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.
This information was gathered on 09/16/20 from https://students-residents.aamc.org/financial-aid/article/the-cost-of-applying-to-medical-school/.
This information was gathered on 09/16/20 from https://nhsc.hrsa.gov/sites/default/files/NHSC/scholarships/nhsc-scholarship-application-program-guidance.pdf.
This information was gathered on 09/16/20 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/.
This information was gathered on 09/16/20 from https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service.
This information was gathered on 09/16/20 from https://bhw.hrsa.gov/loansscholarships/schoolbasedloans.
This completion service is not affiliated with or endorsed by the US Department of Education. The FAFSA® (Free Application for Federal Student Aid) form is available for free at studentaid.gov.
Example of a typical transaction for a $10,000 Medical School Loan with the most common variable rate, Fixed Repayment Option, and two disbursements. For borrowers with a 81-month in-school and separation period, it works out to 10.52% variable APR, 81 payments of $25.00, 238 payments of $170.75 and one payment of $100.32, for a total loan cost of $42,763.82. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 20 years. Variable rates may increase over the life of the loan.
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 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.
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. 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.
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 financial advisor, tax advisor, or attorney about your specific circumstances.
Information advertised valid as of 11/06/2021.
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