Obtaining a Primary Care Loan
Those medical students who are interested in allopathic medicine and osteopathic medicine will be pleased to know that there is a loan specifically designed to help you with medical school. Primary Care Loans are long-term loans with low interest rates. These loans are available only to financially needy students who are full-time in their pursuit of a medical degree.
Those students applying for the loan must be a citizen or an eligible non-citizen of the
This low cost federal loan has an interest rate of 5%. This loan begins to accrue interest one year after you graduate or one year after you are no longer a full-time student. This loan defers both principal and interest on the loan until after graduation as opposed to other loans in which the interest begins to accrue immediately.
Since this loan is funded through your college or university, your financial aid office will have the responsibility of determining how much you can borrow in PCL funds. For first and second year students, the loan amount is limited to the actual cost of attendance which includes tuition, education expenses, and living expenses. Third and fourth year students may obtain more than this amount on an as needed basis and as funds are available.
In order to qualify for a Primary Care Loan, you must not be in default on any federal loans, you can not owe any federal grant refunds, you must be in good academic standing, demonstrate financial need, provide financial information about your parents, and register with Selective Service as required.
There is a service requirement for the Primary Care Loan. You must be willing to enter a residency program that focuses on further training and grounding in the field of primary care medicine. These consist of programs such as family practice, internal medicine, general pediatrics, osteopathic medicine, preventative medicine or a combined interest in medicine and pediatrics. The residency program must be completed within four years of graduation.
If you are enrolled in medical school and are interested in pursuing primary care medicine, be sure to address the Primary Care Loan with your financial aid representative. He or she will be able to give you all the obligations that this loan requires and all the benefits of this program.