Loan Programs for U.S. Citizens and Permanent Residents
Borrowing funds to pay for educational costs is a tremendous responsibility. All loans borrowed must be repaid; regardless of your academic or professional success. If you default, you risk ruining your credit, which can burden you for up to ten years; and can affect your ability to secure credit, housing or even employment. Thus, we urge you to borrow only as much as you absolutely need to cover your educational expenses; which may not be your full COA. Student loans have varying interest rates and terms of length that can affect the total amount a borrower will pay over the life of the loan. Typically, repayment begins after students have completed their education.
A student will not be permitted to borrow more than the cost of attendance for each loan period. Even if a student loan is credit approved by a lender for an amount larger than the cost of attendance, the Office of Financial Aid can only certify a maximum amount equal to that of your total cost. Consumer or other personal debt (credit cards, mortgages, car payments, legal fees, family support, etc.) cannot be included in the cost of attendance. Please refer to the Cost of Attendance for an explanation of what is included in the COA.
It is important to know what is on your credit report. You are eligible for a free copy of your report once a year; and any time you are denied housing, insurance, employment or credit based on the data in your report. You can get your free annual copy, online at: https://www.annualcreditreport.com
Since Sallie Mae is our main provider of aid, it is especially important to review your Trans Union report, as this is the agency Sallie Mae will likely use to assess your creditworthiness. Your score is not as important as the detailed account histories contained in your full report. These historic credit details are what the lender will base their credit decision on. Full cost of attendance for each loan period can be covered by Sallie Mae's Smart Option Loan or Parent Loan programs. Your cost of attendance and the semesters included in your loan period will vary according to your progress through the curriculum. The cost of attendance budgets for both the standard MD curriculum and the EBS curriculum can be found on the Cost of Attendance of the financial aid section of the UMHS website. You will also get a financial aid package via email with your personal COA prior to each award year start.
Sallie Mae Smart Option Student Loan Program
UMHS has partnered with Sallie Mae to offer the Smart Option Student loan to UMHS students of U.S. citizenship or U.S. Permanent Residency. The Sallie Mae Smart Option loan program is a private educational loan. This means that it is not subsidized by the federal government, nor is an approval guaranteed. The lender’s decision to approve a loan request will be based on the student’s or co-signer’s creditworthiness. This may also include review of the applicant’s debt to income ratio.
With the Smart Options loan:
Students can defer payments until after graduation or opt to make monthly payments while still in school.
Repayment terms can fluctuate between 5-15 years after graduation.
Repayment terms will vary based on loan amount and year in school.
There is no co-signer requirement; however, applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
You have the option to chose either a variable or fixed interest rate.
The application is online and easy to complete.
PLEASE DO NOT APPLY FOR ANY LOANS UNTIL YOU RECEIVE YOUR FINANCIAL AID PACKAGE EMAIL
You will get a financial aid package at the appropriate time to apply or reapply. Please be sure to wait for those instructions before submitting any applications to Sallie Mae.
Use the following loan application links to apply for your Smart Option Loan online:
Sallie Mae Parent Loan Program
The Sallie Mae Parent Loan SM gives parents, and/or other family and non-family sponsors, a flexible way to borrow an education loan in the sponsor’s name only. The loan, which features competitive interest rates, no up-front fees, and a choice of repayment options, can cover 100% of the student's school-approved costs. While this is still a credit based private education loan, the student bears no financial responsibly and the student does not need to meet the lender’s credit criteria. This new loan program can be used in conjunction with, or replacement of, the Smart Option loan program. This is a great opportunity for students who do not qualify for the smart option loan due to credit history, but have good co-signers who are willing to assist them. However, remember, that no student can receive aid in excess of their cost of attendance, as outlined by school administration.
Sponsors should apply online:
Sallie Mae Residency and Relocation Loan Program
The Residency and Relocation Loan from Sallie Mae® allows students to finance the costs associated with finding a medical residency, including travel to interviews and relocation costs. If you’re enrolled at least half time in your final year of study or have graduated from medical school in the last 12 months, you can use the loan to cover board examination expenses, as well as other expenses not included in your school’s cost of attendance.
Apply online directly to Sallie Mae:
UMHS Institutional Loan Program
UMHS maintains an emergency loan program for students who have been unsuccessful at qualifying for Sallie Mae's Smart Option or Parent loan programs. This University funded program provides small, per term, loans to students who have made a concerted effort to obtain funding for the upcoming term and have fell short of their need. Loans approved under this program are applicable towards tuition only. Students must have been denied by Sallie Mae. Contact the Financial Aid Office for further information and to determine eligibility.
In-School Deferment For Your Previous Student Loans
Students who have borrowed previous education loans need to be diligent about monitoring the status of ALL existing student loan accounts while enrolled at UMHS.
Since UMHS has not been approved to participate in the Federal Student Aid Programs, any existing student loans will not be eligible for in-school deferment. UMHS also does not automatically report enrolment to lenders.
In-school deferment forms require a federal school code. UMHS does not have a federal school code. If a deferment form is submitted to Registrar, the form will be completed, less the school code field, and submitted to your lender. Approval is not guaranteed. You must monitor your accounts to ensure the outcome of your deferment request. If your deferment is not approved by your lender, you should be able to apply for Forbearance.