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 $40,500 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 (GradPLUS)

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 GradPLUS 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 GradPLUS loan.

Federal Direct Graduate PLUS Loans

Federal Perkins Loan

As of October 1, 2016 medical students are no longer eligible for Federal Perkins Loan funds.

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. Amounts beyond this may be awarded to third- and fourth-year students. 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.

Minnesota Student Educational Loan Fund (SELF)

This is a loan for Minnesota residents. Interest payments are required while the student is in school. The interest rate is variable and a cosigner is required. The minimum loan processed is $500.

SELF loans cannot exceed the student’s cost of attendance minus all other financial aid that the student is eligible to receive.

Loan Limit Amount: Graduate–$10,000

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.

It is recommended that you compare and contrast as many different lenders as possible. A quick way to do this is to use the FASTchoice tool, which allows you to easily compare and contrast 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

Institutional Aid Loans

In compliance with the Federal Reserve and Department of Education rules and regulations effective February 14, 2010, students who borrow through private or institutional educational loans are required to complete the Private Loan Self-Certification Form for each loan requested before loan funds can be disbursed.

These loans have been donated to The University of North Dakota School of Medicine & Health Sciences for support of financially needy UND SMHS medical students. These loans accrue interest from the day they are disbursed. Interest rates vary but generally range from 3% to 5% and are fixed for the life of the loan based on the year you borrow the money.

Students borrowing through medical loans from UND are also required to complete the Private Loan Self-Certification form. The form will be mailed to the student. The student must complete the form, and sign and mail it to the UND Medical School Financial Aid Office before funds will be disbursed.

Gabriel J. Brown Trust Loan Fund

This is a loan for North Dakota residents. The student must be in need of financial assistance to continue their education.

Principal and interest repayment begins one year after the student graduates or leaves school, and the interest rate is 5%.

The deadline for application is May 15 of each year.  

Gabriel J. Brown Trust website

UND SMHS Revolving Loan

The University of North Dakota School of Medicine & Health Sciences Revolving loan program is a loan program for North Dakota residents. We process requests for UND SMHS medical students and for dental students who are enrolled at a different campus. Loans are based on financial need. The interest rate is 6%. The yearly maximum is $10,000 with a cumulative maximum of $40,000. The loan also offers deferment and cancellation options. Students must complete the Free Application for Federal Student Aid (FAFSA) to apply for this loan.

North Dakota Academy of Family Physicians

This is a loan for North Dakota residents. The student must be a senior medical student who has indicated an interest in family medicine. The student must be in need of financial assistance to continue their education. The yearly maximum is $7,000.

Deferment of principal plus interest (up to three years) is available while participating in an approved ND Family Practice residency program. If you don’t do a Family Medicine residency in North Dakota, payments begin immediately for the NDAFP loan. The interest rate is 5%, and this loan must be repaid in 25 months.

American Medical Association Education Research Foundation Loan Fund (AMA-ERF)

Deferment of principal and interest is available for residency (up to three years).

Repayment begins one year after graduation with 10 years as the maximum length to repay.

This loan has death and total disability cancellation options.

This information is subject to change. For the most accurate information, please contact the lender.

UND SMHS Student Financial Aid Office and its staff do not endorse or accept any incentives, financial or otherwise, from the lenders listed on our lender list. 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 senior 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: $20,000
  • 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

Wells Fargo MedCap-X-tra

  • Wells Fargo Student Loans
  • Origination Fees: None
  • Interest Rate: Variable
  • Interest Capitalization: At repayment and at the end of each period of borrower–requested forbearance
  • Annual Loan Limit: $15,000
  • Repayment Terms: Repayment begins 36 months after graduation or 6 months after you cease to be enrolled in full-time studies, 20-year repayment term.
  • Deferment Options: No payments for up to 36 months after graduation

This information is subject to change. For the most accurate information, please contact the lender.

UND SMHS Student Financial Aid Office and its staff do not endorse or accept any incentives, financial or otherwise, from the lenders listed on our lender list. 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.