We recognize that students may need to rely on a variety of resources to assist them in paying for their educational expenses. As you consider the educational loans available from each program, be sure to keep in mind that some loans are more expensive than others. Generally, federal loans should be used first as they provide the best terms and conditions, benefits, as well as a fixed interest rate. Alternative loans should generally be used once other options have been exhausted as they may have higher interest rates, less favorable terms and conditions and often have more strict qualifying credit criteria.
When reviewing your loan options, pay particular attention to the interest rate, fees, and repayment terms and incentives for each loan before making your decision.
The loan programs available to medical students at Quinnipiac include:
- Federal Stafford Loans - Eligibility determined by your Free Application for Federal Student Aid (FAFSA)
- Federal Graduate PLUS Loans - Eligibility determined by your FAFSA
- Private Alternative Loans - Eligibility determined by credit worthiness and lender criteria
Federal Direct Loan Programs
A Federal Direct Unsubsidized Loan is the primary source utilized by students to finance their medical education. In order to apply, students must complete a Free Application for Federal Student Aid (FAFSA) (link below) to begin the application process. The Financial Aid Office will determine your eligibility for these loans. Effective July 1, 2019 to June 30, 2020, the interest rate for this loan is fixed at 6.079 percent. The origination fee is 1.062 percent for loans disbursed between October 1, 2018, to September 30, 2019. For loans disbursed between October 1, 2019, and September 30, 2020, the origination fee is 1.059 percent. The loan fees are deducted from your loan disbursement and borrowers are responsible for repayment of all such fees.
Interest on the Federal Direct Unsubsidized Loan begins to accrue immediately after the loan is disbursed. The borrower is responsible for all interest that accrues and can choose to either pay the interest while in school or add any deferred interest to the principal balance of the loan (capitalization). The maximum cumulative borrowing for the Federal Direct Loan is $224,000.
Applying for Federal Direct Loans
If you have been awarded a Federal Direct Unsubsidized Loan, and you are a first time borrower at Frank H. Netter MD School of Medicine, you must complete the Master Promissory Note and Entrance Counseling online. Please follow the instructions provided on the Direct Loans Web page (link below). To electronically sign your Master Promissory Note, you will need your Federal Student Aid (FSA ID) Personal Identification Number used to electronically sign your FAFSA. If you do not remember your FSA ID, you may go to the FSA Webpage below to help you access that information.