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Guide and resources:
Online Medical Loan
Education Debt Relief Information. Students, Residents,
Fellows-in-Training. Information for. Get Involved. Financing.
Meidical Education Scholarships each year of education.
American Medical Association loan consolidation site. LDS's
are geared towards those medical students that come from
environments lacking in educational opportunities or financial
resources.
www.acponline.org/srf/financing.htm
The MedBEST medical
loan will be insured by The Education Resources
Institute (TERI); M & T Bank. It helps bridge the gap
between tuition costs and the statutory Federal loan limits.
The average medical school tuition is $172,000 for four
years - the Stafford Loan limit barely covers one year.
The loan is based on financial need and allows students
to finance any portion of the current year's certified expenses
and past due balances once they exhaust their Federal Stafford
Loan Program eligibility.
Repayment Benefits
Interest rate reduction of 1% if the borrower agrees to
practice medicine or conduct life science research full-time
in Pennsylvania for 3 consecutive years after graduation
or licensure. Interest rate reduction of an additional 1%
if the borrower further agrees to practice or conduct life
science research in a specifically designated shortage area
of Pennsylvania.
www.pheaa.org/educationalloans/medbest.shtml
Primary
Care Loan
• With no maximum limit, physicians have between 10
and 25 years to repay the loan (5% interest rate).
• Students who accept the loan must complete a residency
program within four years of graduating from meidical school.
• The service requirement stipulates that the student
must practice primary care till the loan is paid in full
(or else forfeit grace period and pay financial penalty).
• Primary Care loans cannot be consolidated online
(it would eliminate the service requirement).
• Students can use the Primary Care loan to consolidate
other federal loans with higher interest rates.
Your financial aid office will determine how much you can
borrow based on your eligibility, the amount of PCL funds
available at your meidcal institution and other criteria
online. The maximum award for first- and second- year students
is cost of attendance (including tuition, meidical educational
expenses, and reasonable living expenses). Amounts beyond
this may be awarded to third- and fourth-year medcial students.
Health
Education Assistance Loan Program (HEAL)
• Geared towards medical students, the aggregate limit
is $80,000, but the loan may be refinanced to consolidate
all underlying HEAL loans (no limit for a refinanced HEAL
loan).
• HEAL loans have only one grace period (unless a grace
period was used on a previous HEAL loan, eliminating any
further grace periods for HEAL loans).
• Interest continues to accrue in periods of deferment
(up to four years depending on circumstances).
• New HEAL loans discontinued in November 1998, but
the HEAL refinancing option is still available (repayment
period can range 10 to 25 years) for those who borrowed
HEAL loans until September 30, 2004.
See also:
• Patient
Finance Loan
• Unclaimed
Money
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