Loans

There are many different kinds of loans available to MCPHS students, both need-based and non-need-based. Important: 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 a federally funded educational loan for undergraduate students. The fixed interest rate and fees are defined by the federal government. More information about the Direct Student Loan program can be found here.

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. The fixed interest rate and fees are defined by the federal government and more information can be found here.

Perkins Loan

The Perkins Loan is a need based federally funded educational loan with a fixed interest rate of 5%. It carries no interest while the student is enrolled at least half time, with interest accrual and repayment beginning nine months after the student ceases to carry at least a half-time course of study.

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 FASTChoice.

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.