Student Loans

Eligible Disciplines:

• CCOM: 3rd and 4th year Osteopathic Medical Students
• AZCOM: 4th year Osteopathic Medical Students

Interest:

• No interest will accrue during the in-school period
• 5% interest will accrue on the loan after graduation unless a student enters an approved internship

Loan Fees: None

Grace Period: Repayment begins six months after graduation or withdrawal from CCOM/AZCOM, unless the borrower enters an approved internship and properly completes the necessary deferment forms

Repayment Information: 

• Up to 8 year repayment term

• $50 per month minimum payment

• One-year internship deferment available

• Deferment of principal and/or interest may be granted if the borrower is engaged in an approved internship or residency.  Must re-apply annually.

• No prepayment penalty

• Loan cannot be included in a Federal Consolidation Loan

• The CCOM/AZCOM Loan is not eligible to be included in the Income-Based Repayment, Pay as You Earn and/or Public Service Forgiveness.

Annual Loan Limit: Varies, Office of Student Financial Services will notify students

Aggregate Loan Limit: Not applicable

Eligibility:

• Based on exceptional financial
• Students with a history of default on student loans or other debt non-payment will not be considered for a CCOM/AZCOM loan.
• Students must provide income data on the FAFSA and submit tax returns including all schedules, W-2s, and 1099s and an independent verification worksheet.

Application:

• Contact the Office of Student Financial Services for an application.

For more information, watch the AZCOM-CCOM Loan Presentation video.

AZCOM-CCOM Loan Presentation

Eligible Disciplines: All

Lender: Department of Education

Interest:

• Current Interest Rate
• Unpaid interest may be capitalized only when the loan enters repayment, at the expiration of a grace period or period of deferment or forbearance, or when the borrower defaults

Loan Fees:

• Current Loan Fees

Grace Period: 6 months used prior to taking a deferment

Repayment Information:

• Up to 10 year repayment term in Standard Repayment Plan
• $50 per month minimum payment in Standard Repayment Plan
• Graduated, Extended, and Income Sensitive Repayment plans also available
• Deferments available for qualified periods of enrollment, unemployment, and economic hardship (see promissory note for details)
• Loans may be consolidated
• No prepayment penalty

Eligibility:

• Borrowers must be enrolled at least half-time
• Based on cost of attendance less other aid received

Direct Graduate PLUS Loan Basics

Borrower Eligibility: You must be a graduate/professional student enrolled at least half-time in a matriculated program.

• You must complete a FAFSA (Free Application for Federal Student Aid).
• Borrower must first apply for maximum Direct Unsubsidized loan eligibility. 
• Parents of graduate students will not be eligible to borrow the loan.

Credit Eligibility: Direct Graduate PLUS Loan borrowers are required to pass a basic credit check.

Lender: Department of Education

Annual Limits: Borrower may borrow the difference between the total cost of the student's education (including books, fees, and personal expenses) minus any financial aid the student will receive.

Interest:

• Current Interest Rates
• Unpaid interest may be capitalized only when the loan enters repayment, at the expiration of a period of deferment or forbearance, or when the borrower defaults

Loan Fees:

• Current Loan Fees

Grace Period: There is a 6-month post-enrollment deferment for loans first disbursed on or after July 1, 2008.

Repayment Terms: The maximum repayment period is 10 years and the minimum monthly payment is $50.00.

Compare the Direct Graduate PLUS loan to the private loan programs offered to graduate students. Please consider federal loans first!

Eligible Disciplines: 

• AZ: Dental, Pharmacy, Optometry, and Podiatry
• IL: Pharmacy and Dental

Interest:

• No interest will accrue during the in-school period
• A uniform interest rate of 5% per year

Loan Fees: None  

Grace Period:

• The HPSL has a 12-month grace period which repayment of principal is not required and interest does not accrue. The grace period immediately follows completion or termination of full-time student status and cannot be postponed to follow any deferments for which the borrower may be eligible.  

Repayment Information:

• Repayment begins following a 12-month grace period after the borrower ceases to be a full-time student.
• Interest at 5% is computed on the unpaid principal balance and begins to accrue upon expiration of the grace period unless the borrower is eligible to defer payment.
• The HPSL has a 10-year repayment period, which may be extended up to a maximum of 25 years in extenuating circumstances at the discretion of MWU.
• There is no prepayment penalty if a borrower opts to pay the HPSL in full at any time.

Annual Loan Limit: Varies, Office of Student Financial Services will notify students

Aggregate Loan Limit: Not applicable

HPSL Deferment Provisions: During a deferment period on an HPSL interest does not accrue and the borrower does not have to make payments on the loan. Some additional provisions are: 

• Deferments are only available for participation in certain activities prescribed in statute and regulations.
• Deferment periods do not count against the borrower's right to repay the loan within 10 years. For example, a borrower who has used three years of deferments still has a total of 10 years--not seven years--to repay the HPSL. 
• Borrowers are allowed to move in and out of deferment and repayment. For example, a borrower may be in repayment, then participate in an activity for which deferments are available, go back into repayment, and then begin another deferrable activity.

Eligibility:

• Must be enrolled full-time
• Based on financial need as determined from the FAFSA and other estimated resources

Parents' information is required even if the student is considered independent according to the definitions under Title IV of the Higher Education Act.  Note: This requirement cannot be waived. Parental income is used to determine the student's overall need and if the student comes from an "economically disadvantaged" background. In cases where the parent(s) refuse to provide income information, an affidavit documenting such a refusal cannot be accepted in lieu of the required information. 

Unless the parent(s) are deceased, a student who does not provide parental income information may not be considered for HPSL funds.

For more information, watch the HPSL repayment presentation video.

HPSL Repayment Presentation

What is the MWU Loan?

The MWU Loan provides an alternative source of assistance to eligible students enrolled full-time.  The MWU Loan program's servicer is ECSI, a division of the Campus Solutions division of Global Payments, Inc. Midwestern has had ECSI service it's institutional loan programs since 2003. This loan is subject to availability.  Review the MWU Loan - Grad PLUS Loan Comparison Chart.   
 

¹ Must first exhaust the annual maximum Direct Federal Unsubsidized Loan.
² Subject to loan type, balance and degree program.

Eligible Disciplines: 

• Cardiovascular Science - All years of academic program
• Clinical Psychology - Final 2 years of academic program
• Dental Medicine - Final 2 years of academic program
• Nurse Anesthesia - All years of academic program
• Occupational Therapy - All years of academic program
• Optometry - Final 2 years of academic program
• Pharmacy - Final 2 years of academic program
• Physical Therapy - All years of academic program
• Physician Assistant - All years of academic program
• Podiatry - Final 2 years of academic program
• Speech-Language Pathology - All years of academic program
• Veterinary Medicine - Final 2 years of academic program

General Eligibility:

• Must be enrolled full-time
• Must first exhaust the annual maximum Federal Unsubsidized Loan
• Must have a minimum FICO score of 700
• International students are only eligible to apply with a U.S. citizen or permanent resident co-signer

Interest:

• Fixed interest rates
• 6.0% for loans originated, with a first disbursement, between April 1, 2014 and June 30, 2018
• 6.1% for loans originated, with a first disbursement, between March 1, 2019 and June 30, 2020
• 4.45% for loans originated, with a first disbursement, between July 1, 2020 and June 30, 2021
• 5.25% for loans originated, with a first disbursement, between July 1, 2021 and June 30, 2024
• 6.0% for loans originated, with a first disbursement, on or after July 1, 2024
• Borrowers will qualify for a 0.25% interest rate reduction for enrollment in automatic debit for monthly payments while in repayment
• Borrowers will have the option to either: (1) pay interest monthly during in-school and/or 6-month grace period or (2) defer the payment of interest during the in-school and/or 6-month grace period

Loan Fees:

• No loan origination fee        

Repayment Information: 

• Refer to the information listed on this Student Loans page.  

Application:

• If you have not completed your 2024-25 MWU Institutional Financial Aid Application, you must complete the MWU Institutional Financial Aid Application and specifically complete Step 6 of the application to apply for the MWU Loan.
•  If you have already completed your 2024-25 MWU Institutional Financial Aid Application, then please email the financial aid administrator at your campus to receive guidance on the MWU loan application.

              Arizona - azfinaid@midwestern.edu

              Illinois - ilfinaid@midwestern.edu

COVID-19 MWU Loan Borrowers Relief Program (Ended December 31, 2020)

The MWU Loan program offered the following beginning May 1, 2020:

•  0% interest for six-months (May 1, to December 31, 2020).
• No principal or interest due from May 1, to December 31, 2020. 
  • Borrowers who continued making payments had 100% applied to principal reduction after any outstanding interest, as of April 30, 2020, was off-set.
  • Borrowers with auto-ACH payments needed to contact ECSI (servicer) to pause auto payments.
  • This was a temporary pause in regularly scheduled payments. Payments resumed after December 31, 2020 and maturity dates on loans were extended by eight months.
• This was for Borrowers in all categories: 
  • In-school
  • Grace
  • Repayment
  • Deferment & Forbearance

For more information, watch the MWU Loan Presentation video.

MWU Loan Presentation video

Eligible Disciplines:

Osteopathic Medical Students enrolled in their 3rd or 4th year only. Due to limited funding, preference is first given to previous recipients and 4th year medical students

Interest:

• Determined by the terms under which the student first borrowed
• Currently 5%
• No interest accrues while in-school, grace, or during an internship/residency deferment

Loan Fees: None

Grace Period: 12 months to be taken prior to the internship/residency deferment

Repayment Information:

• Interest at 5 percent is computed on the unpaid principal balance and begins to accrue upon expiration of your grace period unless you are eligible to defer payment.
• Minimum repayment is $40 per month.  Maximum repayment period is 10 years.  PCL Loans cannot be included in a Federal Consolidation Loan.
• Deferments available for qualified periods of enrollment, up to 4 years for internship/residency, and several other circumstances (see promissory note for details) 
• The repayment of the principal, together with accrued interest, can be made over a period of not less than 10 years or more than 25 years, at the discretion of Midwestern University.
• No prepayment penalty
• PCL is not recognized for Income Based Repayment, Pay as you Earn and Public Loan Service Forgiveness

Annual Loan Limit:

• Varies based on availability of funds
• Not to exceed the cost of attendance less other financial aid

Aggregate Loan Limit: Not applicable

Eligibility:

• Borrower must sign an agreement to complete a primary care residency within four years after graduating from medical school
• Borrowers must be enrolled full-time and must be committed to practicing primary care through the date on which the loan is repaid in full
• Based on exceptional financial need
• Students with a history of default on student loans or other debt non-payment will not be considered for a Primary Care loan
• Students must provide income data on the FAFSA and submit tax returns including all schedules, W-2s, and 1099s and a independent verification worksheet
  Independent students do not have to provide parental data, but must be at least 24 years of age and must provide documentation showing they have been independent for a minimum of three years
• Complete a Primary Care Loan application. 

Acceptable Residency Training:

Medicine/Osteopathic/Allopathic Medicine: 3-year residency approved by ACGME or AOA in: •  Family medicine •  Internal medicine •  Pediatrics •  Combined medicine/pediatrics •  Preventive medicine • General practice

Acceptable Practice Activities Medicine/Osteopathic Medicine: • Primary Care Clinical Practice •  Clinical Preventive Medicine •  Occupational Medicine •  Public Health •  Senior/Chief Resident in primary care residency program •  Faculty, Administrators, or Policy Makers certified in one of the primary health care disciplines • Geriatrics •  Adolescent Medicine •  Adolescent Pediatrics •  Urgent Care [Campus Based Policy Memorandum 2003-1]* • Sports Medicine  Training for Primary Care Faculty Career •  Training for Public Policy Career •  Masters in Public Health •  Public Policy Fellowship •  Faculty Development Training •  Primary Care Fellowship • Hospitalist 

*It has been determined that physicians practicing in urgent care or as a generalist would meet the practice eligibility requirement for PCL and retain compliance provided they have not obtained any subspecialty training.

Unacceptable Residency/Practice Activities Medicine/Osteopathic Medicine: • Cardiology •  Gastroenterology •  Obstetrics/Gynecology •  Surgery •  Dermatology •  Radiology •  Rehab Medicine •  Physical Medicine •  Emergency Medicine • Other Subspecialty Training or Certification

NOTE: The law requires that you practice in primary care, but does not specify that the practice be full-time or that it involve a minimum number of hours per week. Even though part-time practice is acceptable, you would be in breach of the service obligation if you were to obtain any type of subspecialty training that would allow you to sub-specialize during your remaining service.

The penalty for breaking the obligation under the Primary Care Loan program is as follows:

• For PCL borrowers who fail to comply with the primary care service requirement, the PCL loan will begin to accrue interest at a rate of 7% per year beginning on the date of such noncompliance.
  Application

Application: 

Contact the Office of Student Financial Services for an application.

For more information, watch the Primary Care Loans Presentation video.

Primary Care Loans Presentation

Private loan programs can help assist students who have unmet educational costs that cannot be filled by conventional financial aid programs.  Midwestern University does not have a preferred lender list for private education loans, nor can we advise on specific lenders. 

Private student loans are a good option if a student:

• Has already completed the Free Application for Federal Student Aid, known as the FAFSA to see eligibility for federal loans and work-study (graduate/professional students are not eligible for federal grants or federal subsidized loans).
• Has already borrowed the maximum in Unsubsidized Federal student loans.
• Has good credit or a co-signer who does. Most private student loan borrowers have a co-signer.
• Borrows only what is needed to cover cost of attendance.

Professional Judgment for Extenuating/Unusual Circumstances

A program budget, or cost of attendance (COA) is prepared annually as required by Department of Education regulations. The expenses included are based on what is needed for the student to attend school and may only consider costs for a single student. There may be occasions when an extenuating/unusual circumstance arises during an enrollment period that generates expenses not covered in the COA. The Higher Education Act allows financial aid administrators (FAA) to consider an appeal under professional judgment in such circumstances. Professional Judgment refers to the FAA’s authority to use their discretion, on a case-by-case basis, and with proper documentation to adjust the data elements used on the Free Application for Federal Student Aid (FAFSA), or allowable Cost of Attendance (COA) budget items. It is important to note, that a professional judgment review does not guarantee additional funding, federal or otherwise.

Students requesting an appeal must meet with their FAA to discuss personal reasons for requesting additional loan funding. If the decision is made to submit an appeal, the student must detail the situation and expenses by including supporting documentation for the amount requested for consideration. All submitted expenses must be incurred during the enrollment period and are reviewed for determination;  the student will be notified of the decision. An approved appeal does not guarantee eligibility for disbursement of Federal Financial Aid funds; a student must maintain eligibility for funding in accordance with Federal regulations.  All students who are approved for a budget appeal must participate in mandatory debt management counseling.  This will involve a review of your current debt, estimated repayments, and projected graduation debt load with repayment information.

Expenses eligible for consideration include, but are not limited to:

• Child daycare: Costs associated with childcare must directly correlate to a student’s ability to attend school-required activities.
• Unplanned/emergency medical or dental expenses: Costs associated with unplanned paid medical or dental expenses not covered by the student’s health insurance policy. Elective, preventative, and cosmetic procedures do not qualify. The student is required to provide a letter from the healthcare provider documenting the required medical or dental need and expense.
• Automobile: Expenses must be for a vehicle in the student’s name that is used to attend school-related activities. Expenses related to the general maintenance, purchase, or lease of a vehicle are not eligible for consideration.
• Other: Special circumstances that create an unexpected financial need that does not fit into one of the categories above may also be submitted. Documentation supporting the financial need must be provided.

If a student would like to request consideration, please contact your campus Student Financial Services office at:

Downers Grove, Illinois Campus

Location: Dr. Arthur G. Dobbelaere Support Services, Suite 103

Phone: 630-515-6101

Email: ilfinaid@midwestern.edu 

Glendale, Arizona Campus

Location: Barrel III, Suite 400

Phone: 623-572-3321

Email: azfinaid@midwestern.edu