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
- 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
- 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
- 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.