Need-based Loan (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 (MD, PA, and MSA)
For the 2022-2023 academic year, the interest rate of the Direct Unsubsidized Loan and Additional Direct Unsubsidized Loan is 6.54% and have an origination fee of 1.057%.
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 (MD, PA, and MSA)
For the 2022-2023 academic year, the interest rate of the GradPLUS Loan is 7.54% and an origination fee of 4.228%.
GradPLUS Loan application is required each academic year. First time borrower of the GradPLUS Loan will also need to complete a Master Promissory Note (MPN). Log on to the My Financial Aid portal for links to specific requirements for your loans. Begin this process after May 15.
For more information about the GradPLUS Loan, please visit the Federal Student Aid website.
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.