Foundation loan program a money-saving choice
Supporting the education of future physicians is important to the well-being of all Pennsylvanians; medical students of today are the workforce of the future. The Foundation is here to help medical students ease the financial stress of becoming a physician by minimizing their cost of education with a low interest, no fee student loan.
Applicants must be long-standing residents of Pennsylvania attending a Pennsylvania medical school. Loans ranging between $6,000 and $10,000 per individual are available for the 2021-2022 academic year. Applications must be submitted to the student’s medical school by May 31, 2021.
More information and an application packet can be found on the Foundation’s website at www.foundationpamedsoc.org/student-financial-services/loans.
The Foundation loan is a valuable resource to assist students with the cost of education for the 2021-2022 academic year.
- Interest-free through December 31, 2021
- No origination fees
- Covers all expenses of educational budget, including living expenses
During the 2020-2021 medical school year, students using a $10,000 Foundation loan saved money when compared to the Federal GradPlus loan.
- Foundation loan interest rate was 1.65% lower than the GradPlus loan
- Origination fees on a Foundation loan is zero
- Total award amount is available for educational costs
- Loan origination fee on a $10,000 GradPlus loan was nearly $424
Although the savings in comparison to the Federal Direct Unsubsidized loan is lower, the savings on the Foundation loan still exist.
Foundation loans are made possible by generous contributions from the Pennsylvania Medical Society, county medical societies and alliances, physicians, and other friends of medicine. Contact Deb Monko at (717) 558-7809 or email dmonko@pamedsoc.org for more information.