Medical School Loans Stafford Loan
Stafford loans are the first component of the Sallie Mae Medical School Loans package for students enrolled in a program at an allopathic or osteopathic school of medicine.
Eligibility
- You must attend a school that participates in the Federal Family Education Loan Program.
- You must be a U.S. citizen or non-citizen permanent resident.
- You must be enrolled at least half time or more in an eligible school and meet other eligibility criteria in the Federal Stafford Loan Master Promissory Note.
- You must have submitted a FAFSA.
Features
- The Stafford loan has money-saving benefits that can save you money in repayment.
- No payments are required while you are in school.
- You get 24/7 online account management.
- You get life-of-loan servicing from Sallie Mae.
- You have the convenience of combined billing for all of your Sallie Mae-serviced loans.
- There is no prepayment penalty.
Loan terms
Loan limits
Annual: $40,5001
Aggregate: $189,125
1The unsubsidized Stafford loan limit is less any subsidized loan amount. (The annual subsidized limit is $8,500. Aggregate subsidized limit: $65,500.) Limits may vary by school. See your financial aid officer for more information.
Interest rate
The Stafford loan interest rate is 6.8%.
Fees
For loans first disbursed July 1, 2007–June 30, 2008: Up to 2.5% in fees that includes a 1.5% federal origination fee and a 1% federal default fee. For loans first disbursed July 1, 2008–June 30, 2009: Up to 2% fees that includes a 1% federal origination fee and 1% federal default fee. There are lenders and guarantors that work with Sallie Mae that pay all or a portion of these fees.
Repayment
- Repayment begins after a six-month grace period following graduation, leaving school, or changing to less-than-half-time status.
- Deferment and forbearance options are available for residency.
Another way to help pay down your loan
With Upromise Loan LinkSM student and parent borrowers who join Upromise® can link their Sallie Mae loan account to their Upromise account and use their Upromise rewards to help pay down their eligible Sallie Mae-serviced student loans. Visit www.salliemae.com/upromise to learn more and enroll today.
Legal
You are responsible for the interest on your unsubsidized Stafford loan while you are in school, but you do not have to pay the interest during this time. Interest is capitalized once at repayment on Medical School Loans unsubsidized Stafford loans following uninterrupted periods of grace and deferment. (Not applicable to subsidized Stafford loans.)