Loan Descriptions

  1. FEDERAL DIRECT EDUCATION LOAN PROGRAM, TITLE IV LOANS

FEDERAL DIRECT UNSUBSIDIZED LOAN:

  • Department of Education Title IV Program
  • Interest on loan accrues while borrower is in school
  • Borrower must complete a Master Promissory Note and Annual Student Loan Acknowledgement
  • Loans made on or after July 1, 2021, will have fixed interest rates of 5.28%. 
  • You may borrow a maximum of $40,500 per nine-month academic year in the MD Program, and up to $33,000 per nine month period in the MDMPH program.
  • Through September 30, 2022 the origination fee is 1.057%.​ This will change on October 1, 2022.
  • Eligible for forbearance options
  • Eligible for unlimited forbearance to cover residency training
  • Federal Entrance Counseling (first time borrowers) and Exit Counseling are mandatory

FEDERAL DIRECT GRADUATE PLUS LOAN FOR STUDENTS:

  • Department of Education Title IV Program
  • Interest on loan accrues while borrower is in school  
  • Borrower must complete a Master Promissory Note, Annual Student Loan Acknowledgement, and Federal Entrance Counseling
  • Credit-based loan, your credit report will be pulled resulting in a "hard hit" to your credit score
  • Loans made on or after July 1, 2021, will have fixed interest rates of 6.28%. 
  • You may borrow up to the full cost of attendance less other aid each year
  • Through September 30, 2022, the origination fee is 4.228%.​ This will change on October 1, 2022.
  • Eligible for forbearance options
  • Eligible for unlimited forbearance to cover residency training

FEDERAL PERKINS LOAN - This loan was discontinued for graduate students on September 30, 2016. Information remains for those awarded in the 2016-2017 academic year and prior years.

  • Department of Education Title IV Program
  • Interest is subsidized and is not accruing while borrower is in school, in grace, or authorized deferment periods
  • Borrower must complete a Promissory Note
  • Must demonstrate financial need as defined by the federal government
  • Interest rate is a fixed 5%
  • Eligible for a nine-month post-graduation deferment
  • Eligible for 36 months of forbearance to cover residency training
  • Entrance Interview (first-time borrowers) and Exit Interview are mandatory
  • Extremely limited funding to exceptionally needy students
  1. GW MD PROGRAM INSTITUTIONAL LOANS

MEDICAL SCHOOL CONSOLIDATED LOAN

  • Administered by the George Washington University as part of the need-based aid program
  • There is no interest while enrolled and during a six month grace period following graduation
  • Borrower must complete Self-Certification, Truth-in-Lending Act, and a Promissory Note
  • Student must demonstrate “exceptional financial need” determined through the need-based scholarship application process
  • Interest rate is a fixed 6% and will begin accruing at repayment
  • Must be a full-time student
  • Students may request to replace this loan with a federal Graduate PLUS Loan
  • Limited funding
  • Students must sign a promissory note by October 15 of the award year.  If the note is not signed by this date the student may apply for an eligible amount of Federal Direct Graduate PLUS Loan funds.
  • View a Webex Presentation on completing the forms here

Download Instructions for Completing the Medical School Consolidated Loan (MEDSL) Form

SHORT-TERM BURGESS EMERGENCY MEDICAL SCHOOL LOAN

When students face a dire financial emergency, the Office of Financial Aid is often able to offer a small short-term loan. These loans are designed to provide for unusual financial difficulties during the academic year. Repayment is expected within 90 days of the loan being made. Loans are limited to $3000 and carry an interest rate of 2% APR. These loans are only available between the spring and fall semesters. Failure to pay the loan by the first day of the fall semester will result in the loan being subject to the usual late fees and finance charges imposed by the university Student Accounts Office.

LONG-TERM SAMUEL M. & MARY T. BURGESS REVOLVING LOAN FUND

The Burgess Long Term Loan Fund provides funding, based on annual endowed payout levels, to qualified students pursuing enriching extracurricular activities with costs that would otherwise exclude the student from participation; it is a need-based fund. In any application period, a student applicant must be registered in coursework. The minimum loan amount is $1000 and the maximum is determined by funds available. Applications will be available to students at least four weeks prior to deadlines. The deadline to apply for funding for activities that will happen in the spring is November 15 and the deadline to apply for activities that will happen during the summer or fall is April 15. Students will have two weeks from the notification of approval to sign their loan documents. Loan documents must be submitted to the Student Accounts Office (SAO) prior to the end of any semester in which an application period occurs. The interest rate is 1.25% and the term of the loan is ten years. No payments will be required, nor will any interest accrue, provided the student is A) meeting the academic requirements for his or her medical education or B) participating in a residency program for the purpose of becoming a certified medical practitioner. No payments will be required nor will interest accrue during the six-month grace period immediately following the borrower’s A) graduation or separation from GW or B) the completion of the residency program.

Funds may only be applied to activities not included in the MD degree program and whose purpose is to provide an enriching experience that will support a student’s transition to a residency program. These include, but are not limited to, the following:

  • Conference fees- students must have permission from their clerkship/course director and career advisory dean.
  • Research gap year- will assist with expenses above that of a stipend. All research gap year activity must be approved prior to loan application.
  • 1st Year summer internship or research experience – For students in a Scholarly Concentration (SC), experience must be approved by SC directors(s). For students not in the SC program, experience must be approved by their career advisory dean.
  • Medical Missions- must not be for academic credit.
  • Publication fees – student must be first author on publication.
  • Professional Organization Membership.
  • Residency Relocation.
  • MD/MPH and Public Health Certificate tuition expenses

EMERGENCY LOANS

These loans are available to students during the period between spring registration and the start of the spring semester.  In order to qualify students must have accepted a financial aid award for the spring semester and be registered for spring classes. Loans are limited to $3000, interest is 0%, and the loan must be paid by the start of the spring semester. Failure to pay the loan by the first day of the spring semester will result in the loan being subject to the usual late fees and finance charges imposed by the University Student Accounts Office.

 

  1. HEALTH RESOURCES AND SERVICES ADMINISTRATION, TITLE VII LOANS

PRIMARY CARE LOAN (PCL)

  • Department of Health and Human Services Title VII Program
  • Interest is subsidized and is not accruing while borrower is in school, in grace, or in authorized deferment periods
  • Borrower must complete a Promissory Note
  • Interest rate is a fixed 5% (if student fulfills service commitment component)
  • Entrance Interview (first-time borrowers) and Exit Interview are mandatory
  • Primary Health Care Residency: family medicine, internal medicine, pediatrics, combined medicine/pediatrics, preventive medicine, general practice
  • Practice in Primary Health Care until date of full repayment is mandatory. (Primary care is defined as general internal medicine, general pediatrics, family practice, and preventative medicine.)  Failure to fulfill commitment changes the interest rate to 7%.
  • 12-month grace period. Deferments are available for the full term of internship and residency and for two years for a fellowship. The borrower must repay the loan within up to 10 years. The minimum required payment is $40 per month.

LOANS FOR DISADVANTAGED STUDENTS (LDS)

  • Department of Health and Human Services Title VII Program
  • Interest is subsidized and is not accruing while borrower is in school, in grace, or in authorized deferment periods
  • Borrower must complete a Promissory Note
  • Student must come from a disadvantaged background or must demonstrate “exceptional financial need” as defined by the Department of Health and Human Services
  • Interest rate is a fixed 5% in repayment
  • 12 month post graduation grace period (must be used toward any residency deferment).
  • Payments may be deferred during residency.
  • Entrance Interview (first time borrowers) and Exit Interview are mandatory
  • Must be a full-time student
  • Extremely limited funding

NOTE:  The availability of HRSA funds described on this page is dependent upon legislative actions and/or allocations for the George Washington University School of Medicine and Health Sciences.

 

  1. PRIVATE EDUCATIONAL LOANS
  • Students are advised to research different lenders and products to find the loan option that best suits their needs. A good place to start the search for "private educational loans" is your internet browser. The GW MD Program Financial Aid Office has signed a code of conduct and is prohibited from recommending any lenders or private loan products to our students.
  • You may borrow to the cost of attendance less all other aid
  • Private alternative loans require the student to submit a Self-Certification form to their lender
  • Private student loans are credit-based. Please check to see that you do not have adverse credit by requesting your free credit reports through www.annualcreditreport.com.
  • Most loans require school certification. Please remember to complete the GW MD Program Financial Aid Request form to let us know you are pursuing an alternative loan product.
  • Please read the Private Student Loan Checklist prior to submitting your GW MD Program Financial Aid Request form