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Descriptions
and Programs
A. LOAN SOURCES
1.
Governmental (State and Federal Programs)
a)
Federal Stafford Student Loan
This
is the chief and most widely available source of financial aid. Eligibility
is based on financial need. The maximum amount authorized is $8,500
per year. The interest rate for loans disbursed prior to July 1, 2006
is based on the 91-day T-Bill plus 1.7 percentage points with a cap
of 8.25%. Loans disbursed on or after July 1, 2006 will have a fixed
interest rate of 6.8%. Interest on this loan is paid for by the government
while the student is in school. Further information will be sent to
you with your electronic Award letter.
b)
Unsubsidized Federal Stafford Loan
Most
states have a program whereby graduate and professional students can
borrow up to $34,222 per 10 month period (in addition to the $8,500
Federal Stafford Loan) from the bank where the Federal Stafford Loan
was obtained. Eligibility is NOT based on financial need. However, federal
regulations require students to first apply for a Federal Stafford Student
Loan before they can apply for the Unsubsidized Federal Stafford. The
interest rate for loans disbursed prior to July 1, 2006 is based on
the 91-day T-Bill plus 1.7 percentage points with a cap of 8.25%. Loans
disbursed on or after July 1, 2006 will have a fixed interest rate of
6.8%. The lender will charge interest beginning on the day the funds
are disbursed. Interest is accrued while the student is in school and
capitalized while the student is in repayment. Further information will
be sent to you with your electronic Award letter.
c)
*Federal Perkins Loan
The
aggregate award a student can borrow in both undergraduate and graduate
education is $18,000. The interest rate is currently 5% and is subsidized
by the government while the student is in school. This loan is restricted
to first and second year students in good academic standing. Students
who file a Free Application for Federal Student Aid that demonstrate
financial need will automatically be considered for the Federal Perkins
Loan.
d)
External Alternative Loan Programs
Full-time
medical students are eligible to borrow additional aid to cover their
budget from various loan programs. Eligibility is determined by the
Free Application for Federal Student Aid packet. The interest rate varies
but is typically based on the three month LIBOR plus 2.3 %. Interest
may be accrued while the student is in school and compounded during
residency. The borrower may have 10 to 25 years to repay the loans depending
on the amount borrowed. Upon receiving a preliminary notice regarding
your eligibility for aid, instructions on how to apply for your loans
will be sent from the Stritch Financial Aid Office. When deciding on
a lender, it is important to compare interest rates, fees, repayment
benefits and capitalization of different lenders.
2.
LOYOLA STRITCH LOAN FUNDS
a)
*Independent Loan
The
aggregate award a student can borrow as a medical student varies by
loan program. The interest rate for the various programs is 5% and
is subsidized by Stritch while the student is in school. Most loan
programs have a 6 month grace period and forbearance for medical residency
period not to exceed 36 months. This loan is restricted to students
in good academic standing. Students who file a Free Application for
Federal Student Aid and Stritch Financial Aid Application which demonstrate
financial need will be automatically considered for the various Loyola
loans. Students must have accepted their annual loan maximum eligibility
under the Federal Subsidized and Unsubsidized Stafford Loan Program
before receiving a Loyola loan.
b)
SCHOLARSHIPS
1.
LUPF Dean's Scholarship
The
Loyola University Physician Foundation (LUPF) Dean’s Scholarship has
been established to facilitate the recruitment of students who have
the potential to enrich the diversity of the Stritch School of Medicine
student community. Scholarship recipients will have demonstrated the
ideals of Jesuit education that include striving for excellence, care
and concern for the individual, service to the poor, and reflection
on the human experience. The scholarship further attempts to support
students from racial and ethnic backgrounds that are underrepresented
in the medical profession relative to their numbers in the general population.
Students
matriculating into the first year class are eligible for LUPF Dean’s
Scholarship consideration. Information provided by the applicant on
the American Medical College Application Service form and/or the Stritch
School of Medicine Supplemental Application will be utilized in the
selection process. Awardees are expected to maintain satisfactory academic
progress.
The
Selection Committee will review students who meet the criteria as stated
above for the LUPF Dean’s Scholarship. Recipients will be notified of
their scholarship award through the SSOM Financial Aid Office.
2.
Ignatian Scholarship
The
Stritch School of Medicine (SSOM) Ignatian Scholars award is offered
annually to first year entrants who exemplify the ideals of Jesuit education.
Prospective candidates will have demonstrated outstanding academic achievement
(minimum GPA of 3.5 on a 4.0 scale) and leadership in service to others.
Information provided by the prospective candidate on the American Medical
College Application Service form and the Stritch School of Medicine
Supplemental Application will be utilized in the selection process.
This
award is valued at $10,000 per recipient and is renewable annually providing
the awardee maintains satisfactory academic progress* as evidenced by
final grades posted on his/her SSOM transcript at the end of each academic
year. The Selection Committee will review candidates who meet the criteria
for the Ignatian Scholars award, and recipients will be notified of
their status through the SSOM Financial Aid Office.
*
no failures or remediations
3.
Federal Scholarship Programs
a)
Armed Forces Health Professions Scholarship
Students
willing to exchange military service for support during medical school
may utilize the military scholarship program. These scholarships cover
cost of tuition, fees, required books and supplies, and living expenses.
For further information on eligibility and for application forms contact
directly:
AIR
FORCE:
Sgt. Toriano Jones
800 S. Wells Street, Suite 130
Chicago, IL 60607
(312) 922-2924
NAVY:
HMCS(SW/AW) Curtis R. Washington
Medical Programs Recruiter
Navy Recruiting District, Chicago
2834B Green Bay Road, Suite 266
Great Lakes, IL 60088
(847) 688-7100 Ext. 170
ARMY:
Sergeant Garde Reliford
Deerfield Executive Center
1020 Milwaukee Ave., Suite 320
Deerfield, IL 60015
(847) 541-3685
garde.reliford@usarec.army.mil
b)
National Health Service Corps Scholarship (NHSC)
A
very limited number of service-obligation scholarships are available
for students who are interested in primary care (family practice,
internal medicine, pediatrics, obstetrics-gynecology, general psychiatry).
Applications are available in February. Contact the Stritch Financial
Aid Office or NHSC at 1-800-221-9393.
4.
STATE OF ILLINOIS SCHOLARSHIP PROGRAM
Illinois
Department of Public Health Scholarship
Medical scholarships are available to eligible Illinois students committed
to pursuing primary care specialty. In exchange for tuition and living
stipend, students will be required to serve in an Illinois shortage
area. Applications are available in March. Contact the Stritch Financial
Aid Office or IDPH at (217) 782-1624.
5.
*LOYOLA STRITCH SCHOOL OF MEDICINE SCHOLARSHIPS
These
scholarships are available to eligible students based on need and academic
performance. All students who file a Free Application for Federal Student
Aid and Stritch Financial Aid Application which demonstrate financial
need will be automatically considered for these scholarships.
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