Becoming a doctor is a big investment, not only in the years of training, but also in the financial commitment it takes to finance for medical school. Fortunately, there are a number of different ways toย pay for medical school.
One part of the process is applying for grants andย scholarships. However, most US medical students will need to finance at least a portion of their education through the use of federal aid and student loans
When it comes to student loans for medical school, you might have a list of unanswered questions. We are going to unpack some of the most common queries about federal student aid for medical students.ย
Why are federal loans preferred over private loans?ย ย
Generally speaking, federal student loans offer advantages that you wonโt typically find from most private loans. These include things like lower fixed interest rates and various repayment options such asย income-based repayment.ย Although programs like Saving on a Valuable Education (SAVE) Plan are undergoing changes, the Federal Student Aid organization does have several options to help with student loans.
Who has access to federal student loans for medical school?
ย ย
US citizens or permanent residents attending qualifying medical schools will have the opportunity to apply for federal financial aid. Although you must be a US citizen, it doesnโt mean you canโt attend a foreign institution.
As long as the program youโre considering is among theย approved international medical schoolsย listed by the US Department of Educationโs Federal Student Aid Office, you will be eligible to participate in the financial aid application process.ย ย The list is updated every quarter, so you will want to double check with your intended school currently participates.
St. Georgeโs University participates in theย William D. Ford Federal Direct Loan Program. These loans are available to US students who are US citizens or US Permanent Residents in the School of Medicine who are or have been enrolled in the Basic Science portion of their program in Grenada.**
What should I look for in an international medical school if I want to use US federal financial aid?ย
If youโre looking to got to go to aย Caribbean medical school or any other International medical school, youโll need to be sure the U.S. Department of Education has approved the institution to participate in the Federal Direct Loan Program.ย ย
For example, theย St. Georgeโs University (SGU) School of Medicineย is accredited by the Grenada Medical and Dental Council (GMDC), the chosen accreditor of the country of Grenada. GMDC has been reviewed by The National Committee on Foreign Medical Education and Accreditation (NCFMEA), a panel of experts organized by the U.S Department of Education, which has determined that GMDC uses standards that are comparable to the standards used to accredit medical schools in the United States.ย
Based on its accreditation from GMDC, eligible SGU students can participate in the U.S. Department of Education Federal Direct Loan Program.ย ย In other words, because the NCFMEA has confirmed that the GMDCโs accreditation standards are comparable to those of US medical schools, SGUโs School of Medicine has been approved by the U.S. Department of Education to participate in the federal student loan program.ย ย
Will I be able to pay off my medical school loans?ย
This fear sits at the forefront of many medical studentsโ minds. The good news is, if youโre thoughtful about how you choose where you go to school, your medical school financing options, and your eventual employment positions, youโll be in a great position to pay off your loans once you graduate from medical school.ย ย
Federal loans provide a variety of repayment plans, which is especially important when in residency. Borrowers can select a repayment plan based on their income instead of their overall loan debt. This makes repayment very manageable during residency.ย
Funding your futureย
When it comes to financing your medical degree, there are several ways to make ends meet. Now that you have a better understanding of student loans for medical school, you can decide if taking advantage of this option is the right move for you.ย
For more information, visit our article โHow to Pay for Medical School: Doctors Share How They Did It.โย
You can also find Accreditationย FAQs about SGUโs School of Medicine.
*This article has been updated from April 2022 to include current references, facts and figures.
**As of July 1, 2011, students in SGU/NU Program are not eligible for the Federal Direct Loan Program.
