Federal Financial Aid
Federal Loans
If a student is eligible for Federal loan funding, he or she will be awarded loans (up to an annual amount) to meet the their financial need.
All borrowers must complete specific loan funding requirements prior to loan funds being released to the student's account.
Master Promissory Note (MPN)
- All students will be required to complete a new Master Promissory Note with the Department of Education's Direct Lending Program.
Entrance/Exit Interview
- The entrance interview is conducted in a group format during the new student orientation week. If you miss the orientation session, you must contact the Financial Aid Office to schedule an entrance interview. A separate online entrance counseling session is also required.
- The exit interview is a graduation requirement for recipients of any loan program. At the exit interview, you will receive a summary of your total loan debt to date and estimated repayment schedule. Exit interviews are conducted in groups or individually (at the student's request). Students that apply for a leave of absence are required to complete an exit interview. Federal loan borrowers must also complete an online exit counseling session on the National Student Loan Data System.
Enrollment
- Loan borrowers are required to maintain satisfactory academic progress each quarter he or she is receiving financial aid.
Types of Federal Loans that can be used when packaging a student for financial aid:
- Federal Perkins Loan
- Federal Unsubsidized Loan
- Federal Grad PLUS Loan
- Stanford University (SU) Loan
- Private Loan
Note: Effective the 2012-13 year, the federal Stafford Subsidized Loan will no longer be available to graduate students. Effective July 1, 2012 the Stafford and PLUS loan fee rebates will be eliminated.
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2012-2013 Federal Loan Descriptions |
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Effective the 2010-2011 academic year, Stanford University will participate in the Department of Education's Direct Loan (DL) Program.
The following outlines key points about the Department of Education’s Direct Lending (DL) Program. Stanford University School of Medicine will process all Stafford (Unsubsidized) and Grad PLUS Loans through the Direct Lending Program.
- Stanford SoM will no longer originate/certify FFELP (Federal Family Education Loan Program) Subsidized/Unsubsidized and Grad PLUS Loans through banks or other lending institutions.
- New loans will be funded by the Department of Education’s Direct Lending Program (Direct Loans, or DL).
- Loans will continue to be certified and processed though the Financial Aid Office. Students do not apply for loans directly with DL.
- First-time borrowers must complete a new Master Promissory Note (MPN) and entrance counseling w/ Direct Lending for Subsidized/Unsubsidized Stafford Loans.
- Grad PLUS Loans will require separate MPN and entrance counseling.
- The MPN and Entrance Counseling for both the Stafford and Grad PLUS loans may be completed electronically at studentloans.gov.
- Grad PLUS Loans will require separate MPN and entrance counseling.
- Stafford Loan (Unsubsidized) origination fee is 1%
- Grad PLUS Loan origination fee is 4%
- Similar to FFELP, the academic year loan limits are as follows:
- Unsubsidized Stafford $40,500 (3Q enrollment) or $47,167 (4Q enrollment)
- Grad PLUS – up to cost of education less any other financial aid
- Unsubsidized Stafford $40,500 (3Q enrollment) or $47,167 (4Q enrollment)
- Direct Loan borrowers are eligible to receive in-school deferment, 6 month grace period and can apply for Income-Based Repayment (IBR) and Public Service Loan Forgiveness (PSLF) the same as current FEELP Loans.
- Students can consolidate FFELP Loans into the Direct Lending Program during grace and repayment periods after the student has separated from SoM (i.e. graduation).
Private Loan Lenders
If you wish to apply for a private loan, please contact the School of Medicine Financial Aid Office prior to doing so.
For information about managing your debt during school and after graduation, see our Debt Management page.