Loan Programs

Institutional Loan Programs

UMMC's Institutional loan programs are designed to assist qualified students with paying for the cost of education. Funds are awarded to eligible students as part of the financial aid award process. The institutional loan programs differ in the amounts available, eligibility requirements and interest rates. The debt incurred from these loans is the student's obligation to repay.

Note: Limited amounts of institutional loan funds are available each year, so you must submit the FAFSA by the Office of Student Financial Services' recommended priority deadline to ensure consideration for a institutional loan.

Garvin D. Shands Student Loan

Available to medical students
Based upon ability and financial need as determined by the Office of Student Financial Services
Interest rate of 2.50%
Repayable annually in three equal installments plus interest with first payment due one year after graduation
Interest begins to accrue upon graduation
No grace period
Payment may be deferred up to three years for residency
If student withdraws or is dismissed, one-half of loan plus interest is due one year after withdrawal and the other half plus interest is due two years after withdrawal.

R.J. Nichols Student Loan

Available only to medical students in the upper one-third of the class
Based upon financial need as determined by the Office of Student Financial Services
Maximum award not to exceed $200.00 per student
Interest rate of 2.50%
Repayment to be made in full one year after completion of internship (two years after graduation) - one year grace
If student withdraws or is dismissed, one-half of the loan plus interest is due six months after withdrawal and the other-half plus interest is due one year after withdrawal.

Kellogg Student Loan

Available to freshman and sophomore medical students
Based upon financial need as determined by the Office of Student Financial Services
Maximum award not to exceed $400.00 per year
Interest rate of 2.5%
Payable annually in four equal installments starting on year after internship (2 years after graduation) - one year grace
If student withdraws, one-half of the loan plus interest is due one year after withdrawal and the other one-half plus interest is due two year after withdrawal.

Cyril Hart Student Loan

Available to junior and senior medical students
Must be in upper 1/3 of class
Based upon financial need as determined by the Office of Student Financial Services
Interest rate of 2.50%
To be repaid in four equal installments beginning two years after the student ceases to be at least a half-time student - one year grace
If student withdraws or is dismissed, one-half is due one year after withdrawal and the other half is due two years after withdrawal.

Segars Family Education Loan

Available to medical students
Based upon financial need as determined by the Office of Student Financial Services
Interest rate is state prime rate and is fixed at the time of loan.
6-month grace
Grace period begins after graduation of if the student withdraws or is dismissed from UMMC
Applicant must complete application with one co-signer

UMMC School of Nursing Student Loan

Available to nursing students with at least a 2.5 GPA
Based upon financial need as determined by the Office of Student Financial Services
To be repaid in five equal installments beginning one year after graduation
No grace period
If student withdraws or is dismissed, one-half of the loan plus 3.00% interest is due one year after withdrawal.
The other half with 3.00% interest is due two years after withdrawal

Salisbury Community Student Loan

Available to medical students
Based upon financial need as determined by the Office of Student Financial Services
Interest rate of 2.50%
To be repaid in four equal installments, repayment period starting one year after graduation
One-year grace
If student withdraws or is dismissed, one-half is due one year after withdrawal and the other half two years after withdrawal.

Caldwell Student Loan

Available to nursing undergraduate students based upon financial need as determined by the Office of Student Financial Services.
Interest free
To be repaid in four equal semi-annual installments
One-year grace
If student withdraws or is dismissed, one half of the loan is due one year after withdrawal, and the other half two years after withdrawal

Robert Wood Johnson Foundation Student Loan

Available to female medical students, students from rural background, Black-American, Indian-American, Mexican-Americans, and mainland Puerto Ricans
Based upon financial need as determined by the Office of Student Financial Services
Interest rate of 3.00%
Ten-year repayment period with option of a $15 per month minimum repayment
One-year grace
Has limited cancellation provisions such as total and permanent disability
Deferment for the following:
- active duty in uniformed service (limited to 3 years) or
- volunteer under Peace Corps Act (limited to 3 years) or
- advanced professional training, including internship and residency (no limit).

Idalou Bagley Memorial Cancer Foundation Student Loan

Available to fourth-year medical students and available to third year medical if the student is considered to have extreme financial need as determined by the Office of Student Financial Services or has exceptional ability
Based upon financial need as determined by the Office of Student Financial Services
Interest rate of 3.00%
Repayment to be made in three equal annual installments
One-year grace
May be deferred for internship and residency
Additional one year grace after deferment for internship or residency

J.K. Oates Student Loan

Available to medical students only
Based upon financial need by the Office of Student Financial Services
Interest rate of 3%
No grace period
To be repaid in five equal annual installments
If student withdraws or is dismissed, one half is due one year after withdrawal and other half two years after withdrawal

George W. Googe Memorial Medical Student Loan

Available to medical students who have completed at least two quarters of medical school
Applicants must show financial need and be in good academic standing
Preference will be given to applicants from Alcorn and Prentiss counties
Interest rate of 3%
No grace period
May be deferred for internship and residency
Payable in three equal annual payments
If the student withdraws or is dismissed, one half is due one year after withdrawal and the other half two years after withdrawal

Medicine Tuition Student Loan

Available to medical students with financial needs
Interest rate of 3%
No grace period
Principal repayments may be deferred for up to three years for advance professional training; however, interest will continue to accrue.
Repayment period of five years

Dentistry Tuition Student Loan

Available to dental students with financial need
Interest rate of 3%
No grace period
Principal repayments may be deferred for up to three years for advance professional training; however, interest will continue to accrue.
Repayment period of five years

John K. Berdon Memorial Student Loan

Available to D-2, D-3 and D-4 students
Based upon financial need as determined by the Office of Student Financial Services
One loan per student per academic year
Interest rate of 6%
Maximum loan amount of $500
Repayment due within three years after graduation

Dr. C.M. Wells Memorial Student Loan

Available to D-2, D-3 and D-4 students.
Based upon financial need as determined by the Office of Student Financial Services
Interest rate of 5%
Yearly maximum loan amount of 1,000.00
Minimum monthly payments of $50
Unlimited deferment for professional training
Up to three years for deferment for military, Peace Corps or Vista

AMA-ERF Student Loan

Available to medical students in junior and senior years
Based upon financial need as determined by the Office of Student Financial Services
Interest rate equal to Federal Perkins Student Loan which currently is 5%
Twelve-month grace period
Maximum loan per academic year of $3,500
One loan awarded annually
Internship/residency deferment eligibility
Repayment within 10 years
Minimum monthly payments of $15

McKinstry Student Loan

Applicants from the Mississippi counties of Jones and Jasper shall be given preference over applicants from other parts of Mississippi
Available to individuals of character who have successfully completed one semester of college work
Based on financial need as determined by the Office of Student Financial Services and to be used to complete the student's education
Borrower has qualified for financial assistance through the University of Mississippi Medical Center's Office of Student Financial Aid of Financial Services
Interest rate of 5.00%
Payment period will be ten years after graduation or upon leaving the University of Mississippi Medical Center
Borrower can receive up to two years of deferment for Advanced Professional Training

Health Care Professional Student Loan - Nursing

Office of Recruitment and Retention selects the recipients
Available to students currently enrolled in an accredited school
Aggregate loan amount of $8000.00
Maximum loan amount per academic year is $4,000
For each one year period worked at UMMC, $4,000 of loan will be cancelled
Cancellation by working at UMMC begins after broads have been passed and required taxes are being paid
Borrowers that utilize the UMMC cancellation provision will pay taxes on the employee benefit
If borrower fails to work at UMMC, the borrower will be liable for the unpaid portion of the loan at an interest rate of 10% from date funds were advanced. Loan payments will be made monthly

J.R. Scribner Jr. Loan

Maximum eligibility limited to eight consecutive regular semesters
May not exceed student's estimated cost of attendance
One recipient annually
If recipient works 24 consecutive months in Mississippi, then the loan is cancelled.
Six-month grace period
Five-year repayment period
Currently 1% interest rate