Loan Programs
Federal Direct Unsubsidized Loan 
Federal Direct Unsubsidized Stafford Loan is available to students regardless of need. This type of loan begins to accrue interest as soon as it is disbursed in full. You have the option to pay the interest as it accrues or defer the interest until after graduation. By deferring the interest, you give the lender permission to capitalize it. Capitalization means that the lender adds the accrued interest to the loan amount and that total begins accruing interest. The maximum annual loan amount is based on the number of months in the academic year. The annual maximum loan amount for the College of Osteopathic Medicine students ranges from $42,722 to $47,167
 
The interest rate on graduate Federal Unsubsidized Loans is a variable/fixed rate. This means that interest rates on federal loans will be adjusted annually on July 1st and then after the loan is disbursed, the rate will change to a fixed rate, which will remain fixed for the life of the loan. Therefore, depending on when the loan is disbursed, borrowers may have multiple federal loans with different interest rates.
 
There is a 1.072% fee that is deducted from your requested loan amount. 
 

Federal Direct Grad PLUS Loans
Federal Direct Grad PLUS loans are credit-based loans.  
 
The interest rate on graduate Federal  Grad PLUS Loans is a variable/fixed rate. This means that interest rates on federal loans will be adjusted annually on July 1st and then after the loan is disbursed, the rate will change to a fixed rate, which will remain fixed for the life of the loan. Therefore, depending on when the loan is disbursed, borrowers may have multiple federal loans with different interest rates.
 
By federal law, there is a 4.288% origination fee that is deducted from your requested loan amount.  The maximum you may borrow is based on the cost of attendance minus any other grants, loans and scholarships.
 
The Financial Aid Office encourages all students to review his/her credit report prior to attending the College of Osteopathic Medicine. Please go annualcreditreport.com to review your credit report. 
 
AnnualCreditReport.com provides consumers with the secure means to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies in accordance with the Fair and Accurate Credit Transactions Act (FACT Act).

Federal Perkins Loan Program
This is a need-based loan administered by NYIT. Funds are limited and priority is given to the neediest students.  You must have a large remaining need which is determined by the data you provide on the FAFSA and to the school. The maximum loan amount you may receive depends on the funding levels. The fixed interest rate is 5%. Interest will be deferred while you are in school. Repayment begins 9 months after graduation or withdrawal. You have up to 10 years to repay the entire loan balance plus interest.

Loans for Disadvantaged Students
This loan is a low-interest rate loan available to full-time, financially needy students from disadvantaged backgrounds. The financial aid office identifies and selects these loan recipients. The maximum annual loan amount is based upon annual funding.  The interest rate is fixed at 5%. Interest does not accrue until twelve months after graduation or falling to less-than half status. Repayment period may be up to 10 years and begins one year after graduation or dropping to less than half-time status. If eligible you may defer this loan.

Primary Care Loans
This is a low-interest rate loan for students planning to pursue careers in primary care. Primary care loans are offered to third and fourth year students only. There is a service commitment to practice in primary care until the loan is paid in full. Regardless of your age and marital status, you must submit your parent's base year's income. The maximum loan amount is based upon funding levels. The interest rate is fixed at 5%. No interest accrues while you are in school. After graduation or falling to less than half-time status, you must start repaying the loan. The repayment period may be up to 10 years.  If you meet the eligibility requirements, this loan may be deferred.  Due to the service commitment, this loan cannot be consolidated with any other loans. For more information, please contact the Office of Financial Aid.