Students who enroll in the GEMS Program at the School of Medicine are eligible to apply for financial assistance to meet their education expenses. The following loan programs are generally available to students:

Federal Direct Stafford Loan (unsubsidized)

  • Origination fee of 1.069%
  • Eligible students may borrow up to $12,500
  • Interest accrues from the date of disbursement until the loan has been paid in full. Interest payments are not required while in school; any unpaid interest is capitalized at repayment
  • 6-month grace period following program completion or when enrollment drops below half-time
  • Fixed interest rate of 5.31% for loans disbursed between July 1, 2016 and June 30, 2017

Alternative Student Loan

  • Annual alternative loan amount is limited to the student's total cost of attendance less other financial aid received
  • Student must be enrolled at least half-time and be a U.S. citizen or permanent resident
  • Alternative student loans are unsubsidized and carry a variable interest rate; interst rates are determined by the lending institution and may change as often as every 30 days
  • Alternative loan approval is based upon the student's credit history; credit history may also affect the interest rate charged by the lending institution
  • Lending institutions establish their own application process, credit criteria, and maximum lifetime borrowing limits

Institutional Student Loan

  • Loan amounts are based upon the student's financial need
  • Interest does not accrue while the student is enrolled at least half-time
  • The interest rate is fixed at 4.0% during repayment
  • Institutional student loans receive a 12-month grace period following program completion or when enrollment drops below half-time

Please contact our office with any questions concerning the financial aid process for the GEMS Program.

Additional information is available on the GEMS homepage located here.