Admissions

Student loans

Student loans are a self-help aid that must be repaid. NEOMED offers federal and institutional loans as part of a student’s financial aid award after reviewing eligibility for grants and scholarships.

Federal Loans

Direct Unsubsidized Loan

Non-need based Federal loan program. Interest begins to accrue upon disbursement of funds. Interest rate is fixed at 5.31% effective on loans disbursed between July 1, 2016 – June 30, 2017. For loans disbursed between July 1, 2017 – June 30, 2018, the interest rate is 6%. Borrowers may postpone payment of principal and interest during in-school period and for a 6-month grace period after graduation. Additional postponements based on eligibility. FAFSA required.

The lender will deduct a processing fee from the accepted amount prior to disbursement Students will need to complete a promissory note with the lender, Direct Loans and have completed Student Loan Entrance and Exit Counseling prior funds disbursing and before ceasing enrollment.

Graduate PLUS

Non-need based Federal loan program.  Interest begins to accrue upon disbursement of funds. Interest rate is fixed at 6.31% effective on loans disbursed between July 1, 2016 – June 30, 2017. For loans disbursed between July 1, 2017 – June 30, 2018, the interest rate is 7%. Borrowers may postpone payment while enrolled at least half-time. Additional postponements based on eligibility. A credit report will be ran by the lender before approving to ensure there is no credit risk.

The lender will deduct a processing fee from the accepted amount prior to disbursement. Students will need to complete a promissory note with the lender, Direct Loans and have completed Student Loan Entrance and Exit Counseling prior to funds disbursing and before ceasing enrollment.

NEOMED Loans

Private individual donations to the NEOMED Foundation provide need-based loans for third and fourth-year medicine students.

  • Alice B. Taggert Student Loan
  • AMA-ERF Student Loan
  • Claire & Ruth Drach Student Loan
  • Davis/Price Student Loan
  • Designated Foundation Loan
  • Issac Strouss Memorial Student Loan
  • Norman & Mildred Tschantz Student Loan
  • Physicians Student Loan
  • Rogers Student Loan
  • Trumbull Memorial Student Loan

Third or fourth year College of Medicine students who demonstrate financial need.

FAFSA with parent information (or waiver eligibility see eligibility for further details) and Campus-based Aid Application.

Five percent for foundation loans; The Taggert Loan is interest free.

There is no deferment period on this loan. Interest begins to accrue and first payment is due immediately following the three-month grace period after graduation or withdrawal.

Three months after graduation or one month after starting residency or leaving school.

Repayment is over 10 years, 120 payments. Monthly payment will be no less than $40.

To receive a NEOMED Student Loan, a student must sign a promissory note which shows the interest rate, repayment period, minimum monthly payments, penalty charges, acceleration, cost of collections, and disclosure of information.

An exit interview is required of student borrowers at which time repayment terms and the borrower’s rights and obligations under the loan will be explained.

Students will be sent a letter of notice and statement of account at least 30 days before the first payment is due and 10 days before the due date of each repayment after the first.

In cases of death of the student or permanent and total disability (based on supporting documentation).

If your financial aid award lists a NEOMED Foundation Loan, you must complete and return the appropriate NEOMED Foundation paperwork to the NEOMED Accounting Office before your Foundation Loan funds can be disbursed.

Mail forms to:
NEOMED Accounting Office
PO Box 95
Rootstown, Ohio 44272-0095

Once in repayments, the servicer for NEOMED loans is:
Heartland Campus Solutions ECSI
Phone: 888.549.3275
Website: https://borrower.ecsi.net
Email: CService.ecsi.net
NEOMED c/o ECSI
181 Montour Run
Coraopolis, PA 15108

Loans for Disadvantaged Students

Long-term, low-interest loans to assist students having need for financial assistance to pursue a career in medicine.

The maximum amount you may borrow is not to exceed the cost of attendance.

In determining the amount of the loan, the school takes into consideration:

  • the income, assets, and resources of the student and his/her family;
  • support available to the student from other sources, such as scholarships, veterans benefits, and repayable loans; and
  • the costs reasonably necessary for full-time attendance at the school.

You are eligible to apply if you are a citizen, national or lawful permanent resident of the United States, the Commonwealth of Puerto Rico, the Mariana Islands, the Virgin Islands, Guam, American Samoa or the Trust Territory of the Pacific Islands, the Republic of Palau, the Republic of the Marshall Islands, or the Federated State of Micronesia; are accepted for enrollment or are enrolled in a participation health professions schools as a full-time student; and are determined by your school’s Financial Aid office to meet “financial need” and “disadvantaged background” criteria.

Note: Students enrolled in schools of medicine or osteopathic medicine must demonstrate exceptional financial need. Pre-professional students, interns, residents, and students seeking advanced training are not eligible for assistance under this program.

“Disadvantaged Background” means that a student comes from an environment that has inhibited the individual from obtaining the knowledge, skills, and abilities required to enroll in and graduate from a school of medicine, or comes from a family with an annual income below a level based on low-income thresholds according to family size. (Family income levels are periodically published in the Federal Register.)

Funds are allocated to accredited schools which participate in the Loans for Disadvantaged Students program. The Schools are responsible for selecting the recipients and for determining the amount of assistance.

You must complete a NEOMED Campus-Based Aid Application and provide parent information on the FAFSA in order to be considered for this award.

The interest rate is five percent.

If you are serving full-time as a member of a uniformed service (Army, Navy, Air Force, Marine Corps, Coast Guard, National Oceanic and Atmospheric Administration Corps, or in the Public Health Service), or a volunteer under the Peace Corps Act, repayment of principle may be deferred up to three years.

If you are completing an internship or residency program or other full-time training beyond the first professional degree, then deferment is available for the duration of the training.

If you are pursuing a full-time course of study at a school that is eligible for participation in the Loans for Disadvantaged Students program, repayment of principle may be deferred.

Interest does not accrue during periods of deferment.

In cases of death of the student or permanent and total disability (based on supporting documentation).

If your financial aid award lists Loans for Disadvantaged Students (LDS), you must complete and return the appropriate LDS paperwork to the NEOMED Accounting Office before your LDS funds can be disbursed.

Mail forms to:
NEOMED Accounting Office
PO Box 95
Rootstown, Ohio 44272-0095

Loans are repayable to the school over a 10-year period which begins one year after you complete or otherwise cease to pursue a full-time course of study at an eligible school. Interest begins to accrue at the time the loan becomes repayable.

Principal plus accrued interest may be repaid in equal or graduated installments, according to the repayment schedule selected during the exit interview, except that the school may require a minimum repayment of principal and interest at a rate equal to, but not less than, $15 per month. You may make payments more frequently or in larger amounts than required during a repayment year.

Once in repayment, the servicer for NEOMED loans is:

Heartland Campus Solutions ECSI
Phone: 888.549.3274
Website: https://borrower.ecsi.net
Email: CService@ecsi.net
NEOMED c/o ECSI
181 Montour Run
Coraopolis, PA 15108

Primary Care Loan

The primary care loan is available for students who wish to practice primary care as a health care professional.

The annual maximum PCL loan amount is not to exceed the cost of attendance.

Requires both student and parental information on the FAFSA to be considered for PCL funds. Borrowers must demonstrate financial need and must agree to enter and complete a residency training program in primary healthcare no later than four years after the date on which the borrower graduates from the institution and practices primary healthcare through the date on which the loan is repaid in full, and to certify to the school on an annual basis that he or she is practicing primary healthcare.

FAFSA with parent information (or waiver eligibility, see eligibility for further details) and Campus-based Aid Application.

A uniform interest rate of five percent (5%) per year. Interest is computed on the unpaid principal balance and begins to accrue upon expiration of the grace period unless a borrower is eligible for deferment status.

A deferment period means that interest does not accrue and the borrower does not have to make payments on the loan. Deferments are available for an unlimited period of time for advanced professional training (residency/internship) and up to two years for fellowships.

The grace period for the PCL loan is 12 months long during which repayment of principal is not required and interest does not accrue. The grace period immediately follows completion or termination of full-time student status.

The loan will accrue interest continuously at a rate of seven (7) percent per annum beginning on the date of noncompliance, and ending when the loan is paid in full (P.L. 111-148, Section 5201 (a)(3)). The borrower is not eligible for the deferment provisions outlined in the promissory note.

If your financial aid award lists Primary Care Loan (PCL), you must complete and return the appropriate Primary Care Loan paperwork to the NEOMED Accounting Office before your PCL funds can be disbursed.

Mail forms to:
NEOMED Accounting Office
PO Box 95
Rootstown, Ohio 44272-0095

Borrowers have a maximum repayment period of 10 years immediately following the expiration of the grace period and excluding any allowable periods of deferment.

Heartland Campus Solutions ECSI
Phone: 888.549.3274
Website: https://borrower.ecsi.net
Email: CService@ecsi.net
NEOMED c/o ECSI
181 Montour Run
Coraopolis, PA 15108

Questions?

Office of Financial Aid
Phone: 330.325.6286
Email: finaid@neomed.edu