MD Program Sources of Financial Aid

Federal Direct Loan Programs

Unsubsidized Federal Direct Loans (UFL)

A first year graduate medical student may borrow a maximum of $42,722, a second year student may borrow a maximum of $42,722, a third year student may borrow a maximum of $47,167, and a fourth year student may borrow a maximum of $44,944. All graduate medical students have an aggregate maximum of $224,000 (including undergraduate and graduate Subsidized Federal Direct Loan, Unsubsidized Federal Direct Loan, and Federal Student Loans, combined).

Direct Plus Loan (DPL)

PLUS Loans are federal loans that graduate or professional degree students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers through schools participating in the Direct Loan Program. The borrower must not have an adverse credit history. The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.

Interest Rates for Direct Loans First Disbursed on or After July 1, 2020, and Before July 1, 2021

Loan Type Borrower Type Fixed Interest Rate
Direct Unsubsidized Loans Graduate or Professional
4.30 %
Direct PLUS Loans
Parents and Graduate or Professional Students
5.30 %

*Interest not paid while the student is in school may accrue and compound at the time of repayment. Students are encouraged to borrow as little as possible through the Unsubsidized Federal Direct Loan and Grad PLUS programs.

Private Loan Programs

Private Alternative Loan Programs (ALP)

The Private Alternative Loan Programs loan was designed to assist funding for any student wishing to obtain a non-federal loan. It is not a need based loan and students may borrow the cost of education less amounts received from Federal Direct loans, Federal Direct Graduate/Professional PLUS loans, institutional funds, and/or private funds. Once a private student loan lender has been selected a credit check will be conducted to determine the student's credit worthiness. The interest rate, which begins to accrue when the loan is disbursed to the school, will vary among lenders and may capitalize as often as every 3 months. An insurance fee will be deducted from the principal borrowed. This also varies among lenders. Minimum payments may also be required. Students are encouraged to avoid this loan program if at all possible. The nature of the program presents the borrower with the potential of obtaining a severe, and often, unmanageable debt burden. Students finding it necessary to make an application for this loan must speak with the Financial Aid Specialist before their application will be processed. They are encouraged to wait as late in the academic year as possible before submitting their application materials or requesting disbursement dates as late as possible, thereby reducing the amount of time interest accrues. Processing time is 2-4 weeks and application materials are available from participating lending institutions.

Additional Sources for MD Students


MD Foundation Scholarships

For information on SCHOLARSHIPS AND LOANS FOR DISADVANTAGED STUDENTS: Bureau of Health Professions - Health Resources and Services Administration (HRSA) click here.

For information on SCHOLARSHIPS FOR AMERICAN INDIAN AND ALASKA NATIVE STUDENTS: Indian Health Service Scholarships click here.