| First Year Medical Student | Unsubsidized Federal Direct Loan Program | Graduate PLUS Federal Direct Loan Program* |
|---|---|---|
| Annual Maximum | $47,167 (based on 12-months) | None. Annual limit is cost of attendance minus other financial aid |
| Interest | Fixed 8.08% (for loans first disbursed between 7/1/2024 – 6/30/2025) | Fixed 9.08% (for loans first disbursed between 7/1/2024 – 6/30/2025) |
| Grace Period | 6 months after dropping to less than half-time, withdraw, or graduate | 6 months after dropping to less than half-time, withdraw, or graduate |
| Loan Fees | 1.057% (for loans first disbursed on or after 10/1/2020 and before 10/1/2025) | 4.228% (for loans first disbursed on or after 10/1/2020 and before 10/1/2025) |
| Repayment period | 10–25 years depending on which repayment program student selects. Subject to minimum monthly payments. | 10–25 years depending on which repayment program student selects. Subject to minimum monthly payments. |
| Aggregate maximum | $224,000 (combined subsidized and unsubsidized; includes pre-medical Stafford loans) | None |
*The Federal Graduate PLUS loan requires a borrower to pass a credit check before the loan is approved. Students with adverse credit will be required to apply with an endorser. FAQs on the Direct Loan Program.
Loan Entrance Counseling
All first-time borrowers are required to complete a loan counseling session prior to receiving loan funds. You will be directed to the U.S. Department of Education (ED) website to complete the loan counseling session. Do not send your confirmation sheet to UA when finished as the ED will send us a confirmation that you completed the session. The session will take 35 to 45 minutes to complete. Currently, there is not a way to save your session and return later.
What you need to do at studentloans.gov:
- Sign in using your FAFSA FSA ID and password.
- Select Complete Entrance Counseling.
- Select your grade level (Graduate/Professional).
- Complete the session/quiz.
- Keep a copy of your completion for your records.
Master Promissory Note
All UA students wishing to borrow Federal Direct Loans will need to ensure they have completed a Master Promissory Note (MPN) with the Department of Education.
IMPORTANT: Before beginning your electronic MPN session:
- Have your federal FSA ID and password ready. If you misplaced your password or ID, see the instructions on how to obtain a new one. This is the same FSA ID and password used for the Free Application for Federal Student Aid (FAFSA).
- Be ready to provide two references (name, address, and telephone number). These should be people who have known you for at least one year (preferably relatives) who live at different addresses.
- Your name, date of birth and social security number should be the same as it appears on your FAFSA. Remember to always use your full legal name and SSN as it appears on your social security card when completing your PIN, FAFSA or MPN.
- The MPN is your promise to repay any loan funds you receive from your new lender, the Department of Education. This means you will not indicate on the MPN the amount of loan you want for the current year. In June and July, when you actually accept the loans, you will indicate the amount you wish to borrow. Signing the MPN does not obligate you to take a loan. Again, you will only be responsible for loan funds you “Accept” each year.
Note: If you are borrowing the Federal Graduate PLUS loan in addition to your Federal Unsubsidized loan, you must complete a separate MPN for that loan.