There are a number of federal, institutional and private educational loans made available to medical students. A description of available educational loans is given in the table provided at the bottom of this page.
We encourage you to contact the Financial Assistance Office as you progress through the loan application process if you require any assistance or have any questions.
Free Application For Federal Student Aid (FAFSA)
To be considered for financial assistance, you need to complete the Free Application for Federal Student Aid (FAFSA), which is available on the Department of Education website:
www.fafsa.ed.gov.
Special Instructions for Completing the FAFSA
- In order for UMMSM to receive your information, you will need to indicate our institutional code, E00533.
- Respond YES to question 49 in order to be properly classified as an independent student (this classification has nothing to do with how you claim Florida Residency).
- Complete the parental information section of the FAFSA if you wish to be considered for a Federal Perkins Loan, Institutional Donor Loans, or Primary Care Loans.
- If you require any assistance in completing the FAFSA, feel free to contact us at 305-243-6211 and we will be glad to help.
Federal Stafford Loan Program
The Federal Stafford Loan program is the primary source of loan funding for medical students. There are a number of lending institutions that provide these loans.
Master Promissory Note
- Once you have selected a lender
click here to complete a Master Promissory Note.
- If you have borrowed from the Stafford Loan Program in the past and wish to continue with the same lender, you are not required to complete a new Master Promissory Note.
Request for Federal Stafford Loan Funds
Students do not have to borrow the full amount available through the Stafford Loan Program. Since there is no space on the Master Promissory Note to indicate the amount of loan desired for the year, students must also complete a “Request for Federal Stafford Loan Funds” to indicate the amount of loan they seek. The form is available
here. You may open the form in most word processing applications. You may email the saved and completed form to
medfinaid@med.miami.edu or bring a physical, completed copy to the OSFA office.
Entrance Interview
If you are a first time borrower at the University of Miami, you are required to complete the Entrance Interview. The Department of Education will not allow the University of Miami to accept loan funds from the lender if you do not complete the Entrance Interview. To complete the Entrance Interview,
click here.
GradPlus Loans
GradPlus loans are federal education loans available for graduate students enrolled at least half time in an eligible program. Students may borrow up to the cost of attendance minus other aid. There is no minimum or maximum income requirement to be eligible for the loan. However, the borrower must have good credit. The GradPlus loan has a fixed interest rate of 8.5%. An origination fee of 3% is deducted from the loan at the time of disbursement.
The application can be completed online and you will receive an instant credit decision. The website is:
https://opennet.salliemae.com/apploansummary/?school_id=00153602&InstLndrID=829076&loanprogram=PLUSGRAD
Private Loans
Be sure to inquire about the availability of private loans from the lender should you have to borrow funds over the $40,500 annual maximum available to students under the Stafford Loan program. Any private loan applications must be submitted to our office for certification. DO NOT send them directly to the lender.
Disbursement Of Funds
Loans are disbursed from the lending institutions directly to the University of Miami (Student Accounts). After all financial obligations are met, the remaining balance (called an “overage”) is distributed to the borrower in the form of a refund check which is distributed by the Office of Medical Finance (Professional Arts Center, Room #150).
Student Accounts Direct Deposit Program
Students are encouraged to participate in the Direct Deposit Program to have their overages automatically deposited into the bank or credit union of their choice. To take advantage of the Direct Deposit Program, go to MyUm, log in, and then select the Student tab and click on Financial. You will find Direct Deposits/Student Refunds under Student Accounts Information.
