Internal Sources
Federal Perkins Loan: This is a campus-based federal program which carries 5 percent interest. Effective 7/1/93, repayment commences after a nine month post-graduation grace period. Maximum yearly award is $8,000. Interest does not accrue until repayment begins. Maximum repayment of 10 years.
University Loan (UML): Donor-specified dollars made available as loans to medical students (with or without restrictions). Simple Interest is calculated at the rate of 0 - 5 percent, and begins to accrue from the date the loan is made. All University Loans are due one year after graduation, or monthly repayment begins at this time. No grace period is offered. Parental and student financial information is used to determine eligibility.
University Grant in Aid: Donor-specified dollars made available as grants to medical students (with or without restrictions). Parental and student financial information is used to determine eligibility. Funds do not have to be repaid.
Scholarship for Disadvantaged Students (SDS): * Federal scholarship available to students from "disadvantaged" backgrounds and who demonstrate need. Parental and student financial information is used to determine eligibility. School must qualify each year an allocation from the federal government.
Loans for Disadvantaged Students (LDS): * Federal long-term 5 percent loan that is offered to students from "Disadvantaged" backgrounds. Repayment begins one year after student ceases to be enrolled full-time and is deferrable throughout residency. Parental and student financial information is used to determine eligibility.
Primary Care Loan (PCL): Federal loan program available only to selected students who agree to commit to a primary care residency and practice. The Department of Health and Human Services defines primary care as family medicine, general internal medicine, general pediatrics and preventive medicine. Interest rate is 5 percent and is subsidized during school and during residency. This loan is deferrable throughout residency training. Maximum repayment of 25 years after a 12 month grace period. Parental and student financial information is used to determine eligibility.
The obligations will include:
- Completion of a primary care residency not more than four (4) years after graduating from medical school;
- Practice of primary care medicine until the loan has been repaid.
The penalty for breaking the obligation is as follows:
- The interest is recalculated at 18 percent (instead of 5percent) beginning on the date of noncompliance.
* An individual from a disadvantaged background is defined as someone who either comes from an environment that has inhibited the individual from obtaining the knowledge, skill and abilities required to enroll in and graduate from a school; or comes from a family with an annual income below a level based on low-income thresholds according to family size published by the U.S. Census, adjusted annually for changes in the Consumer Price Index, and adjusted by the Secretary of Health and Human Services for adaptation to this program.
