Loan Programs

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.  

Graduate Plus Loans

The Graduate PLUS loan is a federal loan available to graduate and professional students.


Key information:

  • Loan limit - the maximum loan limit is the cost of education minus other aid received
  • Interest - the current interest rate is fixed at 7.595 percent for loans disbursed between July 1, 2018 and June 30, 2019. Loans disbursed between July 1, 2019 and June 30, 2020 will have a fixed interest rate of 7.079 percent.
  • Fees - Federal Direct Graduate PLUS Loans are subject to fees of 4.248 percent from October 1, 2018 to September 30, 2019. The loan fee will change to 4.236 percent for loans disbursed between October 1, 2019, and September 30, 2020. 
  • Loan fees are deducted from loan proceeds prior to the disbursement of funds and borrowers are responsible for repayment of all such fees.
  • Repayment - repayment on Federal Direct Graduate PLUS loans begins after the second disbursement; however, students enrolled at least half-time are eligible for deferment. 
  • Students may elect to receive a six-month grace period after the student graduates, drops below half-time status, or withdraws.

How to Apply
To begin the online application process for a Federal Graduate PLUS Loan, you must complete the Federal Direct Graduate PLUS Loan Data Form. Please read the instructions at the top of the form before entering the data. Remember to select the loan period for the semester(s) which you wish to receive the requested loan amount.

Private Loans

Private loans are available through a limited number of education lenders to assist students when federal loans are not an option. These unsecured loans can be more costly as federal loans may offer more favorable terms and conditions. Interest rates are typically variable and may be tied to the prime rate, LIBOR rate, or treasury bill rate. Borrower eligibility, co-signer requirements, interest rates, maximum loan levels, and repayment options vary according to the program. These loans are based on creditworthiness, which is based on the applicant’s credit history.

It is recommended that you request a copy of your credit report annually to evaluate your ability to secure private education loan funds. You may obtain a free annual credit report at:

Applying for Private Loans
To apply for a private educational loan, you must select a participating lender and be directed to their application process. Many lenders offer an online process with the ability to electronically sign your application. As you research available loans, be sure to review the websites or ask the lenders how your needs and the terms and conditions of their loans may effect your individual situation. 

Ultimately, choosing a loan and lender is completely up to you. Most lenders will send your information after you have been credit approved directly to the school. If you have not selected a national lender, please contact our office with all of the details so we may process your loan.

We are happy to provide you with the names of lenders our students have chosen over the past several years.

Pursuant to Section 155 of the Higher Education Act of 1965, as amended, (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a completed self-certification form (Adobe PDF) signed by the applicant before a private education loan can be disbursed. Some lenders may ask you for the Quinnipiac University School of Medicine OPE ID# which is 00140200.