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Descriptions
and Programs
A. LOAN SOURCES
1.
Governmental (State and Federal Programs)
You have the right to choose to borrow your loan from any lender who participates in the program under which you are eligible to borrow.
a)
Subsidized Federal Stafford 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. Origination/default fees may apply depending on lender/guarantor.
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. Origination/default fees may apply depending on lender/guarantor.
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)
GradPlus Loan
The GradPLUS Loan is a federally-guaranteed student loan that helps meet financial needs that exceed Federal Stafford Loan limits. GradPLUS is a credit-based loan. In order to be eligible, you need to have good credit. Typically, to qualify, your credit report cannot reflect any of the following items: currently 90 days or more delinquent on repayment of any debt, debt discharged in bankruptcy during the past five years or evidence of a default, foreclosure, tax lien, repossession, wage garnishment, or write-off of a federal loan debt during the past five year. If you cannot meet the credit requirements, you can still obtain the loan with an endorser who meets the credit requirements. After applying for the full amount of Federal Stafford Loan eligibility, GradPLUS loans can cover up to the full cost of your education, including books, living expenses and more. The fixed rate is 8.5% and the origination fee is 3%. Default fees may apply depending on guarantor. You can defer payments while in school. An additional six-month forbearance is available to match the Stafford Loan grace period.
2. Private/Alternative Loan Program
a) External Private/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 based on your credit and it can range anywhere from Prime plus 2.0% to Prime plus 10.5%. 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 your Financial Aid Award, 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.
3.
Loyola Stritch Funds
a)
*Independent Loan and Other Insitutional Loans*
The aggregate award a student can borrow as a medical student varies by loan program. The range of the interest rate for the various programs is 5% to 9% and the majority of the loans are 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 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.
SCHOLARSHIP SOURCES
1. Governmental (State and Federal 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. Christopher VanTine
800 S. Wells Street, Suite 130
Chicago, IL 60607
(312) 922-2924
Email: christopher.vantine@rs.af.mil
Website: www.airforce.com/healthcare
NAVY:
HMCS(SW/AW) Curtis R. Washington
Medical Programs Recruiter
Navy Recruiting District, Chicago
2834B Green Bay Road, Suite 266
Great Lakes, IL 60088
(800) 762-6199 Ext. 170
Email: curtis.washington@navy.mil
Website: www.navy.com/careers/healthcare/physicians
ARMY:
Sgt. Garde Reliford
Deerfield Executive Center
1020 Milwaukee Avenue, Suite 320
Deerfield, IL 60015
(847) 541-3685
Email: garde.reliford@usarec.army.mil
Website: www.healthcare.goarmy.com
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.
c) 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.
2. Loyola Stritch Scholarships
a) 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.
b) 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.
c) Miscellaneous 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 Application which demonstrate financial need will be automatically considered for these scholarships. There is no additional application to complete.
3. External Scholarships
You can research outside scholarships on your own. Avoid scholarship scams where they charge a fee to apply. Scholarship searches should be free. You can begin your search at www.finaid.org, which lists reputable links.
*No failures or remediations
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