Loan Options
Each type of loan is structured with different servicing fees, interest rates and repayment plans. Consider all factors to choose the best option for you.
Federal loans tend to offer lower interest rates and fees than private loans. Learn more about federal loans, and make sure to complete the FAFSA each year to determine your loan eligibility.
Federal Direct Loans are low-interest loans that are meant to help with the cost of higher education, including medical school. Medical students are eligible for unsubsidized loans only. The financial aid office automatically considers students for loans through the awarding process.
Loan limits differ by class year.
| Class Year | Loan Limit |
|---|---|
| M1 | $42,722 |
| M2 | $44,944 |
| M3 | $47,167 |
| M4 | $42,722 |
Your interest rate will be fixed for the life of your loan, but each year the rate is set on July 1 for new borrowers. The U.S. Department of Education is the lender and charges an up-front origination fee.
Federal Direct Grad PLUS loans are not based on need. The PLUS Loan application is available annually around May 1 for the upcoming school year at StudentAid.gov.
You may borrow up to the cost of attendance through a Federal Direct PLUS loan. You will need to complete a credit check and submit a signed master promissory note as part of the loan application process.
Private student loans are loans funded by banks, credit unions or state agencies. Private loans should be used to fill in any gaps in the cost of medical school after all federal options have been used..
FAFSA Code: 003448
Send your FAFSA to the University of South Carolina, which is our home campus and aid office. The school code is 003448.