Anouncing our new loan program, EdMed
We are happy to announce our new Edmed Loan Program. The program is designed specifically for select, high quality, non U.S. based medical schools and the students who attend them and Caribbean Medical University is proud to be one of them.
We will continue to deliver innovative products and services that have been designed in partnership with our financial partners and student clients in order to meet their specific needs and to deliver a level of service excellence that separates us from every other provider of medical education loan programs.
- Funds can be disbursed up to 60 days prior to the beginning of the loan period
- Annual loan amounts available from $10,000 up to $60,000 based on cost of education and CMU certification of the loan
- Maximum aggregate limit of $250,000 for all student loan indebtedness
- Interest is calculated on a variable rate equal to the 3 month LIBOR plus 6.95%
- Interest is capitalized at the beginning of repayment and at the end of any forbearance period
- An Origination Fee of 2.75% will be charged to the borrower and added to the loan balance
- Payments may be deferred during the in-school period with repayment beginning 6 months after graduation or if the student is attending less than half time
- Payments may be deferred up to 48 months during an Internship/Residency period, as certified by the program manager
- Up to 20 year repayment term with no prepayment penalties
Rates and payment example:Original Loan Amount: $50,000
Origination Fee: 2.75%
Interest Rate: 7.61%
Repayment Term: 20 years
Annual Percentage Rate (APR): 7.47%
Estimated Monthly Payment: $560.25
This example assumes an in-school period of four years with all payments deferred and a six month grace period. This loan has a variable interest rate equal to the 3 month LIBOR (as published in The Wall Street Journal) plus a margin. The current 3 month LIBOR is 0.66% as of June 10, 2016. The interest rate is subject to change quarterly which may result in a higher monthly payment amount. Rates and payment information listed are estimates only.
Refunds are issued upon request after subtraction of the semesters tuition and any applicable dorm or additional fees. Students are issued a maximum of 50% loan disbursement per student.
Select Illinois as school state.
Date posted: June 14th, 2016