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Loan programs and debt statistics
Federal loan programs
Federal Perkins Loan
This is a need-based, 5 percent federal loan that has no interest accruing
during one's medical education. The University acts as the lender. You
will sign promissory notes when notified by the MU Student Loan Collections
Office. This is basically a revolving fund, as the University gets very
little new funding from the federal government. The amount the University
can lend depends on the repayment collections from students who graduated
before you. You apply for
this loan by submitting the Free Application for Federal Student Aid
(FAFSA).
Federal Ford Direct Student Loan (Subsidized)
This is a federally funded loan with the interest paid by the federal government during medical education. A student can borrow up to $8,500 per academic year if he/she demonstrates need. There is a 0.5% origination fee taken out of the proceeds before disbursement. (Note: The actual origination fee is 2%. Federal Direct Loans reduces it by 1.5% to encourage on-time payments during repayment after graduation and eligible grace and deferment periods.) This is a fixed-rate 6.8% loan in repayment for loans disbursed on or after July 1, 2006. You apply for this loan by submitting the Free Application for Federal Student Aid (FAFSA).
Federal Ford Direct Student Loan (Unsubsidized )
While this is a federally funded non-need based loan, an applicant must first apply for the Subsidized Direct Loan per federal regulation. At MU Medical School, students may borrow the difference between their cost of education and their other financial aid up to $34,222. It is a 6.8% fixed-rate interest loan for loans disbursed on or after July 1, 2006. This is an unsubsidized loan and the interest accrues while in school unless paid by the borrower. There is also a 0.5% origination fee taken out before disbursement. (Note: The actual origination fee is 2%. Federal Direct Loans reduces it by 1.5% to encourage on-time payments during repayment after graduation and eligible grace and deferment periods.) You apply for this loan by submitting the Free Application for Federal Student Aid (FAFSA).
Federal Primary Care Loan
This is a need-based 5 percent federal loan which has no interest accruing
during medical education and residency. Parents' income and assets are
considered in the determination of need. This loan goes to students
pursuing primary care specialties, such as family medicine, general
internal medicine, general pediatrics, combined medicine and pediatrics,
or preventive medicine. If a recipient does not go into primary care,
the recipient will owe 18 percent interest from the date of non-compliance.
Given limited funding and the severity of noncompliance, priority is
given to third- and fourth-year students as recipients. If you are interested
in this loan, you need to contact the financial aid office for an application.
This loan also requires the submission of the Free Application for Federal
Student Aid (FAFSA) including parental information.
- Write
- Cheri Marks
Coordinator, Financial Aid
School of Medicine
MA213 Medical Sciences Building
Columbia, MO 65212
- Call
- (573) 882-2921
- E-mail
- marksc@health.missouri.edu
- Fax
- (573) 884-2988
- Office hours
- 8 a.m. to 5 p.m.
Monday to Friday
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