As a senior medical student, you are eligible to borrow a maximum an of $2500 from the University Loan Fund OR an additional $2500 Federal Direct Unsubsidized Stafford or GradPLUS Loan for interviewing expenses.
Terms and Requirements of the University Loan Fund
- All students (regardless of aid status) are eligible for up to $2500.00.
- The loan can be used for travel expenses, transcript fees, and ERAS application fees. It can’t be used to purchase clothing or luggage, or to pay travel expenses for a spouse or significant other who also goes on the trip.
- Terms - 0% interest until three months after graduation, then 5% simple interest. Payments begin 3 months after graduation. Monthly payments will be approximately $100 per month.
- Receipts for travel and interview expenses must be submitted to the Medical School Financial Aid Office by March 1st.
All unused University Loan funds must be returned by March 1st. Unsubsidized Stafford and GradPLUS Loans will be reduced internally by our office.
Failure to meet the March deadline will result in the University Loan becoming due and payable immediately. Unsubsidized Stafford and GradPLUS loans will be cancelled in full and repayment will be required immediately.
Applications for this loan are made available to all fourth year students during the summer.
Students that have interviewing expenses exceeding the initial $2500 allowance have the opportunity to borrow additional federal funds to help with these costs. If necessary, students may borrow up to an additional $5000 of the Direct Unsubsidized Stafford Loan Program or GradPlus Loan Program. All allowable expenses must be documented with original receipts, after interviewing has been completed. If you wish to apply for these additional funds, you must submit your request in writing to our office and be sure to attach your receipts.
If you have need for funds for interviewing beyond the University Loan, Unsubsidized Stafford and GradPLUS Loans, or if you need funds to help with residency relocation, there are a few programs through private loan sources designed specifically for this need.
H.O.S.T. (Help Our Students Travel) Program
Alumni across the country have volunteered to participate in the H.O.S.T. program, providing you with a place to stay during the residency interview process. This is a great way to help save yourself money! Connecting with H.O.S.T. Alumni can also offer insight about the community and possibly the medical center where you are interviewing. In return, Alumni often enjoy hearing about your experience at the Medical School, and the changes here on campus. http://alumni.medicine.umich.edu/get-involved/helping-our-students-travel-host-program You may also contact H.O.S.T. Program Manager Samantha Hegeman at [email protected].