Federal Direct Loan Programs

Direct Unsubsidized Stafford Loans:

The Direct Unsubsidized Stafford Loan program is a federal student loan program that allows veterinary medical students to borrow up to $40,500 per academic year. The interest rate for loans disbursed between 7/1/16 and 6/30/17 is 5.84% and will be charged from the date of each disbursement. That rate will remain with the loan and will accrue during periods of enrollment, grace and deferment. The interest rate for loans disbursed between 7/1/17 and 6/30/18 will be determined in early summer of 2017. Direct Lending also deducts a 1.068% Origination Fee at the time of each disbursement. Payment on loans begins six months after graduation or withdrawal.

NOTE: The total outstanding debt a medical student can have from all Direct Stafford Loans (Subsidized and Unsubsidized combined) is $224,000. Outstanding Stafford Loans received from both the FFEL and Direct Loan Programs for undergraduate or graduate education are included in these aggregate totals.

Direct Grad Plus Loans:

The interest rate on Direct Grad Plus Loans disbursed between 7/1/16 and 6/30/17 is 6.84% and will be charged from the date of each disbursement. That rate will remain with the loan and will accrue during periods of enrollment, grace and deferment.  . The interest rate for Grad Plus Loans disbursed between 7/1/17 and 6/30/18 will be determined in early summer of 2017. Direct Lending also deducts a 4.272% Origination Fee at the time of each disbursement

The maximum amount a student may borrow per academic year is the cost of attendance minus any other financial aid received for that same academic period. A credit check is required for Grad Plus Loans. If you have adverse credit, you could be denied by the lender. If you are denied, you may appeal or you may reapply with a credit worthy cosigner. Payment begins six months after graduation or withdrawal.