Private Loan Options
Private education loans are alternative sources of student financial assistance. You should contact our office to determine your eligibility for federal student aid (FSA) or other assistance as the terms and conditions of an FSA loan maybe more favorable than the provisions of private education loans.
Eligibility for a private loan is based on the applicant’s credit rating and a co-signer may be required. Important note: The total amount of financial assistance received from all sources, including the private loan (excluding residency and relocation loans), cannot exceed the student’s cost of attendance.
Students may apply for a private loan if they
- do not qualify for federal financial aid; or
- need additional financial aid resources to meet the cost of attendance.
The following list is intended as a suggestion of private loan lenders students may contact. You may pursue a private education loan from any lender you choose. UAMS does not offer a preferred lender list.
- Discover Student Loans – (800) STUDENT www.discoverstudentloans.com – Application & Solicitation Disclosures
- Sallie Mae – (866) 972-5004 www.salliemae.com
- Wells Fargo – (800) 378-5526 www.wellsfargo.com/student – Application & Solicitation Disclosures
Residency and Relocation Loans
Available to 4th year College of Medicine students only, this loan is designed to help with costs associated with residency and relocation expenses. This loan does not count as part of your financial aid package.
- Discover Student Loans – (800) STUDENT https://www.discover.com/student-loans/private-student-loans/residency-loans.html
- Sallie Mae – (866) 972-5004 https://www.salliemae.com/student-loans/medical-residency-loan/
- Wells Fargo – (800) 378-5526 Xtra Loan for Internship/Residency students: https://www.wellsfargo.com/student/graduate-loans/med-cap-xtra/
Personal Loan Options
Physician Student Loans: Special Loan for Graduating Medical Students – This is an unsecured personal loan with a maximum amount of $20,000.
- Many graduating medical students find the transition from medical school to residency to be financially difficult. This loan does not require payments for 3 years, does not charge origination fees and offers attractive rates based on credit scores. The CATCH? It is only available to graduating medical students who apply for and are approved PRIOR to graduation day at their respective school. More details can be found at http://www.physicianloans.com/graduation_loans.htm or by going to http://www.physicianloans.com and clicking on the box on the right labeled Graduation Loan.