Loans

Need-based Loans (MD)

The School of Medicine awards need-based loans in conjunction with need-based scholarships to eligible students in the University Program.

The amount of need-based funds awarded to eligible students is calculated based on the Cost of Attendance of the upcoming academic year and data collected through the financial aid application process. Awarding methodologies are determined by the school each year and apply to all eligible student applicants. University Loans are guaranteed for four years of medical school.

Loan Terms

  • No interest during medical school 
  • 6-months grace period after graduation
  • Residency deferment  with no interest of up to 5 years or at the end of residency if less than 5 years
  • Fellowship deferment of principle payment of up to 3 years (interest payment only)
  • 5% interest when repayment begins
  • 10-year repayment period

The University contracts with Heartland ECSI to provide loan servicing of institutional loans. In mid June of each year, students awarded a university loan will receive an email from ECSI in their CWRU email account notifying them to sign the Master Promissory Note (MPN) for their loans. Only students who have accepted their loan will be notified.


Federal Direct Unsubsidized Loan (MD, PA, MSA) & Federal Direct Additional Unsubsidized Loan (MD)

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. Loan documents for the upcoming academic year are available beginning on May 15.

Additional Resources

AAMC Direct Loans 101

Federal Student Aid (FSA) - Loans


Federal Direct PLUS Loan for Graduate and Professional Students (MD, PA, and MSA) 

For the 2022-2023 academic year, the interest rate of the Grad PLUS Loan is 7.54% and an origination fee of 4.228%.

A Grad PLUS Loan application is required each academic year. First time borrower of the Grad PLUS 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. Loan documents for the upcoming academic year are available beginning on May 15.

Additional Resources

AAMC Direct PLUS Loans for Graduate and Professional Students

Federal Student Aid (FSA) - Direct PLUS Loan for Graduate Students


Private Loans 

Private educational loans are an alternative funding source to federal loans. Interests and repayment terms differ by lender. Students and their families are encouraged to do their research and shop smartly when exploring this option.

Residency and relocation loans are available to fourth year medical students for expenses not covered by the cost of attendance. Students apply directly with a lender and funds are disbursed to the student.  

Additional Resources

AAMC Federal vs. Private Educational Loans

AAMC Residency and Relocation Loans

FastChoice (Search for Health Professions Loan or Residency Relocation Loans *M4)

Listed lenders are selected by an annual RFI that looks at areas such as customer service, financial stability and loan terms. Many programs are designed for specific types of borrowers, and they comprise various loan terms and underwriting guidelines. Private loans are unsubsidized and can be denied due to adverse credit.