Student Loan Information
There are many different kinds of loans available to MCPHS students, both need-based and non-need-based. Students should have their applications completed by July 31 to ensure crediting of loan funds in a timely manner and to avoid late payment fees.
Direct Student Loans
Direct Student Loans are federally funded educational loans for undergraduate students. The federal government defines the fixed interest rate and fees.
Parent PLUS Loan
The Parent PLUS Loan is a federally funded loan that enables parents of dependent undergraduate students to borrow up to the cost of attendance, less financial aid.
Under federal law, the Perkins loan program is no longer available for new loan borrowers. If you are a previous borrower who received a Perkins Loan and would like to learn more about the terms of the loan, the status of your loan, or would like information on managing the repayment of the loan, you may do so by contacting the loan servicer, ECSI. You may reach the ECSI loan servicing department at 1.888.549.3274, or view their contact information and/or start an online chat on the ECSI website.
Private Student Loan
Loans available in this category are offered by various private lenders and are certified by the University each year for the student’s enrollment. There are numerous alternative loans available from a wide variety of lenders, many of which can be found using ELM Select.
Health Professions Student Loan
The Health Professions Student Loan is need-based, a federally funded loan with a fixed interest rate of 5% available only to students in the undergraduate portion of the Doctorate of Pharmacy program (PharmD). It carries no interest while the student is enrolled full-time. Repayment of principal and interest does not begin until 12 months after the student ceases to be enrolled full-time.