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Student Loans

Home > Foundation > Student Financial Services > Student Loans

Medical Student Loans

To ease the stress of funding a medical education, The Foundation of the Pennsylvania Medical Society offers affordable loans with personalized customer service to Pennsylvania residents enrolled in fully accredited Pennsylvania medical schools.

Benefits

  • Individual loan up to $10,000; minimum $6,000
  • Aggregate total up to $30,000
  • Interest rate will not exceed 6% during school or deferment
  • 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%
    • First loan award obtained on or after July 1, 2013: the margin is 3.5%
  • Deferment up to 5 years during internship, residency, or fellowship
  • Repayment period up to 10 years; minimum annual payment of $500
  • Accrued school interest will not capitalize until repayment
  • No payments required during school or deferment
  • Loan will never be sold
  • No loan fees

Things to Know

  • Loans are for single academic year
  • Applications are for upcoming academic year
  • Repayment begins at end of deferment
  • Interest rate is fixed during repayment
  • Repayment interest rate is not less than 4.5% and not more than 8.0%
  • Automatic monthly direct payment plan available
  • Upon maturity, loan may be paid in full or monthly installments (installment plan requires new promissory note)
  • Awardees must apply for Pa. Medical Society membership (Free!)

Eligibility
You must have completed a Free Application for Federal Student Aid (FAFSA) form and be:

  • A United States citizen
  • A Pennsylvania resident for at least 12 months before registering as a medical student (not including time spent attending an undergraduate/graduate school in Pennsylvania)
  • Enrolled full time in a fully accredited Pennsylvania medical school
  • In good standing with other creditors
  • A student member of the Pennsylvania Medical Society (FREE for students); if needed, the Foundation will provide application upon funding

Applications

Students attending fully accredited Pennsylvania medical schools except LECOM should mail a medical student loan application to their school's financial aid office by May15.

Exception: Students attending Lake Erie College of Osteopathic Medicine (LECOM) should mail a LECOM medical student loan application to the Foundation's office by June 1.

For additional information
Monday-Friday, 7:30 a.m. to 4:30 p.m.

Phone: (800) 228-7823, ext 7852 (in PA) or (717) 558-7854 or (717) 558-7852
Fax: (717) 558-7818
studentservices-foundation@pamedsoc.org
www.foundationpamedsoc.org

Mailing Address:
The Foundation of the Pennsylvania Medical Society
777 East Park Drive
PO Box 8820
Harrisburg, PA 17105-8820