Recipients of private loans and/or scholarships are obligated to provide the Office of Financial Aid with written confirmation of the annual award from the outside agency. Outside awards first reduce the student’s higher cost loans (e.g., Federal Graduate PLUS or Federal Unsubsidized Stafford loans). Awards that exceed the amount borrowed through these loans then reduce the Alpert Medical School loans and scholarship.
Private Loan Awards
Private organizations, outside of the university, offer loan funding that students must apply for that may offer terms that are very favorable. While AMS does not participate in the naming of recipients, we do provide a private loan database, that students may research to explore these options. This database lists private loans organized by specific criteria. Students are encouraged to inquire for more information for each loan in which they may be eligible.
Private (Preferred) Lenders
Private credit-based educational loans are offered by private commercial lenders or state loan authoritites for the purpose of financing college costs. Qualifications and eligibility criteria vary by lender. Most lenders require a credit-worthy U.S. borrower and sometimes a co-borrower. The interest rate and fees are determined by your credit history, your debt-to-income ratio and that of your co-signer. The University Loan Office has prepared a Preferred Lender list after careful research of each of the organizations to ensure that they offer favorable terms.