A Student's Guide
To Financial Aid
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Subsidized Loans
Federal Stafford Loan Program (HP, DM, GS, M, N, P) funds are guaranteed by the Federal government and regulated by the Department of Education. The lender may be a bank, savings and loan or credit union. A student must demonstrate need to qualify for a subsidized Federal Stafford Loan.
Annual Loan Limits: 3rd/4th/5th year undergraduates: $5,500
Graduate students: $8,500
Note: Annual loan limits will be prorated for undergraduates for instructional periods which are less than an academic year.
Interest Rate: For Stafford loans disbursed on or after July 1, 1998, a variable rate, adjusted annually on July 1, not to exceed 8.25%. (Subject to change based on the Reauthorization of the Higher Education Act.) .
Grace Period: 6 months.
Credit Policy: Non-credit based loan.
Health Professions Loan Program (DM, P) offers federal loans regulated by the Department of Health and Human Services. This loan program offers low interest loans to students needing financial assistance to become a dentist or pharmacist.
Annual Loan Limits: Based on collections from former MUSC graduates repaying HPL Loans.
Interest Rate: 5%.
Grace Period: 12 months grace period.
Credit Policy: Non-credit based loan.
Special Requirements: Parental data required.
Federal Perkins Loan Program (HP, DM, GS, M, N, P) offers "campus based" low interest federal loans regulated by the Department of Education.
Annual Loan Limits: Established annually based on available funding. The average MUSC award, however, based on actual available funds is approximately $1,000 to $4,000 per qualifying student.
Interest Rate: 5%.
Grace Period: 9 months grace period.
Credit Policy: Non-credit based loan.
Loans for Disadvantaged Students (DM, M) offers federal low interest loans regulated by the Department of Health and Human Services. Students must meet "disadvantaged background" criteria and have financial need.
Annual Loan Limits: Maximum amount cannot exceed the Cost-of Attendance (including tuition, other reasonable educational expenses, and reasonable living expenses.
Interest Rate: 5%.
Grace Period: 12 months grace period.
Credit Policy: Non-credit based loan.
Special Requirements: Parental data required.
Nursing Student Loan Program (N) is a federal loan program offered through the Department of Health and Human Services which is available to at least half-time nursing students with demonstrated financial need.
Annual Loan Limits: Contingent on available funding not to exceed $4,000 per (9 months) year. The cumulative loan maximum is $13,000.
Interest Rate: 5%.
Grace Period: 9 months grace period.
Credit Policy: Non-credit based loan.
Primary Care Loan Program (M) offers federal loans regulated by the Department of Health and Human Services. This loan program provides low interest loans for medical students who are planning on practicing in the primary health care field. Recipients must enter and complete a residency training program in primary health care not later than four years after the date on which the borrower graduates; and practice primary health care through the date on which the loan is repaid in full.
Annual Loan Limits: Maximum amount cannot exceed the Cost-of-Attendance, (including tuition, other reasonable educational expenses, and reasonable living expenses).
Interest Rate: 5%.
Grace Period: 12 months.
Credit Policy: Non-credit based loan.
Special Requirements: Parental data required.