Student Loans Insight

Medical loans for students

The demand is higher then ever for nurses and other specialists in the United States medical industry. Special funding, however, isn’t necessarily easy to come by. For medical students, The Association of American Medical Colleges (AAMC) offers a loan program. The initial part of the Medloans program is essentially the traditional Stafford subsidized and unsubsidized loans. All eligibility requirements and funding amounts follow federal guidelines for these loans as they are one and the same. The program, however, expands beyond these programs to encompass other options for students.

Alternative Loan Program
Medloans, however, also offers students an Alternative Loan Program (ALP). The ALP is for students in good credit standing who are enrolled at least half-time and not in default on any other student loan. The loan maxes out at $250,000 educational indebtedness from all sources of student aid. Repayment begins three years after graduation or just nine months after dropping below half-time. In all, borrowers have 20 years to repay their debt.

MEDEX Loan
Students who are enrolled in their forth or final year of study can qualify for a MEDEX Loan. This loan has an annual maximum of $15,000. Like the ALP, the MEDEX Loan only allows students to borrow an aggregate maximum of $250,000 total. This loan also offers a three-year grace period after college. Graduates can then take up to 20 years to repay the funds. Interest on the loan can be deferred while the borrower is in school and during the grace period. The interest rate, however, is prime plus two percent.

To be eligible for this aid, students must be eligible for federal student aid and be enrolled at a qualifying AAMC member allopathic or American Association of Colleges of Osteopathic Medicine (AACOM) member.

To apply for a Medloans aid program, or one of the programs mentioned above, contact your school financial aid office with specific details about what it is your looking for. To view other potential medical school loans that come in the form of private collegiate funding, visit our Student Loans Net homepage.

This entry was posted on Sunday, December 2nd, 2007 at 9:14 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.