Health Professions Loan
Terms and Conditions
Eligibility:
The IELI Health Professions Loan is a credit-based loan that requires a credit-ready applicant who is a US citizen or permanent resident. Applicants must have a satisfactory credit history. Applicants requesting more than $25,000 US will need a credit-worthy co-signer. Co-signers must have an established satisfactory credit history, be employed with sufficient income to meet current liabilities, including the education loan, and a stable residency and employment history.
Loan Amount:
Minimum: US $1,000
Maximum: US $45,000 or Cost of Education as determined by the school, whichever amount is lower. Students at Stafford eligible institutions should deduct the Stafford loan amount from their requested loan amounts. Students may borrow up to $25,000 on their own signatures; students requesting more will need a US citizen or permanent resident as co-signer.
Residency Loan:
Medical students entering their fourth year of school may apply for up to $12,500 in loan funds to assist in residency interview and relocation costs. Students may apply for this loan up to six months after graduation. To apply, select the 'residency loan' option in the on-line application.
Interest Rates:
Interest rates are variable (subject to monthly adjustment), and based on the US Prime Rate or LIBOR, as published in the Wall Street Journal or given on our website updated weekly.
Guarantee Fees:
Varying according to co-signer status and lender, these fees allow you to borrow without pledging assets or collateral. Initial fees will be added to the principal of the loan at disbursement. Second fees, when applicable, are added at repayment.
Repayment/ Deferment:
You can defer payment of principal and interest for up to four consecutive years while enrolled in school. Your first principal and interest payments become due 9 months after you graduate. Deferment options are available for residency/internship years. Any unpaid interest accrued during this period will be capitalized before you commence repayment. Repayment terms vary between 10 and 25 years, depending on cumulative amount borrowed; minimum monthly payment allowed is $50.00. There are no penalties for early repayment.
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