Medical Student Loan Program

PURPOSE:

The purpose of this program is to provide loans to needy medical students who meet designated academic standards and are enrolled or accepted for enrollment at the Marshall University School of Medicine, the West Virginia School of Osteopathic Medicine or the West Virginia University School of Medicine.

ELIGIBILITY:

To be eligible for loan consideration, an applicant must:
  1. be accepted for enrollment or be enrolled full-time at an approved WestVirginia school of medicine,
  2. meet designated academic standards,
  3. demonstrate need, and
  4. not be in default on any previous student loan(s).

SELECTION:

Recipients will be selected each year by the respective schools based on the applicant’s eligibility and the availability of funds.

APPLICATION:

Students must apply to the Financial Aid Office of the school of medicine they plan to attend. They must use the forms and meet the deadlines designated by the school.

RENEWALS:

Annual application is required and award amounts will be determination each year. Student borrowers may apply for additional loans each year for up to a total of four years and the school may, but is not obligated to, make renewal loans to an eligible borrower.

LOAN AMOUNT:

Maximum annual loan amount is $10,000.

REPAYMENT:

The first payment will be due one year following the date the borrower ceases to be a full-time student at a West Virginia school of medicine. Students will be eligible for payment deferment during periods of required military service or approved additional medical training, including internships, residencies or fellowships (not to exceed five years).

INTEREST:

The rate of interest changed on all outstanding loans awarded on or after September 7, 2002 shall be the prevailing Federal Stafford Loan interest rate at the beginning of the repayment period and shall accrue, except for periods of authorized deferment from the beginning of the repayment period.

LOAN FORGIVENESS:

Loan indebtedness will be forgiven at the rate of up to $5,000 for each period of twelve consecutive months of full-time practice in an approved designated medically underserved area in West Virginia or in a medical specialty designated as a critical shortage field in the State.

Questions regarding this Program may be addressed to the Financial Aid Office at the school of medicine you plan to attend or by contacting:

Judy Kee
Medical Student Loan Program
West Virginia Higher Education Policy Commission
1018 Kanawha Boulevard, East, Suite 700
Charleston, West Virginia 25301
(304) 558-4618

 

^ Back to Top of Page
        « Back to Student Services Menu
              « Back to Main Menu