Loan Program Available

The Federal Family Education Loan Program (FFELP) is the US government's student loan program. The program consists of subsidized Stafford, unsubsidized Stafford and Grad PLUS Loans. These loans are currently NOT available to students of St. Martinus University; however, private funding plans have been developed to provide alternatives to United States Citizens or Permanent Residents. 

St. Martinus University offers qualified students a viable alternative by combining the American International Medical Student Private Loan Program (AIMS) that has a combined maximum borrowing limit of $16,500 per academic year and an overall aggregate of $82,000. The St. Martinus Tuition Support Loan Program (TSLP) can further narrow the gap between the AIMS Loan and the cost of attendance. 

AIMS is a private loan program and is credit based.  Students are required to have a US co-signer and must have a satisfactory credit history in order to qualify for an AIMS loan. When combined with the TSLP the terms offered are comparable to US government's student loan program. TSLP are awarded as subsidized and unsubsidized based on eligibility determined by the Scholarship and Financial Aid Committee of the school who meet regularly to evaluate applicants. For loans awarded through the TSLP students may borrow up to $4,000 per academic year. The TSLP loan has an aggregate limit of $ 20,000. 

Under the TSLP the interest that accrues while the student is in school is covered by the University for up to four years or until the student graduates. The student is responsible only for the interest that accrues after graduating or ceases to be enrolled at least halftime.

For loans issued through the unsubsidized AIMS Loan program students is responsible for all accruing interest and may choose to repay the interest while in school or defer it until repayment begins. Repayment begins when a student graduates or otherwise ceases to be enrolled at least halftime; however, the borrower may continue to postpone repayment during the first year of his/her medical residency.

AIMS and TSLP loans are processed by the North American Financial Aid Office of the University and disbursement is made directly to the school. The interest is currently set at a fixed rate of 6.50% for TSLP Loans with disbursements on or after July 1, 2009. The interest ranges from 7.5% to 10.5% for AIMS loans with disbursements on or after July 1, 2009. The interest rate is determined by the credit worthiness as determined by the lender and subject to review and change each July 1st. In addition, the student is required to pay a 3% origination fee percentage that is determined by the lender.  This origination fee will be withheld by the lender on each disbursement made. To receive AIMS/TSLP Loans, recipients must be either permanent residents or citizens of the United States, be enrolled in the School of Medicine, Curacao at least half-time, maintain satisfactory
academic progress, and maintain credit worthiness.

For more information visit

http://medical-student-loan.com/aims/