Medical School Loans

To assist you in financing your education, we offer Federal Direct Unsubsidized Loans to students who are or will be enrolled at least half-time. Federal Direct Loans offer you the ability to borrow funds at a fixed interest rate with a variety of repayment plans and extended repayment terms. To apply for the Federal Direct Loans you must submit the Free Application for Federal Student Aid (FAFSA) with the Saint Louis University federal school code of 002506.

Once we receive your FAFSA information from the processing center, we will determine your eligibility for the Federal Direct Loans. If you are borrowing for the first time, you must complete the Federal Direct Loan Master Promissory Note (MPN) and entrance counseling. For more information on the Federal Direct Unsubsidized Loan program and to complete the entrance counseling and MPN, please go to: www.studentaid.gov.  

Eligibility

Students must be U.S. citizens or eligible noncitizens. Students with a F1 or F2 student visa, J1 or J2 exchange visitor visa or a G series visa are not eligible for federal aid.

Amount of Aid

The maximum annual Unsubsidized loan amount for first-time professional student borrowers (effective July 1, 2026) is up to $50,000 for all students during the fall/spring terms. Legacy borrowers may be eligible for up to $40,500 during the fall/spring terms and an additional amount up to $6,667 for summer months. These amounts are based on a 9-to-12-month academic year. Graduating medical students are not eligible for summer funding. 

The cumulative aggregate borrowing limit is $200,000 for unsubsidized loans. There is a cumulative aggregate limit of $224,000 for Federal Direct Subsidized and Unsubsidized loans for legacy borrowers. This includes any undergraduate or graduate borrowing from the Federal Direct loan program.

Application

You must file the Free Application for Federal Student Aid (FAFSA) to determine your loan eligibility. The Federal Direct Unsubsidized Loan is a non-need-based loan funded by the Department of Education. Eligibility is not based on credit history.

Interest Rate and Fees

Interest rates are established each year for the Direct Unsubsidized Loan for which the first disbursement is on or after July 1 through the following June 30. The rate is the sum of a uniform index rate plus an add-on that varies depending on the type of loan and the borrower's level as a graduate/professional.

For the latest information on lender fees and interest rates for Federal Direct loans, go to:  Federal Interest Rates and Fees | Federal Student Aid.

Grace Period, Deferment and Repayment

Borrowers have a six-month grace period from when they graduate or drop below half-time enrollment. Direct Unsubsidized Loans are deferred while you are in school. There are additional deferment and forbearance options available. For more information, visit studentaid.gov.

Repayment begins six months after leaving school or dropping below half-time status. The minimum monthly payment could be as low as $50. (Minimum repayment amounts are determined by the total amount borrowed.)

The standard repayment period is 10 years. Students who borrow more than $30,000 can extend the standard repayment term from 10 years to 25 years without loan consolidation.

Borrowers have six repayment plans that can adjust monthly payments and extend the length of the repayment period. There is no penalty for prepayment. 

Effective July 1, 2026, the Federal Direct Graduate PLUS Loan is available for legacy borrowers only. For more information on legacy status information, please go to our Online Financial Education Center for Federal Aid Changes of the One Big Beautiful Bill Act.

The Federal Direct Graduate Plus loan is a federal loan that can help pay for tuition and other educational expenses not covered by the Federal Direct Unsubsidized Loan or other financial aid. Loans are disbursed in two installments, not to exceed half of the loan amount. Funds may not be disbursed before enrollment for the academic year. 

Eligibility

You must be a graduate or professional student to apply for this loan. You must also be a U.S. citizen or eligible noncitizen. Students with a F1 or F2 student visa, J1 or J2 exchange visitor visa or a G series visa are not eligible for federal aid.

You must also be accepted and enrolled at least half-time at an eligible school, and be in good academic standing. The Department of Education will perform a credit check at the time of application to determine creditworthiness.

Amount of Aid

You can borrow up to the cost of attendance minus other aid through a Federal Direct Graduate Plus Loan.

Application

To apply, file the Free Application for Federal Student Aid (FAFSA). A credit application and Federal Direct Graduate Plus Master Promissory Note (MPN), as well as Loan Entrance Counseling, may be completed online at studentaid.gov. 

If your loan is denied due to adverse credit, you will have the option to obtain an endorser or appeal the credit decision.

Interest Rate and Fees

Interest rates are established each year for the Direct Graduate Plus for which the first disbursement is on or after July 1 through the following June 30. The rate is the sum of a uniform "index rate" plus an "add-on" that varies depending on the type of loan and the borrower's level as a graduate/professional.

For the latest information on lender fees and interest rates for Federal Direct loans, go to Federal Interest Rates and Fees page on the Federal Student Aid website.

Post-Enrollment Period

Graduate Plus loans borrowed after July 1, 2008, are eligible for a six-month post-enrollment period from the day the student graduates or drops below half-time enrollment.

Deferment and Repayment

Graduate Plus loans are deferred while the student is in school. There are additional deferment options available.

Repayment begins within 60 days after the final disbursement of the loan. However, while you are enrolled, Graduate Plus loans are placed on an in-school deferment status and will maintain a post-enrollment status for six months after graduation or until you cease to be enrolled at least half time.

Banks and other private lending institutions fund private and alternative loans. Students who need additional funds to pay educational costs, and who have exhausted their Federal Direct Loan eligibility and other funding resources, may consider borrowing a private or alternative loan.

The amount of the loan varies according to available funding and financial need. The interest rate on the SML is 5%. Interest does not accrue during residency.

Loan recipients must complete their family medicine residency training within four years of graduating. The loan must be repaid over five years. Entering employment outside of family medicine will increase the interest rate to 9%, beginning on the date such employment began. Borrowers have the right to choose any lender that is not on our preferred lender list. Enter ELMSelect now to view private loan products.

Eligibility

To apply for a private or alternative loan, you must be a U.S. citizen or eligible non-citizen with a creditworthy cosigner who is a U.S. citizen or permanent resident. The lender will perform a credit check at the time of application to determine eligibility.

Amount of Aid

You may borrow up to the cost of attendance minus other aid through a private or alternative loan.

Interest Rate and Fees

Most lenders offer both fixed and variable interest rates based on the borrower’s and cosigner’s creditworthiness. They may also consider other factors, such as income and repayment terms. Fees vary by lender, but most offer 0%.

Post-Enrollment Period (Grace Period)

This is a period after the borrower graduates or ceases to be enrolled at least half-time. The time period varies by lender and can range from 6 to 36 months.

Deferment and Repayment

These loans are deferred while the student is enrolled in school but can vary by lender. Additional deferment options are available, i.e., residency, internship, fellowships, etc. These vary by lender.

Repayment of principal and interest typically begins after the post-enrollment period (grace period). The length of repayment varies by lender and can range from 5 to 20 years.

Choosing a Lender

Many factors vary among lenders, so it’s in your best interest to research private loan products and choose one that best fits your needs and circumstances both in the short and long term.

Application

You may borrow from any lender you choose and are not required to use a lender on Saint Louis University’s preferred lender list. SLU will process loans from any lender without delay. The University recommends reviewing your options, including federal, state and private scholarship options, before applying for private loans.

Contact student financial services or view your award options in your MySLU account.

Saint Louis University uses ELMSelect, a loan-comparison tool offered by ELM Resources, which allows students to compare alternative loans from our preferred lender list side-by-side.

You will be directed away from Saint Louis University Student Financial Services website by clicking on the following link. We encourage you to bookmark this page for future reference. Enter ELMSelect now to view private loan products that are a part of our preferred lender list.

The Primary Care Loan (PCL) program is a low-cost federal loan program for medical students committed to primary health care practice. The interest rate is 5% and begins to accrue following a one-year grace period after you cease to be a full-time student. Compared to other federal student and private loans, the PCL provides significant savings. The loan also offers deferment of principal and interest not found in other loan programs.

Eligibility

You must be enrolled full time and pursuing a degree in allopathic or osteopathic medicine. You must also be a U.S. citizen or permanent resident. Completion of the Free Application for Federal Student Aid (FAFSA) is required as well as student and parent tax returns.

Students receiving a Primary Care Loan must sign a written contract agreeing to enter and complete residency training in primary care within four years of graduation, and practice in primary care for 10 years or until the loan is paid in full, whichever occurs first. Penalties will apply for non-compliance.

Application

For more information and an application for the Primary Care Loan, please contact Student Financial Services at sfp@slu.edu.

To receive priority consideration application must be returned by April 1.

If you are seriously considering practicing in primary care and would like to find out if you might qualify for a Primary Care Loan, contact us at 314-977-9840 or sfp@slu.edu. 

Check out our information on Funding a Career in Primary Care.

 

For more information and an application for the Loans for Disadvantaged Students, please contact Student Financial Services at sfp@slu.edu. 

The priority date for submission is Oct. 3. Award notifications will be sent after Oct. 30.  A completed Free Application for Federal Student Aid (FAFSA) is required for consideration. Students will also be required to submit copies of both the student and spouse (if applicable) and parents’ federal tax returns.

Loan Amount

Loans for Disadvantaged Students can be up to $15,000, depending on the availability of funds.

Interest Rate

The interest rate is fixed at 5% and does not accrue during grace or deferment periods. Interest is capitalized upon repayment.

Repayment

The standard repayment time is 10 years, however repayment can be extended up to 25 years at the school's discretion. The minimum monthly payment is $40. There is no penalty for prepayment or for making larger monthly payments than required to pay off the loan early. LDS loans are eligible to participate in consolidations.

Repayment begins after the one-year grace period. The grace period must expire before you are eligible for deferments. Deferment length is unlimited while you are in residency.

Currently, we are not processing any new university loans.

University loans, also known as institutional loans, were awarded based on financial need. With the permission of the various donors, these funds have been re-purposed as institutional scholarships. The information below is for borrowers who may still be in repayment.

University Loan Repayment

University loans have a six-month grace period. Saint Louis University is the lender and each borrower will pay our billing agent, University Accounting Service. Borrowers are not required to make payments during the grace period, and any payments made during the grace period before the first interest accrual will be applied toward the principal.

The status of all loan accounts is reported to the national credit bureaus monthly.

Deferment and Grace

A deferment is an authorized period in which payments may be delayed, and interest does not accrue. Any payments made during this period may be applied to the principal. To be eligible for deferment, the borrower must perform a specific activity, such as completing medical school or a medical residency/fellowship, and your account must be current.

Deferment forms can be obtained from UASConnect. Once completed they should be mailed to:

Saint Louis University Office of Student Loans
Attn: Haley Held
221 N. Grand Blvd. Room 121
St. Louis, MO 63103

Questions about deferments can be directed to Student Financial Services at 314-977-9840 or the Office of Student Loans at 314-977-2407. Students are encouraged to submit the deferment form no more than 30 days before the end of their grace period or previous deferment. Failure to submit the deferment form by the due date may result in late charges and negative credit bureau reporting. 

If you cease to perform the activity for which your account was deferred, you must notify the Office of Student Loans immediately by phone at 314-977-2407 or by email at Haley.held@slu.edu. Your loan payments will only qualify for deferment for the period you performed the qualifying activity. 

University Loans will be canceled in the event of death or total and permanent disability with the proper certification. 

For information on the various deferment  and cancellation options available go to UAS Connect. Once there, scroll down to "where to start" and click on "know your options". You will need to be logged in to print/complete the deferment form that's right for your situation. You may also contact a UAS representative at (844) 870-8701.