Financial Aid Options for US Students in the Charter Foundation to Medicine Program

 

As you pursue your goal of a medical education at St. George's University, an important consideration will be the financing of your education. It's important for students to understand, before they matriculate, the costs associated with attending school and what financial aid is available to them in order to make a workable financial plan.

Only private student loans are available to assist students in the Charter Foundation to Medicine Program with their educational costs.

Current Loan Options:

Sallie Mae Smart Option Loan - US Citizen/Permanent Resident students can borrow up to the full cost of attendance with the Sallie Mae Smart Option Loan. These loans are credit based, and interest rates vary (currently 3.12%-11.35%), depending upon specific lender criteria, credit worthiness, and whether or not the borrower chooses a fixed or variable interest rate).  A cosigner may be required to secure a private education loan. 

SGU Institutional Loan – Students can borrow up to Tuition only. Living expenses will have to be funded out of pocket.  Not credit based and does not require a cosigner. This loan's interest rate is currently 10%.

Below is the estimated cost of attendance for the program. Please review the budget below to determine if you will need to apply for a student loan to assist with your educational expenses. The application instructions are outlined below.  Please note that the living expense budget below are estimates. You may find that your actual costs may be less and as such consider borrowing no more than you need.

January 2020 Student Budget

Application Instructions

To apply for a Sallie Mae Smart Option Student loan, the following steps must be completed:

  • Visit Sallie Mae and choose "Undergraduate Student Loans" from the options provided
  • Choose "Apply for this Loan" to begin your Smart Option Student Loan application
  • Complete the "Basic Information" section and choose your school 
    • St. George's University, School of Medicine will be listed under the "Outside the US" option
  • Complete the "School Information" as follows:
    • School: St. George's University, School of Medicine, 02233300
    • Degree/Certificate of Study: Certificate
    • Major: Medical
    • Enrollment Status: Full time
    • Grade level: Certificate/Continuing Ed.
    • Academic Period of Loan: Provide Your Own; January 2020 - May 2020
    • Anticipated graduation/completion: May 2020
    • Complete the "Loan Amount" section using the information from your estimated cost of attendance
  • Follow the instructions to complete the rest of your application and submit

 

Sallie Mae has various repayment options:

  • Interest Repayment Option: Full interest payment while in school and during grace period
  • Fixed Repayment Option: Student's pay $25 per month, while in school and during grace period
  • Deferred Repayment Option: no payment is required while in school or during grace period

** There are no prepayment penalties under any of these repayment plans, and making payments on your loan whenever possible is encouraged to minimize total overall debt.

Please make sure that all contact information included on your application for both yourself and your cosigner (if applicable) are completely accurate. Sallie Mae may try to contact you if they have any inquiries or are unsure about something on your or your cosigner's credit report that could improve the possibility of a loan approval. If Sallie Mae is unable to contact you in order to verify information, and cannot reach you after two attempts, your loan application will automatically be denied.

St. George's University is committed to ensuring that all students are aware of all of their financial aid options and we have designated a counselor to work directly with you to address your questions and needs. Please contact your Financial Aid Counselor with any questions or concerns or for additional information regarding the financial aid process and costs.

 

Tips and Tools for Private Loans:

  • Request your credit report: resolve any discrepancies prior to applying for your private student loan. (annualcreditreport.com)
  • Private loans may carry a variable interest rate and approval as well as interest rate are credit-based.
  • Apply for your private student loan within the 180 day window of disbursement, as your credit is valid for 180 days.
  • The amount you apply for will be the amount that is certified up to the cost of attendance.
  • If you apply for less than the cost of attendance, your disbursements will be split equally per term, unless otherwise requested.
  • If your loan application is denied, please submit endorser (cosigner) information as soon as possible. The lender can take 7 to 10 business days to verify credit information of your cosigner.
  • The lender requires your signature on a final disclosure in order to assign disbursement dates.
  • You must sign this disclosure form within 60 days of the loan approval.

To Apply for a SGU Institutional Loan:

Please contact your Financial Aid Counselor: (Counselor breakdown by last name)

 

Deferring Prior Educational Loans

You are eligible for deferment of loans that you borrowed at institutions you attended prior to your matriculation at St. George's University School of Medicine. You should access the web site of the servicer of the loan(s) you wish to defer, and download an In-School Deferment Form. Completed deferment forms should be sent to the Registrar's office at regmail@sgu.edu.

For additional information regarding student loan deferment, please visit our Deferments section.

St. George's University is committed to ensuring that all students are aware of all of their financial aid options and we have designated a counselor to work directly with you to address your questions and needs. Please contact your Financial Aid Counselor with any questions or concerns or for additional information regarding the financial aid process and costs.

 

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