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Primary Care Loan Summary

The Primary Care loan is offered as part of a financial aid package for Medical School students who will pursue primary health care practice.

The chart below provides a partial list of the terms and conditions for the Primary Care Loan:
  • General Information
  • Interest Rates
  • Repayment Information

Since these details vary by origination date and exact loan type, borrowers should refer to their promissory note for the actual terms and conditions for their loans.
Repayment
Grace period 12 months after graduation or separation.
Exception: There is no grace period after deferment.
Repayment Period
 10 years
Payment schedule Provided at your exit interview.
Repayment start date 12 months after graduation or separation
Prepayment There is no penalty for early repayment. When you make your loan payment, specify that you wish it to be applied as a prepayment.
Minimum payment $40 per month
Late charge 5% of scheduled payment
Report to credit bureau Yes
Deferment Yes. See the Primary Care Loan deferment eligibility information on the U.S. Department of Health and Services web site. Refer to your promissory note for details, and contact the Student Loan Office with details and to apply. Annual certification is required.
Forbearance Yes. Refer to your promissory note for details, and contact the Student Loan Office with questions and to apply.
Cancellation Yes, only in the event of death. Refer to your promissory note for details, and contact the Student Loan Office with questions and to apply.
Repayment assistance No
Federal loan consolidation No
Delinquency and default Transfer loan to collection agency, legal action.