A loan is money that you borrow which requires repayment with interest; and or requires a service commitment. To be eligible for loans at the College of Medicine-Phoenix, students must complete the 2026-2027 Free Application for Federal Student Aid (FAFSA) in addition to loan specific requirements outlined below.
Health Professions Loans (HRSA)
Designed to support students from disadvantaged backgrounds, these federally funded loans offer favorable terms, including a fixed 5% interest rate and no interest accrual while enrolled. Options include the Primary Care Loan for students committed to careers in primary care and the Loans for Disadvantaged Students program. Eligibility is based on financial need, and both programs include structured repayment timelines and, in some cases, service commitments.
Federal Direct Unsubsidized Loan
A widely used federal loan available to all eligible students regardless of financial need. Interest begins accruing at disbursement, and annual borrowing limits are determined by enrollment length. This loan offers fixed interest rates and flexible repayment options, with requirements including FAFSA completion, entrance counseling, and a Master Promissory Note. Updated federal guidelines distinguish between new and continuing borrowers, impacting borrowing limits.
Federal Graduate PLUS Loan
A federal loan option for students who need additional funding beyond unsubsidized loan limits. Approval is based on a credit check, and interest accrues from disbursement. This loan covers up to the full cost of attendance and includes standard federal protections and deferment options. Note that beginning July 1, 2026, this loan is only available to continuing (legacy) borrowers under updated federal regulations.
Private Education Loans
Private loans are offered through banks and other financial institutions and can help bridge funding gaps. Terms, interest rates, and eligibility vary by lender and are typically based on credit history, sometimes requiring a co-signer. These loans require school certification and should be considered after exploring federal loan options.
Arizona Medical Student Loan Program
A state-supported loan program for Arizona residents pursuing careers in primary care or psychiatry. This program offers up to $20,000 per year in funding and includes a loan forgiveness option for graduates who commit to practicing in underserved areas within the state. Applicants must meet residency requirements and complete both FAFSA and a program-specific application, along with an interview process.