Medical Students

Federal Direct Unsubsidized Loan

The federal Direct Unsubsidized Loan is available and is not based on financial need. The student is responsible for accrued interest but may defer interest payments until graduation.

Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.

The terms include:

  • Loan limit for Mayo Clinic School of Medicine: $40,500 annually
  • Cumulative loan limits (total limit for subsidized and unsubsidized loans): $224,000
  • Interest rate: Fixed; see specific rates
  • Number of disbursements: At least two per academic year
  • Repayment term: 10-year standard
  • Origination fee: See specific fees

Federal Direct PLUS Loan

The federal Direct PLUS Loan is not need-based and is available for students in graduate programs. A credit check is completed prior to loan approval. If the applicant has an adverse credit history, he or she will not be eligible for a PLUS Loan and the loan application will be denied. In this scenario, the graduate student may seek an endorser or apply for an alternative loan.

Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.

The terms include:

  • Loan limit: Varies (cost of attendance minus other aid)
  • Cumulative loan limit: None
  • Interest rate: Fixed; see specific rates
  • Number of disbursements: At least two per academic year
  • Repayment term: 10-year standard
  • Origination fee: See specific fees
Feb. 10, 2015