The medical school is not for the overwhelming majority of students in the US, as a student wishing to be a doctor today in the U.S will probably pay more than those who did the same course earlier on. This is according to the recent college report by The American Medical Association.

Categories of Federal Medical Student Plans

  1. HRSA Primary Care Loans
  2. PLUS Federal Loans
  3. Perkins Federal Loans
  4. Direct Federal Stafford Loans

Primary care HRSA loans

The Health Resource and Service Administration is an agency of the US Department of Health and Social Services, is the lead federal agency for improving health care for remote, economically or medically vulnerable regions. Medical students who are interested in the HRSA primary care program a do qualify for PCL. The PCL offers students an interest rate of 5 percent, the 5% is to those who will agree to train in the primary care and practice up to such time the loan is paid off (8 years). For students who do not meet the demand for service will pay to the interest rate of 7 percent.

benefits for this plan

  • fixed rate at 5%
  • 1 year, free of charge period
  • loan protection, forbearance and deferment options

Disadvantages are

  • penalty rates is put for graduates who fail meet requirements
  • For our students who only meet the criteria of proven financial needs
  • ​Borrowing limit is equal to full expense of attendance subtract the financial aid
  • What is needed is you will work till all loan is paid up or sign up for a 10-year commitment

Federal PLUS loans

These loans help pay training fees at the cost of attending all the other budgetary aid. Interest is calculated in the middle of all periods. These loans are unsubsidized and have a fixed interest rate each year based on the 10-year Treasury estimates, 2.55 percent more loans for student points higher than undergraduate loans. Federal PLUS loan is paid for the first time on 1 July 2015 and before 1 July 2016 the interest rate is 6.84. Federal PLUS loans are limited to the total cost of the attendance, as determined by the institution.

Benefits for these types of loans

  • the credit ceiling is to the total cost of participation
  • qualify for federal protection (suspended, abstention)

Disadvantages are

  • Requires “no negative credit history”
  • may require a Co-signer
  • credit limit equal to the total cost of participation/attendance
  • ​6.84% Interest as of 2016
  • Origination fees four percent
  • Unless refinanced then it can only be consolidate with federal loans

Prerequisite for federal loans are

  • You should not have any negative credit history
  • Be the biological father/mother or through adoption or sometimes a stepparent of a needy student in a part-time events enrolled in a qualifying school
  • be married and their salary and resources were registered in the free application for Federal Student Aid (FAFSA)
  • Must be a Graduate or registered professional student in a part-time events in a qualifying school in a program leading to a degree or certificate qualification or profession

Federal Perkins Loan

Perkins loans do not require origination fees but have a grace period of up to 9 months and than other federal loans. The financial need is determined by a standard formula using the information from the Free Application for Federal Student Aid (FAFSA) and the expected family contribution for students (EFC). These loans attract a fixed 5% loan for medical students in with exceptional financial need. The Department of Education offers a programmed amount of funding to the participating institution. In turn, the school determines which students need it most. The school combines federal funds with some of its own loan funds for eligible students

Benefits for these types of loans

  • No credit check or Co-signerr required
  • Qualify for Federal protection (deferment, forbearance)
  • Has a fixed rate of five percent

Disadvantages are

  • forty thousand dollar limit of indebtedness
  • Only available to students who have demonstrated exceptional financial need
  • Limit loan of $ 4000 per year

Federal Direct Stafford Loans

Stafford Loans are for college students and graduates, credit is guaranteed by the government and offer flexible payment options. These loans have lower interest rates and loans terms than many of the private loans. Stafford loans for graduate / professional students have a certain interest rate.

Benefits for these types of loans

  • interest rate 5.84% from 2016
  • guarantee of prior approval at university degree or college
  • federal protections for either forbearance or deferment

Disadvantages are

  • Origination fee of one percent
  • total loan limit of $ 224,000 for Stafford loans for graduate and undergraduate
  • Unless refinanced it cannot be consolidated with federal loans
  • interest established throughout the country

Requirements for Stafford Loans

  • accessible to undergraduate and graduate students or a specialized studies
  • be selected in a program that leads to a degree or certificate issued by the school
  • You do not have to demonstrate a financial need for this type of loan
  • Accessible only to students who are undergraduates with budgetary needs

Other ways to get loans for medical school

1. School of Medicine- Saint-Louis

In this school, you will get a scholarship that is awarded according to merit. They also have a scholarship program for women who study at this institution. You can look for other institutions that provide the same offers. This school awards scholarships according to merits.

2. Health Professions Scholarship Program (HPSP) for the Armed Forces

Have conditions that are tight but run for short-term, for example, you must apply for an Air Force residence after medical school, and you must offer the Air Force three years of service to pay for three Years of the scholarship you received. Health Professions Scholarship Program (HPSP) pays tuition, supplies and expenses of any American or Puerto Rican accredited medical school, as well as a monthly allowance of 2088 $ For 10 and a half months. You also get a 2nd lieutenant’s salary which is about twice just for the Period of more than six weeks.