Loans

• Students can be considered for federally insured education loans by submitting a Free Application for Federal Student Aid (FAFSA)
• The U.S. Department of Education does not offer Subsidized Direct Loans to Graduate and Professional students
• Borrowers are responsible for the Federal Unsubsidized Direct Loan daily interest accrual, from the date of disbursement until the loan is repaid in full
• Loan payments are not required until 6 months after a borrower graduates, falls below half-time enrollment, or withdraws from an institution
• Borrowers are responsible for the full loan processing fee amount from each loan disbursement - READ YOUR MPN (Master Promissory Note)*
• Current Interest Rate: 8.08% fixed and may change annually (July 1)

The aforementioned information is subject to change annually (July 1) based on Federal regulations.

* Please check the disclosure statement for the loan fee percentage you will be charged.

• Annual borrowing limits (based on months of enrollment)
  • Med Years 1, 2 and 4: $42,722
  • Med Year 3: $47,167
• This loan type is not a credit-based loan, nor is it based on financial need
• Borrowers are responsible for the daily interest accrued from the date of disbursement until the loan is repaid in full (this includes periods of deferment or forbearance)
• Loan payments are not required until 6 months after you graduate, drop below half-time enrollment or withdraw from an institution
• Borrowers are responsible for the full loan processing fee amount from each loan disbursement - READ YOUR MPN (Master Promissory Note)*
• Current 2024-2025 Interest Rate: 8.08% fixed (interest rates can change every July 1)
• Borrowers may choose to make interest payments directly to the loan servicer/lender or defer all payments while in an in-school deferment status

The aforementioned information is subject to change annually (July 1) based on Federal regulations.

* Please check the disclosure statement for the loan fee percentage you will be charged.

• The professional level/medical student aggregate maximum for all Direct Loans (subsidized and unsubsidized) is $224,000, of which no more than $65,500 can be subsidized. Please note: lifetime limits include monies borrowed for undergraduate, graduate and professional studies.
• Aggregate loan limits do not include accrued interest
• To verify your Federal student loan debt information, log onto the Student Aid website, studentaid.gov.

• Graduate and Professional students can apply for this credit-based funding*
• Students should exhaust eligibility for Federal Unsubsidized Direct Loan funding prior to applying for Federal Graduate PLUS Direct loan funding**
• Students may request loan funding not exceeding the cost of attendance budget
  • Example: if the cost of attendance is $60,000 and you are awarded $40,000 in other financial aid, the Graduate PLUS loan limit is $20,000
• Eligibility is NOT based on need or income
• A credit check will be performed and a loan processing fee amount will be charged for each loan disbursement - READ YOUR MPN (Master Promissory Note)***
• Borrowers are responsible for the daily interest accrual from the date of disbursement until the loan is repaid in full
• Loan payments are not required while in an in-school deferment status. However, borrowers may choose to make payments on the interest directly to the loan servicer/lender
• Currently, there is not an aggregate (cap on borrowing). However, borrowers must have an unmet need remaining in the cost of attendance budget
• Post-enrollment deferment of 6 months is available for loans disbursed after 7/1/2008. Please verify this information with your loan servicer/lender
• Current 2024-2025 Interest Rate: 9.08% fixed (interest rates can change every July 1)

The aforementioned information is subject to change annually (July 1) based on Federal regulations.

* Students must apply for additional credit-based funding annually by logging onto studentaid.gov on June 1 or thereafter, as the credit check includes an expiration date. CMSRU Financial Aid Services does not certify loans until after this date. 

** Submission of the CMSRU Budget Form is required by CMSRU Financial Aid Services for review/feedback BEFORE borrowers apply for a Federal Graduate PLUS Direct Loan or a Private/Alternative Education Loan.

*** Please check the loan disclosure statement for the loan fee percentage you will be charged.

• Students can apply for a credit based Private/Alternative Education Loan directly with any lender they choose and submit the Private/Alternative Education Loan Acknowledgement Form to CMSRU Financial Aid Services Administrators after the credit check is approved*
• Borrowers must submit the Private Loan Self-Certification Form directly to their private/alternative loan lender**
• Borrowers must decide: 1) a requested amount; 2) choose a lender; 3) choose repayment options, as well as review additional factors specific to each lender regarding in-school deferment and extended repayment options***
• Rowan University provides a list of private/alternative loan lenders of loans provided to students over the last several years. Rowan University does not endorse any particular lender 
• A credit check will be performed and a loan processing fee amount may be charged on each disbursement - READ YOUR MPN (Master Promissory Note) and check with the lender directly
• Borrowers may consider a Federal Graduate Plus Direct Loan prior to applying for a private/alternative loan
• Students may request loan funding not exceeding the cost of attendance budget
  • Example: if the cost of attendance is $60,000 and you are awarded $40,000 in other financial aid, the Private/Alternative loan limit is $20,000
• Borrowers are responsible for the daily interest accrual from the date of disbursement until the loan is repaid in full
• Private/Alternative Education Loan interest rates are typically adjustable and are determined by a credit score; however, please verify directly with the lender. Borrowers need to carefully consider private/alternative loans, as the loan interest rates and repayment terms vary widely by respective lender

* Students must apply for additional funding annually. Please do not apply prior to June 1 annually, as the credit check has an expiration date. CMSRU Financial Aid Services will not certify loans until after this date. 

** Submission of the CMSRU Budget Form is required by CMSRU Financial Aid Services Administrators for review/feedback BEFORE borrowers apply for a Federal Graduate PLUS Direct Loan or a Private/Alternative Education Loan.

*** View the Association of American Medical Colleges (AAMC) website for things to consider when deciding on borrowing federal vs. private/alternative loan funding.

CMSRU Financial Aid Services Administrators provide students with the information necessary to assist with financing their medical school education as well as ensure they do not exceed their Cost of Attendance (COA) budget. As a concierge service of CMSRU, budget assistance is provided by financial aid administrators in the Financial Aid Services office to ensure students remain fiscally responsible, while managing their overall debt levels during matriculation. 

In order to effectively counsel students, CMSRU financial aid administrators must receive ALL requested financial information/expenses. Once the requested information is received, financial aid administrators look forward to collaborating with each student during this iterative process.

Please do not hesitate to contact financial aid services administrators with any questions or concerns, or if you are experiencing a financial hardship. Financial aid services administrators collaborate with students to provide the best possible solutions for their individual circumstances, within federal guidelines.