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Institutional Loan Programs

UMMC's Institutional loan programs are designed to assist qualified students with paying for the cost of education. Funds are awarded to eligible students as part of the financial aid award process. The institutional loan programs differ in the amounts available, eligibility requirements and interest rates. The debt incurred from these loans is the student's obligation to repay.

Note: Limited amounts of institutional loan funds are available each year, so you must submit the FAFSA by the Office of Student Financial Services' recommended priority deadline to ensure consideration for a institutional loan.

Garvin D. Shands Student Loan

• Available to medical students
• Based upon ability and financial need as determined by the Office of Student Financial Services
• Interest rate of 2.50%
• Repayable annually in three equal installments plus interest with first payment due one year after graduation
• Interest begins to accrue upon graduation
• No grace period
• Payment may be deferred up to three years for residency
• If student withdraws or is dismissed, one-half of loan plus interest is due one year after withdrawal and the other half plus interest is due two years after withdrawal.

R.J. Nichols Student Loan

• Available only to medical students in the upper one-third of the class
• Based upon financial need as determined by the Office of Student Financial Services
• Maximum award not to exceed $200.00 per student
• Interest rate of 2.50%
• Repayment to be made in full one year after completion of internship (two years after graduation) - one year grace
• If student withdraws or is dismissed, one-half of the loan plus interest is due six months after withdrawal and the other-half plus interest is due one year after withdrawal.

Kellogg Student Loan

• Available to freshman and sophomore medical students
• Based upon financial need as determined by the Office of Student Financial Services
• Maximum award not to exceed $400.00 per year
• Interest rate of 2.5%
• Payable annually in four equal installments starting on year after internship (2 years after graduation) - one year grace
• If student withdraws, one-half of the loan plus interest is due one year after withdrawal and the other one-half plus interest is due two year after withdrawal.

Cyril Hart Student Loan

• Available to junior and senior medical students
• Must be in upper 1/3 of class
• Based upon financial need as determined by the Office of Student Financial Services
• Interest rate of 2.50%
• To be repaid in four equal installments beginning two years after the student ceases to be at least a half-time student - one year grace
• If student withdraws or is dismissed, one-half is due one year after withdrawal and the other half is due two years after withdrawal.

Segars Family Education Loan

• Available to medical students
• Based upon financial need as determined by the Office of Student Financial Services
• Interest rate is state prime rate and is fixed at the time of loan.
• 6-month grace
• Grace period begins after graduation of if the student withdraws or is dismissed from UMMC
• Applicant must complete application with one co-signer

UMMC School of Nursing Student Loan

• Available to nursing students with at least a 2.5 GPA
• Based upon financial need as determined by the Office of Student Financial Services
• To be repaid in five equal installments beginning one year after graduation
• No grace period
• If student withdraws or is dismissed, one-half of the loan plus 3.00% interest is due one year after withdrawal.
• The other half with 3.00% interest is due two years after withdrawal

Salisbury Community Student Loan

• Available to medical students
• Based upon financial need as determined by the Office of Student Financial Services
• Interest rate of 2.50%
• To be repaid in four equal installments, repayment period starting one year after graduation
• One-year grace
• If student withdraws or is dismissed, one-half is due one year after withdrawal and the other half two years after withdrawal.

Caldwell Student Loan

• Available to nursing undergraduate students based upon financial need as determined by the Office of Student Financial Services.
• Interest free
• To be repaid in four equal semi-annual installments
• One-year grace
• If student withdraws or is dismissed, one half of the loan is due one year after withdrawal, and the other half two years after withdrawal

Robert Wood Johnson Foundation Student Loan

• Available to female medical students, students from rural background, Black-American, Indian-American, Mexican-Americans, and mainland Puerto Ricans
• Based upon financial need as determined by the Office of Student Financial Services
• Interest rate of 3.00%
• Ten-year repayment period with option of a $15 per month minimum repayment
• One-year grace
• Has limited cancellation provisions such as total and permanent disability
• Deferment for the following:
  • active duty in uniformed service (limited to 3 years) or
  • volunteer under Peace Corps Act (limited to 3 years) or
  • advanced professional training, including internship and residency (no limit).

Idalou Bagley Memorial Cancer Foundation Student Loan

• Available to fourth-year medical students and available to third year medical if the student is considered to have extreme financial need as determined by the Office of Student Financial Services or has exceptional ability
• Based upon financial need as determined by the Office of Student Financial Services
• Interest rate of 3.00%
• Repayment to be made in three equal annual installments
• One-year grace
• May be deferred for internship and residency
• Additional one year grace after deferment for internship or residency

J.K. Oates Student Loan

• Available to medical students only
• Based upon financial need by the Office of Student Financial Services
• Interest rate of 3%
• No grace period
• To be repaid in five equal annual installments
• If student withdraws or is dismissed, one half is due one year after withdrawal and other half two years after withdrawal

George W. Googe Memorial Medical Student Loan

• Available to medical students who have completed at least two quarters of medical school
• Applicants must show financial need and be in good academic standing
• Preference will be given to applicants from Alcorn and Prentiss counties
• Interest rate of 3%
• No grace period
• May be deferred for internship and residency
• Payable in three equal annual payments
• If the student withdraws or is dismissed, one half is due one year after withdrawal and the other half two years after withdrawal

Medicine Tuition Student Loan

• Available to medical students with financial needs
• Interest rate of 3%
• No grace period
• Principal repayments may be deferred for up to three years for advance professional training; however, interest will continue to accrue.
• Repayment period of five years

Dentistry Tuition Student Loan

• Available to dental students with financial need
• Interest rate of 3%
• No grace period
• Principal repayments may be deferred for up to three years for advance professional training; however, interest will continue to accrue.
• Repayment period of five years

John K. Berdon Memorial Student Loan

• Available to D-2, D-3 and D-4 students
• Based upon financial need as determined by the Office of Student Financial Services
• One loan per student per academic year
• Interest rate of 6%
• Maximum loan amount of $500
• Repayment due within three years after graduation

Dr. C.M. Wells Memorial Student Loan

• Available to D-2, D-3 and D-4 students.
• Based upon financial need as determined by the Office of Student Financial Services
• Interest rate of 5%
• Yearly maximum loan amount of 1,000.00
• Minimum monthly payments of $50
• Unlimited deferment for professional training
• Up to three years for deferment for military, Peace Corps or Vista

AMA-ERF Student Loan

• Available to medical students in junior and senior years
• Based upon financial need as determined by the Office of Student Financial Services
• Interest rate equal to Federal Perkins Student Loan which currently is 5%
• Twelve-month grace period
• Maximum loan per academic year of $3,500
• One loan awarded annually
• Internship/residency deferment eligibility
• Repayment within 10 years
• Minimum monthly payments of $15

McKinstry Student Loan

• Applicants from the Mississippi counties of Jones and Jasper shall be given preference over applicants from other parts of Mississippi
• Available to individuals of character who have successfully completed one semester of college work
• Based on financial need as determined by the Office of Student Financial Services and to be used to complete the student's education
• Borrower has qualified for financial assistance through the University of Mississippi Medical Center's Office of Student Financial Aid of Financial Services
• Interest rate of 5.00%
• Payment period will be ten years after graduation or upon leaving the University of Mississippi Medical Center
• Borrower can receive up to two years of deferment for Advanced Professional Training

Health Care Professional Student Loan - Nursing

• Office of Recruitment and Retention selects the recipients
• Available to students currently enrolled in an accredited school
• Aggregate loan amount of $8000.00
• Maximum loan amount per academic year is $4,000
• For each one year period worked at UMMC, $4,000 of loan will be cancelled
• Cancellation by working at UMMC begins after broads have been passed and required taxes are being paid
• Borrowers that utilize the UMMC cancellation provision will pay taxes on the employee benefit
• If borrower fails to work at UMMC, the borrower will be liable for the unpaid portion of the loan at an interest rate of 10% from date funds were advanced. Loan payments will be made monthly

J.R. Scribner Jr. Loan

• Maximum eligibility limited to eight consecutive regular semesters
• May not exceed student's estimated cost of attendance
• One recipient annually
• If recipient works 24 consecutive months in Mississippi, then the loan is cancelled.
• Six-month grace period
• Five-year repayment period
• Currently 1% interest rate