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Loan Information
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Federal Stafford Student Loans
Loan limit is $8,500 per year as a graduate or professional student. Students are not charged interest while enrolled at least half time. Interest rate is 6.8%. Need analysis (FAFSA) is required.
Federal Unsubsidized Stafford Loans
DO and DPM $32,000 for 9 month academic year
- $34,222 for 10 month academic year
- $36,444 for 11 month academic year
- $38,667 for 12 month academic year
- $24,500
MPH:
All other programs $12,000
Interest is charged during in-school period. Interest rate is 6.8%. Need analysis (FAFSA) is required.
The aggregate limit for Subsidized and Unsubsidized Stafford loans is:
- DO and DPM is $224,000
- All other programs $138,500
Students cannot exceed these limits.
Federal Grad PLUS Loan
Maximum-Cost of Attendance Budget minus all other financial aid resources. Interest rate fixed at 8.5%, accrues in school and a fee of up to 4% is deducted at disbursement. FAFSA is required.
Federal Perkins Student Loan
Maximum of $6,000 per year graduate/professional. Application available on the portal. Parental information is required. Students are not charged interest while in school. Need analysis (FAFSA) is required. Interest rate is fixed at 5 percent. Limited funds available to students with exceptional financial need. Priority deadline is May 1st .
Federal Super Primary Care Loan
Obtained by applying through the University. Available only to 4th year D.O. students who agree to complete a primary care residency and practice in primary care until the loan is paid in full. This is a federal government loan that is based on exceptional financial need and requires parental information. Interest rate is fixed at 5 percent and interest does not accrue during school or residency. Loan amount is up to $100,000 and loan proceeds are used to payoff prior years DMU medical school loans. All 4th year DO students are notified in the fall of loan requirements, application procedures and deadline information. Limited funds.
Alternative Loans
If you choose not to use the Grad Plus Loan, private alternative loans are available to help students meet their school approved cost of attendance budget. When considering an alternative loan here are some things to think about.
- Terms
Terms may vary by your field of study, credit rating, and prior debt, among other things. What is best for one student may not be the best for another. - Credit
Credit plays an important role in securing alternative loan financing. Each time you apply for an alternative loan the lender does a credit check. It is important to have good credit and maintain it to insure you maintain your eligibility. Poor credit may inhibit your ability to borrow from an alternative loan program, and it may lead to being required to find a cosigner. In some situations a student may even be required to go into immediate repayment (make payments while in school). - Cumulative debt
Lenders may take into account how much prior student loan debt you have along with what you borrow at DMU. Alternative loans have total student loan debt limits that range from $100,000 - $235,000 depending on your field of study. Be sure you know your prior and projected debt and the limit of the loan source. - Fees
Fees range from 0-9% depending on the loan, your field of study, credit and a cosigner. Make sure you read the fine print. - Interest
Interest rates are variable and based on credit. To find out the actual interest rate you will probably have to contact the lender. - Repayment
Make sure the repayment options are agreeable to you. - Consolidation
Alternative Loans are not eligible for federal consolidation loans - Ultimately you have to decide if an alternative loan is right for you. What is best for one student may not be the best for another.
Residency and Relocation Loans
Available to students in their final year of study. These alternative loans are designed to provide students with additional funds to help offset the expenses associated with travel and relocation costs for interviews, etc. These loans require a credit check and do not require the financial aid office to certify the application, so they do not count toward your student expense budget. Before you utilize one of these programs, please verify that you have exhausted eligibility in other financial aid programs.
Emergency Loans
Des Moines University has an emergency loan available to any student who faces a short term financial crisis. Loans given out by the business office will be deducted from that student's next scheduled disbursement. Some restrictions may apply. Check with the accounting office for details.
