School of Medicine

Federal Stafford Subsidized/Unsubsidized
Federal Graduate PLUS
Federal Perkins
Private/Alternative
Residency/Relocation

For loan consideration, first submit the Free Application for Federal Student Aid (FAFSA) from the “Applying for Aid” page.  If applying for Federal Perkins Loans, Primary Care Loans, or Loans to Disadvantaged Students, parent information must be provided.

Accept your financial aid award on Pipeline prior to completing loan requirements.  Please allow a minimum of two weeks from the date you submit a FAFSA to be notified of an award. If applying for Campus Based Aid, additional time will be required to review your verification documents.  To confirm that you have submitted all requested documentation, please log on to www.pipeline.wayne.edu and select “My Eligibility” from the Financial Aid menu.

Lender Selection:
The Office of Student Financial Aid provides comparison charts of lenders and loan programs that have been evaluated and determined to meet strict quality control standards.  See our Lender Selection Methodology for more information.  You may borrow from any lender you choose, including one not listed on our comparison charts.

Federal Stafford Subsidized and Unsubsidized Loan Borrowers:

First-time borrowers will be prompted via email to complete Stafford loan requirements in Pipeline.

• Log into Pipeline and click on “Financial Aid” from the Student Tab
• Select “My Award Information” to accept your Stafford loan offer
• Select “My Eligibility” to complete entrance loan counseling, select a lender, and complete a Master Promissory Note (MPN) 

The lender you select as a first-time borrower will continue to disburse your Stafford loans throughout medical school unless you notify our office that you wish to change your lender.  Changing lenders will require that you complete a new MPN with that lender.

 Apply here

Federal Graduate PLUS Loan Program: 

Effective July 1, 2006, graduate/professional students are eligible to borrow a Federal Graduate PLUS Loan.

Eligibility:  You must file a Free Application for Federal Student Aid (FAFSA) and borrow your maximum eligibility in Stafford Subsidized and Unsubsidized Loans prior to applying for a Graduate PLUS Loan. 

Interest Rate:  8.5% fixed

Maximum Loan Amount:  Cost of Attendance minus other financial aid

Apply Here

The lender will perform a credit check and then prompt you to complete and sign a Master Promissory Note.  Once the Master Promissory Note is submitted, the school will be notified to certify the loan.    
           

Federal Perkins Loan Borrowers:

New Students:  Complete a Perkins Master Promissory Note (MPN) and Entrance Counseling from the links below.

Returning Students:  An MPN must be completed every year.  Entrance Counseling does not need to be repeated after the first year you borrow.
 
Perkins Loan Entrance Counseling:
http://mapping-your-future.org/OSLCSchoolPages/?SchoolPageID=6750&SchoolID=2980

Perkins Electronic MPN Option:
You can electronically sign the MPN on Pipeline from the “Outstanding Requirements” page.

Paper MPN Option:
If you do not wish to sign electronically, you can download and print a Master Promissory Note (MPN) from
www.financialaid.wayne.edu.  Submit the original document (no faxes or photocopies) to our office.
  
NOTE:  Federal Perkins Loans are 5% fixed interest rate loans.  To be eligible, students must provide parental data on the FAFSA and meet Campus-Based Aid criteria. 

Private/Alternative Loans

Variable rate loans which are non-need based and require credit approval.  The amount borrowed cannot exceed the cost of attendance minus other aid.  
The borrower initiates the online application process with the lender.  Once approved, the lender will contact the Office of Student Financial Aid to certify the loan. 

Primary Care Loans

Fixed 5% interest loans available to Year III and IV students.  Parental data must be provided on the FAFSA and will be considered in determining eligibility.  The student must enter into and remain in the primary health care field until the loans are paid in full to retain the 5% interest rate.  Loans can be borrowed for current year cost of attendance and to replace prior year Stafford loans borrowed while in medical school.  Contact the Office of Student Financial Aid to apply.  Awards are based on availability of funds.

Loans to Disadvantaged Students

Fixed 5% interest loans available to students in any year of medical school who meet the Department of Health and Human Services poverty guidelines and family income thresholds.  Contact the Office of Student Financial Aid to apply.  Awards are based on availability of funds.

Residency and Relocation Loans

Variable interest rate loans for up to $15,000 available to students in their fourth year of medical school.  These loans are intended to cover expenses associated with residency interviewing and/or relocation since these costs cannot be included in the school’s cost of attendance.  Approval is contingent on credit approval.  Students apply directly to the lender.