may borrow up to $44,944

 

Grade Level Loan Type First Disbursed Between 7/1/17 and 6/30/18 First Disbursed Between 7/1/16-6/30/17 Loan Fee First Disbursed Before 9/30/17 & After10/1/17
Graduate/Professional Direct Unsubsidized Loan Fixed at 6% Fixed at 5.31% 1.069% / 1.066% 

Additionally, the life-time maximum a student may receive throughout their undergraduate, graduate and medical school career is $224,000 (also includes all Federal Direct or FFELP Subsidized Loans you may have received).

GraduatePLUS Direct Loan

Federal Direct Graduate PLUS Loan is a loan made by the U.S. Department of Education to graduate or professional students. Interest accrues from the time the loan is disbursed to the school and is a fixed rate for the life of the loan. Loan origination fees are taken out at the time of disbursement. Graduate PLUS Loans do require the borrower to be credit-worthy.

Grade Level Loan Type First Disbursed Between 7/1/17 and 6/30/18 First Disbursed Between 7/1/16-6/30/17 Loan Fee First Disbursed Before 9/30/17 & After10/1/17
Graduate/Professional Direct Graduate PLUS Loan Fixed at 7% Fixed at 6.31% 4.276% / 4.264% 

Federal Perkins Loan

The Federal Perkins Loan Program provides low-interest, subsidized loans to help needy students finance the costs of postsecondary education.  This loan verifies for financial need as determined by the U.S. Department of Education using a standard formula, established by Congress, to evaluate the financial information reported by the student on the Free Application for Federal Student Aid (FAFSA). The Federal Perkins Loan Program Extension Act of 2015 has authorized institutions to make final awards of this funding to undergraduate and graduate students for the 2015-2016 award year to eligible borrowers. The wind-down will be fulfilled by September 30,2016 where no further Federal Perkins Loans will be offered. For more details on eligibility, please discuss with the COM Financial Aid Office.  

 
Interest Rate information

5% Fixed Rate (interest FREE while attending school at least half-time)
9 month grace period
Limited by school’s allocation of funding