Medical School Graduate PLUS Loans
The total borrowing limit of a Graduate PLUS Loan is determined by attendance costs and loan fees, minus any financial aid or Federal Stafford Loans already received. The attendance cost consists of tuition, room and board, lab fees, supplies and travel. For example: if attendance costs $10,000 and $4,500 was already awarded in financial aid, then a $5,500 PLUS loan can be taken out. The money from the loan is transferred directly to the school in the form of an electronic funds transfer. It is then applied toward expenses. Any remaining money is sent directly to the medical student, but must be used for educational purposes.
There are two different types of Graduate PLUS loans for medical students:
- Direct PLUS Loans - Money borrowed from the US Department of Education directly through your school
- FFEL PLUS Loans - Money borrowed through a private lending institution
- Graduate PLUS Loans are not contingent upon financial need. Any graduate student with a good credit score can receive a PLUS Loan. Even without a good credit score, a medical student can still receive a PLUS Loan if someone else is willing to endorse the loan, or there are extenuating circumstances that have directly led to a poor credit score.
- The interest rate for Graduate PLUS Loans disbursed on or after July 1, 2006 is fixed at 8.5%.
- You can apply for a Graduate PLUS Loan beginning in mid-March through October
- There are no prepayment penalties
- You will be notified concerning your approval status within 24 hours
For further information on Graduate and Professional Student PLUS Loans, visit the following websites.
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Even as a young child practicing medicine on your stuffed animals, you knew that you were destined to become a physician. But the road to obtaining your medical degree takes more than just the ability to mend the imaginary wounds of a teddy bear.
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