Student Loans
Federal Student Loans
Loans are funds that are borrowed and must be repaid. Students should borrow conservatively. If you are offered a federal loan as part of your financial aid award, you can accept, reduce or decline the loan.
Direct Unsubsidized Loans are federal loans available to graduate students and are not based on need. Interest accrues from the date of disbursement.
Direct Graduate PLUS Loans* are federal loans available to graduate students and eligibility is based on credit. Interest accrues from date of disbursement.
Aggregate Loan Limits
Borrowers of Federal Title IV loans are subject to aggregate loan limits. Undergraduate federal loans are included in the aggregate amount. Students must be aware of their lifetime loan totals and aggregate loan limits.
Subsidized loans for graduate students ended July 1, 2012.
| Program of Study | Loan Aggregate Amount |
|---|---|
| Graduate (Master & Ph.D.) | $138,500 |
| Graduate/Health Professional (Medical & Dental) | $224,000 |
Federal Loan Origination Fees
Federal loans are funds that are borrowed and must be repaid. Federal student loans have loan fees that are a percentage of the total loan amount.
The loan fee is deducted proportionately from each loan disbursement you receive. This means the money you will receive will be less than the borrowed amount. You are responsible for repaying the entire amount you borrowed, not just the amount you received.
- Graduate PLUS Loan has an origination fee of 4.228%.
- Direct Unsubsidized Loan has an origination fee of 1.057%.
If a Graduate Plus Loan is Denied
Neither Meharry Medical College nor the Office of Financial Aid and Scholarship Management can guarantee the approval of these funds. The Office of Financial Aid and Scholarship Management does not have alternative funding to assist students with adverse credit. We advise students to plan accordingly to pay for the cost of attendance.
A student denied a Graduate PLUS Loan due to an adverse credit history has certain rights and options. The student may take the following actions to see if the loan may still be approved:
- Appeal the credit decision: You can appeal directly to the U.S. Department of Education based on an extenuating circumstance.
LEARN ABOUT CREDIT APPEALS > - Add an endorser (co-signer) to the loan: You can obtain a credit-worthy endorser (co-signer). An endorser is someone who does not have an adverse credit history and agrees to repay the loan if the student cannot repay it. The endorser may not be the student. An Endorser Addendum must be completed by the cosigner and submitted to the U.S. Department of Education.
LEARN ABOUT AN ENDORSER ADDENDUM >(Note: Student will receive an email from the U.S. Department of Education containing the Endorser Code)
- If your Credit Appeal or Endorser Addendum is approved, the student must complete the PLUS Credit Counseling before your loan funds can be disbursed.
START STUDENT PLUS LOAN COUNSELING >
Student Loan Repayment
Once you decide to borrow student loans, you should be sure to familiarize yourself with the loan repayment process. Before repayment begins, develop a plan that puts you on track to pay back your loan on time and in full. Understanding the details of repayment on your federal student loan can save you time and money. The Department of Education provides several online resources for you to understand and simplify the repayment process.
There are a variety of repayment plans available for federal loans. If you do not contact your loan servicer to select your repayment plan, you will automatically be placed in the Standard Repayment Plan.
You can change repayment plans at any time. There is no penalty if you make payments before they are due, pay more than the amount due each month, or pay off your loan early.
You can pick from repayment plans that base your monthly payment on your income or that give you a fixed monthly payment over a set repayment period. Students who wish to choose a different repayment plan should contact their loan servicer before their grace period expires to select the plan which best suits your financial needs.
For more details on repayment plans, please refer to Student Aid website. Use the Loan Stimulator to get a look at which plans you may be eligible for and see estimates for how much you would pay monthly and overall.
Deferment and Forbearance
A deferment or forbearance allows you to temporarily postpone or lower your payments.
If you are granted a deferment, you might still be responsible for paying the interest that accrues during the deferment period.
During forbearance, principal payments are postponed but interest continues to accrue. Unpaid interest that accrues during the forbearance will be added to the principal balance (capitalized) of your loans, increasing the total amount you owe. Below you may view reasons for a deferment or forbearance.
| Deferment | Forbearance |
|---|---|
| Unemployment | Medical/ Dental Internship or Residency |
| Economic Hardship | AmeriCorps |
| Graduate Fellowship | Student Loan Debt Burden |
| Rehabilitation Training Program | Medical Expenses |
| In-School | National Guard |
| Military Service & Post-Active Duty | Teacher Loan Forgiveness |
| Cancer Treatment | DOD Student Loan Repayment Program |
| Delinquency and Default | |
| Private Student Loan Repayment | |
| Perkins Loan Repayment |
Delinquency and Default
Private Student Loan Repayment
If you borrowed any Private Student loans while attending Meharry Medical College, you may contact your loan lender for repayment information. You may find contact information for your lender through our Private Loan Lender page.
Perkins Loan Repayment
If you are having trouble making payments on your Federal Perkins Loan, immediately contact the school where you received your loan. Meharry borrowers should contact the campus-based loan division at 615.327.6931 and speak with Ms. Rhoda Summers or email her at rsummers@mmc.edu.
Required Counseling
Federal law requires students to complete various forms of counseling before Meharry can release loan funds to you. You must complete two separate MPNs, one for each type of loan. The “MPN for Subsidized and Unsubsidized Loans” and the “MPN for Direct Plus Loans.”
- Complete Your Entrance Counseling Requirement:
- Go to studentaid.gov
- Sign in with your FSA ID
- Click on “Loans and Grants”
- Click on “Loan Entrance Counseling”
- Click on “I am a Graduate or Professional Student”
- Complete the Entrance Counseling by signing with your FSA ID
- Complete Your Master Promissory Note (MPN):
- Go to studentaid.gov
- Sign in with your FSA ID
- Click on “Loans and Grants”
- Click on “Master Promissory Note (MPN)”
- Click on “I’m a Graduate/Professional Student”
- Click on “MPN for Direct PLUS loans”
- You must complete two separate MPNs, one for each type of loan. The “MPN for Subsidized and Unsubsidized Loans” and the “MPN for Direct Plus Loans.”
- Complete the MPN by signing with your FSA ID
- Complete Your Exit Counseling
- Go to studentaid.gov
- Sign in with your FSA ID
- Click on “Loan Repayment”
- Click on “Loan Exit Counseling (EC)”
- Click on “I am a Graduate or Professional Student”
- Complete the EC by signing with your FSA ID
Alternative Private Loans
Alternative (private) loans are borrowed funds that must be repaid.
Alternative loans are private, credit-based loans, and each lender has its own credit criteria. These funds are not in addition to borrowing federal student loans. Awarded funding can’t exceed the student’s cost of attendance.
Meharry Medical College provides FastChoice as a service, to assist students with private lender and loan options. We aren’t responsible for the information presented on the lender websites. Meharry Medical College does not receive an incentive from any lender in exchange for displaying lender and loan options.
You are not limited to the lender choices on FastChoice. If a lender is not listed, contact them directly for detailed information. You must reapply each year when you need funding for an academic year.
Meharry Medical College or the Office of Financial Aid and Scholarship Management cannot guarantee the approval of these funds.
Title VII – Health Professional Loans
At Meharry, low-interest health professions loans may be offered to qualifying students with exceptional financial needs. To be eligible, you must complete your FAFSA and enroll full-time in the School of Medicine or School of Dentistry. The Health Professions Loans we offer are:
- Health Professions Student Loan Loans (HPSL)
- Loans for Disadvantaged Students (LDS)
- You will need to complete the Master Promissory Note (MPN): Required each year when you accept a Health Professions loan.
- Go to heartland.com.
- Enter your SSN, Last Name, First Name, and Date of Birth.
- Once you have been authenticated, electronically sign your MPN.
- You will need to complete Entrance Counseling (EC) Rights and Responsibilities: Required each year when you accept a Health Professions loan.
- Go to heartland.com
- Enter your SSN, Last Name, First Name, and Date of Birth
- Complete the 10-Question Quiz
- Complete the Reference Sheet
- Once you have been authenticated, electronically sign your EC.
A Health Professions loan is a campus-based loan and is administered through Meharry Medical College. Funding is determined each year during the application process and based on availability. There are no origination fees; the interest rate is a fixed 5% and does not accrue while in school. You will have 9-months after leaving Meharry or dropping below half-time to begin repayments. Payments are submitted to Meharry’s Student Financial Services department, not to the federal government.
Student Loan FAQs
The Financial Aid FAQs page includes frequent questions about student loans.