This information was gathered on June 20, 2017 from https://members.aamc.org/eweb/DynamicPage.aspx.
Explore federal loans and compare to ensure 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.
This information was gathered on June 20, 2017 from https://students-residents.aamc.org/financial-aid/article/the-cost-of-applying-to-medical-school/.
This information was gathered on June 23, 2017 from https://www.nhsc.hrsa.gov/scholarships/.
This information was gathered on June 23, 2017 from https://www.goarmy.com/amedd/education/hpsp.html.
This information was gathered on June 23, 2017 from https://students-residents.aamc.org/financial-aid/article/public-service-loan-forgiveness-pslf/.
This information was gathered on June 23, 2017 from https://www.aamc.org/advocacy/meded/79232/federal_student_loans.html.
This repayment example is based on a typical Medical School Loan made to a first-year graduate medical borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.54% fixed APR. It works out to 81 payments of $25.00, 239 payments of $129.14 and one payment of $25.17, for a Total Loan Cost of $32,914.63.
If at any time during the repayment period you enter an approved internship, clerkship, fellowship, or residency program you may contact us to request a deferment. To apply for this deferment, you must submit a form completed by you and an official from the approved program, to us for consideration. If you receive the deferment, the Current Amount Due you will be required to pay each month during the deferment period will reflect the same repayment option that applied to your loan during the in-school period. Deferment periods are issued in up to 12-month increments. You can receive a maximum of five 12-month deferment periods (60-month maximum). 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.
Interest is charged starting at disbursement, during school and the separation/grace period, and until the loan is paid in full. 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. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a first-year graduate. Graduate student pricing for this loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible.
Savings based on a typical loan to a first-year graduate student.
Sallie Mae does not provide, and these materials are not meant to convey, financial, tax, or legal advice. Consult your own attorney or tax advisor about your specific circumstances.