Loans

Need-based Loan for MD Students

A CWRU Loan is a subsidized loan to a student to assist with educational expenses. In order to receive a university loan, a student must first apply for need-based financial aid and have eligibility, which is determined by the Office of University Financial Aid.

Repayment is made over a ten-year period after graduation or when the student ceases enrollment on at least a half-time basis from undergraduate or graduate programs. Repayment begins after a six month grace period and the loans are fixed at a 5% interest rate.

If you have been awarded a CWRU Loan, you will receive an email from Heartland ECSI to your CWRU email account, in late June, notifying you when the Master Promissory Note (MPN) is ready to be signed. You must accept this award for the email to be triggered. Heartland ECSI is the loan servicer for the CWRU Loan. Follow their email instructions when they come.

Federal Direct Unsubsidized Loan/Additional Direct Unsubsidized Loan

In the 20/21 Academic Year, the Federal Direct Unsubsidized Loan and Additional Direct Unsubsidized Loan are at a 4.30% interest rate and had a 1.059% loan origination fee. 

If you are a first time graduate borrower, you will be required to sign a Master Promissory Note (MPN) and complete Entrance Counseling. Please see your My Financial Aid portal for links your specific requirements, based on your aid package. Do not start this process until after May 15.

For more information about these loans, please visit the Federal Student Aid website

Federal GradPLUS Loan

In the 20/21 Academic Year, the GradPLUS Loan is at a 5.30% interest rate and had a 4.236% loan origination fee. Each time you borrow the GradPLUS Loan you will be required to complete a GradPLUS Loan application. The GradPLUS Loan MPN will need to be signed if you are a first time borrower of the GradPLUS Loan. If you currently have a MED-EFC that you would like to have converted to GradPLUS Loan, contact our office, we can make that change for you. Please see your My Financial Aid portal for links your specific requirements, based on your aid package. Do not start this process until after May 15.

For more information about the GradPLUS Loan, please visit the Federal Student Aid website

Learn more about your GradPLUS Loan

Private Loans

Private Loans may be a good option. Please check out FastChoice to compare lender benefits and services. Students can apply to borrow up to the cost of attendance, minus other aid received. Narrow down lenders by selecting 'Graduate' student options.