Repayment of Your Medical Student Loan
1. When does the Foundation medical student loan become due?
The promissory note that was signed when the loan was allocated matures July 1 of the year you graduate from medical school, or upon the date of separation from medical school, and/or upon completion of additional medical training (i.e., internship, residency, fellowship programs); at which time the note becomes due.
2. Can I repay my Foundation medical student loan by making installment payments over time?
Yes and to do this, an amortizing note must be signed. Otherwise, the total amount of your loan disbursement(s) plus interest is payable in full.
3. What is an Amortizing Note?
An amortizing note is a repayment promissory note, which replaces the original promissory note that you signed while in school. This note allows you to make monthly installments for a repayment period of up to 10 years with a minimum principal payment of $500 per year.
4. Will the interest rate differ from the interest rate I had during school and additional medical training?
Yes, the repayment interest rate will not be less than 4.5% and will not exceed 8.0%. The rate in effect at the time you enter into repayment is the rate that will remain throughout the repayment period of the loan.
5. How can I obtain an Amortizing Note?
Upon maturity of your promissory note, a letter and amortizing note will be mailed to you. The letter will explain your repayment options, such as repaying the loan in full or by making monthly installment payments. If monthly installments are chosen, the amortizing note will need to be signed and returned to the Foundation.
6. Will I be invoiced each month for payments due?
No, the Foundation will provide you with a coupon booklet, which you may use when remitting manual payments to us.
7. Can monthly payments be made directly through my bank account?
Yes, our Automatic Direct Debits Repayment Plan (ADDRP) allows your loan payment to be automatically "debited" from your bank account and credited into our bank account on your due date. For details, please review the Automatic Direct Debits Repayment Plan information below.