Student Loans

Caribbean Medical University offers numerous Student Loan Programs depending on the country of the student's origin. Financial aid is awarded on the basis of "need," which is determined from information supplied on the application form and approved by University's official.

Financial aid application materials consist of the school of medicine financial aid application, entrance interview checklist, loan application and promissory note addendum, and when applicable, documentation of citizenship, permanent residency or eligible status.

It is important that medical students anticipating the need for financial assistance at any time during their education undertake early long-term planning. Financial Aid Office welcomes the opportunity to help students develop these plans.

In some cases, because both the personal contribution and sources of financial aid are limited, a student may be unable to enroll in medical school. Students who believe they may be unable to attend the school due to financial constraints should call Financial Aid Office, for information and counseling.

Students may wish to research and pursue outside sources of financial aid as well. However, the responsibility for paying for the cost of attendance is solely that of the student.

Private Education Loan Program (PEL)

The Private Education Loan Program is a credit-based private loan that allows students to cover tuition fees and living expenses while attending our school.

Eligibility:

Full time students and accepted applicants with a qualifying co-signer that is a U.S. citizens or Permanent Resident and is credit worthy.
Enrolled students are eligible to apply for this loan under each academic school year.
Student loan funds received are to cover three semesters of medical school tuition.

Eligible students may borrow up to $30,000 per year, depends on the credit history of the student and his cosigner.

Repayment begins six months after you graduate, leave the school, or fail to meet enrollment requirements. You can always prepay loans at any time without penalty.

To apply for PEL Program, please login to the MYCMU Online Services or download the application from the form section.

CMU's MedLoan

The MedLoan Financial Aid Program is a credit-based loan, insured by the Caribbean Medical University Foundation, therefore our students, approved for the program will never be affected by third party companies discontinuing loan programs for Caribbean medical schools, as it happened recently.

MedLoan may allow you to cover tuition fees and living expenses while in the school.

Eligibility:

Full time students and accepted applicants, who are U.S. citizens or Permanent Residents qualify for the MedLoan without a cosigner if their credit report FICO score is not less then 680, however applying with a creditworthy cosigner may reduce the interest rate and increase approved loan amount.
Students and accepted applicants form other countries require a cosigner. A cosigner must be a creditworthy U.S. Citizen or Permanent Resident.

Eligible students may borrow up to $30,000 per year, depends on the credit history of the borrower and the cosigner, if required. The MedLoan is a fixed rate loan based on the 7% Prime Rate plus a margin, which is lower than any other private loan rates.

Repayment begins six months after you graduate, leave the school, or fail to meet enrollment requirements. You can always prepay loans at any time without penalty.

This loan will be granted to students who demonstrate financial need as well as integrity, motivation and commitment to their chosen profession. Fostering the education of future generations of students is a mission that reflects the spirit on which CMU was built. Recipients will be those who, in our estimation, will be the best of the CMU 's graduates.

To apply for MedLoan, please login to the MYCMU Online Services or download the application from the form section.

United States

Qualified citizens and permanent residents of the United States may receive funding from privately sponsored loan programs to fully cover the cost of attendance (tuition, books & supplies, accommodation and travel).

Student borrowers are awarded loan funds to pay for their education on the basis of a promise to repay after finishing the school. Failure to do so can result in adverse consequences.

Student are responsible for all accruing interest and may choose to repay the interest while in school or defer it until repayment begins. Repayment usually begins when a student graduates or otherwise ceases to be enrolled, however under certain conditions, the borrower may continue to postpone repayment during the medical residency. Students may borrow up to $40,000 per academic year with the cumulative loan amount of up to $150,000. The maximum repayment term is 15 years.

To receive student loans, recipients must be either permanent residents or citizens of the United States, be enrolled in the Medical Sciences Program at least half-time, maintain satisfactory academic progress, and not be in default on any prior financial obligations.

Caribbean Medical University is currently engaged in the evaluation process of the U.S. Department of Education for the purpose of approving federal loan programs for students. Recommendations from the evaluating group, the Accreditation Commission on Colleges of Medicine (ACCM), are expected in the beginning of 2008.

For more information on eligibility for student loans, interest rates, and loan disbursement, please contact the Office of Financial Aid.

Canada

A private loan source is also available for Canadian students. Medical college students from most Canadian provinces are eligible for Canadian Student Loan programs. These loans are approved by the Ministry of Education of each province. The funds are advanced by a Canadian bank or credit union selected by the student.

Eligible students usually borrow $10,000 per semester. However, the amount can vary in different provinces. Interested students should contact their banks and provincial Canadian Student Loan offices for details and applications.

Private loans are also available to qualified Canadian students from numerous Canadian banks. Our Financial Aid office would be happy to provide you with exact contact information and details of the application procedures specific to the region of Canada that you belong to.

Other Countries

International Loans
Students who are residents or citizens of countries other than the United States may receive small loans for partial tuition from the University. The loans do not have to be repaid until after the student graduates or otherwise separates from the University. The loans accrue interest at 3% above US prime rate. The amounts of the loans vary, but they generally do not exceed one third of the tuition and fees.

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