Seated group of diverse students laughing outside campus medical building
MD Program Loans & Eligibility

At the University of Michigan Medical School, students have access to many institutional and federal loan programs. Loans available to medical school students vary in maximum amounts allowed, interest rates and repayment terms.

Private loans are also an option for students, though these are not administered through the Financial Aid Office.

Financial aid eligibility
Types of Loans
  • Long-term 5 percent federal loan that is offered to students from disadvantaged backgrounds, as defined by the U.S. Department of Health and Human Services.
  • Eligibility is based on student and parent financial information.
  • Repayment begins one year after student is no longer enrolled full-time.
  • Repayment is deferrable throughout residency training.

These are low-interest loans available from the U.S. Department of Educationand administered by our office.

  • Annual maximum loan amount of $47,167 per year, as determined by school.
  • Fixed interest rate of 6.54 percent for academic year 2022-2023.
  • Interest accrues continuously from the date of disbursement and is payable quarterly.
  • Approximately 1 percent origination fee is deducted before award is disbursed (fee subject to change).

Get more information on Federal Direct Stafford Loans, including repayment options.

  • Students may borrow up to the cost of attendance, minus any other financial aid received.
  • Borrowers must pass a basic credit check each time a PLUS loan application is processed.
  • Repayment begins 60 days after the date the loan is fully disbursed.
  • Deferment is available to students enrolled at an eligible school on at least a half-time basis.
  • Fixed interest rate at 7.54 percent for academic year 2022-2023.
  • Interest accrues continuously from the date the loan is disbursed.
  • Approximately 4 percent origination fee deducted before award is disbursed (fee subject to change).
  • Additional form required to process.


Get more information on Graduate Student PLUS Loans, including repayment options.

Both Direct Loan options require students to complete and sign a Master Promissory Note (MPN) before any funds are disbursed.

Get detailed directions on how to complete a Master Promissory Note.

Other Loans
  • Need-based, long-term institutional loan.
  • 5 percent interest rate.
  • Eligibility is based on expected family contribution (EFC).
  • Loan is due in full one year after graduation. A payment plan may be negotiated with Student Loan Collections.
  • Interest does not accrue until repayment begins.

Depending on your circumstances, you may be interested in borrowing private student loans from banks and other lenders. These loans are not applied for through our office.

We encourage all students considering this option to consult with their financial aid officer, and then thoroughly research any potential lending institution.

Get more information about private loans.

Our graduates' average medical school debt load is more than $30,000 below the mean when compared with debt load for all medical school graduates.

AAMC Medical Student Education
2021 Debt Costs and Loan Repayment Fact Card

Special requirements for aid consideration will vary depending on the program. Most programs, however, will want documentation of the following basic information across the board. We’re here to help you prepare or find resources to fulfill any of these items, so just let us know!

In order to be eligible to receive financial aid of any type, you will likely be asked to demonstrate the following:

  • Financial need (with exceptions for some loans and some scholarship programs).
  • Admission or enrollment at least halftime as a student working toward a degree or a certificate. Note: You may apply for aid even if you have not yet been accepted or enrolled in order to meet application deadlines.
  • U.S. citizenship, permanent resident or eligible non-U.S. citizen status. Federal regulations and University policy severely limit the types of financial assistance available to non-U.S. citizens.
  • Valid Social Security Number.
  • Understanding that federal student aid is for educational purposes only.
  • That you don’t owe a refund on a federal grant, and you’re not in default on any federal educational loan.
  • Satisfactory academic progress (continuing students only).

Eligibility for need-based assistance is determined by the Federal Methodology formula:

Budget – Family Contribution (student + parent) = Eligibility for Assistance.

Need-based aid includes grants, some scholarships, and some loans.

The Admissions Committee assesses merit-based aid, and this is awarded based on a student’s outstanding achievements and potential. Roughly one-third of entering students receive some type of scholarship support.

Scholarships & Grants