A Student's Guide
To Financial Aid
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Unsubsidized Loans
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Federal Unsubsidized 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.
Annual Loan Limits: 3rd/4th/5th Year (INDEPENDENT) undergraduates: $10,500 (including any Federal Stafford) or total unmet Cost-of-Attendance - whichever is less.
Graduate Students: $18,500 (including any Federal Stafford) or total unmet Cost-of-Attendance - whichever is less.
NOTE: For students enrolled in Dental Medicine, Health Administration graduate programs, Medicine or Pharmacy, the annual limit is the Cost-of-Attendance minus all financial aid resources.
Dependent students needing to borrow in excess of the Federal Stafford Loan limits should refer to the section on Federal PLUS Loans.Interest Rate: Same as the Federal Subsidized Stafford Loan Program.
Grace Period: 6 months
Credit Policy: None
Federal Plus Loan Program (HP, N,) funds are guaranteed by the Federal Government and regulated by the Department of Education. Only the parents of dependent students may apply for PLUS loans to help pay for their son or daughter's education. The lender may be a bank, savings and loan or credit union.
Annual Loan Limits: Cost of attendance minus other financial aid resources.
Interest Rate: Varies annually; capped at 9%. (Subject to change based on the reauthorization of the Higher education Act).
Grace Period: None.
Credit Policy: Credit based loan.
Alternative Loan Program or ALP (M) offered through the MEDLOANS and MEDCAP programs is available to medical students who have received the maximum Federal Stafford and Federal Unsubsidized Loans for which they are eligible to apply and still have not met the financial costs associated with their cost-of-attendance.
Annual Loan Limits: Cost of attendance minus all financial aid resources.
Interest Rate: A variable rate adjusted quarterly based on the Prime Rate.
Grace Period: Generally up to 3 years for a graduate and 9 months for a student withdrawing from medical school prior to completion (although may vary depending on your choice of loan program).
Credit Policy: Credit based.
The Dental Education Assistance Loan Program - DEAL (DM) provides private loan funds to dental students to supplement funds available through the federal loan programs. The American Association of Dental Schools and the American Student Dental Association are the sponsors for the program and provide the overall program direction with Society National Bank providing the capital for the loans.
Annual Loan Limits: The annual total cost of education less other aid.
Interest Rate: A variable rate adjusted quarterly.
Grace Period: Repayment begins 24 months after graduation or within 12 months if the borrower withdraws prior to graduation. Repayment term may vary from 10 to 25 years, depending on repayment plan chosen by the borrower.
Credit Policy: Credit based loan.
Professional Access Loan Program or PAL (M) is the South Carolina Student Loan Corporation's supplemental loan program for medical students who are enrolled at least half time and have already received their yearly maximum amount of Federal stafford loans but still need more money to cover educational expenses.
Annual Loan Limits: $20,000 (although the actual amount may not exceed the student's Cost of Attendance minus Other Aid).
Interest Rate: The variable rate is the 91-day T-Bill + 2.3% throughout enrollment. After graduation or dropping below half-time enrollment, the rate is 91-day T-Bill + 2.75% and adjusted quarterly.
Grace Period: 9 months.
Credit Policy: Credit based loan.
Note: Additional loan programs are available through a number of private lenders and eligibility is based on a student's program of study and credit worthiness. Loans may / may not require a co-signer. Information regarding the application procedures and loan obligations for these alternative resources may be obtained by contacting the MUSC-Financial Aid Office.