Scholarships/Awards & Student Loans

Federal Direct Loan (Unsubsidized)

This loan is a funding source for students who need additional funding to meet the cost of education. Financial need is not required to be eligible to borrow through an Feral Direct Unsubsidized Loan. There is no Subsidized Direct Loan eligibility for graduate/professional students.

Medical students are eligible to borrow up to $47, 167 for M1 - M3 and $42,722 in M4 each academic year through a Federal Direct Unsubsidized Loan, although not to exceed the aggregate loan limit of $224,000.

Federal Direct Unsubsidized Loans

Federal Direct Graduate PLUS Loan (Grad PLUS)

This loan is an alternative funding source for graduate or professional students who need additional funding to meet the cost of education. Financial need is not required to be eligible to borrow through a Federal Direct Grad PLUS Loan.

Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Direct Loan Program before applying for a Grad PLUS loan.

Federal Direct Graduate PLUS Loans

Loans for Disadvantaged Students Program (LDS)

This loan program is designed to assist educationally or economically disadvantaged students in paying for their health professions education. Based on financial need. The interest rate is 5%.

To be considered for this program, a student must submit a Free Application for Federal Student Aid (FAFSA). Parents’ information must be submitted even if you are an independent student.

Primary Care Loan

The Primary Care Loan (PCL) program is a low cost federal loan program for medical students committed to primary health care practice. The interest rate is 5% (except that borrowers who fail to fulfill the primary care residency and practice requirement will be charged 7% interest). The interest begins to accrue following a one-year grace period after you cease to be a full-time student. The loan also offers deferment of principal and interest and cancellation options. The yearly maximum award is cost of attendance. Students must complete the Free Application for Federal Student Aid (FAFSA) to apply for this loan and must submit parents information even if they are independent.

FastChoice Tool

Private educational loans can be used to pay for your educational costs while a student at UND SMHS. There are a variety of lenders that offer private student loans, and every loan is different.

The FastChoice tool allows you to easily compare key aspects of different private loan options. FastChoice is not a lender and not every institution that offers private loans will appear in FastChoice.

FastChoice

Lender information is provided as a courtesy and in no way should it be interpreted as a requirement to use one of the listed lenders.

UND SMHS will process loans from any lender that participates in any educational loan programs.

The following loan programs are for medical students who will be graduating and pursuing a residency program. The funds must be used for residency interviewing or relocating expenses. You can only apply for ONE of the residency loan programs.

Discover Student Loans

• Discover Student loan Options
• Application Form
• Origination Fees: None
• Interest Rate: Variable or Fixed
• Grace Period: 9 months
• Interest Capitalization: Upon entering repayment
• Annual Loan Limit: $18,000
• Repayment Terms: Repayment begins after residency up to 20 years
• Deferment Options: Residency deferment

Sallie Mae

• Sallie Mae Student Loans
• Application Form
• Origination Fees: None
• Interest Rate: Variable
• Interest Capitalization: Upon entering repayment and at the end of any forbearance/deferment period
• Annual Loan Limit: $30,000
• Repayment Terms: Repayment begins three years after graduation or nine months after leaving school or dropping to less than half-time status; up to 20 year repayment period
• Deferment Options: Residency deferment up to three years