Student Financial Services

School of Medicine


Loan Programs
St. George’s University’s comprehensive outreach to governments and private lending institutions combined with the University’s own financial resources, have created a unique offering of loans and other financing options for our students worldwide.

For United States Citizens or Permanent Residents studying in Grenada
The Federal Family Education Loan Program (FFELP) is the US government’s student loan program. These loans are available only to students in the School of Medicine, Grenada. The program consists of subsidized Stafford, unsubsidized Stafford and Grad PLUS Loans. The Stafford Loan program has a combined maximum borrowing limit of $20,500 per academic year and an overall aggregate of $138,500. The Grad PLUS Loan program is used to bridge the gap between the Stafford Loan and the remaining cost of attendance. Students must have a satisfactory credit history in order to qualify for a Grad PLUS loan. The Grad PLUS loan does not have an aggregate limit.

Stafford Loans are awarded as subsidized and unsubsidized based on eligibility determined by the federal government. For loans awarded through the subsidized Federal Stafford Loan program students may borrow up to $8,500 per academic year. Under the subsidized loan program the interest that accrues while the student is in school is paid by the US government. The student is responsible only for the interest that accrues after repayment begins. For loans issued through the Unsubsidized Federal Stafford Loan program students may borrow up to $20,500 minus the subsidized amount awarded per academic year. Under the unsubsidized program the student is responsible for all accruing interest and may choose to repay the interest while in school or defer it until repayment begins. Repayment begins when a student graduates or otherwise ceases to be enrolled at least halftime; however, the borrower may continue to postpone repayment during his/her medical residency.

Stafford and Grad PLUS loans are borrowed from a US Bank selected by the student. The interest is currently set at a fixed rate of 6.80% for Stafford Loans with disbursements on or after July 1, 2006. The interest is currently set at a fixed rate of 8.5% for Grad PLUS loans with disbursements on or after July 1, 2006. The interest rate is determined by the federal government and subject to change each July 1st. In addition, the student may be required to pay an origination fee/insurance premium percentage that is determined by the lender.
To receive FFELP/Stafford Loans, recipients must be either permanent residents or citizens of the United States, be enrolled in the School of Medicine, Grenada at least half-time, maintain satisfactory academic progress, and not be in default on any prior US government guaranteed loan. These guidelines are subject to statutory and/or regulatory changes in the US Higher Education Act and the Title IV Program Regulations.

FFELP Financial Aid package

St George's University Preferred Lender List

For United States Citizens or Permanent Residents studying in the UK
Several private educational lenders in the United States offer St. George’s students alternate loans. Students can obtain these loans to meet all or part of their cost of attendance. These private loan programs are all credit based and are offered only to students who have a satisfactory credit history as determined by the lender. These loans have repayment terms that begin following graduation or withdrawal from school and may be extended up to 20 years.

The Financial Aid Office provides extensive financial aid counseling services to students in order to help them understand the eligibility requirements, terms and conditions. The Financial Aid Office also maintains a list of private educational lenders offering programs to St. George’s students, and can help guide them to the programs that will best suit their needs.

Private loan/Global Financial Aid Package

Canadian / International Citizenship
Canadian students attending St. George’s University are eligible to apply for Canadian government funding through their province of residence. These loans are awarded through the Ministry of Education of each province. These loans are interest-subsidized by the Canadian government while the student is enrolled in school and maintaining satisfactory academic progress as determined by the individual province. Eligible Canadian students can also apply for a credit line through their bank. Interested students should contact their banks and provincial Canadian Student Loan offices for details and applications.

Canadian and International students can obtain private loans to meet all or part of their cost of attendance. These private loan programs are all credit based and are offered only to students who have a satisfactory credit history as determined by the lender. Both Canadian and International students will require a US citizen or Permanent Resident as a cosigner in order to qualify. These loans have repayment terms that begin following graduation or withdrawal from school and may be extended up to 20 years.

University-Sponsored Loan Programs

International Peace Loans
Students who are residents or citizens of countries other than the United States may receive small loans for partial tuition from the University. The loans do not have to be repaid until after the student graduates or otherwise separates from the University. The loans accrue interest at 3% above US prime rate. The amounts of the loans vary, but they generally do not exceed one third of the tuition and fees.

Next Generation Loan
The University may award partial tuition loans. They are interest free and are repaid to the SGU Alumni Association’s Scholarship and Loans Fund following graduation or medical residency. The endowment created by the Next Generation Loan will provide funding for future students.
These loans will be granted to students who demonstrate financial need as well as integrity, motivation and commitment to their chosen profession. Fostering the education of future generations of students is a mission that reflects the spirit on which St. George’s was built. Loans are generally awarded in tandem with Geoffrey H. Bourne Scholarships.