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If the journey to your new career starts in Medical school, you shouldn’t have to focus on the expenses to complete it. The graduate medical student loan is specifically intended for osteopathic and allopathic medical students in need of a graduate student loan.
Loan Terms:
For the graduate medical loan, the minimum loan amount it set to $500. The yearly maximum amount is the borrower’s education expense minus received aid. The maximum lifetime amount is set to $250,000 including all education expenses both federal and private.
Eligibility:
To qualify for the graduate medical loan, the borrower must be a U.S. citizen or permanent resident, have no loans in default and be enrolled in an osteopathic or allopathic medical school. Additional requirements may be mandatory by the lender such as credit criteria.
It is recommended that the borrower apply for a Stafford loan before searching for additional funding beyond the limits of federal loans.
Interest Rates:
The graduate medical loan has a variable interest rate that fluctuates monthly. Before repayment, the typical interest rate is Prime + 0% however during repayment the interest rate is normally Prime + 2%. If the Direct Repay option is chosen, the interest rate can decrease to Prime + 1.25%.
Repayment:
For the graduate medical loan, repayment starts 3 years after graduation or 9 months after decreasing to less than half time enrollment status.
Additional graduate student loans:
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