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.
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.
Please note: Applications for the EdMed loan can be done for an entire year with a limit based on whether the students are in Premedical Science, Basic Science or Clinical Science.
In order to qualify for the loan, students must be actively enrolled at CMU- this means that loans can only be disbursed for semesters that tuition is paid.
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.
Students should apply first for the EdMed loan, which gives an instant approval and can cover the full cost of the education at CMU. If they are not approved, students can then apply for the MedLoan which takes longer to process.Select Illinois as school state during the application process.
As you launch your academic career, you may have considered the benefits of earning two degrees in the same time frame. Through the Caribbean Medical University’s partnership with Walden University, a U.S. regionally accredited online university, you are able to pursue a second program of study which will complement your CMU studies and give you a leg up as you start your career in medicine. Many of your fellow classmates have already taken advantage of this great opportunity.
Walden’s wide range of programs will better prepare you for the medical workforce you will soon be entering. From Walden’s B.S. in Healthcare Management, to our Master of Public Health (M.P.H.), Master of Healthcare Administration (M.H.A.), or M.S in Clinical Research Administration, Walden’s College of Health Sciences is recognized for their high-quality programs and learning opportunities.
Through this partnership, CMU students are eligible for a 20% tuition savings on any Walden program that will help you meet your educational and professional development needs. Talk to a Walden Representative about funding options for U.S. and Canadian students. With rolling start dates throughout the year, it is never too early to apply to Walden.
More info you can find at the CMU/Walden partnership site http://www.waldenu.edu/partners/international/cmu
Why a Combined Degree?
Step 1: Online Application (takes about 15 minutes) create a profile with your current email address and create a password.
Step 2: Transcripts
Contact your High School or College/University and have them mail your official transcripts to:
Office of Admissions
650 S. Exeter St
Baltimore, MD 21202
Also have them fax an unofficial copy to Ronald Lee attention at 443-627-7292. This is very important.
Step 3: Financial Aid
Walden University’s Title IV code is 025042
We invite you to contact your Liaison today and learn more about how you can integrate Walden programs into your program of study and qualify for the tuition-reduction offer.
International Account Manger
Direct Phone: 443-627-7292
The Post-9/11 GI Bill provides financial support for education and housing to individuals with at least 90 days of aggregate service after September 10, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill.
The U.S. Department of Veterans Affairs has approved CMU’s Doctor of Medicine program for the purpose of the GI Bill financial aid.
CMU’S Facility Code is 2-2-1004-96
You can submit an application online at http://www.gibill.va.gov/apply-for-benefits/application/
This benefit provides up to 36 months of education benefits, generally benefits are payable for 15 years following your release from active duty. The Post-9/11 GI Bill also offers some service members the opportunity to transfer their GI Bill to dependents.
Some of the benefits the Post-9/11 GI Bill will pay include:
For more information see our Post-9/11 GI Bill booklet
The MedLoan Financial Aid Program is a credit-based private 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.
Eligible students may borrow up to $20,000 per year, depending on the credit history of the borrower and the cosigner. 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.
Students should apply first for the EdMed loan, which gives an instant approval and can cover the full cost of the education at CMU. If they are not approved, students can then apply for the MedLoan which takes longer to process.
CMU is recognized by Ministry of Education of Canada and registered on the List of Designated Educational Institutions.
This qualifies our students to get lines of credit and government loans.
Student Aid Alberta has started offering loans on February 8th, 2017. OSAP and StudentAid BC will begin offering loans on March 15th, 2017. Most private banks in Canada have started approving student lines of credit as of our designation on February 8th, 2017.
Click here and search by our school code: ZUCU
Credit-based loans and lines of credit are typically approved for students, and their cosigners who have a good credit rating. Listed below are some of the Canadian banks that offer student loan programs for which you may be eligible to apply.
With competitive rates, Bank of Montreal offers a Professional or Medical Student Line of Credit which can be used for tuition, living and travel expenses while attending school. Students are encouraged to contact their local BMO branch directly to discuss the advantages of a banking relationship with BMO.
Professional or Medical Student Lines of Credit
Pursuing a professional designation demands focus. BMO Professional or Medical Student Lines of Credit let you stay focused on what’s important—your studies.
Available Credit Limit
Medical Student Line of Credit
Credit Limit Per Year – $50,000
Total Maximum Credit Limit – $200,000
* A cosigner may be required. Subject to credit availability and verification of identity.
For More Information
National Bank of Canada feels that, as a full-time student and future health sciences specialist, you are entitled to a financial package that includes privileges on a range of products and services.
The Student Line of Credit is a convenient and flexible solution for:
Main advantages :
For More Information
For more information regarding the advantages and conditions of the National Bank’s Student Line of Credit, please visit advisors at the National Bank branch nearest you.
Visit: National Bank’s website
email: National Bank of Canada Wealth Management
RBC Plan for Medical & Dental Students provides flexible financing options, convenient banking services and the one to one attention you deserve.
RBC Medical & Dental Student Specialists will be your point of contact, bringing you banking, credit and investment advice, all in one place. They will be there when you need them, for advice, support and access to financial solutions created, just for you, through the ease and convenience of a single relationship.
RBC offers you the freedom to borrow what you need, when you need it:
Student Banking is free while you are in medical or dental school. Convenient student banking is designed to save you money and make it easier to fit your banking needs into your schedule. The following free services are included:
Students must provide:
Allow 5 business days from time of application for review, approval and funding of line.
For More Information
TD Canada Trust understands that higher education doesn’t come cheap. Being a student, you already know that. To give you a hand with your expenses, TD Canada Trust customized their Student Lines of Credit so that you can get the help you need to cover the cost of such things as tuition, books and living expenses.
With a TD Canada Trust Student Line of Credit, you can have access to the money you need, when you need it and use it for whatever you want. But you’ll also get much more:
For More Information
Call: 1-866-222-3456 for more information or application on our Student Lines of Credit
Visit: TD Canada Trust’s website
Read: Student Line of Credit FAQs
Scotia Professional® Student Plan (SPSP) is a customized professional banking program that provides solutions and and strategies to help you achieve your financial goals, now and in the future. Features include:
The Scotia Professional Student Plan has been designed for students, who are Canadian citizens or landed immigrants, enrolled in an academic program at a Canadian university leading to a professional degree in medicine, dentistry, veterinary medicine, chiropractic, optometry, pharmacy, law or joint law and MBA programs.
Apply now using our online application. If your academic program is not eligible for Scotia Professional Student Plan, you may wish to consider applying for a ScotiaLine® personal line of credit for students.
TAX CREDIT ELIGIBILITY OF TUITION FEES
Canadian Revenue Agency’s regulations allow for tuition tax credits. Tuition fees paid to CMU are eligible for tax credits in accordance with the Canadian Income Tax Act.
The Act allows a percentage of tuition fees paid to the medical school to be claimed as a tax credit. Submit your TL11A form to the Financial Aid Office.
Obtain your TL11A form online. Pre-fill your personal data and print the form.
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.