Federal Student Loan Information 2007-2008
The array of loan options available to finance medical/graduate education is potentially confusing. The Financial Aid Office will work closely with you throughout your years of medical/graduate school to assure that you have the information necessary for making informed decisions.
FIRST... a Subsidized Federal Stafford Loan
The primary source of aid for any student who is a US citizen or permanent resident is the federally subsidized Stafford loan. While eligibility for the subsidy – interest payments during in-school or deferment periods – is based upon financial need, almost all medical/graduate students qualify because parent income is not a factor in eligibility determination. Because the federal government guarantees repayment, no collateral is required nor must a borrower have established credit. Currently, the amount available annually is $8,500.
THEN...an Unsubsidized Federal Stafford Loan
Most students require more than $8,500 and obtain additional funding through an Unsubsidized Stafford loan. Like the Subsidized Stafford, an Unsubsidized Stafford is federally guaranteed, but there is no interest subsidy while the borrower is in school or deferment. Generally borrowers accrue rather than pay the accumulating interest during this period. For loans obtained through the Federal Stafford loan program, accrued interest is not capitalized until the beginning of repayment. Currently the total unsubsidized Stafford loan amount available annually is $12,000 - $38,666, depending on your program and the length of your academic year.
The interest rate on Federal Stafford loans is fixed at 6.8% for loans disbursed after July 1, 2006. Interest accrues and capitalizes at repayment.
APPLICATION PROCESS
Federal Stafford loans are obtained simply by submitting a FAFSA (Free Application for Federal Student Assistance) and additional materials as described in the financial aid application materials provided to all interviewed applicants and current students. First-time borrowers will have promissory notes for Federal Stafford loans mailed along with their financial aid award.
FINALLY, IF NECESSARY...
Most students will find the Stafford loans, in combination with family support and/or other financial aid, sufficient to meet their needs. If this is not the case for you, please refer to the Loan Chart for information on the Graduate Plus loan.
ADDITIONAL LOAN INFORMATION
FOR MORE INFORMATION…
Call us at (585) 275-4523 or email us at finaid@urmc.rochester.edu. You can also stop by our office weekdays between 8:00 a.m. and 4:30 p.m. where our staff is available to assist you.
| Nancy E. Janson Director of Financial Aid nancy_janson@urmc.rochester.edu |
Margaret Christian Assistant Director of Financial Aid margaret_christian@urmc.rochester.edu |
Ellen Poole Financial Aid Advisor ellen_poole@urmc.rochester.edu |
|
