Maps Directories   
 

Home : Admissions & Financial Aid

Alternative Loan Preferred Lenders

Remember to apply online directly to your lender of choice

Stafford Loan Preferred Lenders

Grad-Plus Loan Preferred Lenders

Alt Loan Lenders MEDLOANS ALP North Star (T.H.E.) Univ. of Chicago Chase MEP
Servicer/Guarantor Sallie Mae Great Lakes IDAPP/ISAC Great Lakes
Loan Information MEDLOANS Alternative Loan T.H.E. Private Loan IDAPP Private Loan Chase MEP Loan
Apply Online MEDLOANS Alternative Loan T.H.E. Private Loan IDAPP Private Loan Chase MEP Loan
Interest Rate Formula (Variable) Prime + 0%, variable and adjusted monthly
  • Premier credit:
     3 m Libor + 1.75% including built in T.H.E. bonus during in-school and repayment.
  • Good credit:
    3 m Libor + 2.75% with the 1% T.H.E. repayment bonus.
91 day T-bill + 2.5% in school No Cosigner
  • Tier 1= prime - .25%
  • Tier 2= prime + 2.25%
  • Tier 3= prime + 4%
With Cosigner
  • Tier 1= prime - .25%
  • Tier 2= prime + 1.25%
  • Tier 3= prime + 3%
Repayment Formula (Variable)
  • Prime + 1.25%, assuming use of Direct Repay and MEDLOANS Rewards, variable and adjusted monthly.
  • If no rewards or Direct Repay, rate is Prime+ 2%
  • Premier credit:
     3 m Libor + 1.75% including built in T.H.E. bonus during in-school and repayment.
  • Good credit:
    3 m Libor + 2.75% with the 1% T.H.E. repayment bonus.
91 day T-bill + 2.80 in repayment 6.28%*

*Rate based upon Prime rate of 6.5% and other borrower conditions apply.
Origination Fee 0% 0% 0% 0%
Minimum Loan Amount $500 $100 $500
Aggregate Loan Limit $250,000 (total educational indebtedness from all sources) $250,000
Deferments & Forebearance Available
  • 4-year residency deferment (extends the interim period).
  • Forbearance during residency and repayment.
  • Residency deferment for 48 months.
  • Hardship forbearance for up to 12 months.
Creditworthiness Meet established credit criteria, which includes having prior student loans in good standing. A cosigner may assist students in receiving a lower interest rate. Currently two tiers are established for creditworthiness:
  • Premier credit
  • Good credit
  • Some credit scores may not meet THE credit requirements.
  • Debt to income statement not applicable.
  • No account may currently be 60 days or more delinquent.
  • No banckruptcy w/in past 5 years.
  • No education loan default.
  • No record of an unsatisfied collection account, write-off, charge-off, or repossession of more than $300.
  • Co-signer option available.
Meet established credit criteria, which includes having prior student loans in good standing.
Repayment Terms
  • Begins 3 years after graduation OR 9 months after changing to less than half-time status.
  • 20 year term.
  • Standard and graduated repayment plans available.
Automatic 42 month grace period.
  • The earlier of: 6 months after separation date;
  • 54 months after graduation from medical school;
  • 6 months after completion of residency program.
  • 12 Months grace period; 9 months if the borrower drops to less than half time.
  • Standard level, 20-year repayment term.
Citizenship  U.S. citizen or non-citizen permanent resident U.S. citizen/national, OR a permanent resident of the U.S. OR eligible non-U.S. citizen. Borrower must be a U.S. citizen/national OR permanent resident OR an eligible U.S. citizen OR provide a creditworthy cosigner that fits criteria. U.S. citizen or non-citizen permanent resident
Enrollment Eligibility Enroll half time or more in an eligible schoool.
Loan Periods Loan period from July 1 to June 30.
  • Loan period from July 1 to June 30.
  • Look Back Feature-loan may be used to cover an outstanding balance for the academic period immediately preceding current academic period.
Guarantee Fee Zero
Disbursement Fee Zero
Repayment Fee 1.5% Zero Zero Zero
Late Payment Fee Zero Zero 5% of your monthly installment. Zero
Repayment Benefits
  • Direct Repay-payments automatically withdrawn from bank, receive immediate .25% rate reduction.
  • MEDLOANS Rewards- .5% reduction continuous if payments made on time.
 Bonus is a monthly credit equal to 1% annualized interest rate discount and is paid to all borrowers in repayment and less than 60 days delinquent. 1% interest rate reduction after 24 consecutive, on-time monthly payments, plus .25% interest rate reduction for payments made through IDAPP's Direct Debit Program.
  • Schedule of on time payments rewarded by 0.5% interest rate reduction.
  • Cosigner release eligibility after making the first 24 on-time payments.
  • .25% interest rate deduction for automatic payments.
Interest Capitalization Unpaid interest capitalized when repayment begins. Interest capitalized at the beginning of repayment. Unpaid interest capitalized once at the conversion of the loan into repayment. Interest may be deferred during school, grace, residency deferment, and hardship forebearance. Unpaid interest is capitalized at repayment.