MedLoan Financial Aid Program
We are happy to announce a new loan program offered by CMU to our students, which allows them to cover tuition and living expenses while attending our University. Qualified U.S. and international students are welcome to apply.
The MedLoan Financial Aid Program is a credit-based loan, insured by the Caribbean Medical University Foundation. It may allow you to cover tuition fees and living expenses while in the school.
- 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 from other countries require a cosigner. A cosigner must be a creditworthy U.S. Citizen or Permanent Resident.
Eligible students may borrow up to $20,000 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.
Should you choose either the pdf application or print formats, please mail your MedLoan application form to:
Caribbean Medical University
Office of Financial Aid
5600 N River Road Suite 800
Chicago, IL 60018
Date posted: July 27th, 2007