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Foundation Offers Low-Interest Loans to Pennsylvania Medical Students

HARRISBURG, Pa. —The Foundation of the Pennsylvania Medical Society is accepting applications from students attending a fully accredited Pennsylvania medical school. Additionally, the student must be a Pennsylvania resident for at least 12 months prior to attending medical school and not for the sole purpose of obtaining an undergraduate degree. Below are highlights of the program.

  • No application or origination fees.
  • Individual loan awards up to $7,000.
  • No payments required during school or graduate training (i.e., internship, residency, or fellowship training).
  • Deferment up to five years for graduate training.
  • Interest rate will not exceed six percent during school or graduate training.
  • School and deferment interest rate is 91-day, T-Bill note plus a margin based upon the first academic year that loan funds were obtained.
    • First loan award obtained prior to July 1, 2013: the margin is 2.0 percent.
    • First loan award obtained on or after July 1, 2013: the margin is 3.5 percent.
  • May choose monthly installments following graduate training by signing a new promissory note for an Amortizing Loan.
  • Amortizing Loan Note term is up to 10 years with a fixed interest rate.

Application submission deadlines are as follows:

  • Students attending Lake Erie College of Osteopathic Medicine: application should be sent directly to the Foundation's office by June 1, 2016.
  • Students attending any other fully accredited Pennsylvania medical school, application must be submitted to school's financial aid office by May 15, 2016.

To apply, download the appropriate application from the website and submit it according to the submission instructions.  For information call the Foundation’s Student Financial Services office at (717) 558-7852, or visit Student Financial Services.   Also, please check out information about medical education scholarships.