Federal student loans are available to U.S. citizens or permanent residents who are in good academic standing and enrolled at least half-time. Federal loans are disbursed through the University. To be eligble for Federal aid, all applicants must complete a Free Application for Federal Student Aid (FAFSA) and use the RFUMS school code 001659. Click here for more information on Federal Student Aid eligibility. Federal Direct Subsidized Stafford Loan Federal Direct Unsubsidized Stafford Loan Federal Direct Grad PLUS Loan Federal Perkins Loan Federal Health Professions Student Loan Federal Direct Consolidation Loan Borrower Rights and Responsibilities
Contact the Financial Aid Office: (847) 578-3217 financial.aid@rosalindfranklin.edu
The Financial Aid Office recommends that students use the Federal Direct GradPLUS Loan to its fullest extent and try to avoid borrowing any private, non-federal loans. Should a staff member agree that a private, non-Federal loan is appropriate, the student may choose any private lender they wish to use. Rosalind Franklin University of Medicine and Science does not maintain a preferred lender list for such loans.
Once other funding sources are exhausted, students often utilize private loans to meet their cost of attendance. Private loans are credit based, and cannot be certified for more than the financial aid budget, less other aid received. The GradPLUS is a private loan available to graduate and professional students. The comparison chart below is an overview of the GradPLUS loan as well as two other private loans: The Medloans ALP (MD students only) and the Signature Loan (utilized by undergraduate and International students). The majority of students (including medical students) utilize the GradPLUS program, however the choice of private loan is up to the borrower and is not limited to the three reviewed below.
Medloans ALP
Grad PLUS
Signature
Origination Fee
0%
3%
Repayment or Supplemental Fees
1.5%
0% - 6% (depends upon borrower credit)
Other Fees
1% “default fee”
Interest Rate Formula
Prior to repayment: Prime + 0% (variable monthly) In repayment: Prime + 2% (variable monthly)
8.5% (fixed)
Interest rate formula depends upon borrower credit: Prime – 0.25% Prime +.5% Prime + 1% Prime + 1.75% Prime + 2% Prime + 6% (variable monthly)
Interest Capitalization
Unpaid interest capitalizes when repayment begins.
Grace Period
36 months (if entering residency program after graduation)
No grace period
6 months
Deferment Options
None
Up to 3 years economic hardship
Up to 4 years for residency program
Maximum Repayment Time
Up to 20 years
Up to 25 years (up to 30 years with consolidation)
Up to 30 years
Eligible for Federal Consolidation?
No
Yes
Borrower Benefits available?
Yes Direct Repay – 0.25% interest rate reduction MEDLOANS Rewards – Upon repayment, receive immediate 0.5% reduction (on time payments required) With benefits, may get current interest rates down as low as 9.0%* in repayment (Prime + 1.25%)
Yes Sallie Mae offers an initial .25% interest rate reduction. Additional rate reductions available during repayment for on-time payments and automatic debit. According to Sallie Mae, borrowers may get interest rates down as low as 6.75%.
What is a Travel-Relocation Loan? Travel-Relocation loans are private (non-Federal) loans available to graduating health profession students. The purpose of Travel-Relocation loans (sometimes called Residency loans) is to help cover the expenses associated with the transition from student to resident status. Some lenders only allow medical students to utilize their program, others allow podiatry students and other health professions. How do I apply for a Travel-Relocation Loan? Travel-Relocation loans are not certified by the Financial Aid Office. To apply for the loan, you must contact the lender yourself to obtain the application. Travel-Relocation loan funds will not be sent to the school, they will be sent directly to the borrower. We have provided a list of various lenders for Travel-Relocation loans. You may use this list as a starting point for your search for the loan that is best for you.
Travel-Relocation Loan Programs
These are the programs that we are still aware are operational. You may borrow from any other lender, if you so choose.
Fifth Third Bank Medical Residency & Relocation Loan http://web.53educationlending.com/medical-RR.asp 800-222-7192 May borrow up to $15,000 in final year of study.
PNC Solution Loan for Health Professions Residency www.pnconcampus.com 800-762-1001 May be borrowed up to one year before medical residency begins
SallieMae Medical Residency & Relocation Loan https://www.salliemae.com/student-loans/medical-residency-loan/ 888-272-5543
Wells Fargo MedCAP-XTRA Loan https://www.wellsfargo.com/student/loans/professional/medschoolloan 800-378-5526, option 3 Also available for podiatry, pharmacy, and physician assistant students. Can also be used to pay for medical boards and clinical exams.
CitiAssist Residency, Relocation, and Review Loans https://online.citibank.com/US/JRS/pands/detail.do?ID=CitiAssistHPRL 800-967-2400 May borrow up to $18,000 to cover board review courses, residency interviews, and relocation. Also available for podiatry students.