Medical Student Loan Program
Purpose
The purpose of this program is to enable needy medical students
to obtain loan funds to pursue a degree of Medical Doctor (M.D.) or
Doctor of Osteopathic Medicine (D. O.) at Marshall University
School of Medicine, West Virginia School of Osteopathic Medicine or
West Virginia University School of Medicine.
Eligibility
To be eligible for loan consideration, an applicant must:
- Be a United States citizen or legal immigrant pursuing United
States citizenship.
- Be accepted for enrollment or be enrolled full-time at an
approved West Virginia school of medicine with priority
consideration given to residents of the state,
- Meet designated academic standards,
- Demonstrate financial need as determined by the participating
educational institution, and
- Not be in default on any previous student loan(s).
Application
Applications must be obtained from the Financial Aid
Office of a participating educational institution.
Selection and Notification
The institutional Financial Aid Office is
responsible for (1) determining eligibility for the loan and (2)
notifying individual students of the action taken. Funding
availability may limit the number of awards or the value of
individual awards.
Renewal
Students may seek loan assistance for each year until the course
of study is completed. An annual application may be required. The
educational institution is under no obligation to approve
subsequent loan requests even though all eligibility requirements
are met.
Annual Loan Amount
The maximum annual loan amount can not exceed $10,000.
Repayment
The first payment will be due one year following the date that
the borrower ceases to be a full-time student at a school of
medicine that participates in this program with a maximum of 10
years to repay the loan (principal and interest). Students will not
be required to make payments during periods of authorized
deferments such as required military service or approved additional
medical training, including internships, residencies and
fellowships (not to exceed 5 years). The minimum repayment amount
shall be no less than $50.00 per month.
Forbearance
A request issued by the borrower to the institutional financial
aid officer or designated representative for a temporary cessation
of payments, an extension of time for making payments or a
temporary acceptance of smaller payments than previously scheduled
for a period not to exceed twelve (12) months resulting from a
documented disability, unemployment or other economic hardship.
Interest shall accrue on the loan during the forbearance period
with payment the responsibility of the borrower. Should the
borrower fail to pay the accrued interest, it will be capitalized
at the end of the forbearance period. Loan payments shall resume
sixty (60) days of the forbearance end date.
Interest
The rate of interest charged on outstanding loans not in
repayment shall be the prevailing rate for graduate subsidized
Federal Stafford Loans in effect at the beginning of the repayment
period and such rate shall be in force for the duration of the
repayment period. Interest shall not accrue during the grace period
or authorized periods of deferment as described within the
promissory note.
Loan Forgiveness
Loan indebtedness (principal and accumulated interest) will be
forgiven at the rate of up to $10,000 for each period of twelve
(12) consecutive calendar months of full-time practice in West
Virginia commencing on or after July 1, 2008 in a qualifying
medically underserved area or in a qualified medical specialty in
which there is a shortage of physicians. Once the student enters
medical practice he/she needs to complete and submit the Postponement of
Loan Payment form 
. At the conclusion of each twelve
(12) consecutive calendar months of full-time practice in West
Virginia the Certification of
Service for Loan Forgiveness form needs to be
completed and submitted to obtain credit for the past year of
practice.
Medical Specialities and Underserved Areas
The medical specialities that qualify for loan forgiveness are
the following:
- Family Medicine/Family Practice
- General Surgery
- Internal Medicine
- Obstetrics/Gynecology
- Pediatrics
- Psychiatry
Other specialties may be approved as a result of periodic needs
assessment or from individual requests with supporting documents of
an existing need.
Please click here to view a map of the approved designated
underserved areas in West Virginia.
Questions
Questions regarding this Program may be addressed to the
Financial Aid Office at a participating school of
medicine or by contacting:
Robert E. Long
Medical Student Loan Program
West Virginia Higher Education Policy Commission
1018 Kanawha Boulevard East, Suite 700
Charleston, West Virginia 25301
1-888-825-5707 or (304)558-4614 Ext. 320