University of Medicine and Health Sciences

    Admissions & Aid /
    U.S. loan programs

    Loan programs for U.S. citizens and permanent residents

    Student loan options for US citizens and permanent residents are available to cover your full cost of attendance, regardless of which UMHS education program you are enrolled in or where you are in the curriculum. 

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    Research lab, St. Kitts basic science campus

    Before you borrow

    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 10 years and can affect your ability to secure credit, housing, insurance, or even employment. Thus, we urge you to borrow only as much as you absolutely need, which may not be your full cost of attendance (COA). Student loans have varying interest rates and term lengths that can affect the total amount you will pay over the life of the loan. Typically, repayment begins after you have completed your education.

    You will not be permitted to borrow more than the COA for each loan period. Even if a student loan is 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 COA. Consumer or other personal debt (credit cards, mortgages, car payments, legal fees, family support, etc.) cannot be included in the COA.

    It’s important to know what is on your credit report, since our main loan provider, Sallie Mae, will be basing their credit decision on the information in your TransUnion credit report. Your credit score is not as important as the detailed account histories contained in your full report. Sallie Mae’s credit decision will be based upon these historic credit details. You are eligible for a free copy of your report from each of the three credit reporting agencies 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 at www.annualcreditreport.com.

    Full COA for each loan period can be covered by the appropriate Sallie Mae program. Sallie Mae offers a loan program for students in our Accelerated Review Program (ARP), in addition to the loan program for the Doctor of Medicine; as well as a Parent Loan Program for students who may need the option. Your COA and the semesters included in your loan period will vary according to your progress through the curriculum. The COA budgets for both the standard MD curriculum and the EBS curriculum can be found on the Cost of Attendance page, You will also get a financial aid package via email with your personal COA prior to each award year start.

    Please don't 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.

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    Office of financial aid

    The financial aid office is open Monday - Friday, 7:30am - 5:00 pm ET

    t: 212-868-0855 / e: finaid@umhs-sk.net

    Elissa Schoening - Director of Financial Aid (ext. 320)

    Tisha Franklin - Financial Aid Advisor (ext. 321)

     

    Contact the office of FA

    Sallie Mae Medical School Loan Program

    UMHS has partnered with Sallie Mae to offer their Medical School Student loan program to UMHS students of U.S. citizenship or U.S. Permanent Residency.

     

    Loan brochure >

     

    Cosigner brochure >

     

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    Sallie Mae Medical School Loan Program

    UMHS has partnered with Sallie Mae to offer the Sallie Mae Medical School Loan Program to UMHS MD students who are US citizens or Permanent Residents. The Sallie Mae Medical School Loan 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 and any co-signer's creditworthiness as displayed by the data in their credit report. This may also include a review of the applicant’s debt-to-income ratio.

    Features: 

    • Easy online application.
    • Borrow up to full COA.
    • Three repayment options to choose from, including deferment until after graduation or minimum monthly payments while in school.
    • Competitive interest rates, with the choice of variable or fixed- rate once your request is approved.
    • Up to 20 years to repay with no prepayment penalties.
    • 36- month grace period.
    • Up to 48 months of residency and internship deferment.
    • No co-signer requirement; however, applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.

    Use the following loan application links to apply for your Medical School Loan online:

    Sallie Mae Medical Parent Loan Program

    The Sallie Mae Parent Loan gives parents, and/or other family and non-family sponsors, a flexible way to borrow an education loan in the sponsor’s name only. 

     

    Loan brochure >

     

    Read more
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    Sallie Mae Parent Loan Program

    The Sallie Mae Parent Loan Program 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 COA. While this is still a credit-based private education loan, the student bears no financial responsibility and the student does not need to meet the lender’s credit criteria. This loan program can be used in conjunction with, or in replacement of the student loan programs. This is a great opportunity for students who do not qualify for a student 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 COA, as outlined by the school administration.

    Sponsors should apply online here for the Sallie Mae Parent Loan

    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.

     

    Loan brochure >

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    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 here for the Sallie Mae Residency and Relocation Loan

    UMHS Institutional Loan Program

    UMHS maintains a loan program for students who have been unsuccessful at qualifying for Sallie Mae's Smart Option or Parent loan programs.

    Read more
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    UMHS Institutional Loan Program

    UMHS maintains a 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 loans to students who have made a concerted effort to obtain funding for the upcoming term and have fallen short of their needs. Loans approved under this program are applicable towards tuition only. Students must have been denied by Sallie Mae to qualify. These loans are available on a per- semester basis.  The maximum amount available per semester is $6,000. Contact the Office of Financial Aid 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 enrollment 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 the 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.