Loans Can Aid In Your Journey

Pursuing your medical education at a top-rated school is one of the best investments you will make in your lifetime. As a student at Rowan-Virtua SOM, your future is one that aims to help the community through improved healthcare, so this investment is a lofty one. However, only you can make the determination as to how much you can responsibly borrow.

Most educational loans offer reasonably favorable terms, however, remember that loans must be repaid. When making this decision, we encourage you to borrow no more than is necessary and be sure you explore all options for financial aid.

Federal Loans

Federal Direct Loan-Unsubsidized (Graduate/Professional)

Department of Education Title IV Program.
All graduate and professional level students are considered independent.
Unsubsidized loans are not based on financial need.
All first-time Direct Loan borrowers must complete a Direct Loan Master Promissory Note.
Entrance and Exit Counseling Interviews are required.
The 2024-2025 academic year Interest Rate is 8.08% (until 6/30/2025). Interest begins to accrue at the time of disbursement.
The loan origination fee is 1.057% (until 9/30/2024). The amount disbursed is the gross loan amount minus the loan origination fee.
The maximum award per academic year for graduate level students is available here.
Consolidation: Eligible federal student loans can be combined into one Direct Loan Consolidation Loan.

Federal Direct Graduate PLUS Loan

Department of Education Title IV Program.
All graduate and professional level students are considered independent.
PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance.
The 2024-2025 Interest Rate is fixed at 9.08% (until 6/30/2025). Interest begins to accrue at the time of disbursement.
The PLUS Loan origination fee is 4.228% (until 9/30/2024). The amount disbursed is the gross loan amount minus the loan origination fee.
Entrance and Exit Counseling Interviews are required.
Borrowers must complete a PLUS Loan Promissory Note.
To qualify for a Direct PLUS Loan, you must not have an adverse credit history. If the credit check shows that you have an adverse credit history, studentaid.gov will explain how you may still be able to qualify for a Direct PLUS loan.
Consolidation: Eligible federal student loans can be combined into one Direct Loan Consolidation Loan.

Loan for Disadvantaged Students

Department of Health and Human Services Title VII Program.
Loans are available to students from disadvantaged backgrounds that demonstrate “exceptional financial” need as defined by the Department of Health and Human Services.
Interest is subsidized and is fixed at 5%.
Parental income information is required on the FAFSA.
Available to School of Osteopathic Medicine students.

Primary Care Loan

Department of Health and Human Services Title VII Program.
Must demonstrate financial need as defined by the Federal Government.
Interest is subsidized and fixed at 5%.
Entrance and Exit Counseling Interviews are required.
Primary Health Care Residency is required.
The Health Resources and Services Administration requires a mandatory Service Commitment from each recipient until the date of full repayment.
Available to School of Osteopathic Medicine students.

Entrance and Exit Counseling

Entrance and Exit Interviews are integral pieces of the Financial Aid Process. All first-time borrowers must complete Entrance Counseling, which advises you of your rights and responsibilities for the loan you are assuming. Exit Counseling provides valuable information on how to prepare for and repay your student loans. The University will contact students to schedule an Exit Interview before leaving the institution. For more information on completing online Entrance and Exit Counseling, click here.

Alternative/Private Loans

In addition to Federal funding sources, private institutions also offer student loans. To determine if this might be a good option for your borrowing needs, please consider the following:

Interest on loan accrues while borrower is in school.
Interest and principal may be deferred during that time.
Interest rates may vary by lender.
Maximum award is determined by your Cost of Attendance, minus other aid.
Loans are credit–based; borrower must have an acceptable credit history‚ as determined by the lender.

Rowan University does not maintain a preferred lender list for private alternative education loans, nor are we able to recommend specific lenders. However, over the last several years, our students and parents have used the lenders found on the list provided using ELMSelect, a service provided by ELM Resources, students and parents can compare and contrast the terms and conditions of each loan option and select a private education loan that best suits their financial circumstances. Students are not limited to the lenders appearing on the ELMSelect list and may choose any lender that best suits their educational borrowing needs.

This list is provided as a convenience as the choice of a lender always rests with the borrower. The Financial Aid Office will process private loans through any lender selected by a student, even if not listed here. Students have the right and are welcome to borrow with any private lender of their choosing and are encouraged to perform their own due diligence in seeking a private loan lender. In addition to this list, we suggest that you research federal credit unions (if you are a member) as many offer educational alternative loan products.

Loan Repayment and Forgiveness Programs

Rowan-Virtua SOM students can explore loan repayment and forgiveness programs to determine if they are eligible to have their loans forgiven, cancelled, or discharged.