footnote 1. Explore federal loans and compare to make sure you understand the terms and features. Sallie Mae Medical School loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.
footnote 2. This information was gathered on 08/19/22 from https://students-residents.aamc.org/financial-aid/article/the-cost-of-applying-to-medical-school/.
footnote 3. This information was gathered on 08/19/22 from https://nhsc.hrsa.gov/sites/default/files/NHSC/scholarships/nhsc-scholarship-application-program-guidance.pdf.
footnote 4. This information was gathered on 08/19/22 from https://www.goarmy.com/amedd/education/hpsp.html, https://www.navy.com/what-to-expect/education-opportunities/graduate-professional-degree-opportunities, and https://www.airforcemedicine.af.mil/Media-Center/Fact-Sheets/Display/Article/425437/hpsp-fact-sheet/.
footnote 5. This information was gathered on 08/19/22 from https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service.
footnote 6. This information was gathered on 08/19/22 from https://bhw.hrsa.gov/loansscholarships/schoolbasedloans.
footnote 7. Example of a typical transaction for a $10,000 Medical School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 81-month in-school and separation period, it works out to 10.61% fixed APR, 81 payments of $25.00, 238 payments of $173.04 and one payment of $68.39, for a total loan cost of $43,276.91. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 20 years.
footnote 8. To apply for this deferment, customers and an official from the internship, clerkship, fellowship, or residency program must complete and submit a deferment form to us for consideration. If approved, the loan will revert back to the same repayment option that applied during the in-school period for up to 12 months. Customers can apply for and receive a maximum of four/five 12-month deferment periods. Interest is charged during the deferment period and Unpaid Interest may be added to the Current Principal at the end of each deferment period, which will increase the Total Loan Cost.
footnote 9. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
footnote 10. Savings based on a typical loan to a first-year graduate student.
footnote Sallie Mae does not provide, and these materials are not meant to convey, financial, tax, or legal advice. Consult your own financial advisor, tax advisor, or attorney about your specific circumstances.
footnote Information advertised valid as of 3/27/2023.
footnote External links and third party references are provided for informational purposes only. Sallie Mae cannot guarantee the accuracy of the information provided by any third parties and assumes no responsibility for any errors or omissions contained therein. Any copyrights, trademarks and/or service marks used in these materials are the property of their respective owners.
footnote FAFSA is a registered service mark of U.S. Department of Education, Federal Student Aid.