Loans - Financial Aid - Mayo Clinic College of Medicine & Science

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<div class="mega-head">Biomedical research training</div> <ul> <li><a id="mega_mcgsbs_admissions" href="/academics/biomedical-research-training/admissions-and-benefits/" target="null">Admissions and benefits</a></li> </ul> <div class="mega-head">Visiting medical student clerkships</div> <ul> <li><a href="/academics/visiting-medical-student-clerkships/application-process/">Admissions</a></li> </ul> </section> <section class="mega-links"> <div class="mega-head top" role="heading" aria-level="4">Admissions and financial aid support</div> <ul> <li><a href="/admissions-and-tuition/financial-aid/">Financial aid</a></li> <li class="small">How to apply for aid, services we provide, grants, scholarships, and loans</li> <li><a id="mega_registrar" href="/admissions-and-tuition/registrar/">Registrar</a></li> <li class="small">Academic records, education verifications, and transcript requests</li> <li><a id="mega_immigrationvisas" href="/admissions-and-tuition/immigration-and-visas/">Immigration and visas</a></li> <li class="small">Visa classifications, requirements, and forms for international applicants</li> </ul> <div class="mega-head">Get in touch</div> <ul> <li><a href="/admissions-and-tuition/contact/">Contact</a></li> <li class="small">Contact our admissions and recruitment staff</li> <li><a href="/admissions-and-tuition/visit/">Visit</a></li> <li class="small">Experience our campus environment through a virtual visit</li> </ul> </section> <section class="mega-card-small"> <a id="mega_admissions_browse_programs" href="/academics/" class="card"> <figure> <img loading="lazy" src="https://pxl-mayoedu.terminalfour.net/filters:quality(75)/prod01/channel_2/media/mccms/content-assets/mega-menu/choosing-mayo-clinic-3660130-0025R-menu.jpg" alt="A Mayo Clinic researcher engages with learners in the laboratory"> </figure> <div class="card-inner"> <div class="mega-head"></div> <p>Our programs have a wide range of admissions requirements, application processes, costs, benefits and 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Find your program to see the most relevant information.</p> <span class="button">Browse programs</span> </div> </a> </section> </div> </div> </li> <li class="" data-path="/campus-and-community/"> <a id="mega_campus_community" href="/campus-and-community/" class="main-link has-dropdown"> Campus and Community <span class="svg-icon accordion-more"> <svg class=""> <use xlink:href="#arrow-down" /> </svg> </span> </a> <div class="mega-menu"> <div class="mega-menu-inner"> <p class="mega-section-link__mobile"><a id="mega_campus_community_mobile" href="/campus-and-community/"> Campus and Community Section Overview</a> </p> <section class="mega-card-small"> <a id="mega_campus_arizona" href="/campus-and-community/arizona/" class="card"> <figure> <img loading="lazy" src="https://pxl-mayoedu.terminalfour.net/filters:quality(75)/prod01/channel_2/media/mccms/content-assets/mega-menu/mayo-clinic-arizona-3180811-0001-menu.jpg" alt="Mayo Clinic campus in Arizona exterior facilities photo"> </figure> <div class="card-inner"> <div class="mega-head">Phoenix/Scottsdale, Arizona</div> <p>Our growing campus in the sun-drenched desert southwest.</p> <span class="button">Explore</span> </div> </a> </section><section class="mega-card-small"> <a id="mega_campus_florida" href="/campus-and-community/florida/" class="card"> <figure> <img loading="lazy" src="https://pxl-mayoedu.terminalfour.net/filters:quality(75)/prod01/channel_2/media/mccms/content-assets/mega-menu/mayo-clinic-florida-jax-davis-bldg-menu.jpg" alt="Mayo Clinic campus in Florida exterior facilities photo"> </figure> <div class="card-inner"> <div class="mega-head">Jacksonville, Florida</div> <p>Team medicine and science in the state's largest city.</p> <span class="button">Explore</span> </div> </a> </section><section class="mega-card-small"> <a id="mega_campus_minnesota" href="/campus-and-community/minnesota/" class="card"> <figure> <img loading="lazy" src="https://pxl-mayoedu.terminalfour.net/filters:quality(75)/prod01/channel_2/media/mccms/content-assets/mega-menu/mayo-clinic-minnesota-MEYR6203R-menu.jpg" alt="Mayo Clinic campus in Rochester exterior facilities photo"> </figure> <div class="card-inner"> <div class="mega-head">Rochester, Minnesota</div> <p>Where it all began more than 150 years ago.</p> <span class="button">Explore</span> </div> </a> </section><section class="mega-card-small"> <a id="mega_campus_healthsystem" href="/campus-and-community/mayo-clinic-health-system/" class="card"> <figure> <img loading="lazy" src="https://pxl-mayoedu.terminalfour.net/filters:quality(75)/prod01/channel_2/media/mccms/content-assets/mega-menu/mayo-clinic-health-system-3632732-0026-menu.jpg" alt="Mayo Clinic Health System exterior facilities photo"> </figure> <div class="card-inner"> <div class="mega-head">Mayo Clinic Health System</div> <p>Serving more than 60 communities in Minnesota, Wisconsin and Iowa.</p> <span 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</ul> </nav> </section>  <nav class="program-nav" aria-labelledby="sectiontitleid"><div class="program-nav__title"><span class="sr">Browse up a level:</span><span class="sr">Navigation menu for the following sub-section:</span><h1 id="sectiontitleid">Admissions and Tuition <span class="sr">Loans</span></h1></div></nav><div class="program-nav__wrapper"><div class="program-nav__nav" role="navigation" aria-label="Secondary Navigation"> <ul><li><a href="/admissions-and-tuition/">Overview</a></li><li><span class="currentbranch0"><a href="/admissions-and-tuition/financial-aid/">Financial Aid</a></span> <ul class="multilevel-linkul-0"> <li><a href="/admissions-and-tuition/financial-aid/" target="_self">Financial Aid Overview</a></li> <li><a href="/admissions-and-tuition/financial-aid/services/">Services</a></li> <li><a href="/admissions-and-tuition/financial-aid/applying-for-aid/">Applying for Aid</a></li> <li><a href="/admissions-and-tuition/financial-aid/grants-and-scholarships/">Grants and 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href="/admissions-and-tuition/immigration-and-visas/other-visa-statuses/">Other Visa Statuses</a></li> <li><a href="/admissions-and-tuition/immigration-and-visas/forms-and-resources/">Forms and Resources</a></li> </ul> </li><li><a href="/admissions-and-tuition/contact/">Contact</a></li><li><a href="/admissions-and-tuition/visit/">Visit</a></li> </ul> </div></div>  <main class="main-content main-content--2col left-sidebar" role="main"> <div id="sidebar-menu-placeholder" class="main-content-sidebar"></div> <section class="main-content-body" aria-label="Page main content"><section id="page-top" tabindex="-1"><div class="sr">Page Content</div></section> <div class="main-content-body__inner"><section class="inlinemedia"> <span id="d.en.27896"></span> <h2>Loans</h2> <figure><img src="https://pxl-mayoedu.terminalfour.net/fit-in/1024x2000/filters:quality(75)/prod01/channel_2/media/mccms/content-assets/admissions-amp-tuition/tuition-and-financial-aid/financial-aid-3319834-0249-content.jpg" alt="Medical students watching a demonstration from faculty member in simulation center" /> </figure> </section><section class="gen-content-column-wrapper"> <div class="gen-content-column general-content"> <span id="d.en.20812"></span>  <div><p>Loan options vary based on several factors, including financial need and the particular Mayo Clinic College of Medicine and Science program in which you are enrolled.</p></div> </div> </section><section class="accordion" aria-label="Accordion content type" data-accordion-parent="acc-20814"> <div class="accordion-container"> <h3>Graduate students</h3> <span id="d.en.20814"></span><h4 class="active accordion__panel-heading"> <a href="javascript:void(0)" role="button" data-rel="accordion-body20814"> Federal Direct Unsubsidized Loan <span class="svg-icon accordion-more"> <svg class=""> <use xlink:href="#arrow-down" /> </svg> </span> </a> </h4> <div id="accordion-body20814" class="accordion-content"> <div class="accordion-content__body" > <p>The federal Direct Unsubsidized Loan is available and is not based on financial need. The student is responsible for accrued interest, but may defer interest payments until graduation.</p> <p>Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.</p> <p>The terms include:</p> <ul> <li>Loan limit for Mayo Clinic Graduate School of Biomedical Sciences: $10,000 annually</li> <li>Cumulative loan limits (total limit for subsidized and unsubsidized loans): $138,500</li> <li>Interest rate: Fixed; <a href="https://studentaid.gov/understand-aid/types/loans/interest-rates" target="_blank" rel="noopener">see specific rates</a></li> <li>Number of disbursements: Four per academic year</li> <li>Repayment term: 10-year standard, with a minimum monthly payment of $50</li> <li>Origination fee: <a href="https://studentaid.gov/understand-aid/types/loans/interest-rates" target="_blank" rel="noopener">See specific fees</a></li> </ul> </div> </div> </div> </section><section class="gen-content-column-wrapper"> <div class="gen-content-column general-content"> <span id="d.en.20819"></span>  </div> </section><section class="accordion" aria-label="Accordion content type" data-accordion-parent="acc-20815"> <div class="accordion-container"> <h3>Health sciences students</h3> <span id="d.en.20815"></span><h4 class="active accordion__panel-heading"> <a href="javascript:void(0)" role="button" data-rel="accordion-body20815"> Federal Direct Subsidized Loan <span class="svg-icon accordion-more"> <svg class=""> <use xlink:href="#arrow-down" /> </svg> </span> </a> </h4> <div id="accordion-body20815" class="accordion-content"> <div class="accordion-content__body" > <p>The federal Direct Subsidized Loan is the first loan choice for most undergraduate students. This loan is based on financial need, and the federal government subsidizes the interest during your school enrollment.</p> <p>Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.</p> <p>The terms include:</p> <ul> <li>Annual loan limits: <ul> <li>$3,500 undergraduate level (year 1)</li> <li>$4,500 undergraduate level (year 2)</li> <li>$5,500 undergraduate level (years 3 and 4)</li> </ul> </li> <li>Cumulative loan limit: $23,000 undergraduate level</li> <li>Interest rate: Fixed; <a href="https://studentaid.gov/understand-aid/types/loans/interest-rates" target="_blank" rel="noopener">see specific rates</a></li> <li>Number of disbursements: At least two per academic year</li> <li>Repayment term: 10-year standard, with a minimum monthly payment of $50</li> <li>Origination fee: <a href="https://studentaid.gov/understand-aid/types/loans/interest-rates" target="_blank" rel="noopener">See specific fees</a></li> </ul> </div> </div><span id="d.en.20816"></span><h4 class="active accordion__panel-heading"> <a href="javascript:void(0)" role="button" data-rel="accordion-body20816"> Federal Direct Unsubsidized Loan <span class="svg-icon accordion-more"> <svg class=""> <use xlink:href="#arrow-down" /> </svg> </span> </a> </h4> <div id="accordion-body20816" class="accordion-content"> <div class="accordion-content__body" > <p>The federal Direct Unsubsidized Loan is available for independent students and dependent students and is not based on financial need. The student is responsible for accrued interest but may defer interest payments until graduation.</p> <p>Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.</p> <p>The terms include:</p> <ul> <li>Annual loan limits (independent students and dependent students whose parents cannot borrow a PLUS Loan): <ul> <li>$6,000 undergraduate level (years 1 and 2)</li> <li>$7,000 undergraduate level (years 3 and 4)</li> <li>$20,500 graduate level</li> </ul> </li> <li>Annual loan limits (dependent students): <ul> <li>$2,000 undergraduate level (years 1 and 2)</li> <li>$2,000 undergraduate level (years 3 and 4)</li> </ul> </li> <li>Cumulative loan limits (total limit for subsidized and unsubsidized loans): <ul> <li>$31,000 undergraduate level (dependent students)</li> <li>$57,500 undergraduate level (independent students)</li> <li>$138,500 graduate level</li> </ul> </li> <li>Interest rate: Fixed; <a href="https://studentaid.gov/understand-aid/types/loans/interest-rates" target="_blank" rel="noopener">see specific rates</a></li> <li>Number of disbursements: At least two per academic year</li> <li>Repayment term: 10-year standard, with a minimum monthly payment of $50</li> <li>Origination fee: <a href="https://studentaid.gov/understand-aid/types/loans/interest-rates" target="_blank" rel="noopener">See specific fees</a></li> </ul> </div> </div><span id="d.en.20817"></span><h4 class="active accordion__panel-heading"> <a href="javascript:void(0)" role="button" data-rel="accordion-body20817"> Federal Direct PLUS Loan <span class="svg-icon accordion-more"> <svg class=""> <use xlink:href="#arrow-down" /> </svg> </span> </a> </h4> <div id="accordion-body20817" class="accordion-content"> <div class="accordion-content__body" > <p>The federal Direct PLUS Loan is not need-based and is available for:</p> <ul> <li>Parents of undergraduate students</li> <li>Students in graduate programs</li> </ul> <p>A credit check is completed prior to loan approval. If the applicant has an adverse credit history, he or she will not be eligible for a PLUS Loan and the loan application will be denied. In this scenario, the dependent or undergraduate student will be eligible for a federal unsubsidized loan.</p> <p>If a graduate student is denied a PLUS loan, he or she may seek an endorser or apply for an alternative loan.</p> <p>Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.</p> <p>The terms include:</p> <ul> <li>Loan limit: Varies (cost of attendance minus other aid)</li> <li>Cumulative loan limit: None</li> <li>Interest rate: Fixed; <a href="https://studentaid.gov/understand-aid/types/loans/interest-rates" target="_blank" rel="noopener">see specific rates</a></li> <li>Number of disbursements: At least two per academic year</li> <li>Repayment term: 10-year standard, with a minimum monthly payment of $50</li> <li>Origination fee: <a href="https://studentaid.gov/understand-aid/types/loans/interest-rates" target="_blank" rel="noopener">See specific fees</a></li> </ul> </div> </div><span id="d.en.20820"></span><h4 class="active accordion__panel-heading"> <a href="javascript:void(0)" role="button" data-rel="accordion-body20820"> Alternative loans <span class="svg-icon accordion-more"> <svg class=""> <use xlink:href="#arrow-down" /> </svg> </span> </a> </h4> <div id="accordion-body20820" class="accordion-content"> <div class="accordion-content__body" > <p>Alternative loans may be used to cover the differences between the financial aid you receive and your total cost of attendance, as determined by the Office of Student Financial Aid and Registrar. The loan terms and conditions vary by lender.</p> <p>Please consult with us to obtain more information on these types of loans, or visit the <a href="/admissions-and-tuition/financial-aid/resources/">Resources</a> page and look at the "Complete your private alternative loan application" section. This will take you to Mayo Clinic's <a href="https://choice.fastproducts.org/FastChoice/home/1173200/1" target="_blank">FASTChoice website</a>, which includes resources for comparing private student loans to find one that best meets your needs.</p> </div> </div> </div> </section><section class="gen-content-column-wrapper"> <div class="gen-content-column general-content"> <span id="d.en.20821"></span>  </div> </section><section class="accordion" aria-label="Accordion content type" data-accordion-parent="acc-20822"> <div class="accordion-container"> <h3>Medical students</h3> <span id="d.en.20822"></span><h4 class="active accordion__panel-heading"> <a href="javascript:void(0)" role="button" data-rel="accordion-body20822"> Federal Direct Unsubsidized Loan <span class="svg-icon accordion-more"> <svg class=""> <use xlink:href="#arrow-down" /> </svg> </span> </a> </h4> <div id="accordion-body20822" class="accordion-content"> <div class="accordion-content__body" > <p>The federal Direct Unsubsidized Loan is available and is not based on financial need. The student is responsible for accrued interest but may defer interest payments until graduation.</p> <p>Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.</p> <p>The terms include:</p> <ul> <li>Loan limit for Mayo Clinic Alix School of Medicine: $40,500 annually</li> <li>Cumulative loan limits (total limit for subsidized and unsubsidized loans): $224,000</li> <li>Interest rate: Fixed; <a href="https://studentaid.gov/understand-aid/types/loans/interest-rates" target="_blank" rel="noopener">see specific rates</a></li> <li>Number of disbursements: At least two per academic year</li> <li>Repayment term: 10-year standard</li> <li>Origination fee: <a href="https://studentaid.gov/understand-aid/types/loans/interest-rates" target="_blank" rel="noopener">See specific fees</a></li> </ul> </div> </div><span id="d.en.20823"></span><h4 class="active accordion__panel-heading"> <a href="javascript:void(0)" role="button" data-rel="accordion-body20823"> Federal Direct PLUS Loan <span class="svg-icon accordion-more"> <svg class=""> <use xlink:href="#arrow-down" /> </svg> </span> </a> </h4> <div id="accordion-body20823" class="accordion-content"> <div class="accordion-content__body" > <p>The federal Direct PLUS Loan is not need-based and is available for students in graduate programs. A credit check is completed prior to loan approval. If the applicant has an adverse credit history, he or she will not be eligible for a PLUS Loan and the loan application will be denied. In this scenario, the graduate student may seek an endorser or apply for an alternative loan.</p> <p>Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.</p> <p>The terms include:</p> <ul> <li>Loan limit: Varies (cost of attendance minus other aid)</li> <li>Cumulative loan limit: None</li> <li>Interest rate: Fixed; <a href="https://studentaid.gov/understand-aid/types/loans/interest-rates" target="_blank" rel="noopener">see specific rates</a></li> <li>Number of disbursements: At least two per academic year</li> <li>Repayment term: 10-year standard</li> <li>Origination fee: <a href="https://studentaid.gov/understand-aid/types/loans/interest-rates" target="_blank" rel="noopener">See specific fees</a></li> </ul> </div> </div> </div> </section> <div style="padding: 0px 20px; margin-bottom: 10px;" class="footer-breadcrumbs"><a href="/admissions-and-tuition/">Admissions and Tuition</a> &rtrif; <a href="/admissions-and-tuition/financial-aid/">Financial Aid</a> &rtrif; Loans</div> </div> </section> <div class="main-content-sidebar"> 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Loans - Financial Aid - Mayo Clinic College of Medicine & Science