Medical School Loans Private Student Loan
With the Medical School Loans Private Loan, borrowers can get additional financing at a competitive rate — with no disbursement or repayment fees.
Eligibility
- You must be a U.S. citizen or non-citizen permanent resident, or a foreign borrower applying with a creditworthy U.S. citizen or permanent resident.
- You must have no student loans that are delinquent or in default.
- You must meet current credit criteria.
- You must be attending an allopathic or osteopathic medical school.
Benefits
- The Sallie Mae Medical Schools Loan Private Loan offers a 0.50 percentage point interest rate reduction awarded at repayment;1 and
- A 0.25 percentage point interest rate reduction for payments made by automatic debit.2
Features
- If you do not have an established credit history, applying with a creditworthy cosigner may help you qualify for the loan.
- Creditworthy borrowers may request a cosigner release from the loan obligation after making the first 24 consecutive payments of principal and interest on time.3
- No payments are required while you are in school.4
- You get 24/7 online account management.
- You have the convenience of combined billing for all of your Sallie Mae-serviced loans.
- There is no prepayment penalty.
Loan terms
Loan limits
- $1,000 minimum loan amount.
- Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received.*
Interest rate
Interest rates are variable and reset monthly.
Fees
There is no disbursement fee or repayment fee.
Repayment
Repayment begins three years after graduation or nine months after changing to less-than-half-time status.
Legal
* Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.
1 Interest rate reduction of 0.50 percentage point on the Private Loan continues during active repayment as long as payments are made by the due dates as initially scheduled. Loans eligible for the 0.50 percentage point interest rate reduction benefit must be first disbursed June 1, 2008 through May 31, 2009.
2 Interest rate reduction of 0.25 percentage point is available during active repayment for as long as the borrower’s monthly payment is successfully deducted from the borrower’s bank account. Loans eligible for the automatic debit benefit must be first disbursed June 1, 2008 through May 31, 2009.
3 The account must remain current until the request for release is processed. Borrower credit qualification applies. Borrower must be a U.S. citizen or permanent resident at the time the cosigner release request is processed.
4 Deferring payment while in school and in the grace period will increase the overall loan costs. Unpaid interest that accrues while you are in school and in the grace period will be capitalized (added to your loan amount) at repayment.
Sallie Mae Medical School Loans Private Loans are funded by Sallie Mae Bank® or a Sallie Mae lender partner.
Access to Upromise is not limited to Sallie Mae loan customers. Terms and conditions apply.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AND BORROWER BENEFITS AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE CLOSE TO THEIR LOAN DISBURSEMENT DATE TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING LOAN PROGRAMS, INCLUDING BORROWER BENEFITS.
Subject to the above, borrower benefits are effective for Sallie Mae Medical School Loans Private Loans first disbursed June 1, 2008 through May 31, 2009 and serviced by Sallie Mae.