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Federal and State Educational Loan Programs
Federal Direct Loan (Unsubsidized)
Medical students are eligible to borrow up to the following amount of Unsubsidized Direct loan programs in each academic year:
A student is eligible for a new loan maximum every academic year up to the following aggregate loan limits:
This loan is a funding source for students who need additional funding to meet the cost of education. Financial need is not required to be eligible to borrow through an Unsubsidized Direct Loan. There is no subsidized Stafford loan for graduate/professional students.
The fixed interest rates (6.8% on new Direct loans borrowed after July 1, 2006, and 7.9% on Federal Direct Grad Plus loans) are federally regulated and therefore do not vary between lenders. The borrower must pay the interest on the loan during in-school periods, during the grace period, during any deferment period, and during the repayment period. The borrower has the option of deferring the interest during these periods; however, the interest will be capitalized. Origination and guarantee or insurance fees are deducted before the funds are disbursed. Repayment of principal and interest begins six months after the student ceases at least half-time enrollment.
If you plan to borrow through this loan program for the upcoming school year, you will be required to complete a new Master Promissory Note (MPN).
The Federal Direct Loan programs require two disbursements if the loan period is the academic year.
Entrance loan counseling is also required before checks may be released. Exit loan counseling is required if the student drops below half-time enrollment, withdraws, or before the end of their last term of enrollment at the UND SMHS.
Federal Direct Graduate PLUS Loan (GradPLUS)
This loan is an alternative funding source for graduate or professional students who need additional funding to meet the cost of education. Financial need is not required to be eligible to borrow through a Federal Direct GradPLUS Loan.
Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Direct Loan Program before applying for a GradPLUS loan.
The GradPLUS loan borrower (or the cosigner if required) must have a good credit history.
Graduate or professional students who are enrolled at least half-time may borrow up to the cost of education minus other aid. This loan is borrowed directly from the federal government.
Repayment of the GradPLUS loan begins on the date of the last disbursement. Under certain circumstances, deferment and forbearance options may be available. Interest continues to accrue and must be paid during periods of deferment or forbearance.
Direct GradPLUS Interest Rate and Fees
Direct GradPLUS loans have a fixed rate of 7.9%. Origination fees are deducted before the funds are disbursed.
Federal Perkins Loan
The Perkins loan is a 5% interest loan awarded to graduate students who have financial need. The amount of the loan depends on estimated financial need and the amount of the other aid being received. The average award at the UND SMHS is $2,500 per academic year. Payment begins 9 months after the student ceases at least half-time enrollment. Students must complete the Free Application for Federal Student Aid (FAFSA) to apply for this loan.
The Perkins Loan offers other deferment and cancellation options. Contact the UND School of Medicine and Health Sciences Student Financial Aid Office or the Student Loan Service Center (800-698-7397) for more information.
Loans for Disadvantaged Students Program (LDS)
This loan program is designed to assist educationally or economically disadvantaged students in paying for their health professions education. Based on financial need. The interest rate is 5%. The average award at the UND SMHS is $2,000 per academic year. Deferment and cancellation options are available.
To be considered for this program, a student must submit a Free Application for Federal Student Aid (FAFSA). Parents’ information must be submitted even if you are an independent student.
Minnesota Student Educational Loan Fund (SELF)
This is a loan for Minnesota residents. Interest payments are required while the student is in school. The interest rate is variable and a cosigner is requried. The minimum loan processed is $500.
SELF loans cannot exceed the student’s cost of attendance minus all other financial aid that the student is eligible to receive.
Loan Limit Amount:
Primary Care Loan
The Primary Care Loan (PCL) program is a low cost federal loan program for medical students committed to primary health care practice. The interest rate is 5% (except that borrowers who fail to fulfill the primary care residency and practice requirement will be charged 7% interest). The interest begins to accrue following a one-year grace period after you cease to be a full-time student. The loan also offers deferment of principal and interest and cancellation options. The yearly maximum award is cost of attendance. Amounts beyond this may be awarded to third- and fourth-year students. Students must complete the Free Application for Federal Student Aid (FAFSA) to apply for this loan and must submit parents’ information even if they are independent.
UND SMHS Revolving Loan
The University of North Dakota School of Medicine and Health Sciences Revolving loan program is a loan program for North Dakota residents. We process requests for UND SMHS medical students and for dental students who are enrolled at a different campus. Loans are based on financial need. The interest rate is 6%. The yearly maximum is $10,000 with a cumulative maximum of $40,000. The loan also offers deferment and cancellation options. Students must complete the Free Application for Federal Student Aid (FAFSA) to apply for this loan.
Miscellaneous Loan Sources
Gabriel J. Brown Trust Loan Fund
This is a loan for North Dakota residents. The student must be in need of financial assistance to continue their education.
Principal and interest repayment begins one year after the student graduates or leaves school, and the interest rate is 5%.
The deadline for application is May 15 of each year. An application may be obtained from the Medical School–SFAO or by writing to Gabriel J. Brown Trust, 112 Avenue E. West, Bismarck, ND 58501.
North Dakota Academy of Family Physicians
This is a loan for North Dakota residents. The student must be a senior medical student who has indicated an interest in family medicine. The student must be in need of financial assistance to continue their education. The yearly maximum is $7,000.
Deferment of principal plus interest (up to three years) is available while participating in an approved ND Family Practice residency program. If you don’t do a Family Medicine residency in North Dakota, payments begin immediately for the NDAFP loan. The interest rate is 5%, and this loan must be repaid in 25 months.
American Medical Association Education Research Foundation Loan Fund (AMA-ERF)Deferment of principal and interest is available for residency (up to three years).
Repayment begins one year after graduation with 10 years as the maximum length to repay.
This loan has death and total disability cancellation options.
Medical College Access Program (MedCap) Alternative Loan Program (MAL)
This loan has a variable interest rate. The annual maximum is cost of education minus other financial aid, and this loan has a $250,000 aggregate maximum. The origination fee is 0% at disbursement. Medical students have a grace period of 36 months designed for residency completion that may be followed by up to 24 months of internship or residency forbearance.
For more information, visit Wells Fargo or call (800) 658-3567.
Dakota Education Alternative Loan (DEAL)
A fixed or variable interest rate is available. Your state of legal residency or school you are attending must be located in one of the following states: North Dakota, South Dakota, Minnesota, Montana, Wyoming, or Wisconsin. You must complete the Free Application for Federal Student Aid (FAFSA) if you plan to attend school at least half-time.
For more information, visit the Bank of North Dakota or call (800) 472-2166
Discover Health Professions Alternative Loan
This loan has a variable or fixed interest rate option. The annual maximum cost of education minus other financial aid, and this loan has a $275,000 aggregate maximum. The origination fee is 0% at disbursement. Medical students have in school deferment while enrolled at least half-time with an additional 9 months grace period after departure or graduation.
For more information, visit www.DiscoverStudentLoans.com or call (877) 728-3030.
Institutional Aid Loans
In compliance with the Federal Reserve and Department of Education rules and regulations effective February 14, 2010, students who borrow through private or institutional educational loans are required to complete the Private Loan Self-Certification Form for each loan requested before loan funds can be disbursed.
These loans have been donated to The University of North Dakota School of Medicine and Health Sciences for support of financially needy UND SMHS medical students. These loans accrue interest from the day they are disbursed. Interest rates vary but generally range from 3% to 5% and are fixed for the life of the loan based on the year you borrow the money.
Students borrowing through medical loans from UND are also required to complete the Private Loan Self-Certification form. The form will be mailed to the student. The student must complete the form, and sign and mail it to the UND Medical School Financial Aid Office before funds will be disbursed.
Residency Loan Programs
The following loan programs are for senior medical students who will be graduating and pursuing a residency program. The funds must be used for residency interviewing or relocating expenses. You can only apply for ONE of the residency loan programs.
Discover Student Loans
- Website: www.discoverstudentloans.com
- Application Link: www.discover.com/student-loans/residency-loans.html
- Origination Fees: None
- Interest Rate: Variable or Fixed
- Grace Period: 9 months
- Interest Capitalization: Upon entering repayment
- Annual Loan Limit: $18,000
- Repayment Terms: Repayment begins after residency up to 20 years
- Deferment Options: Residency deferment
- Website: www.wellsfargo.com/student
- Origination Fees: None
- Interest Rate: Variable
- Interest Capitalization: At repayment and at the end of each period of borrower–requested forbearance
- Annual Loan Limit: $15,000
- Repayment Terms: Repayment begins 36 months after graduation or 6 months after you cease to be enrolled in full-time studies, 20-year repayment term.
- Deferment Options: No payments for up to 36 months after graduation
This information is subject to change.
Award Policies and Procedures
Financial Aid Counseling
Counseling is available daily from 8 a.m. to 4:30 p.m. Monday through Friday to answer any questions or concerns that you have, although drop-ins are welcome to address short questions. Students are specifically encouraged to make an appointment to review financial needs prior to matriculation (per January–June of your acceptance). Entrance counseling is required for first-time borrowers for the Federal Direct, Federal Perkins, Primary Care Loan, and Federal Grad Plus programs. Students are also recommended to see the SMHS Student Financial Aid Office after their second year to review loan repayment information. Exit counseling is also required at graduation. Students should be aware that some loans are now dependent on either their creditworthiness or obtaining a cosignature.
Students must submit a Free Application for Federal Student Aid (FAFSA) each year. In the awarding process, the School of Medicine and Health Sciences Student Financial Aid Office awards aid to the most needy students first, whose applications and family financial statements are complete by April 1, and according to available money, thereafter.
Those students who desire a reconsideration of their financial aid award should make an appointment with the counselor in the UND School of Medicine and Health Sciences Financial Aid Office in order to document the information that will be used in the reassessment. In the majority of circumstances, adjustments for increased budgets will be limited to Unsubsidized Federal Direct loans/Grad Plus/Private Alternative loans.
Loan funds have been established to assist students by providing money on a short-term basis. You may apply for a short-term loan at the School of Medicine and Health Sciences Student Financial Aid Office. Generally, they are to be paid back within 60 days. Simple interest is 6% on the loan. Students cannot have more than one short-term loan out at a time. These loans are repayable at the UND Student Account Services Office.
Either the U.S. Department of Education or UND may randomly select your application for an audit process called Verification. Verification is the process that we use to check the accuracy of the information that a student has given when applying for federal financial aid. The selection of an application for verification review does not mean that we believe your information is incorrect.
Students may be asked to verify information such as income; federal income tax paid; household size; number of family members enrolled at least ½ time in postsecondary education; and any untaxed income or benefits received.
During the time a student is completing the verification process, no funds may be disbursed. If you received federal financial aid because you reported incorrect information, you will have to repay any portion of the aid you should not have received. Also, any person who intentionally makes false statements or misrepresentations on a federal aid application is violating the law and is subject to fine or imprisonment or both.
This verification is required by federal regulations. We are required to adhere to these procedures. An outline of the UND policies and procedures that govern verification will be provided by the Student Financial Aid Office upon request.
Access to Records
Files containing information regarding individual students are not open to the general public under the provisions of the Family Educational Rights and Privacy Act of 1974. The release of such information shall only be made in conformance with the University’s policy as contained in Section 6-3A (1) of the Code of Student Life and the Release and Records Policy, which may be obtained from the Student Financial Aid Office.
Most financial aid will be directly credited against amounts owed to the University for tuition, fees, etc. Any aid in excess of amounts owed will be disbursed to the student, via the UND Pride card. UND is partnering with Higher One, a financial services company, to distribute refunds more quickly to our students.
Eligibility for Resident Student Status
Eligibility for resident student status (and the resulting avoidance of an obligation to pay nonresident tuition) is a technical matter that is controlled by a special North Dakota law and State Board of Higher Education guidelines. Students whose eligibility may be open to questions, especially former long-term North Dakotans or those who have moved to North Dakota from another state, should be sure to familiarize themselves with these guidelines and their requirements regarding place of residency, voting, drivers licenses, auto licenses, state income tax filing, etc. Copies of guidelines are available in the UND Student Account Services Office. (If you are a Minnesota resident and a new Freshman medical student, you will need to complete a reciprocity form.) Minnesota students will be charged nonresident tuition until they receive approval for Minnesota reciprocity.